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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. (the “Bank”), today announced unaudited first quarter financial results for the 2010 fiscal year.
The Company reported a net income of 238,000, or $.18 per diluted share, before adjusting for the effect of preferred stock dividends and accretion of discount on preferred stock for the three months ended March 31, 2010, compared to a net income of $100,000, or $.08 per diluted share, for the same period in 2009. After adjusting for $63,000 in dividends and accretion of discount on preferred stock, the net income available to common stockholders for the current period was $175,000, or $0.13 per diluted share. Additionally, the Company also announced today that its Board of Directors voted not to declare a common stock dividend for the first quarter of 2010.
For the three months ended March 31, 2010 net interest income increased $437,000 from $2.2 million at March 31, 2009 to $2.6 million at March 31, 2010. Interest income from investment securities increased $257,000 at March 31, 2010 compared to the same period in 2009. Total noninterest income decreased $201,000 from $602,000 at March 31, 2009, compared to $401,000 at March 31, 2010. The reduction in noninterest income is the result of a decrease in fees received from presold mortgages and a reduction in the Company’s gain on sale of investments during the first quarter of 2010, compared to first quarter of 2009.
The Company’s consolidated total assets decreased $2.1 million to $346.7 million as of March 31, 2010, as compared to $348.8 million at December 31, 2009. Net loan balances have decreased $1.0 million from $227.1 million at December 31, 2009 compared to $226.1 million at March 31, 2010. The Company’s investment securities decreased $3.7 during the first quarter 2010 from $87.3 million at December 31, 2009 to $83.6 million at March 31, 2010. Total deposits increased $3.5 million to $262.7 million at March 31, 2010, compared to $259.2 at December 31, 2009. Total stockholders’ equity increased from $22.4 million at December 31, 2009, to $22.7 million at March 31, 2010.
Nonperforming assets, which includes nonaccrual loans and foreclosed assets, totaled $15.3 million at March 31, 2010, the same balance as December 31, 2009. The nonperforming assets consist of $10.0 million in foreclosure assets and $5.3 million in nonaccrual loans. During the first quarter 2010, the Company recorded a $274,000 expense for provision for loan losses, compared to $430,000 during the first quarter 2009. Net charge offs for the first quarter 2010 were $265,000. The allowance for loan losses at March 31, 2010 totaled $3.9 million, or 1.72% of loans.
Commenting on the first quarter 2010 results, Harold Keen, President and CEO, stated,
“I am pleased to be reporting an improvement in net income for the first quarter of 2010 compared to the first quarter 2009. In 2010 there will be challenges and opportunities as we continue to reduce our other real estate owned portfolio. Although the future remains unpredictable, our local economy appears to be stabilizing. We continue to focus on strengthening our core banking relationships with our current clients and developing new banking relationships by providing exceptional customer service and our brand of community banking. KS Bank continues to be well-capitalized according to regulatory standards with total risk based capital of 14.27%, tier 1 risk- based capital of 13.02% and leverage ratio of 8.79%. The minimum levels for each of these ratios are 10%, 6%, and 5% 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 and offers a variety of financial products and services including a securities brokerage service through an affiliation with a registered 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, 2010 December 31, (unaudited) 2009* (Dollars in thousands) ASSETS Cash and due from banks: Interest-earning $ 3,585 $ 3,017 Noninterest-earning 1,542 1,325 Time Deposit 100 100 Investment securities available for sale, at fair value 83,623 87,272 Federal Home Loan Bank stock, at cost 3,334 3,019 Presold mortgages in process of settlement 1,059 - Loans 230,017 231,089 Less Allowance for loan losses (3,951 ) (3,942 ) Net loans 226,066 227,147 Accrued interest receivable 1,745 1,825 Foreclosed assets, net 9,955 9,427 Property and equipment, net 9,186 9,237 Other assets 6,498 6,459 Total assets $ 346,693 $ 348,828 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 262,714 $ 259,169 Short-term borrowings 8,815 11,658 Long-term borrowings 50,748 54,048 Accrued interest payable 424 448 Accounts payable and accrued expenses 1,280 1,154 Total liabilities 323,981 326,477 Stockholder's Equity:Non-cumulative perpetual preferred stock (Series A), no par value 4,000 shares authorized, issued and outstanding
$ 3,790 $ 3,780 Non-cumulative perpetual preferred stock (Series B), no par value 200 shares authorized, issued and outstanding 231 232 Common stock, no par value, authorized 20,000,000 shares; 1,309,501 shares issued and outstanding in 2009 and 2008 1,607 1,607 Retained earnings, substantially restricted 16,940 16,765 Accumulated other comprehensive income (loss) 144 (33 ) Total stockholders' equity 22,712 22,351 Total liabilities and stockholders' equity $ 346,693 $ 348,828 * Derived from audited financial statements KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited) Three Months Ended March 31, 2010 2009 ( In thousands, except per share data) Interest and dividend income: Loans $ 3,507 $ 3,781Investment securities
Taxable 420 297 Tax-exempt 492 358 Dividends 2 - Interest-bearing deposits 1 - Total interest and dividend income 4,422 4,436 Interest expense: Deposits 1,231 1,637 Borrowings 556 601 Total interest expense 1,787 2,238 Net interest income 2,635 2,198 Provision for loan losses 274 430 Net interest income after provision for loan losses 2,361 1,768 Noninterest income: Service charges on deposit accounts 299 313 Fees from presold mortgages 38 134 Gain on sale of investments 5 104 Other income 59 51 Total noninterest income 401 602 Noninterest expenses: Compensation and benefits 1,492 1,411 Occupancy and equipment 268 261 Data processing & outside service fees 216 208 Advertising 12 15 Net foreclosed real estate 64 27 Other 530 458 Total noninterest expenses 2,582 2,380 Income (loss) before income taxes 180 (10 ) Income tax benefit (58 ) (110 ) Net income 238 100 Dividends on preferred stock (55 ) - Accretion of discount on preferred stock, net (8 ) - Income available to common stockholders $ 175 $ 100 Basic and Diluted earnings (loss) per share $ 0.13 $ 0.08
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