The board of Staten Island, N.Y.-based VSB Bancorp Inc. declared a quarterly cash dividend of 8 cents per share, payable Jan. 3, 2017, to shareholders of record as of Dec. 23.

This payout represents an increase of approximately 14.3%, or 1 cent per share, from the previously announced dividend of 7 cents per share.

Earlier in 2016, the company raised its dividend to 7 cents per share from 6 cents per share.