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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 |
KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited net income available to common shareholders of $228,000, or $.17 per diluted shared, for the three months ended March 31, 2012, compared to a net income available to common shareholders of $165,000, or $.13 per diluted share, for the three months ended March 31, 2011.
For the three months ended March 31, 2012, net interest income was $2.5 million, compared to $2.6 million for the three months ended March 31, 2011. Non-interest income increased $255,000 to $563,000 for the period ended March 31, 2012, compared to $308,000 for the same period ended March 31, 2011. The increase in noninterest income is primarily attributable to $181,000 gain on sale of investments and a $48,000 increase in fees from presold mortgages during the three months ended March 31, 2012. Non-interest expenses remain constant at $2.6 million for the three months ended March 31, 2012 and March 31, 2011.
In the first quarter of 2012, the Company’s unaudited consolidated total assets decreased $1.0 million to $321.9 million at March 31, 2012, compared to $322.9 million at December 31, 2011. Net loan balances remained constant with a balance of $195.5 million at March 31, 2012 and at December 31, 2011. The Company’s investment securities decreased $2.7 million to $88.6 million at March 31, 2012, compared to $91.3 million at December 31, 2011. Total deposits have increased $2.9 million to $249.4 million at March 31, 2012, compared to $246.5 at December 31, 2011. Total borrowings decreased $4.7 million from $50.1 million at December 31, 2011, to $45.4 million at March 31, 2012. During the first quarter of 2012, the Company repaid borrowings from the Federal Home Loan Bank totaling $5.0 million. Total stockholders’ equity increased $268,000 from $24.3 million at December 31, 2011, to $24.6 million at March 31, 2012.
Nonperforming assets, which includes nonaccrual loans and other real estate owned (“OREO”), decreased $1.0 million from $19.9 million at December 31, 2011 to $18.9 million at March 31, 2012. The nonperforming assets consist of $10.5 million in OREO and $8.4 million in nonaccrual loans. For the three months ended March 31, 2012, the Company recorded a $150,000 expense to the provision for loan losses compared to $180,000 for the three months ended March 31, 2011. Net charge offs for the first quarter of 2012 were $115,000, compared to net charge offs of $247,000 for the three months ended March 31, 2011. The allowance for loan losses at March 31, 2012 totaled $3.5 million, or 1.76% of all outstanding loans.
The Company also announced today that its Board of Directors voted not to declare a dividend for the first quarter of 2012. The continued suspension of the quarterly dividend is to further the Company’s efforts to preserve capital. The Company’s profitability, capital levels and asset quality are factors that are considered in determining whether to resume dividend payments.
KS Bank continues to be well-capitalized according to regulatory standards with total risk based capital of 15.87%, tier 1 risk- based capital of 14.61%, and a leverage ratio of 9.00% at March 31, 2012. The minimum levels to be considered well capitalized for each of these ratios are 10%, 6%, and 5%, respectively.
Commenting on the first quarter 2012 results, Harold Keen, President and CEO, stated, “First quarter profits exceeded our first quarter profits in 2011 and were greater than our internal budget. In February, KS Bank opened a mortgage origination office in Greenville, NC. The bank recorded start up cost for this new location during the first quarter; but we believe that the income from the sale of loans originated in this office should become an important contributor to earnings during the second quarter. Our goal is to continue to serve the communities in our market area with focus on strengthening our core banking relationships. We remain committed to our current clients and endeavor to develop new banking relationships with our brand of community banking.”
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, 2012 December 31, (unaudited) 2011* (Dollars in thousands) ASSETS Cash and due from banks: Interest-earning $ 5,312 $ 1,182 Noninterest-earning 1,602 3,929 Time Deposit 100 100 Investment securities available for sale, at fair value 88,695 91,375 Federal Home Loan Bank stock, at cost 2,596 2,596 Presold mortgages in process of settlement 1,874 809 Loans 199,109 198,847 Less Allowance for loan losses (3,511 ) (3,477 ) Net loans 195,598 195,370 Accrued interest receivable 1,193 1,316 Foreclosed assets, net 10,474 11,696 Property and equipment, net 8,791 8,825 Other assets 5,620 5,734 Total assets $ 321,855 $ 322,932 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 249,394 $ 246,464 Short-term borrowings 2,692 6,933 Long-term borrowings 42,748 43,248 Accrued interest payable 250 275 Accounts payable and accrued expenses 2,187 1,696 Total liabilities 297,271 298,616 Stockholder's Equity: Cumulative perpetual preferred stock (Series A), no par value 4,000 shares authorized, issued and outstanding $ 3,877 $ 3,866 Cumulative perpetual preferred stock (Series B), no par value 200 shares authorized, issued and outstanding 218 219 Common stock, no par value, authorized 20,000,000 shares; 1,309,501 shares issued and outstanding in 2010 and 2009 1,607 1,607 Retained earnings, substantially restricted 18,087 17,859 Accumulated other comprehensive income 795 765 Total stockholders' equity 24,584 24,316 Total liabilities and stockholders' equity $ 321,855 $ 322,932 * Derived from audited financial statements KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited) Three Months Ended March 31,2012
2011
( In thousands, except per share data) Interest and dividend income: Loans $ 2,863 $ 3,149 Investment securities Taxable 374 327 Tax-exempt 281 444 Dividends 8 6 Interest-bearing deposits 1 1 Total interest and dividend income 3,527 3,927 Interest expense: Deposits 598 787 Borrowings 456 509 Total interest expense 1,054 1,296 Net interest income 2,473 2,631 Provision for loan losses 150 180 Net interest income after provision for loan losses 2,323 2,451 Noninterest income: Service charges on deposit accounts 274 297 Fees from presold mortgages 68 20 Gain (Loss) on sale of investments 181 (45 ) Other income 40 36 Total noninterest income 563 308 Noninterest expenses: Compensation and benefits 1,493 1,470 Occupancy and equipment 251 253 Data processing & outside service fees 201 211 Advertising 14 18 Net foreclosed real estate 97 107 Other 527 550 Total noninterest expenses 2,583 2,609 Income before income taxes 303 150 Income tax expense (benefit) 11 (79 ) Net income 292 229 Dividends on preferred stock (55 ) (55 ) Accretion of discount on preferred stock, net (9 ) (9 ) Income available to common stockholders $ 228 $ 165 Basic and Diluted earnings per share $ 0.17 $ 0.13
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