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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”), announced unaudited net income available to common shareholders of $258,000, or $.20 per diluted shared, for the three months ended December 31, 2010, compared to a net loss of ($426,000), or ($.33) per diluted share, for the three months ended December 31, 2009. The Company reported net income available to common shareholders of $940,000, or $.72, per diluted share for the twelve months ended December 31, 2010, compared to a net loss of ($286,000), or ($.22) per diluted share, for the same period in 2009.
For the twelve months ended December 31, 2010, net interest income increased 13.1% to $10.5 million, compared to $9.3 million for the period ended December 31, 2009. The increase is primarily the result of the increase in net interest margin from 2.99% for the twelve months ended December 31, 2009, compared to 3.31% for the same period in 2010. Non-interest income increased $597,000 from $2.1 million for the twelve month period ended December 31, 2009, to $2.7 million for the same period ended December 31, 2010. The increase is primarily the result of an $856,000 gain on sale of investments during the twelve months ended December 31, 2010 compared to a $104,000 gain in the same period in 2010. For the twelve months ended December 31, 2010, non-interest expenses increased $690,000 to $10.9 million, compared to $10.2 million for the same period ending December 31, 2009. The increase in noninterest expenses is primarily attributable to the ongoing expenses of other real estate owned (OREO).
The Company’s unaudited consolidated total assets decreased $13.2 million to $335.6 million as of December 31, 2010, as compared to $348.8 million at December 31, 2009. Net loan balances decreased $11.8 million from $227.1 million at December 31, 2009, compared to $215.3 million at December 31, 2010. The Company’s investment securities remain constant at $87.3 million at December 31, 2009 and December 31, 2010. Total deposits decreased $7.6 million to $251.5 million at December 31, 2010, compared to $259.1 at December 31, 2009. Although total deposits decreased, there has been a change in the deposit mix. There was an increase of $14.7 million, or 19.7%, in checking, savings and money market accounts for the twelve months ended December 31, 2010. Time deposits decreased $22.4 million, or 12.15%, from $184.3 million at December 31, 2009 to $161.9 million at December 31, 2010. Total borrowings decreased $5.6 million from $65.7 million at December 31, 2009 to $60.1 million at December 31, 2010. Total stockholders’ equity had a decrease of $220,000 from $22.3 million at December 31, 2009 to $22.1 million at December 31, 2010.
Nonperforming assets, which includes nonaccrual loans and OREO, have increased $348,000 from $15.3 million at December 31, 2009 to $15.6 million at December 30, 2010. The nonperforming assets consist of $7.9 million in other real estate owned and $7.7 million in nonaccrual loans. For the twelve months ended December 31, 2010, the Company recorded a $1.6 million expense to the provision for loan losses compared to $2.2 million for the twelve months ended December 31, 2009. Net charge offs for the 2010 fiscal year were $1.5 million. The allowance for loan losses at December 31, 2010 totaled $4.0 million, or 1.84% of all outstanding loans.
The Company also announced today that its Board of Directors voted not to declare a dividend for the fourth quarter of 2010. The continued suspension of the quarterly dividend is to further the Company’s efforts to preserve capital in this current economic environment. 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 15.79%, tier 1 risk- based capital of 14.53%, and a leverage ratio of 9.26% at December 31, 2010. This is an increase from total risk based capital of 14.14%, tier 1 risk- based capital of 12.88%, and a leverage ratio of 8.74% at December 31, 2009. The minimum levels to be considered well capitalized for each of these ratios are 10%, 6%, and 5%, respectively.
Commenting on the fourth quarter 2010 results, Harold Keen, President and CEO, stated, “Reflecting on 2010, the economy continued to present challenges for our customers and new opportunities for our Bank. Given the current state of the economy, we are pleased to report positive earnings for the quarter, as well as for the year. KS Bank remains committed to the success of our customers and the communities we serve. Looking forward to 2011, a new year brings new opportunities and challenges, especially in this economic environment; however, the Board of Directors, management, and staff will continue to proactively embrace both the opportunities and challenges during 2011.”
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 December 31, 2010 December 31, (unaudited) 2009* (Dollars in thousands) ASSETS Cash and due from banks: Interest-earning $ 1,861 $ 3,017 Noninterest-earning 1,428 1,325 Time Deposit 100 100 Investment securities available for sale, at fair value 87,375 87,272 Federal Home Loan Bank stock, at cost 2,978 3,019 Presold mortgages in process of settlement 128 - Loans 219,363 231,089 Less Allowance for loan losses (4,041 ) (3,942 ) Net loans 215,322 227,147 Accrued interest receivable 1,663 1,825 Foreclosed assets, net 7,889 9,427 Property and equipment, net 9,151 9,237 Other assets 7,703 6,459 Total assets $ 335,598 $ 348,828 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits 251,531 259,169 Short-term borrowings 11,886 11,658 Long-term borrowings 48,248 54,048 Accrued interest payable 316 448 Accounts payable and accrued expenses 1,486 1,154 Total liabilities 313,467 326,477 Stockholder's Equity:Non-cumulative perpetual preferred stock (Series A), no par value 4,000 shares authorized, issued and outstanding
3,822 3,780Non-cumulative perpetual preferred stock (Series B), no par value 200 shares authorized, issued and outstanding
226 232Common 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 17,704 16,765 Accumulated other comprehensive (loss) (1,228 ) (33 ) Total stockholders' equity 22,131 22,351 Total liabilities and stockholders' equity $ 335,598 $ 348,828 * Derived from audited financial statements KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31,2010
2009
2010
2009
(In thousands, except per share data)
Interest and dividend income: Loans $ 3,291 $ 3,616 $ 13,764 $ 14,447Investment securities
Taxable 309 435 1,468 1,328 Tax-exempt 450 516 1,867 1,642 Dividends 3 4 12 9 Interest-bearing deposits 1 1 6 6 Total interest and dividend income 4,054 4,572 17,117 17,432 Interest expense: Deposits 933 1,392 4,408 5,811 Borrowings 539 554 2,180 2,314 Total interest expense 1,472 1,946 6,588 8,125 Net interest income 2,582 2,626 10,529 9,307 Provision for loan losses 312 1,135 1,606 2,218Net interest income after provision for loan losses
2,270 1,491 8,923 7,089 Noninterest income: Service charges on deposit accounts 323 331 1,312 1,311 Fees from presold mortgages 64 81 252 454 Gain on sale of investments 26 - 856 104 Other income 75 66 258 212 Total noninterest income 488 478 2,678 2,081 Noninterest expenses: Compensation and benefits 1,446 1,404 5,746 5,618 Occupancy and equipment 260 240 1,047 1,019 Data processing & outside service fees 209 218 846 844 Advertising 18 20 55 74 Net foreclosed real estate 176 255 1,071 275 Other 539 635 2,159 2,404 Total noninterest expenses 2,648 2,772 10,924 10,234 Income (loss) before income taxes 110 (803 ) 677 (1,064 ) Income tax benefit (212 ) (425 ) (516 ) (854 ) Net income (loss) 322 (378 ) 1,193 (210 ) Dividends on preferred stock (55 ) (40 ) (218 ) (64 ) Accretion of discount on preferred stock, net (9 ) (8 ) (35 ) (12 ) Income (loss) available to common stockholders $ 258 $ (426 ) $ 940 $ (286 ) Basic and Diluted earnings (loss) per share $ 0.20 $ (0.33 ) $ 0.72 $ (0.22 )
1 Year KS Bancorp (PK) Chart |
1 Month KS Bancorp (PK) Chart |
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