KS Bancorp (PK) (USOTC:KSBI)
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KS Bancorp, Inc. (OTCBB: KSBI), parent company of KS Bank, Inc., reports
today financial results for the fourth quarter and year to date periods
of the 2006 fiscal year. The Company ended the year with a 29.7%
increase in net income over 2005. In addition, the Company grew total
assets 9.7% during the year.
For the fourth quarter of 2006 consolidated earnings were $557,000, or
$.43 per diluted share, compared to earnings of $451,000, or $.34 per
diluted share, for the same period in 2005. Year to date net income
increased from $1,688,000 at December 31, 2005, to $2,189,000 at
December 31, 2006. Earnings during 2006 have increased as a result of
the substantial growth in our net interest income, which is a product of
both the expansion and repricing of our loan portfolio during the year.
This trend, in conjunction with significant growth in various sources of
non-interest income, has more than offset increases in total
non-interest expenses. For the year ended December 31, 2006, net income
per common share was $1.67, a 33.9% increase from $1.24 for the same
period of 2005.
The Company has continued its growth in consolidated total assets, which
increased $25.4 million during the twelve months ended December 31,
2006. Assets grew from $261.4 million at December 31, 2005 to $286.8
million at December 31, 2006. This growth in the Company’s
total assets resulted primarily from an increase of $21.0 million in net
loans from $193.4 million at December 31, 2005 to $214.4 million
December 31, 2006. In addition, investments securities grew 16.4% in
2006.
Funding for this asset growth was provided primarily from increases in
demand deposits which grew 26.3% from $194.8 million at December 31,
2005 to $213.7 million at December 31, 2006. Total deposits increased to
$213.7 million at December 31, 2006 representing an $18.9 million, or
9.7%, increase from $194.8 million at December 31, 2005.
Total stockholders’ equity increased 10.9%,
from $15.6 million at December 31, 2005 to $17.3 million at December 31,
2006. This increase in primarily results from our earnings less
dividends paid.
Commenting on 2006 results, Harold Keen, President and CEO, stated, “This
year has proven to be a stellar year for KS Bank. Our team continues to
develop lasting banking relationships which are helping us grow in both
deposits and loans. We are proud of the work that our employees have
accomplished, and we are thankful for the support of our customers.”
In addition to the earnings report issued today, KS Bancorp, Inc.
announced the payment of a quarterly cash dividend of $0.13 per share
for stockholders of record on January 23, 2006, with payment to be made
on February 6, 2007.
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 offering a broad range of banking products and
services through its operation of seven full service branches located in
Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, and Smithfield, North
Carolina.
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
December 30,
2006
December 31,
2005(a)
(Unaudited)
(Dollars in thousands)
ASSETS
Cash and due from banks:
Interest-earning
$
2,925
$
8,411
Noninterest-earning
3,180
1,358
Time Deposit
100
100
Investment securities:
Available for sale
51,112
43,904
Federal Home Loan Bank stock, at cost
2,494
2,512
Presold mortgages in process of settlement
1,313
885
Loans
216,822
195,461
Less Allowance for loan losses
(2,449)
(2,085)
Net loans
214,373
193,376
Accrued interest receivable
1,626
1,354
Foreclosed assets, net
560
568
Property and equipment, net
7,188
7,381
Other assets
1,893
1,589
TOTAL ASSETS
$
286,764
$
261,438
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
$
213,672
$
194,778
Short-term borrowings
11,352
5,010
Long-term borrowings
43,048
44,955
Accrued interest payable
530
466
Accounts payable and accrued expenses
851
616
TOTAL LIABILITIES
269,453
245,825
Stockholders' 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 2006 and 2005
1607
1607
Retained earnings, substantially restricted
15,850
14,342
Accumulated other comprehensive loss
(146)
(336)
TOTAL STOCKHOLDERS' EQUITY
17,311
15,613
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
286,764
$
261,438
(a) Derived from audited financial statements
KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Operations (Unaudited)
Three Months
Ended
Twelve Months
Ended
December 31,
December 31,
2006
2005
2006
2005
(Inthousands, except per share data)
INTEREST INCOME
Loans
$
4,427
$
3,625
$
16,492
$
13,380
Investment securities:
Taxable
270
201
996
781
Tax-exempt
255
232
967
882
Dividends
37
29
143
108
Interest-earning deposits
34
20
164
129
TOTAL INTEREST INCOME
5,023
4,107
18,762
15,280
INTEREST EXPENSE
Deposits
2,015
1,481
7,219
5,032
Borrowings
645
525
2,148
1,726
TOTAL INTEREST EXPENSE
2,660
2,006
9,367
6,758
NET INTEREST INCOME
2,363
2,101
9,395
8,522
PROVISION FOR LOAN LOSSES
121
200
571
785
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
2,242
1,901
8,824
7,737
NON-INTEREST INCOME
Service charges on deposit accounts
318
276
1,223
1,027
Fees from presold mortgages
119
96
384
246
Other income
36
84
213
152
TOTAL NON-INTEREST INCOME
473
456
1,820
1,425
NON-INTEREST EXPENSE
Compensation and benefits
1,200
1,032
4,689
4,235
Occupancy and equipment
199
205
808
778
Data processing and outside service fees
197
177
756
681
Advertising
61
34
202
129
Net foreclosed real estate
(5)
45
23
86
Gain (loss) on sale of investments
-
-
11
-
Other
295
247
1,122
961
TOTAL NON-INTEREST EXPENSE
1,947
1,740
7,611
6,870
INCOME BEFORE INCOME TAXES
768
617
3,033
2,292
INCOME TAXES
211
166
844
604
NET INCOME
$
557
$
451
$
2,189
$
1,688
NET INCOME PER COMMON SHARE
Basic
$
.43
$
.34
$
1.67
$
1.24
Diluted
$
.43
$
.34
$
1.67
$
1.24
DIVIDENDS PER COMMON SHARE
$
.13
$
.13
$
.52
$
.52