-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ly051ovyVIzJa1wUqSe6+uDrrnMpo6A9F6EDlF7y3H+HrE1Sw4+KfP8QirTEC+FU XL3ubc3bXiMJDKfXWNBJLQ== 0000943374-09-000193.txt : 20090204 0000943374-09-000193.hdr.sgml : 20090204 20090204165634 ACCESSION NUMBER: 0000943374-09-000193 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090204 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090204 DATE AS OF CHANGE: 20090204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FSB Community Bankshares Inc CENTRAL INDEX KEY: 0001389797 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 743164710 STATE OF INCORPORATION: X1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-52751 FILM NUMBER: 09568894 BUSINESS ADDRESS: STREET 1: 45 SOUTH MAIN STREET CITY: FAIRPORT STATE: NY ZIP: 14450 BUSINESS PHONE: (585) 223-9080 MAIL ADDRESS: STREET 1: 45 SOUTH MAIN STREET CITY: FAIRPORT STATE: NY ZIP: 14450 8-K 1 form8k_earn-020409.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 4, 2009 FSB Community Bankshares, Inc. ------------------------------ (Exact name of registrant as specified in its charter) United States 000-52751 74-3164710 - ---------------------------- -------------------- ------------------ (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 45 South Main Street, Fairport, New York 14450 - ---------------------------------------- ------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (585) 223-9080 Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. On February 4, 2009, FSB Community Bankshares, Inc. reported earnings for the quarter and year ended December 31, 2008. A press release dated February 4, 2009, giving details associated with the company's earnings is attached as Exhibit 99 to this report. The information included in Exhibit 99 is considered to be "furnished" under the Securities Exchange Act of 1934. Item 9.01. Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired. Not Applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Shell Company Transactions. Not Applicable. (d) Exhibits. Exhibit No. Description ----------- ----------- 99 Press release dated February 4, 2009 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. FSB COMMUNITY BANKSHARES, INC. DATE: February 4, 2009 By: /s/ Kevin D. Maroney ------------------------------- Kevin D. Maroney Chief Financial Officer EX-99 2 form8k_exh99-020409.txt PRESS RELEASE PRESS RELEASE OF FSB COMMUNITY BANKSHARES, INC. February 4, 2009 FOR IMMEDIATE RELEASE Contact: Dana C. Gavenda, Chief Executive Officer FSB Community Bankshares, Inc. Tel (585) 223-9080 FSB COMMUNITY BANKSHARES, INC. ANNOUNCES QUARTERLY AND ANNUAL RESULTS Fairport, New York, February 4, 2009: FSB Community Bankshares, Inc. (the "Company") (OTC Bulletin Board: FSBC), the mid-tier stock holding company of Fairport Savings Bank (the "Bank"), reported net income of $120,000 for the quarter ended December 31, 2008 compared to a net loss of $33,000 for the quarter ended December 31, 2007. Net income per basic share was $0.07 for the quarter ended December 31, 2008 compared to a net loss per basic share of $(0.02) for the quarter ended December 31, 2007. The Company's net interest margin for the quarter ended December 31, 2008 increased 35 basis points to 2.56% from 2.21% for the quarter ended December 31, 2007. For the year ended December 31, 2008, the Company reported net income of $25,000 compared to a net loss of $281,000 for the year ended December 31, 2007. Net income per basic share for the year ended December 31, 2008 was $0.01 compared to a net loss per basic share of $(0.22) for the year ended December 31, 2007. The Company's net interest margin for the year ended December 31, 2008 increased 5 basis points to 2.30% from 2.25% for the year ended December 31, 2007. The year over year increase in net income was primarily a result of improvement in the net interest margin, reflective of a higher percentage of interest earning assets to interest bearing liabilities and the Bank's management of loan and deposit rates in a lower interest rate environment, as well as the Bank's strong asset quality. At December 31, 2008, the Company had $196.1 million in consolidated assets and $176.1 million in consolidated liabilities. Stockholders' equity at December 31, 2008 was $20.0 million, or 10.22% of assets. Net loans receivable increased year over year by $11.4 million with $29.8 million in loan originations for 2008. Total deposits increased $8.3 million to $127.5 million at December 31, 2008 from $119.2 million at December 31, 2007, with deposit growth at all three of our branches. The credit quality of the Bank's loan portfolio remains solid. The Bank continues not to be involved in, and has no exposure to, sub-prime or Alt-A lending activities. The Bank ended the year with net loans receivable of $135.7 million, with only three non-performing loans totaling $146,000. Management continues to actively monitor the performance of the loan portfolio during these difficult economic times. As we previously disclosed in our Form 10-Q for the quarter ended September 30, 2008, net income for the third quarter of 2008 included a $57,000 other-than-temporary impairment charge related to the Company's investment in Federal Home Loan Mortgage Corporation (Freddie Mac) common stock. The carrying value of the Company's remaining Freddie Mac common stock after the impairment charge is not material. The Company has reviewed its investment securities totaling $51.2 million at December 31, 2008, and does not expect to record any "other-than-temporary impairment charges in this portfolio. The Company does not hold any mortgage-backed securities collateralized by sub-prime mortgages, Freddie Mac or Fannie Mae preferred stock, trust preferred securities or common stock of other banks. FSB Community Bankshares, MHC owns 53% of the outstanding common stock of the Company. The Company is a federally chartered corporation. The Bank, the wholly owned subsidiary of the Company, conducts business from its main office in Fairport, New York and two branches located in Penfield, New York and Irondequoit, New York. The Bank's principal business consists of originating one- to four- family residential real estate mortgages, loans and home equity lines of credit and to a lesser extent originations of commercial real estate, multi-family, construction and other consumer loans. The Bank attracts retail deposits from the general public in the areas surrounding its main office and branches, offering a wide variety of deposit products. Through its wholly owned subsidiary, Oakleaf Services Corporation, the Bank offers non-deposit investment products, consisting of annuities, insurance products and mutual funds. Statements contained in this news release, which are not historical facts, contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
Selected Balance Sheet Information December 31, 2008 and December 31, 2007 (Dollars in thousands, except per share data) (Unaudited) - --------------------------------------------------------------------------------------------------------------------- December 31, December 31, Assets 2008 2007 - --------------------------------------------------------------------------------------------------------------------- Assets $196,135 $167,630 - --------------------------------------------------------------------------------------------------------------------- Cash and Cash Equivalents 3,173 9,444 - --------------------------------------------------------------------------------------------------------------------- Investment Securities 51,214 28,794 - --------------------------------------------------------------------------------------------------------------------- Net Loans Receivable 135,713 124,326 - --------------------------------------------------------------------------------------------------------------------- Deposits 127,522 119,158 - --------------------------------------------------------------------------------------------------------------------- Short-term and long-term borrowings 45,481 25,581 - --------------------------------------------------------------------------------------------------------------------- Total stockholders' equity 20,041 20,149 - --------------------------------------------------------------------------------------------------------------------- Book value per share $ 11.64 $ 11.75 - --------------------------------------------------------------------------------------------------------------------- Stockholders' equity to total assets 10.22% 12.02% - ---------------------------------------------------------------------------------------------------------------------
FSB COMMUNITY BANKSHARES, INC. Selected Consolidated Statements of Operations Three Months and Years Ended December 31, 2008 and December 31, 2007 (Dollars in thousands except per share data)
(Unaudited) (Unaudited) - -------------------------------------------------------------------------------------------------------------------- For the Three Months Ended For the Year Ended December 31, December 31, - -------------------------------------------------------------------------------------------------------------------- 2008 2007 2008 2007 - -------------------------------------------------------------------------------------------------------------------- Interest and Dividend Income $ 2,604 $ 2,285 $ 10,159 $ 8,815 - -------------------------------------------------------------------------------------------------------------------- Interest Expense 1,383 1,410 5,862 5,369 - -------------------------------------------------------------------------------------------------------------------- Net Interest Income 1,221 875 4,297 3,446 - -------------------------------------------------------------------------------------------------------------------- Provision for Loan Losses 10 - 24 - - -------------------------------------------------------------------------------------------------------------------- Net Interest Income after Provision for Loan Losses 1,211 875 4 ,273 3,446 - -------------------------------------------------------------------------------------------------------------------- Other Income 139 101 453 429 - -------------------------------------------------------------------------------------------------------------------- Other Expense 1,166 1,027 4,657 4,312 - -------------------------------------------------------------------------------------------------------------------- Income (Loss) Before Income Taxes 184 (51) 69 (437) - -------------------------------------------------------------------------------------------------------------------- Provision (benefit) for Income Taxes 64 (18) 44 (156) - -------------------------------------------------------------------------------------------------------------------- Net Income (Loss) 120 (33) 25 (281) - -------------------------------------------------------------------------------------------------------------------- Basic earnings (loss) per common share $ 0.07 $ (0.02) $ 0.01 $ (0.22) - -------------------------------------------------------------------------------------------------------------------- Basic average common shares outstanding 1,722 1,715 1,721 1,249 (In thousands) - -------------------------------------------------------------------------------------------------------------------- (End)
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