VSB Bancorp, the holding company for Victory State Bank, has reported a net income of $373,051, or $0.20 per diluted share, for the first quarter ended March 31, 2009, a 3.1% increase from $361,945, or $0.19 per diluted share, for the first quarter ended March 31, 2008.
VSB Bancorp said that the $11,106 increase in net income for the first quarter of 2009 was attributable primarily to a more rapid decline in its cost of funds than the decline in the company’s asset yields as market interest rates declined.
Total assets increased 4.7% to $222.67m at March 31, 2009 from $212.66m as of December 31, 2008. At March 31, 2009, total liabilities were $198.74m, compared to $189.45m as of December 31, 2008.
Joseph LiBassi, VSB Bancorp’s chairman, said: In this market where capital is a premium, we have been able to repurchase 94,643 of our shares under our stock buyback programme and we were able to pay our sixth quarterly dividend of $0.06 per common share for stockholders of record on March 20, 2009. This is a result of our capital strength. Additionally, we have not needed or even applied for any money under the government’s bailout programmes.
