Loading, Please Wait...

CST: 25/08/2019 16:34:49   

KS Bancorp, Inc. (KSBI) Announces First Quarter 2019 Financial Results and Cash Dividend

124 Days ago

SMITHFIELD, N.C., April 23, 2019 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the first quarter of 2019.

Net income for the three months ended March 31, 2019 was $820,000, or $0.74 per diluted share representing a 7.4% increase from the $764,000, or $0.58 per duluted share for the three months ended March 31, 2018.

Net interest income remained constant at $3.1 million for the three months ended March 31, 2019, as compared to the comparable period in 2018. Noninterest income for the three months ended March 31, 2019 was $701,000, compared to $678,000 for the comparable period ended March 31, 2018.  Noninterest expense was $2.8 million for the three months ended  March 31, 2019 and 2018.

The Company’s unaudited consolidated total assets decreased $3.4 million, to $396.8 million at March 31, 2019, compared to $400.2 million at December 31, 2018. Net loan balances increased by $1.6 million, to $297.2 million at March 31, 2019 compared to $295.6 million at December 31, 2018. The Company’s investment securities totaled $67.1 million at March 31, 2019, compared to $66.0 million at December 31, 2018.  Total deposits decreased $5.1 million,  to $325.3 million at March 31, 2019, compared to $330.4 million at December 31, 2018. Total stockholders’ equity increased from $22.1 million at December 31, 2018 to $23.3 million at March 31, 2019, a 5.18% increase.
                        
Nonperforming assets consisted of $1.3 million nonaccrual loans at March 31, 2019, representing less than 0.50% of the Company’s total assets. The Company had no foreclosed real estate owned at March 31, 2019. The allowance for loan losses at March 31, 2019 totaled $4.0 million, or 1.33% of  loans. 

Commenting on the first quarter results, Harold Keen, President and CEO of the Company and the Bank, stated, “The results of the first quarter continue to reflect the solid financial position of KS Bancorp and our commitment to profitable growth for the future. The 7.4% increase in net income compared to the year ago period clearly shows that commitment. Shareholders should also find value in the 28.0% increase in the per share earnings compared to the year ago period, due to the reduced number of outstanding shares. Based on these results we are proud to have increased the quarterly dividend.”

In addition, the Company announced today that its Board of Directors has declared a quarterly  dividend of $0.09 per share for stockholders of record as of April 22, 2019, with payment to be made on May 2, 2019. 

KS Bank continues to be well-capitalized according to regulatory standards with total risk-based capital of 14.13%, tier 1 risk- based capital of 12.88%, common equity tier 1 risk- based capital of 12.88%, and a tier 1 leverage ratio of 9.63% at March 31, 2019. The minimum levels to be considered well capitalized for each of these ratios are 10.0%, 8.0%, 6.5%, and 5.0%, respectively.

KS Bancorp, Inc. is a Smithfield, North Carolina-based single bank holding company. KS Bank, Inc., a state-chartered savings bank, is KS Bancorp’s sole subsidiary.  The Bank is a full service community bank serving the citizens of eastern North Carolina since 1924. The Bank offers a broad range of personal and business banking products and services, mortgage products and trust services. There are nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, North Carolina plus a mortgage servicing location in Greenville, NC. In addition, KS Trust Services has an office in Asheboro, NC and maintains a presence in Waynesville and Wilmington, NC.  For more information, visit www.ksbankinc.com.

This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company.  These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions.  Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements.  The Company undertakes no obligation to update any forward-looking statements.

Contact: Harold T. Keen Regina J Smith
President and Chief Executive Officer Chief Financial Officer
(919) 938-3101 (919) 938-3101

 

KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition
       
       
    March 31, 2019   December 31,
    (unaudited)   2018* 
             
    (Dollars in thousands)
  ASSETS          
             
  Cash and due from banks:          
  Interest-earning $   14,263     $   21,220  
  Noninterest-earning     2,127         2,184  
    Time Deposit     100         100  
  Investment securities available for sale, at fair value     67,056         66,004  
  Federal Home Loan Bank stock, at cost     1,720         1,696  
  Presold mortgages in process of settlement     251    
       
  Loans     301,201         299,640  
  Less allowance for loan losses     (4,011 )       (4,010 )
    Net loans     297,190         295,630  
       
  Accrued interest receivable     1,272         1,212  
  Property and equipment, net     7,888         7,324  
  Other assets     4,984         4,888  
       
    Total assets $   396,851     $   400,258  
       
  LIABILITIES AND STOCKHOLDERS' EQUITY    
       
  Liabilities    
    Deposits $   325,305     $   330,423  
    Short-term borrowings     6         7  
    Long-term borrowings     44,248         44,248  
    Accrued interest payable     402         380  
    Accrued expenses and other liabilities     3,619         3,075  
       
    Total liabilities     373,580         378,133  
       
  Stockholder's Equity:    
    Common stock, no par value, authorized 20,000,000 shares;    
  1,107,776 shares issued and outstanding at March 31, 2019 and 1,107,776 shares issued and outstanding at December 31, 2018     1,360         1,360  
    Retained earnings, substantially restricted     22,769         22,026  
    Accumulated other comprehensive loss     (858 )       (1,261 )
       
    Total stockholders' equity     23,271         22,125  
       
    Total liabilities and stockholders' equity $   396,851     $   400,258  
       
  *  Derived from audited financial statements    
       

 

KS Bancorp, Inc and Subsidiary
Consolidated Statements of Income (Unaudited)
       
       
    Three Months Ended
    March 31,
     2019    2018
    (In thousands, except per share data)
Interest and dividend income:    
  Loans $   3,861   $   3,531
  Investment securities    
  Taxable     366       305
  Tax-exempt     22       36
  Dividends     27       21
  Interest-bearing deposits     73       17
    Total interest and dividend income     4,349       3,910
       
Interest expense:    
  Deposits     764       447
  Borrowings     449       396
    Total interest expense     1,213       843
       
    Net interest income     3,136       3,067
       
Allowance  loan losses     -       -
       
    Net interest income after    
    reovery of loan losses     3,136       3,067
       
Noninterest income:    
  Service charges on deposit accounts     335       342
  Fees from presold mortgages     52       50
  Other income     314       286
    Total noninterest income     701       678
       
Noninterest expenses:    
  Compensation and benefits     1,704       1,716
  Occupancy and equipment     309       319
  Data processing & outside service fees     223       206
  Advertising     39       25
  Other     523       511
    Total noninterest expenses     2,798       2,777
       
    Income before income taxes     1,039       968
       
Income tax      219       204
       
    Net income  $   820   $   764
       
  Basic and Diluted earnings per share $   0.74   $   0.58
       

 

 

 

 

Is your business listed correctly on America’s largest city directory network of 1,000 portals?