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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% | 53.00 | 52.50 | 52.99 | 0.00 | 16:26:07 |
From Aug 2019 to Aug 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 $200,000, or $.15 per diluted share, for the three months ended June 30, 2013, compared to a net income available to common shareholders of $86,000, or $.07 per diluted share, for the three months ended June 30, 2012. For the six months ended June 30, 2013, the Company reported net income available to common shareholders of $325,000, or $.25 per diluted share, compared to $314,000, or $.24 per diluted share, for the six months ended June 30, 2012.
For the three months ended June 30, 2013, net interest income was $2.4 million, compared to $2.5 million for the three months ended June 30, 2012. Non-interest income for the period ended June 30, 2013 was $548,000, compared to $720,000 for the same period ended June 30, 2012. In the second quarter 2013, the Company did not realize any gains in the sale of securities, compared to a $244,000 gain recognized in the linked quarter in 2012. Non-interest expenses decreased $500,000 from $3.0 million for the three months ended June 30, 2012, compared to $2.5 million for the three months ended June 30, 2013.
For the six months ended June 30, 2013, net interest income was $4.8 million, compared to $4.9 million for the six months ended June 30, 2012. Non-interest income was $1.2 million for the six months ended June 30, 2012 and June 30, 2013. Non-interest expenses decreased $373,000 to $5.2 million for the six months ended June 30, 2013, compared to $5.6 million at June 30, 2012. The decrease in expenses is primarily due to the decrease costs associated with foreclosed real estate.
In the second quarter of 2013, the Company’s unaudited consolidated total assets decreased $4.0 million to $310.9 million at June 30, 2013, compared to $314.9 million at December 31, 2012. Net loan balances decreased $6.3 million with a balance of $190.6 million at June 30, 2013, compared to $196.9 million at December 31, 2012. The Company’s investment securities increased $2.7 million to $85.0 million at June 30, 2013, compared to $82.3 million at December 31, 2012. Total deposits have decreased $2.2 million to $241.8 million at June 30, 2013, compared to $244.0 at December 31, 2012. Total stockholders’ equity at June 30, 2013 was $24.6 million, compared to $25.3 million at December 31, 2012.
Nonperforming assets, which includes nonaccrual loans and other real estate owned (OREO) decreased $2.6 million to $9.5 million at June 30, 2013 from $12.1 million at December 31, 2012. The nonperforming assets consist of $4.2 million in OREO and $5.3 million in nonaccrual loans. For the six months ended June 30, 2013, the Company recorded an $180,000 expense to the provision for loan losses compared to $200,000 for the six months ended June 30, 2012. The allowance for loan losses at June 30, 2013 totaled $3.4 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 2013. The Company’s profitability, capital levels and asset quality are factors that were 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 17.20%, tier 1 risk- based capital of 15.94%, and a leverage ratio of 9.82% at June 30, 2013. The minimum levels to be considered well capitalized for each of these ratios are 10%, 6%, and 5%, respectively.
Commenting on the second quarter 2013 results, Harold Keen, President and CEO, stated, “Our year to date profits exceed the year to date profits a year ago. Our capital ratio continues to increase and the Bank remains well capitalized. The Company has made great progress this year in its continued efforts to reduce its inventory of nonperforming assets. I am proud of our employees and the commitment they have to the Bank, as we all continue to work together to serve the communities in our market area with focus on strengthening our core banking relationships with our brand of community banking.”
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 loan office 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 2013 December 31, (unaudited) 2012* (Dollars in thousands) ASSETS Cash and due from banks: Interest-earning $ 12,021 $ 9,474 Noninterest-earning 1,607 2,075 Time Deposit 100 100 Investment securities available for sale, at fair value 85,043 82,356 Federal Home Loan Bank stock, at cost 1,953 2,149 Presold mortgages in process of settlement 590 518 Loans 194,046 200,280 Less allowance for loan losses (3,428 ) (3,424 ) Net loans 190,618 196,856 Accrued interest receivable 1,090 1,113 Foreclosed real estate and repossessions, net 4,158 6,637 Property and equipment, net 8,425 8,579 Other assets 5,363 5,082 Total assets $ 310,968 $ 314,939 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits $ 241,756 $ 243,996 Short-term borrowings 708 2,156 Long-term borrowings 41,248 41,248 Accrued interest payable 335 233 Accrued expenses and other liabilities 2,331 1,984 Total liabilities 286,378 289,617 Stockholder's Equity: Cumulative perpetual preferred stock (Series A), no par value 4,000 shares authorized, issued and outstanding $ 3,939 $ 3,914 Cumulative perpetual preferred stock (Series B), no par value 200 shares authorized, issued and outstanding 209 213 Common stock, no par value, authorized 20,000,000 shares; 1,309,501 shares issued and outstanding in 2013 and 2012 1,607 1,607 Retained earnings, substantially restricted 18,715 18,390 Accumulated other comprehensive income 120 1,198 Total stockholders' equity 24,590 25,322 Total liabilities and stockholders' equity $ 310,968 $ 314,939 * Derived from audited financial statements KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited) Three Months Ended Six Months Ended June 30, June 30,2013
2012
2013
2012
(In thousands, except per share data)
Interest and dividend income: Loans $ 2,658 $ 2,859 $ 5,376 $ 5,722 Investment securities Taxable 328 357 667 731 Tax-exempt 127 229 257 510 Dividends 12 10 14 18 Interest-bearing deposits 2 2 5 3 Total interest and dividend income 3,127 3,457 6,319 6,984 Interest expense: Deposits 371 556 777 1,154 Borrowings 364 425 777 881 Total interest expense 735 981 1,554 2,035 Net interest income 2,392 2,476 4,765 4,949 Provision for loan losses 95 50 180 200 Net interest income after provision for loan losses 2,297 2,426 4,585 4,749 Noninterest income: Service charges on deposit accounts 318 274 607 548 Fees from presold mortgages 174 164 332 232 Gain on sale of investments - 244 139 425 Other income 56 38 110 78 Total noninterest income 548 720 1,188 1,283 Noninterest expenses: Compensation and benefits 1,458 1,448 2,985 2,941 Occupancy and equipment 259 241 513 492 Data processing & outside service fees 207 207 410 408 Advertising 7 8 16 22 Net foreclosed real estate 96 586 296 683 Other 505 549 1,029 1,076 Total noninterest expenses 2,532 3,039 5,249 5,622 Income before income taxes 313 107 524 410 Income tax (benefit) 48 (44 ) 69 (33 ) Net income 265 151 455 443 Dividends on preferred stock (54 ) (55 ) (109 ) (109 ) Accretion of discount on preferred stock, net (11 ) (10 ) (21 ) (20 ) Income available to common stockholders $ 200 $ 86 $ 325 $ 314 Basic and Diluted earnings per share $ 0.15 $ 0.07 $ 0.25 $ 0.24
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