For the full-year period ended December 31, 2007, net loss was $281,000, compared to net income of $233,000 for the year ended December 31, 2006.
The company said that the net loss for 2007 resulted from the compression of the net interest margin due to the relatively flat or inverted yield curve that existed for most of the year, FSB Community’s higher level of other non-interest expenses reflecting the the January 2007 opening of a branch office in Irondequoit, New York in January 2007 and other additional non-interest expenses related to the conversion and ongoing operation of a public company.
