KS Bancorp (PK) (USOTC:KSBI)
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KS Bancorp, Inc. (OTCBB: KSBI), parent company of KS
Bank, Inc., reports today financial results for the quarter ended
September 30, 2005. Consolidated earnings increased $135,000 or 46.9%
for the third quarter of 2005. Earnings for the third quarter were
$423,000, or $.32 per diluted share, compared to earnings of $288,000,
or $0.20 per diluted share, for the same period in 2004.
Year to date net income has increased 43.6% from $861,000 at
September 30, 2004 to $1,236,000 at September 30, 2005. Net interest
income for the quarter ended September 30, 2005 totaled $2.2 million,
an increase of $342,000 or 18.5% over the $1.8 million for the quarter
ended September 30, 2004. This increase is primarily due to loan
growth and growth in investment securities. The investment portfolio
grew 17.4% and the loan portfolio grew 14.2% as compared to the same
quarter of 2004.
The Company has continued its growth in consolidated total assets,
which increased $22.5 million or 9.5% during the nine months ended
September 30, 2005 from $236.9 million at December 31, 2004 to $259.4
million at September 30, 2005. This growth in the Company's total
assets resulted primarily from an increase of $17.6 million in net
loans from $178.9 to $196.5 at December 31, 2004 and September 30,
2005, respectively. In addition, investments increased $2.7 million.
Funding for this growth was provided primarily from increases in
customer deposits. Total deposits increased to $192.5 million at
September 30, 2005. This represents a $23.2 million or 13.7 % increase
from December 31, 2004.
Total stockholders' equity decreased $3.4 million from $18.9
million at December 31, 2004 to $15.5 million at September 30, 2005.
The decrease is the result of the repurchase of common shares pursuant
to the Company's recapitalization, as well as a separate repurchase of
a block of shares that became available to the Company. A total of
172,555 shares were repurchased at a total cost of $3.8 million. Such
repurchases were funded through the issuance of $5.2 million in Junior
Subordinated Debentures on June 27, 2005. As of September 30, 2005, KS
Bancorp had 1,309,501 common shares issued and outstanding.
Commenting on the third quarter 2005 results, Harold Keen,
President and CEO, stated, "I am delighted with the increase in
overall profits, as well as the strong growth in both loans and
deposits. The bank is on target with its yearly projections. The
entire KS Bank team continues to build solid customer relationships
that will allow us to grow the value of KS Bancorp."
In addition to the earnings report issued today, KS Bancorp, Inc.
announced the payment of a quarterly cash dividend of $0.13 per share
for stockholders of record on October 24, 2005, with payment to be
made on November 3, 2005.
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 emphasizes being a full service
community bank offering traditional banking products and services
through its operation of seven full service branches located in Kenly,
Selma, Clayton, Garner, Goldsboro, Wilson, and Smithfield, North
Carolina.
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.
-0-
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KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition
Sept. 30, Dec. 31,
2005 2004(a)
(Unaudited)
----------- ----------
(In thousands)
ASSETS
Cash and due from banks:
Interest-earning $ 6228 $ 5,530
Noninterest-earning 1,108 1,038
Time Deposit 100 100
Investment securities:
Available for sale 42,029 39,358
Federal Home Loan Bank stock, at cost 2,467 2,558
Presold mortgages in process of settlement 470 138
Loans 198,377 180,293
Less Allowance for loan losses (1,907) (1,419)
-------- --------
Net loans 196,470 178,874
Accrued interest receivable 1,273 1,114
Foreclosed assets, net 881 545
Property and equipment, net 7,361 6,859
Other assets 994 745
-------- --------
TOTAL ASSETS $259,381 $236,859
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $192,455 $169,264
Securities sold under agreements to repurchase 703 114
Advances from Federal Home Loan Bank 44,300 47,900
Junior subordinate debt 5,155 -
Accrued interest payable 377 314
Accounts payable and accrued expenses 866 347
-------- --------
TOTAL LIABILITIES 243,856 217,939
-------- --------
Stockholders' 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 and 1,197,029 shares issued and
outstanding in 2005 and 2004, respectively 1,607 5,420
Retained earnings, substantially restricted 14,061 13,638
Accumulated other comprehensive loss (143) (138)
-------- --------
TOTAL STOCKHOLDERS' EQUITY 15,525 18,920
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $259,351 $236,859
======== ========
(a) Derived from audited financial statements
KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
--------------------------------------
2005 2004 2005 2004
------- ------- ------- -------
(In thousands, except per share data)
INTEREST INCOME
Loans $3,480 $2,617 $ 9,755 $7,738
Investment securities:
Taxable 193 195 580 654
Tax-exempt 230 136 650 305
Dividends 24 18 79 52
Interest-earning deposits 45 12 109 36
------- ------- ------- -------
TOTAL INTEREST INCOME 3,972 2,978 11,173 8,785
------- ------- ------- -------
INTEREST EXPENSE
Deposits 1,371 780 3,551 2,231
Borrowings 411 350 1,201 985
------- ------- ------- -------
TOTAL INTEREST EXPENSE 1,782 1,130 4,752 3,216
------- ------- ------- -------
NET INTEREST INCOME 2,190 1,848 6,421 5,569
PROVISION FOR LOAN LOSSES 220 104 585 254
------- ------- ------- -------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,970 1,744 5,836 5,315
------- ------- ------- -------
NON-INTEREST INCOME
Service charges on deposit
accounts 281 240 751 684
Fees from presold mortgages 62 18 150 85
Loss on sale of investments - 1 - 3
Other income 16 20 68 59
------- ------- ------- -------
TOTAL NON-INTEREST INCOME 357 279 969 831
NON-INTEREST EXPENSE
Compensation and benefits 1,102 948 3,203 2,872
Occupancy and equipment 196 196 573 590
Data processing and outside
service fees 171 147 504 446
Advertising 37 22 95 103
Net foreclosed real estate 2 93 41 113
Other 260 248 715 717
------- ------- ------- -------
TOTAL NON-INTEREST EXPENSE 1,768 1,654 5,131 4,841
------- ------- ------- -------
INCOME BEFORE INCOME TAXES 561 369 1,674 1,305
INCOME TAXES 138 81 438 444
------- ------- ------- -------
NET INCOME $ 423 $ 288 $ 1,236 $ 861
======= ======= ======= =======
NET INCOME PER COMMON SHARE
Basic $ 0.32 $ 0.20 $ 0.89 $ 0.61
======= ======= ======= =======
Diluted $ 0.32 $ 0.20 $ 0.89 $ 0.61
======= ======= ======= =======
DIVIDENDS PER COMMON SHARE $ 0.13 $ 0.13 $ 0.39 $ 0.40
======= ======= ======= =======
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