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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 reported results for the second quarter ended June 30, 2009.
Net income for the quarter ended June 30, 2009 was $182,000, or $0.14 per diluted share, compared to earnings of $399,000, or $0.30 per diluted share, for the same period in 2008. In the second quarter 2009 the FDIC announced final guidance imposing a special assessment on insured depository institutions. Earnings for this quarter reflect the one time expense of $145,000 for this assessment. Additionally, the Company recorded $114,000 to the provision for loan losses in the quarter ended June 30, 2009 compared to $18,000 for the quarter ended June 30, 2008.
The Company’s consolidated total assets decreased $4.3 million to $320.5 million as of June 30, 2009, as compared to $324.8 million at December 31, 2008. Net loan balances have decreased $12.5 million from $244.3 million at December 31, 2008 to $231.8 million at December 31, 2008. This decrease is primarily the result of management’s efforts to reduce the Bank’s concentration in residential construction lending. Investments increased $3.7 million form $54.6 million at December 31, 2008 to $58.3 million at June 30, 2009. Total deposits were $240.1 million at June 30, 2009 compared to $242.4 at December 31, 2008, which reflects a $2.2 million decrease. The decrease in deposits is primarily due to the reduction in certificate of deposits. Transaction and savings accounts have increased $1.7 million during the six months ended June 30, 2009.
Nonperforming assets which includes nonaccrual loans and foreclosed assets totaled $15.1 million at June 30, 2009, versus $8.5 million at December 31, 2008. Year to date the Company has recorded $544,000 in provision for loan losses. The allowance for loan losses at June 30, 2009 totaled $3.6 million, or 1.51% of loans. Nonperforming loans and charge-offs are primarily related to our residential construction and development portfolio, which has been and continues to be negatively affected by the slowing housing market. The Company believes the allowance is adequate to cover any additional losses.
Commenting on the second quarter 2009 results, Harold Keen, President and CEO, stated, “Although profits are not were they were a year ago, we remain profitable. As the current recession and economic pressures on the housing and real estate market continue to impact property values in our community and credit quality of certain borrowers, our staff continues to proactively monitor delinquencies and to adjust our provision for loan losses accordingly. Our staff is dedicated to work with our customers to effectively resolve problem credits and provide relief until market conditions improve.”
The Company also announced today that its Board of Directors voted not to declare a dividend for the second 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 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 June 30, 2009 December 31, (unaudited)2008a
(Dollars in thousands) ASSETS Cash and due from banks: Interest-earning $ 4,946 $ 3,116 Noninterest-earning 1,414 1,550 Time Deposit 100 100 Investment securities available for sale, at fair value 58,292 54,588 Federal Home Loan Bank stock, at cost 2,998 3,008 Presold mortgages in process of settlement 3,296 924 Loans 235,352 248,097 Less Allowance for loan losses (3,563 ) (3,753 ) Net loans 231,789 244,344 Accrued interest receivable 1,629 1,672 Foreclosed assets, net 2,839 2,450 Property and equipment, net 9,472 9,665 Other assets 3,773 3,371 Total assets $ 320,548 $ 324,788 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 240,119 $ 242,366 Short-term borrowings 6,045 5,084 Long-term borrowings 54,048 58,048 Accrued interest payable 440 528 Accounts payable and accrued expenses 1,572 1,032 Total liabilities 302,224 307,058 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 2008 and 2007
1,607 1,607 Retained earnings, substantially restricted 17,320 17,117 Accumulated other comprehensive loss (603 ) (994 ) Total stockholders' equity 18,324 17,730 Total liabilities and stockholders' equity $ 320,548 $ 324,788a: Derived from audited financial statements
KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 (In thousands, except per share data) Interest and dividend income: Loans $ 3,564 $ 4,205 $ 7,345 $ 8,747
Investment securities
Taxable 281 301 578 610 Tax-exempt 363 345 721 683 Dividends - 43 - 88 Interest-bearing deposits 2 8 2 34 Total interest and dividend income 4,210 4,902 8,646 10,162 Interest expense: Deposits 1,443 1,879 3,080 4,073 Borrowings 575 588 1,176 1,271 Total interest expense 2,018 2,467 4,256 5,344 Net interest income 2,192 2,435 4,390 4,818 Provision for loan losses 114 18 544 53 Net interest income after provision for loan losses 2,078 2,417 3,846 4,765 Noninterest income: Service charges on deposit accounts 329 350 642 679 Fees from presold mortgages 153 88 287 179 Gain (Loss) on sale of investments - 13 104 13 Other income 50 43 101 81 Total noninterest income 532 494 1,134 952 Noninterest expenses: Compensation and benefits 1,422 1,526 2,833 3,021 Occupancy and equipment 257 241 518 483 Data processing & outside service fees 209 177 417 387 Advertising 16 39 31 92 Net foreclosed real estate (21 ) 31 6 54 Other 616 412 1,074 745 Total noninterest expenses 2,499 2,426 4,879 4,782 Income before income taxes 111 485 101 935 Income tax (benefit) expense (71 ) 86 (181 ) 162 Net income $ 182 $ 399 $ 282 $ 773 Basic and Diluted earnings per share $ 0.14 $ 0.30 $ 0.21 $ 0.59 Dividends per common share $ - $ 0.13 $ 0.06 $ 0.26
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