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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 second quarter financial results for the 2010 fiscal year.
The Company reported unaudited net income of $583,000, or $.45 per diluted share, before adjusting for the effect of preferred stock dividends and accretion of discount on preferred stock for the six months ended June 30, 2010, compared to a net income of $282,000, or $.21 per diluted share, for the same period in 2009. After adjusting for $126,000 in dividends and accretion of discount on preferred stock, the net income available to common stockholders for the current period was $457,000, or $0.35 per diluted share. Additionally, the Company also announced that its Board of Directors voted not to declare a dividend on its common stock for the second quarter of 2010.
For the six months ended June 30, 2010, net interest income increased 23.0% to $5.4 million compared to $4.4 million for the period ended June 30, 2009. The increase is primarily the result of the increase in net interest margin from 2.91% in the second quarter of 2009, compared to 3.38% in the second quarter of 2010. Non-interest income decreased from $1.1 million for the six month period ending June 30, 2009 to $874,000 for the same period ended June 30, 2010. The decrease is primarily the result of a decrease in fees from presold mortgages; as well as a recognized gain in 2009 of $104,000 on sale of investments. For the six months ended June 30, 2010, non-interest expenses increased $342,000 to $5.2 million, compared to $4.9 million for the same period ending June 30, 2009. The increase in noninterest expenses is primarily attributable to the ongoing expenses on foreclosed properties.
The Company’s unaudited consolidated total assets decreased $5.2 million to $343.6 million as of June 30, 2010, as compared to $348.8 million at December 31, 2009. Net loan balances have decreased $2.7 million from $227.1 million at December 31, 2009, compared to $224.4 million at June 30, 2010. The Company’s investment securities decreased $8.0 million during the second quarter 2010 from $87.2 million at December 31, 2009 to $79.2 million at June 30, 2010. Total deposits increased $2.3 million to $261.5 million at June 30, 2010, compared to $259.2 at December 31, 2009. This increase represents a $10.5 million increase in NOW, savings and money market accounts, while decreasing time deposits by $8.2 million. Total borrowings reduced 13.5% from $65.7 million at December 31, 2009 to $56.8 million. Total stockholders’ equity increased 4.70% from $22.4 million at December 31, 2009, to $23.4 million at June 30, 2010. The increase in stockholders’ equity is the result of $583,000 in net income and a $577,000 increase in accumulated other comprehensive income.
Nonperforming assets, which includes nonaccrual loans and foreclosed assets, have decreased $1.3 million from $15.3 million at December 31, 2009 to $14.0 million at June 30, 2010. The nonperforming assets consist of $9.5 million in foreclosure assets and $4.5 million in nonaccrual loans. For the six months ended June 30, 2010, the Company recorded $678,000 expense to the provision for loan losses compared to $544,000 for the six months ended June 30, 2009. Net charge offs for the year are $407,000. The allowance for loan losses at June 30, 2010 totaled $4.2 million, or 1.84% of all outstanding loans.
Commenting on the second quarter 2010 results, Harold Keen, President and CEO, stated,
“I am pleased to report an improvement in net income for the second quarter of 2010 compared to the second quarter 2009. Maintaining existing relationships, developing new relationships and reducing other real estate owned portfolio while maintaining more than adequate levels of capital and liquidity are our primary focuses. These efforts will strengthen our financial position as the economy continues to recover. KS Bank continues to be well-capitalized according to regulatory standards with total risk based capital of 14.65%, tier 1 risk- based capital of 13.39% and a leverage ratio of 8.95%. The minimum levels 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 June 30, 2010 December 31, (unaudited) 2009* (Dollars in thousands) ASSETS Cash and due from banks: Interest-earning $ 8,069 $ 3,017 Noninterest-earning 1,311 1,325 Time Deposit 100 100 Investment securities available for sale, at fair value 79,190 87,272 Federal Home Loan Bank stock, at cost 3,334 3,019 Presold mortgages in process of settlement 793 - Loans 228,614 231,089 Less Allowance for loan losses (4,214 ) (3,942 ) Net loans 224,400 227,147 Accrued interest receivable 1,697 1,825 Foreclosed assets, net 9,584 9,427 Property and equipment, net 9,230 9,237 Other assets 5,893 6,459 Total assets $ 343,601 $ 348,828 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 261,504 $ 259,169 Short-term borrowings 5,556 11,658 Long-term borrowings 51,248 54,048 Accrued interest payable 376 448 Accounts payable and accrued expenses 1,515 1,154 Total liabilities 320,199 326,477 Stockholder's Equity:Non-cumulative perpetual preferred stock (Series A), no par value
4,000 shares authorized, issued and outstanding
$ 3,800 $ 3,780Non-cumulative perpetual preferred stock (Series B), no par value
200 shares authorized, issued and outstanding
229 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 17,222 16,765 Accumulated other comprehensive income (loss) 544 (33 ) Total stockholders' equity 23,402 22,351 Total liabilities and stockholders' equity $ 343,601 $ 348,828 * 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, 2010 2009 2010 2009 ( In thousands, except per share data) Interest and dividend income: Loans $ 3,568 $ 3,564 $ 7,075 $ 7,345 Investment securties Taxable 406 281 826 578 Tax-exempt 469 363 961 721 Dividends 3 - 5 - Interest-bearing deposits 1 2 2 2 Total interest and dividend income 4,447 4,210 8,869 8,646 Interest expense: Deposits 1,138 1,443 2,369 3,080 Borrowings 542 575 1,098 1,176 Total interest expense 1,680 2,018 3,467 4,256 Net interest income 2,767 2,192 5,402 4,390 Provision for loan losses 404 114 678 544 Net interest income after provision for loan losses 2,363 2,078 4,724 3,846 Noninterest income: Service charges on deposit accounts 346 329 645 642 Fees from presold mortgages 63 153 101 287 Gain (Loss) on sale of investments (5 ) - - 104 Other income 69 50 128 101 Total noninterest income 473 532 874 1,134 Noninterest expenses: Compensation and benefits 1,441 1,422 2,933 2,833 Occupancy and equipment 256 257 524 309 Data processing & outside service fees 218 209 434 626 Advertising 11 16 23 31 Net foreclosed real estate 171 (21 ) 235 6 Other 542 616 1,072 1,074 Total noninterest expenses 2,639 2,499 5,221 4,879 Income before income taxes 197 111 377 101 Income tax benefit (148 ) (71 ) (206 ) (181 ) Net income 345 182 583 282 Dividends on preferred stock (54 ) - (109 ) - Accretion of discount on preferred stock, net (9 ) - (17 ) - Income available to common stockholders $ 282 $ 182 $ 457 $ 282 Basic and Diluted earnings (loss) per share $ 0.22 $ 0.14 $ 0.35 $ 0.21
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