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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 $314,000, or $.24 per diluted shared, for the six months ended June 30, 2012, compared to a net income available to common shareholders of $420,000, or $.32 per diluted share, for the six months ended June 30, 2011.
For the six months ended June 30, 2012, net interest income was $4.9 million, compared to $5.2 million for the six months ended June 30, 2011. Non-interest income increased to $1.3 for the period ended June 30, 2012, compared to $695,000 for the same period ended June 30, 2011. The increase in noninterest income is primarily attributable to $444,000 gain on sale of investments and an $186,000 increase in fees from presold mortgages during the six months ended June 30, 2012. Non-interest expenses increased $631,000 to $5.6 million for the six months ended June 30, 2012, compared to $5.0 million at June 30, 2011. The increase in expenses is primarily due to the costs associated with foreclosed real estate.
The Company’s unaudited consolidated total assets decreased $7.5 million to $315.4 million at June 30, 2012, compared to $322.9 million at December 31, 2011. The decrease in the balance sheet is primarily due to a reduction in Federal Home Bank borrowings and brokered deposits. Total borrowings decreased $6.5 million from $50.1 million at December 31, 2011, to $43.6 million at June 30, 2012. During the first six months of 2012, the Company repaid borrowings from the Federal Home Loan Bank totaling $6.0 million. Total deposits have deceased $2.0 million to $244.5 million at June 30, 2012, compared to $246.5 at December 31, 2011. The decrease in deposits is a reflection of a $2.2 million decrease in brokered deposits. Net loan balances remained constant with a balance of $195.0 million at June 30, 2012 and at December 31, 2011. The Company’s investment securities decreased $6.5 million to $84.8 million at June 30, 2012, compared to $91.3 million at December 31, 2011. Total stockholders’ equity increased $579,000 from $24.3 million at December 31, 2011, to $24.9 million at June 30, 2012.
Nonperforming assets, which includes nonaccrual loans and other real estate owned (OREO), decreased $4.3 million from $19.9 million at December 31, 2011, to $15.6 million at June 30, 2012. The nonperforming assets consist of $8.4 million in OREO and $7.2 million in nonaccrual loans. For the six months ended June 30, 2012, the Company recorded a $200,000 expense to the provision for loan losses compared to $547,000 for the six months ended June 30, 2011. Net charge offs for six months ended June 30, 2012 were $170,000, compared to net charge offs of $326,000 for the six months ended June 30, 2011. The allowance for loan losses at June 30, 2012 totaled $3.5 million, or 1.77% 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 2012. 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 15.96%, tier 1 risk- based capital of 14.70%, and a leverage ratio of 9.06% at June 30, 2012. 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 plus a mortgage servicing location in Greenville, NC. 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, 2012 December 31, (unaudited) 2011* (Dollars in thousands) ASSETS Cash and due from banks:Interest-earning
$ 7,568 $ 1,182 Noninterest-earning 2,144 3,929 Time Deposit 100 100 Investment securities available for sale, at fair value 84,916 91,375 Federal Home Loan Bank stock, at cost 2,184 2,596 Presold mortgages in process of settlement 170 809 Loans 198,153 198,847 Less Allowance for loan losses (3,507 ) (3,477 ) Net loans 194,646 195,370 Accrued interest receivable 1,109 1,316 Foreclosed assets, net 8,382 11,696 Property and equipment, net 8,777 8,825 Other assets 5,416 5,734 Total assets $ 315,412 $ 322,932 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 244,530 $ 246,464 Short-term borrowings 2,383 6,933 Long-term borrowings 41,248 43,248 Accrued interest payable 240 275 Accounts payable and accrued expenses 2,115 1,696 Total liabilities 290,516 298,616 Stockholder's Equity:Cumulative perpetual preferred stock (Series A), no par value
4,000 shares authorized, issued and outstanding $ 3,889 $ 3,866 Cumulative perpetual preferred stock (Series B), no par value 200 shares authorized, issued and outstanding 216 219 Common 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 18,173 17,859 Accumulated other comprehensive income 1,010 765 Total stockholders' equity 24,895 24,316 Total liabilities and stockholders' equity $ 315,411 $ 322,932 * 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, 2012 2011 2012 2011(In thousands, except per share data)
Interest and dividend income: Loans $ 2,859 $ 3,050 $ 5,722 $ 6,199 Investment securities Taxable 357 359 731 686 Tax-exempt 229 392 510 836 Dividends 10 6 18 12 Interest-bearing deposits 2 1 3 2 Total interest and dividend income 3,457 3,808 6,984 7,735 Interest expense: Deposits 556 731 1,154 1,518 Borrowings 425 500 881 1,009 Total interest expense 981 1,231 2,035 2,527 Net interest income 2,476 2,577 4,949 5,208 Provision for loan losses 50 367 200 547 Net interest income after provision for loan losses 2,426 2,210 4,749 4,661 Noninterest income: Service charges on deposit accounts 274 290 548 587 Fees from presold mortgages 164 26 232 46 Gain (Loss) on sale of investments 244 26 425 (19 ) Other income 38 45 78 81 Total noninterest income 720 387 1,283 695 Noninterest expenses: Compensation and benefits 1,448 1,414 2,941 2,884 Occupancy and equipment 241 75 492 328 Data processing & outside service fees 207 370 408 581 Advertising 8 20 22 38 Net foreclosed real estate 586 23 683 130 Other 549 480 1,076 1,030 Total noninterest expenses 3,039 2,382 5,622 4,991 Income before income taxes 107 215 410 365 Income tax (benefit) (44 ) (104 ) (33 ) (183 ) Net income 151 319 443 548 Dividends on preferred stock (55 ) (55 ) (109 ) (109 ) Accretion of discount on preferred stock, net (10 ) (9 ) (20 ) (19 ) Income available to common stockholders $ 86 $ 255 $ 314 $ 420 Basic and Diluted earnings per share $ 0.07 $ 0.19 $ 0.24 $ 0.32
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