-----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, DfuwzW6CcH/4CNBAkYxVdY7/Hul0RobToCydwfSd9yPBzt7Hkt1xs1knAIFKuz1b 1aQp3XxHupFgbOWNOpiuEQ== 0000943374-10-000561.txt : 20100430 0000943374-10-000561.hdr.sgml : 20100430 20100430104034 ACCESSION NUMBER: 0000943374-10-000561 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100430 DATE AS OF CHANGE: 20100430 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: 10784572 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_043010.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): April 29, 2010 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 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. On April 29, 2010, FSB Community Bankshares, Inc. reported earnings for the quarter ended March 31, 2010. A press release 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 April 29, 2010 2 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: April 30, 2010 By: /s/ Kevin D. Maroney ------------------------------------ Kevin D. Maroney Chief Financial Officer 3 EX-99 2 ex99_043010.txt PRESS RELEASE OF FSB COMMUNITY BANKSHARES, INC. April 29, 2010 FOR IMMEDIATE RELEASE Contact: Dana C. Gavenda, Chief Executive Officer FSB Community Bankshares, Inc. Tel (585) 223-9080 FSB COMMUNITY BANKSHARES, INC. ANNOUNCES QUARTERLY RESULTS Fairport, New York, April 29, 2010: 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 $33,000 for the quarter ended March 31, 2010 compared to net income of $51,000 for the quarter ended March 31, 2009. Net income per basic share was $0.02 for the quarter ended March 31, 2010 compared to net income per basic share of $0.03 for the quarter ended March 31, 2009. The Company's net interest margin for the quarter ended March 31, 2010 decreased 25 basis points to 2.28% from 2.53% for the quarter ended March 31, 2009. The $18,000 decrease in net income for the first quarter of 2010 compared to the first quarter of 2009 resulted primarily from a decrease in net interest income, reflective of a decrease in higher yielding interest earning assets partially offset by the Company's ability to reduce the deposit costs in a low interest rate environment, an increase in other expense, partially offset by an increase in other income, a decrease in income taxes, and a decrease in provision for loan losses. The increase in other expense was mainly due to a significant increase in FDIC premium expense, and additional occupancy and equipment expenses related to our Webster branch that opened in September 2009 and our three mortgage origination offices that opened in January 2010. At March 31, 2010, the Company had $217.5 million in consolidated assets and $196.9 million in consolidated liabilities. Consolidated stockholders' equity at March 31, 2010 was $20.7 million, or 9.50% of consolidated assets. Net loans receivable decreased $3.2 million, or 2.8% to $113.2 million at March 31, 2010 from $116.4 million at December 31, 2009. The Bank sold $2.1 million in mortgage loans in the first quarter of 2010 as management made the decision to sell long term, fixed rate loans in this historically low interest rate environment. The Bank sold these loans at a gain of $14,000 which was recorded in other income, and will realize servicing income on these loans as long as these loans have outstanding balances. Management felt that selling these loans was a prudent interest rate risk decision in order to position the balance sheet for higher interest rates in the future. Total deposits increased $6.7 million, or 4.3% to $163.2 million at March 31, 2010 from $156.5 million at December 31, 2009, primarily due to deposit growth at the Irondequoit and Webster branches. With significant deposit growth in the first quarter of 2010, we were able to replace $3.3 million in long-term and short-term borrowings, consisting of FHLB advances, with lower cost retail deposits. 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 first quarter of 2010 with net loans receivable of $113.2 million, with one non-performing loan totaling $23,000 and one foreclosed real estate asset totaling $79,000. At March 31, 2010, the Bank had no loans that are considered to be troubled debt restructurings. Management continues to actively monitor the performance of the loan portfolio during these difficult economic times. Cash and cash equivalents increased by $5.4 million, or 91.8% to $11.4 million at March 31, 2010 from $6.0 million on December 31, 2009. Excess cash and cash equivalents was maintained at quarter ending March 31, 2010 in anticipation of funding mortgage loan commitments in the second quarter of 2010. Investment securities available for sale and held to maturity combined increased by $428,000 or 0.5% to $82.0 million at March 31, 2010 from $81.6 million at December 31, 2009. The Company has reviewed its investment securities portfolio totaling $82.0 million at March 31, 2010, and concluded that no other-than-temporary impairment charges were required. 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 three branches located in Penfield, New York, Irondequoit, New York, and Webster, 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 lesser extent originations of commercial real estate, multi-family, construction and other consumer loans. The Bank has three mortgage origination offices located in Pittsford, New York, Canandaigua, New York, and Watertown, New York. 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. 2 FSB COMMUNITY BANKSHARES, INC. Selected Consolidated Balance Sheet Information March 31, 2010 and December 31, 2009 (Dollars in thousands, except per share data)
(Unaudited) - ------------------------------------------------------------------------- ----------------------- --------------------- Assets March 31, 2010 December 31, 2009 - ------------------------------------------------------------------------- ----------------------- --------------------- Assets $217,514 $214,443 - ------------------------------------------------------------------------- ----------------------- --------------------- Cash and Cash Equivalents 11,443 5,965 - ------------------------------------------------------------------------- ----------------------- --------------------- Investment Securities 82,009 81,581 - ------------------------------------------------------------------------- ----------------------- --------------------- Net Loans Receivable 113,150 116,372 - ------------------------------------------------------------------------- ----------------------- --------------------- Deposits 163,190 156,510 - ------------------------------------------------------------------------- ----------------------- --------------------- Short-term and long-term borrowings 31,260 34,590 - ------------------------------------------------------------------------- ----------------------- --------------------- Total stockholders' equity 20,656 20,350 - ------------------------------------------------------------------------- ----------------------- --------------------- Book value per share $ 11.96 $ 11.79 - ------------------------------------------------------------------------- ----------------------- --------------------- Stockholders' equity to total assets 9.50% 9.49% - ------------------------------------------------------------------------- ----------------------- ---------------------
FSB COMMUNITY BANKSHARES, INC. Selected Consolidated Statement of Income Information Three Months Ended March 31, 2010 and March 31, 2009 (Dollars in thousands except per share data)
(Unaudited) - --------------------------------------------- ------------------------------------- For the Three Months Ended March 31, - --------------------------------------------- ------------------ ------------------ 2010 2009 - --------------------------------------------- ------------------ ------------------ Interest and Dividend Income $ 2,259 $ 2,501 - --------------------------------------------- ------------------ ------------------ Interest Expense 1,089 1,304 - --------------------------------------------- ------------------ ------------------ Net Interest Income 1,170 1,197 - --------------------------------------------- ------------------ ------------------ Provision for Loan Losses 3 6 - --------------------------------------------- ------------------ ------------------ Net Interest Income after 1,167 1,191 Provision for Loan Losses - --------------------------------------------- ------------------ ------------------ Other Income 159 134 - --------------------------------------------- ------------------ ------------------ Other Expense 1,303 1,246 - --------------------------------------------- ------------------ ------------------ Income Before Income Taxes 23 79 - --------------------------------------------- ------------------ ------------------ Provision (Benefit) for Income Taxes (10) 28 - --------------------------------------------- ------------------ ------------------ Net Income 33 51 - --------------------------------------------- ------------------ ------------------ Earnings per common share $ 0.02 $ 0.03 - --------------------------------------------- ------------------ ------------------ Average common shares outstanding 1,726 1,723 (In thousands) - --------------------------------------------- ------------------ ------------------
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