KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2007 Financial Results and Cash Dividend

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	48.00	52.00				0.00	13:13:47

KS Bancorp (PK) (USOTC:KSBI)
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KS Bancorp, Inc. (the �Company�) (OTCBB:KSBI), parent company of KS Bank, Inc., reports today financial results for the fourth quarter and year to date periods of 2007. The Company ended the year with an 11.0% increase in total assets and $1,966,000 in net income. For the fourth quarter of 2007 consolidated earnings were $645,000, or $.49 per diluted share, compared to earnings of $557,000, or $.43 per diluted share to for the same period in 2006. Consolidated earnings increased 15.8% in the fourth quarter compared to the three month period ended December 31, 2006. For the year ended December 31, 2007, the Company reported net income of $1,966,000 or $1.50 per diluted share compared to $2,189,000 or $1.67 per diluted share at December 31, 2006. The decrease in earnings is primarily due to sale of securities at a loss during the second quarter. As previously reported, during the month of April 2007, the Company sold approximately $18.0 million of available-for-sale investment securities with a net realized pre-tax loss. The securities chosen to be sold were those with the least attractive yield, cash flow, and interest rate risk characteristics. Subsequent to these security sales, the Company purchased approximately $18.0 million of new securities with an overall yield 118 basis points higher than that of the securities that were sold. Excluding the losses we recorded to restructure our investment portfolio, consolidated earnings for the year would have otherwise totaled $2,267,000 or $1.73 per diluted share (a non-GAAP measure). During 2007, the Company continued its growth in consolidated total assets, which increased $31.6 million during the twelve months ended December 31, 2007. Assets totaled $318.3 million at December 31, 2007 as compared to $286.7 million at December 31, 2006. This growth in the Company�s total assets resulted primarily from an increase of $25.4 million in net loans to $239.8 million at December 31, 2007 from $214.4 million December 31, 2006. In addition to loan growth, investment securities increased $2.5 million. Total stockholders� equity increased 7.9%, to $18.7 million at December 31, 2007 from $17.3 million at December 31, 2006. Funding for asset growth was primarily provided by increases in demand deposits. Demand deposits at December 31, 2007 were $69.4 million compared to $62.1 million at December 31, 2006, an increase of 11.8%. Total deposits increased to $233.5 million at December 31, 2007 representing a $19.8 million, or 9.2%, increase from $213.7 million at December 31, 2006. Commenting on 2007 results, Harold Keen, President and CEO, stated, �This year has proven to be a solid year for KS Bancorp. Developing lasting banking relationships is the goal of the company. This goal has resulted in growth for 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. We are looking forward to continuing our growth in 2008. The Company also formally announced and held its ground breaking ceremonies for its ninth full service office to be located in Four Oaks, North Carolina on December 14, 2007. The Company expects the office to be operational in June 2008. President Harold Keen commented, �We have many valued customers in the Four Oaks area that we wish to better serve with the addition of this new office as well as forging new relationships with potential customers in the Southern end of Johnston County.� 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 25, 2008, with payment to be made on February 4, 2008. KS Bancorp, Inc. is a Smithfield, North Carolina based single bank holding company. KS Bank, Inc., (the �Bank�) 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 eight full service branches located in Kenly, Selma, Clayton, Garner, Wendell, 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 31, 2007 December 31, 2006/a (unaudited) � � (Dollars in thousands) ASSETS � Cash and due from banks: Interest-earning $ 6,298 $ 2,925 Noninterest-earning 1,482 3,180 Time Deposit 100 100 Investment securities: Available for sale 53,624 51,112 Federal Home Loan Bank stock, at cost 2,914 2,494 Presold mortgages in process of settlement 476 1,313 � Loans 242,535 216,822 Less Allowance for loan losses � (2,702 ) � (2,449 ) Net loans 239,833 214,373 � Accrued interest receivable 1,952 1,626 Foreclosed assets, net 123 560 Property and equipment, net 8,958 7,188 Other assets � 2,509 � � 1,859 � � Total assets $ 318,269 � $ 286,730 � � LIABILITIES AND STOCKHOLDERS' EQUITY � Liabilities Deposits $ 233,480 $ 213,672 Short-term borrowings 10,596 16,352 Long-term borrowings 54,048 38,048 Accrued interest payable 639 530 Accounts payable and accrued expenses � 821 � � 817 � � Total liabilities � 299,584 � � 269,419 � � 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 17,135 15,850 Accumulated other comprehensive loss � (57 ) � (146 ) � Total stockholders' equity � 18,685 � � 17,311 � � Total liabilities and stockholders' equity $ 318,269 � $ 286,730 � � /a: Derived from audited financial statements KS Bancop, Inc and Subsidiary Consolidated Statements of Income (Unaudited) � � � � � Three Months Ended Twelve Months Ended December 31, December 31, � 2007 � � 2006 � � 2007 � � 2006 (In thousands, except per share data) � Interest and dividend income: Loans $ 4,799 $ 4,427 $ 18,844 $ 16,492 Investment securities Taxable 300 270 1,122 996 Tax-exempt 305 255 1,240 967 Dividends 46 37 168 143 Interest-bearing deposits � 33 � � 34 � � 138 � � 164 Total interest and dividend income � 5,483 � � 5,023 � � 21,512 � � 18,762 � Interest expense: Deposits 2,245 2,015 8,750 7,219 Borrowings � 755 � � 645 � � 2,890 � � 2,148 Total interest expense � 3,000 � � 2,660 � � 11,640 � � 9,367 � Net interest income 2,483 2,363 9,872 9,395 � Provision for loan losses � 20 � � 121 � � 253 � � 571 � Net interest income after provision for loan losses � 2,463 � � 2,242 � � 9,619 � � 8,824 � Noninterest income: Service charges on deposit accounts 361 318 1,306 1,223 Fees from presold mortgages 123 119 417 384 Other income � 53 � � 36 � � 222 � � 213 Total noninterest income � 537 � � 473 � � 1,945 � � 1,820 � Noninterest expenses: Compensation and benefits 1,301 1,200 5,235 4,689 Occupancy and Equipment 234 199 933 808 Data processing & outside service fees 205 197 792 756 Advertising 49 61 235 202 Net Foreclosed real estate (27 ) (5 ) (24 ) 23 Gain (loss) on sale of Investments (2 ) - 500 11 Other � 329 � � 295 � � 1,261 � � 1,122 Total noninterest expenses � 2,089 � � 1,947 � � 8,932 � � 7,611 � Income before income taxes 911 768 2,632 3,033 � Income tax expense � 266 � � 211 � � 666 � � 844 � Net income $ 645 � $ 557 � $ 1,966 � $ 2,189 � Basic and Diluted earnings per �share $ 0.49 � $ 0.43 � $ 1.50 � $ 1.67 � Dividends per common share $ 0.13 � $ 0.13 � $ 0.52 � $ 0.52

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KSBI KS Bancorp Inc (PK)