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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 fourth quarter and year to date financial results for the 2009 fiscal year.
The Company reported a net loss of ($378,000), or ($0.29) per diluted share, before adjusting for the effect of preferred stock dividends and accretion of discount on preferred stock for the three months ended December 31, 2009, compared to a net loss of ($414,000), or ($0.31) per diluted share, for the same period in 2008. After adjusting for $35,000 in dividends and accretion of discount on preferred stock, the net loss available to common stockholders for the current period was ($413,000), or ($0.32) per diluted share. For the three months ended December 31, 2009 net interest income improved to $2.6 million, compared to $2.2 million for the prior year period, primarily due to a decrease in cost of funds. Comparing the fourth quarter of 2009 to 2008, there was a slight increase of $10,000 in noninterest income. Noninterest expenses increased $489,000 from $2.3 million at December 31, 2008 to $2.8 million at December 31, 2009. The increase is primarily attributable to the cost of foreclosures, as well as the cost to maintain the properties.
For the year ended December 31, 2009, the Company reported a net loss of ($210,000), or ($0.16) per diluted share, before adjusting for the effect of dividends and accretion of discount on preferred stock, compared to net income of $663,000, or $0.51 per diluted share, for the year ended December 30, 2008. After adjusting for $62,000 in dividends and accretion on preferred stock, the net loss available to common stockholders was ($272,000), or ($.21) per diluted share, for the twelve months ended December 30, 2009.
The Company’s consolidated total assets increased $24.0 million to $348.8 million as of December 31, 2009, as compared to $324.8 million at December 31, 2008. Net loan balances have decreased $17.2 million from $244.3 million at December 31, 2008 compared to $227.1 million at December 31, 2009. In 2009, management focused on the reduction of the Bank’s concentration in residential speculative construction lending, which is the primary result of the decrease in loan balances. Total deposits were $259.0 million at December 31, 2009, compared to $242.4 at December 31, 2008, which reflects a $16.8 million increase. During the year, demand deposits grew 7.04% from $64.0 million at December 31, 2008 to $68.6 million at December 31, 2009. The investment portfolio increased $32.5 million, from $54.6 million at December 31, 2008, to $87.1 million at December 31, 2009. The increase in the investment portfolio is primarily the result of implementing a leverage strategy designed to offset the impact of the preferred stock dividends paid on the investment pursuant to the Capital Purchase Program. Total stockholders’ equity increased 26.06%, from $17.7 million at December 31, 2008, to $22.4 million at December 31, 2009.
Nonperforming assets, which includes nonaccrual loans and foreclosed assets, totaled $15.3 million at December 31, 2009, versus $8.5 million at December 31, 2008. The nonperforming assets consist of $9.4 million in foreclosure assets and $5.9 million in nonaccrual loans. As a result of the increase of the nonperforming assets, year to date the Company recorded $2.2 million in provision for loan losses. Net charge offs for the year were $2.0 million. The allowance for loan losses at December 31, 2009 totaled $3.9 million, or 1.70% of loans. Nonperforming loans and charge-offs are primarily related to our residential speculative construction and lot development portfolio, which has been negatively affected by the slowing housing market. Although the nonperforming assets have increased since December 31, 2008, they peaked during the third quarter of 2009 and have continued to decrease during the last quarter of 2009. During 2009 the Bank has successfully sold $2.9 million of its foreclosed asset inventory. The Company believes the allowance for loan losses is adequate to cover any additional losses.
Commenting on the fourth quarter 2009 results, Harold Keen, President and CEO, stated, “KS Bank, like all banks, began 2009 with many challenges. In the beginning of the year, the Bank had a high concentration in speculative residential construction. Our team worked relentlessly this year to effectively reduce this concentration. Although, we did experience a net operating loss for the year, we began to experience some stability in the market and positive trends in the final quarter of the year. KS Bank continues to be well-capitalized according to regulatory guidelines.”
The Company also announced today that its Board of Directors voted not to declare a common stock dividend for the fourth quarter of 2009. The continued suspension of our quarterly dividend is a prudent step in preserving capital during this continuing economic downturn. 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. The Bank continues to be well-capitalized according to regulatory guidelines, and we continue to be focused on serving 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 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 SubsidiaryConsolidated Statements of Financial Condition December 31, 2009 December 31, (unaudited) 2008* (Dollars in thousands) ASSETS Cash and due from banks: Interest-earning $ 3,017 $ 3,116 Noninterest-earning 1,325 1,550 Time Deposit 100 100 Investment securities available for sale, at fair value 87,272 54,588 Federal Home Loan Bank stock, at cost 3,079 3,008 Presold mortgages in process of settlement - 924 Loans 231,090 248,097 Less Allowance for loan losses (3,942 ) (3,753 ) Net loans 227,148 244,344 Accrued interest receivable 1,825 1,672 Foreclosed assets, net 9,427 2,450 Property and equipment, net 9,237 9,665 Other assets 6,398 3,371 Total assets $ 348,828 $ 324,788 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 259,169 $ 242,366 Short-term borrowings 11,658 5,084 Long-term borrowings 54,048 58,048 Accrued interest payable 448 528 Accounts payable and accrued expenses 1,154 1,032 Total liabilities 326,477 307,058 Stockholder's Equity: Non-cumulative perpetual preferred stock (Series A), no par value4,000 shares authorized, issued and outstanding $ 4,000 $ - Non-cumulative perpetual preferred stock (Series B), no par value200 shares authorized, issued and outstanding 200 - 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 16,577 17,117 Accumulated other comprehensive loss (33 ) (994 ) Total stockholders' equity 22,351 17,730 Total liabilities and stockholders' equity $ 348,828 $ 324,788 * Derived from audited financial statements KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2009 2008 2009 2008 (In thousands, except per share data) Interest and dividend income: Loans $ 3,616 $ 3,885 $ 14,447 $ 16,783Investment securities
Taxable 435 295 1,328 1,203 Tax-exempt 516 355 1,642 1,387 Dividends 5 7 10 116 Interest-bearing deposits - 4 5 43 Total interest and dividend income 4,572 4,546 17,432 19,532 Interest expense: Deposits 1,392 1,781 5,811 7,607 Borrowings 554 615 2,314 2,478 Total interest expense 1,946 2,396 8,125 10,085 Net interest income 2,626 2,150 9,307 9,447 Provision for loan losses 1,135 1,193 2,218 1,396 Net interest income after provision for loan losses 1,491 957 7,089 8,051 Noninterest income: Service charges on deposit accounts 331 327 1,311 1,347 Fees from presold mortgages 81 93 454 343 Gain (Loss) on sale of investments - - 104 13 Other income 66 48 212 180 Total noninterest income 478 468 2,081 1,883 Noninterest expenses: Compensation and benefits 1,404 1,295 5,618 5,811 Occupancy and equipment 240 284 1,019 1,021 Data processing & outside service fees 218 202 844 790 Advertising 20 35 74 169 Net foreclosed real estate 255 34 275 174 Other 635 433 2,404 1,570 Total noninterest expenses 2,772 2,283 10,234 9,535 Income (loss) before income taxes (803 ) (858 ) (1,064 ) 399 Income tax (benefit) expense (425 ) (444 ) (854 ) (264 ) Net income (loss) (378 ) (414 ) (210 ) 663 Dividends on preferred stock (27 ) - (50 ) - Accretion of discount on preferred stock (8 ) - (12 ) - Income (loss) available to common stockholders $ (413 ) $ (414 ) $ (272 ) $ 663 Basic and Diluted earnings (loss) per share $ (0.32 ) $ (0.31 ) $ (0.21 ) $ 0.51 Dividends per common share $ - $ 0.06 $ 0.13 $ 0.52
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