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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”), reported financial results for the fourth quarter of 2011.
For the three-month period ended December 31, 2011, the Company reported unaudited net income available to common shareholders of $188,000, or $.14 per diluted share, compared to a net income available to common shareholders of $258,000, or $.20 per diluted share, for the three months ended December 31, 2010. For the twelve months ended December 31, 2011, the Company reported net income available to common shareholders of $154,000, or $.12 per diluted share, compared to a net income available to common shareholders of $940,000, or $.72 per diluted share, for the twelve months ended December 31, 2010.
For the twelve months ended December 31, 2011, net interest income declined $321,000 to $10.2 million, compared to $10.5 million earned during the twelve months ended December 31, 2010. Noninterest income reported for the twelve months ended December 31, 2011 was $1.6 million, compared to $2.7 million for the twelve months ended December 31, 2010. The decrease in noninterest income is primarily attributable to the $856,000 gain realized on sale of investments for the twelve months ended December 31, 2010, compared to a $145,000 gain realized on sale of investments for the twelve months ended December 31, 2011. Noninterest expenses decreased $463,000, or 4.2%, to $10.5 million for the twelve months ended December 31, 2011, compared to $10.9 million for the twelve months ended December 31, 2010.
The Company’s unaudited consolidated total assets decreased $12.7 million to $322.9 million at December 31, 2011, compared to $335.6 million at December 31, 2010. Net loan balances decreased $19.9 million from $215.3 million at December 31, 2010, to $195.4 million at December 31, 2011. The Company’s investment securities increased $4.0 million to $91.4 million at December 30, 2011, compared to $87.4 million at December 31, 2010. Total deposits decreased $5.1 million to $246.4 million at December 31, 2011, compared to $251.5 million at December 31, 2010. During the twelve months ending December 31, 2011, the Company had a combined increase in savings accounts, demand accounts and money market accounts of $10.4 million, while certificates of deposit decreased $15.5 million. Total borrowings decreased $10.0 million from $60.1 million at December 31, 2010, to $50.1 million at December 31, 2011. Total stockholders’ equity increased $2.2 million from $22.1 million at December 31, 2010, to $24.3 million at December 31, 2011. The increase in stockholders equity in primarily attributable to the change in accumulated other comprehensive income.
Nonperforming assets, which include nonaccrual loans and OREO, have increased $4.3 million from $15.6 million at December 31, 2010 to $19.9 million at December 30, 2011. The nonperforming assets at December 31, 2011 consist of $11.7 million in other real estate owned and $8.2 million in nonaccrual loans. For the twelve months ended December 31, 2011, the Company recorded $1.5 million in expense to the provision for loan losses as compared to $1.6 million for the twelve months ended December 31, 2010. Net charge offs for 2011 were $2.0 million, compared to net charge offs of $1.5 million in 2010. The allowance for loan losses at December 31, 2011 totaled $3.5 million, or 1.75% 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 2011. 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 15.94%, tier 1 risk based capital of 14.68%, and a leverage ratio of 8.91% at December 31, 2011. The minimum levels to be considered well capitalized for each of these ratios are 10%, 6%, and 5%, respectively.
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, 2011 December 31, (unaudited) 2010* (Dollars in thousands) ASSETS Cash and due from banks: Interest-earning $ 3,929 $ 1,861 Noninterest-earning 1,182 1,428 Time Deposit 100 100 Investment securities available for sale, at fair value 91,375 87,375 Federal Home Loan Bank stock, at cost 2,596 2,978 Presold mortgages in process of settlement 809 129 Loans 198,847 219,363 Less Allowance for loan losses (3,477 ) (4,041 ) Net loans 195,370 215,322 Accrued interest receivable 1,315 1,663 Foreclosed assets, net 11,696 7,889 Property and equipment, net 8,826 9,151 Other assets 5,734 7,703 Total assets $ 322,932 $ 335,599 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 246,464 $ 251,531 Short-term borrowings 6,933 11,886 Long-term borrowings 43,248 48,248 Accrued interest payable 275 316 Accounts payable and accrued expenses 1,696 1,487 Total liabilities 298,616 313,468 Stockholder's Equity: Cumulative perpetual preferred stock (Series A), no par value 4,000 shares authorized, issued and outstanding 3,865 3,822 Cumulative perpetual preferred stock (Series B), no par value 200 shares authorized, issued and outstanding 220 226 Common stock, no par value, authorized 20,000,000 shares; 1,309,501 shares issued and outstanding in 2011 and 2010 1,607 1,607 Retained earnings, substantially restricted 17,859 17,704 Accumulated other comprehensive income (loss) 765 (1,228 ) Total stockholders' equity 24,316 22,131 Total liabilities and stockholders' equity $ 322,932 $ 335,599 * Derived from audited financial statements KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited) Three Months Ended Twelve Months Ended December 30, December 30, 2011 2010 2011 2010(In thousands, except per share data)
Interest and dividend income: Loans $ 2,941 $ 3,291 $ 12,128 $ 13,764 Investment securties Taxable 386 309 1,468 1,468 Tax-exempt 292 450 1,434 1,867 Dividends 5 3 23 12 Interest-bearing deposits - 1 4 6 Total interest and dividend income 3,624 4,054 15,057 17,117 Interest expense: Deposits 658 933 2,876 4,408 Borrowings 480 539 1,973 2,180 Total interest expense 1,138 1,472 4,849 6,588 Net interest income 2,486 2,582 10,208 10,529 Provision for loan losses 150 312 1,483 1,606 Net interest income after provision for loan losses 2,336 2,270 8,725 8,923 Noninterest income: Service charges on deposit accounts 283 323 1,169 1,312 Fees from presold mortgages 47 64 119 252 Gain (Loss) on sale of investments 218 26 140 856 Other income 30 75 145 258 Total noninterest income 578 488 1,573 2,678 Noninterest expenses: Compensation and benefits 1,443 1,446 5,692 5,746 Occupancy and equipment 243 260 993 1,047 Data processing & outside service fees 194 209 795 846 Advertising 10 18 69 55 Net foreclosed real estate 356 176 971 1,071 Other 450 539 1,941 2,159 Total noninterest expenses 2,696 2,648 10,461 10,924 Income (loss) before income taxes 218 110 (163 ) 677 Income tax benefit (34 ) (212 ) (573 ) (516 ) Net income (loss) 252 322 410 1,193 Dividends on preferred stock (54 ) (55 ) (218 ) (218 ) Accretion of discount on preferred stock, net (10 ) (9 ) (38 ) (35 ) Income (loss) available to common stockholders $ 188 $ 258 $ 154 $ 940 Basic and Diluted earnings (loss) per share $ 0.14 $ 0.20 $ 0.12 $ 0.72
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