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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| KS Bancorp Inc (PK) | USOTC:KSBI | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 51.96 | 43.77 | 53.00 | 0.00 | 11:34:03 |
From Jul 2019 to Jul 2024
KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc., today reported results for the first quarter ended March 31, 2009. In addition, the Company announced that its Board of Directors voted to suspend payment of the Company’s quarterly cash dividend.
Net income for the quarter ended March 31, 2009 was $100,000, or $0.08 per diluted share, compared to earnings of $374,000, or $0.29 per diluted share, for the same period in 2008. Comparing the first quarter of 2008 to the first quarter 2009, the reduction in earning is primarily reflective of an increase of $430,000 to the allowance for loan losses during the first quarter of 2009 compared to $35,000 in 2008.
Total noninterest income increased by $144,000 for the first quarter 2009 to $602,000 compared to $458,000 for the same period in 2008. This increase is a result of $104,000 in gains on sales of investments and an increase in fees from presold mortgages. The Company’s noninterest expense remained relativity flat at $2.4 million for the quarters ended March 31, 2009 and March 31, 2008.
The Company’s consolidated total assets decreased $1.6 million to $323.2 million during the three months ended March 31, 2009, as compared to $324.8 million at December 31, 2008. This decrease in the Company’s total assets resulted primarily from the decrease of $1.7 million in net loans to $242.7 million at March 31, 2009 compared to $244.3 at December 31, 2008. Total deposits were $240.8 million at March 31, 2009 compared to $242.4 million at December 31, 2008
Nonperforming assets, which includes nonaccrual loans, and other real estate owned totaled $8.6 million at March 31, 2009, versus $8.5 million at December 31, 2008. As it was in the fourth quarter of 2008, nonperforming loans and charge-offs are primarily related to our residential construction and development portfolio, which has been and continues to be negatively affected by the slowing housing market.
Commenting on the first quarter 2009 results, Harold Keen, President and CEO, stated, “The current recession and economic pressures on the housing and real estate market continues to impact property values and credit quality; as a result, we continue to adjust our provision for loan losses accordingly. Our staff is proactively monitoring delinquencies and we continue to work with customers to effectively resolve problem credits and provide relief until market conditions improve.”
“While disappointing, the suspension of our quarterly dividend is a prudent step in preserving capital during this continuing economic downturn. While no assurances can be given regarding the resumption of dividend payments, the Board of Directors will continue to monitor business conditions, the Company’s profitability and capital levels, as well as, asset quality in considering whether to resume cash dividend payments. KS Bank continues to be well-capitalized according to regulatory guidelines and we continue to be focused on our core business.”
“In addition, we are pleased to announce that this month marks our 85th year of service to our customers. During this timeframe, the Bank has grown from a one branch Savings and Loan to full service community bank with nine branches. We are looking forward to continuing our service to the communities in which we are located.”
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 and offers a variety of financial products and services including a securities brokerage service through an affiliation with a broker/dealer. There are nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, North Carolina. 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.
KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition March 31, 2009(unaudited) December 31,2008* (Dollars in thousands) ASSETS Cash and due from banks:Interest-earning
$ 3,122 $ 3,116 Noninterest-earning 1,839 1,550Time Deposit
100 100 Investment securities available for sale, at fair value 53,672 54,588 Federal Home Loan Bank stock, at cost 2,975 3,008 Presold mortgages in process of settlement 1,926 924 Loans 246,797 248,097 Less Allowance for loan losses (4,118 ) (3,753 ) Net loans 242,679 244,344 Accrued interest receivable 1,678 1,672 Foreclosed assets, net 2,025 2,450 Property and equipment, net 9,578 9,665 Other assets 3,607 3,371 Total assets $ 323,201 $ 324,788 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 240,795 $ 242,366 Short-term borrowings 8,877 5,084 Long-term borrowings 54,048 58,048 Accrued interest payable 502 528 Accounts payable and accrued expenses 1,166 1,032 Total liabilities 305,388 307,058 Stockholder's Equity: Preferred stock, no par value, 5,000,000 shares authorized; no shares issued and outstanding $ - $ - Common stock, no par value, authorized 20,000,000 shares; 1,309,501 shares issued and outstanding in 2007 and 2006 1,607 1,607 Retained earnings, substantially restricted 17,139 17,117 Accumulated other comprehensive loss (933 ) (994 ) Total stockholders' equity 17,813 17,730 Total liabilities and stockholders' equity $ 323,201 $ 324,788 * Derived from audited financial statementsKS Bancorp, Inc and Subsidiary
Consolidated Statements of Income (Unaudited) Three Months Ended March 31, 2009 2008 (In thousands, except per share data) Interest and dividend income: Loans $ 3,781 $ 4,542Investment securities
Taxable 297 309 Tax-exempt 358 338 Dividends - 45 Interest-bearing deposits - 26 Total interest and dividend income 4,436 5,260 Interest expense: Deposits 1,637 2,194 Borrowings 601 683 Total interest expense 2,238 2,877 Net interest income 2,198 2,383 Provision for loan losses 430 35 Net interest income after provision for loan losses 1,768 2,348 Noninterest income: Service charges on deposit accounts 313 329 Fees from presold mortgages 134 91 Gain (loss) on sale of investments 104 Other income 51 38 Total noninterest income 602 458 Noninterest expenses: Compensation and benefits 1,411 1,495 Occupancy and Equipment 261 242 Data processing & outside service fees 208 210 Advertising 15 53 Net Foreclosed real estate 27 23 Other 458 333 Total noninterest expenses 2,380 2,356 Income before income taxes (10 ) 450 Income tax (benefit) expense (110 ) 76 Net income $ 100 $ 374 Basic and Diluted earnings per share $ 0.08 $ 0.29 Dividends per common share $ 0.06 $ 0.13
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