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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 $255,000, or $.19 per diluted shared, for the three months ended June 30, 2011, compared to a net income available to common shareholders of $282,000, or $.22 per diluted share, for the three months ended June 30, 2010. For the six months ended June 30, 2011, the Company reported net income available to common shareholders of $420,000, or $.32 per diluted share, compared to $457,000, or $.35 per diluted share, for the six months ended June 30, 2010.
For the six months ended June 30, 2011, net interest income declined $194,000 to $5.2 million compared to $5.4 million earned during the six months ended June 30, 2010. The decrease in net interest income is primarily attributable to the decrease in loan volume. Non-interest income was $695,000 for the six months ended June 30, 2011, compared to $874,000 for the six months ended June 30, 2010. For the six months ended June 30, 2011, noninterest expenses decreased $230,000, or 4.4%, to $5.0 million at June 30, 2011, compared to $5.2 million for the six months ended June 30, 2010.
The Company’s unaudited consolidated total assets decreased $8.7 million to $326.9 million at June 30, 2011, compared to $335.6 million at December 31, 2010. Net loan balances decreased $11.4 million from $215.3 million at December 31, 2010, to $203.9 million at June 30, 2011. The Company’s investment securities increased $2.0 million to $89.4 million at June 30, 2011, compared to $87.4 million at December 31, 2010. Total deposits have decreased $6.6 million to $244.9 million at June 30, 2011, compared to $251.5 million at December 31, 2010. During the six months ending June 30, 2011, savings accounts, demand accounts and money market accounts had a combined increase of $7.5 million, while certificates of deposit decreased $14.1 million. Total borrowings decreased $4.1 million from $60.1 million at December 31, 2010, to $56.0 million at June 30, 2011. Total stockholders’ equity increased $1.6 million from $22.1 million at December 31, 2010, to $23.7 million at June 30, 2011.
Nonperforming assets, which includes nonaccrual loans and other real estate owned (OREO), have increased $3.2 million from $15.6 million at December 31, 2010 to $18.8 million at June 30, 2011. The nonperforming assets consist of $10.9 million in other real estate owned and $7.9 million in nonaccrual loans. For the six months ended June 30, 2011, the Company recorded a $547,000 expense to the provision for loan losses compared to $678,000 for the six months ended June 30, 2010. Net charge offs for the first six months of 2011 were $326,000, compared to net charge offs of $407,000 for the six months ended June 30, 2010. The allowance for loan losses at June 30, 2011 totaled $4.3 million, or 2.05% of all outstanding loans.
The Company also announced today that its Board of Directors voted not to declare a dividend for the second 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 15.95%, tier 1 risk based capital of 14.29%, and a leverage ratio of 8.90% at June 30, 2011. The minimum levels to be considered well capitalized for each of these ratios are 10%, 6%, and 5%, respectively.
Commenting on the second quarter 2011 results, Harold Keen, President and CEO, stated, “Banks across the nation, including banks in our local market, continue to experience weak loan demand and declining real estate values. Our state and the local economies continue to be stressed, and we are not immune from the effects. In addition, delinquent loans continue to be a challenge. Our continuous goal at KS Bank is to focus on our core values of remaining locally committed, developing relationships that are mutually beneficial, providing opportunities for employee growth, while remaining profitable. KS Bank reports a profit through the second quarter of 2011, and according to regulatory standards, continues to be well capitalized.”
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
June 30, 2011 December 31, (unaudited) 2010* (Dollars in thousands) ASSETS Cash and due from banks: Interest-earning $ 2,031 $ 1,861 Noninterest-earning 1,244 1,428 Time Deposit 100 100 Investment securities available for sale, at fair value 89,471 87,375 Federal Home Loan Bank stock, at cost 2,856 2,978 Presold mortgages in process of settlement - 129 Loans 208,119 219,363 Less Allowance for loan losses (4,263 ) (4,041 ) Net loans 203,856 215,322 Accrued interest receivable 1,363 1,663 Foreclosed assets, net 10,916 7,889 Property and equipment, net 8,976 9,151 Other assets 6,060 7,703 Total assets $ 326,873 $ 335,599 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 244,943 $ 251,531 Short-term borrowings 12,813 11,886 Long-term borrowings 43,248 48,248 Accrued interest payable 272 316 Accounts payable and accrued expenses 1,870 1,487 Total liabilities 303,146 313,468 Stockholder's Equity: Non-cumulative perpetual preferred stock (Series A), no par value 4,000 shares authorized, issued and outstanding 3,843 3,822 Non-cumulative perpetual preferred stock (Series B), no par value 200 shares authorized, issued and outstanding 223 226Common 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 18,125 17,704 Accumulated other comprehensive loss (71 ) (1,228 ) Total stockholders' equity 23,727 22,131 Total liabilities and stockholders' equity $ 326,873 $ 335,599 * Derived from audited financial statements KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited) Three Months Ended Six Months Ended June 30, June 30,2011
2010
2011
2010
( In thousands, except per share data) Interest and dividend income: Loans $ 3,050 $ 3,568 $ 6,199 $ 7,075Investment securities
Taxable 359 406 686 826 Tax-exempt 392 469 836 961 Dividends 6 3 12 5 Interest-bearing deposits 1 1 2 2 Total interest and dividend income 3,808 4,447 7,735 8,869 Interest expense: Deposits 731 1,138 1,518 2,369 Borrowings 500 542 1,009 1,098 Total interest expense 1,231 1,680 2,527 3,467 Net interest income 2,577 2,767 5,208 5,402 Provision for loan losses 367 404 547 678 Net interest income after provision for loan losses 2,210 2,363 4,661 4,724 Noninterest income: Service charges on deposit accounts 290 346 587 645 Fees from presold mortgages 26 63 46 101 Gain (Loss) on sale of investments 26 (5 ) (19 ) - Other income 45 69 81 128 Total noninterest income 387 473 695 874 Noninterest expenses: Compensation and benefits 1,414 1,441 2,884 2,933 Occupancy and equipment 75 256 328 524 Data processing & outside service fees 370 218 581 434 Advertising 20 11 38 23 Net foreclosed real estate 23 171 130 235 Other 480 542 1,030 1,072 Total noninterest expenses 2,382 2,639 4,991 5,221 Income before income taxes 215 197 365 377 Income tax benefit (104 ) (148 ) (183 ) (206 ) Net income 319 345 548 583 Dividends on preferred stock (55 ) (54 ) (109 ) (109 ) Accretion of discount on preferred stock, net (9 ) (9 ) (19 ) (17 ) Income available to common stockholders $ 255 $ 282 $ 420 $ 457 Basic and Diluted earnings per share $ 0.19 $ 0.22 $ 0.32 $ 0.35
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