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 third quarter of 2006. Improved earnings
trends continued in the third quarter of 2006, when compared to the same
period of 2005. Consolidated earnings increased 38.8% to $587,000, or
$0.45 per diluted share for the quarter ended September 30, 2006,
compared to earnings of $423,000, or $0.32 per diluted share, for the
same period in 2005.
For the nine months ended September 30, 2006, net income totaled
$1,631,000, an increase of $395,000, or 32.0% over the $1,236,000 for
the same period ended September 30, 2005. The increase in net income is
attributable to a 9.5% increase in net interest income, as well as a
39.0% increase in non-interest income. For the nine months ended
September 30, 2006, net income per common share was $1.25, a 40.5%
increase from $0.89 for the same period of 2005.
The Company’s consolidated total assets
increased $26.6 million during the nine months ended September 30, 2006
from $261.4 million at December 31, 2005 to $288.0 million at September
30, 2006. This growth in the Company’s total
assets resulted primarily from an increase of $20.8 million in net loans
from $193.4 million at December 31, 2005 to $214.2 September 30, 2006.
Funding for this growth was provided primarily from increases in demand
deposits which grew 31.9% from December 31, 2005 to September 30, 2006.
Total deposits increased to $217.5 million at September 30, 2006
representing a $22.7 million, or 11.6%, increase from December 31, 2005.
Total stockholders’ equity increased 8.07%
from $15.6 million at December 31, 2005 to $16.9 million at September
30, 2006. The increase in primarily due to the increase in earnings less
dividends paid.
During September 2006, KS Bancorp, Inc. issued $3.1 million of Trust
Preferred Securities through its newly formed subsidiary, KS Statutory
Trust II. The net proceeds increased the regulatory capital of KS Bank
and will provide for continuous growth of the bank. Under the terms of
the transaction, the Trust Preferred Securities have a maturity of 30
years and are redeemable after five years. The securities require
quarterly interest payments at a variable rate equal to the three-month
LIBOR plus 1.70%.
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 23, 2006, with payment to be made
on November 3, 2006.
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 offering a broad range of 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.
KS Bancorp, Inc. and SubsidiaryConsolidated Statements of
Financial Condition
September 30,
2006(Unaudited)
December 31,2005/a
(Dollars in thousands)
ASSETS
Cash and due from banks:
Interest-earning
$
10,112
$
8,436
Noninterest-earning
1,189
1,333
Time Deposit
100
100
Investment securities:
Available for sale
47,279
43,904
Federal Home Loan Bank stock, at cost
2,404
2,512
Presold mortgages in process of settlement
1,681
885
Loans
216,589
195,461
Less Allowance for loan losses
(2,393)
(2,085)
Net loans
214,196
193,376
Accrued interest receivable
1,501
1,354
Foreclosed assets, net
468
568
Property and equipment, net
7,185
7,381
Other assets
1,886
1,589
TOTAL ASSETS
$
288,001
$
261,438
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
$
217,454
$
194,778
Short-term borrowings
14,010
5,010
Long-term borrowings
38,048
44,955
Accrued interest payable
509
466
Accounts payable and accrued expenses
1,107
616
TOTAL LIABILITIES
271,128
245,825
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 shares issued and outstanding in 2006 and2005
1,607
1,607
Retained earnings, substantially restricted
15,463
14,342
Accumulated other comprehensive loss
(197)
(336)
TOTAL STOCKHOLDERS' EQUITY
16,873
15,613
TOTAL LIABILITIES ANDSTOCKHOLDERS' EQUITY
$
288,001
$
261,438
/a: Derived from audited financial statements
KS Bancorp, Inc. and SubsidiaryConsolidated Statements of
Operations (Unaudited)
Three Months
Ended
Nine Months
Ended
September 30,
September 30,
2006
2005
2006
2005
(In thousands, except per share data)
INTEREST INCOME
Loans
$
4,332
$
3,480
$
12,065
$
9,755
Investment securities:
Taxable
242
193
726
580
Tax-exempt
239
230
712
650
Dividends
37
24
106
79
Interest-earning deposits
49
45
130
109
TOTAL INTEREST INCOME
4,899
3,972
13,739
11,173
INTEREST EXPENSE
Deposits
1,931
1,371
5,204
3,351
Borrowings
534
411
1,503
1,201
TOTAL INTEREST EXPENSE
2,465
1,782
6,707
4,752
NET INTEREST INCOME
2,434
2,190
7,032
6,421
PROVISION FOR LOAN LOSSES
150
220
450
585
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
2,284
1,970
6,582
5,836
NON-INTEREST INCOME
Service charges on deposit accounts
318
281
905
751
Fees from presold mortgages
104
62
265
150
Other income
83
16
177
68
TOTAL NON-INTEREST INCOME
505
359
1,347
969
NON-INTEREST EXPENSE
Compensation and benefits
1,163
1,102
3,489
3,203
Occupancy and equipment
210
196
609
573
Data processing and outside service fees
190
171
559
504
Advertising
60
37
141
95
Net foreclosed real estate
5
2
28
41
Gain (loss) on sale of investments
8
-
11
-
Other
308
260
828
715
TOTAL NON-INTEREST EXPENSE
1,944
1,768
5,665
5,131
INCOME BEFORE INCOME TAXES
845
561
2,264
1,674
INCOME TAXES
258
138
633
438
NET INCOME
$
587
$
423
$
1,631
$
1,236
NET INCOME PER COMMON SHARE
Basic
$
.45
$
.32
$
1.25
$
.89
Diluted
$
.45
$
.32
$
1.25
$
.89
DIVIDENDS PER COMMON SHARE
$
.13
$
.13
$
.39
$
.39
KS Bancorp, Inc. (OTCBB: KSBI), parent company of KS Bank, Inc.,
reports today financial results for the third quarter of 2006.
Improved earnings trends continued in the third quarter of 2006, when
compared to the same period of 2005. Consolidated earnings increased
38.8% to $587,000, or $0.45 per diluted share for the quarter ended
September 30, 2006, compared to earnings of $423,000, or $0.32 per
diluted share, for the same period in 2005.
For the nine months ended September 30, 2006, net income totaled
$1,631,000, an increase of $395,000, or 32.0% over the $1,236,000 for
the same period ended September 30, 2005. The increase in net income
is attributable to a 9.5% increase in net interest income, as well as
a 39.0% increase in non-interest income. For the nine months ended
September 30, 2006, net income per common share was $1.25, a 40.5%
increase from $0.89 for the same period of 2005.
The Company's consolidated total assets increased $26.6 million
during the nine months ended September 30, 2006 from $261.4 million at
December 31, 2005 to $288.0 million at September 30, 2006. This growth
in the Company's total assets resulted primarily from an increase of
$20.8 million in net loans from $193.4 million at December 31, 2005 to
$214.2 September 30, 2006. Funding for this growth was provided
primarily from increases in demand deposits which grew 31.9% from
December 31, 2005 to September 30, 2006. Total deposits increased to
$217.5 million at September 30, 2006 representing a $22.7 million, or
11.6%, increase from December 31, 2005.
Total stockholders' equity increased 8.07% from $15.6 million at
December 31, 2005 to $16.9 million at September 30, 2006. The increase
in primarily due to the increase in earnings less dividends paid.
During September 2006, KS Bancorp, Inc. issued $3.1 million of
Trust Preferred Securities through its newly formed subsidiary, KS
Statutory Trust II. The net proceeds increased the regulatory capital
of KS Bank and will provide for continuous growth of the bank. Under
the terms of the transaction, the Trust Preferred Securities have a
maturity of 30 years and are redeemable after five years. The
securities require quarterly interest payments at a variable rate
equal to the three-month LIBOR plus 1.70%.
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 23, 2006, with payment to be
made on November 3, 2006.
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
offering a broad range of 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-
*T
KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition
September 30, December 31,
2006 2005/a
(Unaudited)
(Dollars in thousands)
ASSETS
Cash and due from banks:
Interest-earning $ 10,112 $ 8,436
Noninterest-earning 1,189 1,333
Time Deposit 100 100
Investment securities:
Available for sale 47,279 43,904
Federal Home Loan Bank stock, at cost 2,404 2,512
Presold mortgages in process of settlement 1,681 885
Loans 216,589 195,461
Less Allowance for loan losses (2,393) (2,085)
Net loans 214,196 193,376
Accrued interest receivable 1,501 1,354
Foreclosed assets, net 468 568
Property and equipment, net 7,185 7,381
Other assets 1,886 1,589
TOTAL ASSETS $288,001 $ 261,438
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $217,454 $ 194,778
Short-term borrowings 14,010 5,010
Long-term borrowings 38,048 44,955
Accrued interest payable 509 466
Accounts payable and accrued expenses 1,107 616
TOTAL LIABILITIES 271,128 245,825
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 shares
issued and outstanding in 2006 and
2005 1,607 1,607
Retained earnings, substantially
restricted 15,463 14,342
Accumulated other comprehensive loss (197) (336)
TOTAL STOCKHOLDERS' EQUITY 16,873 15,613
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $288,001 $ 261,438
/a: Derived from audited financial statements
*T
-0-
*T
KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Operations (Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
2006 2005 2006 2005
(In thousands, except per share data)
INTEREST INCOME
Loans $4,332 $3,480 $ 12,065 $ 9,755
Investment securities:
Taxable 242 193 726 580
Tax-exempt 239 230 712 650
Dividends 37 24 106 79
Interest-earning deposits 49 45 130 109
TOTAL INTEREST INCOME 4,899 3,972 13,739 11,173
INTEREST EXPENSE
Deposits 1,931 1,371 5,204 3,351
Borrowings 534 411 1,503 1,201
TOTAL INTEREST EXPENSE 2,465 1,782 6,707 4,752
NET INTEREST INCOME 2,434 2,190 7,032 6,421
PROVISION FOR LOAN LOSSES 150 220 450 585
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 2,284 1,970 6,582 5,836
NON-INTEREST INCOME
Service charges on deposit
accounts 318 281 905 751
Fees from presold mortgages 104 62 265 150
Other income 83 16 177 68
TOTAL NON-INTEREST INCOME 505 359 1,347 969
NON-INTEREST EXPENSE
Compensation and benefits 1,163 1,102 3,489 3,203
Occupancy and equipment 210 196 609 573
Data processing and outside
service fees 190 171 559 504
Advertising 60 37 141 95
Net foreclosed real estate 5 2 28 41
Gain (loss) on sale of
investments 8 - 11 -
Other 308 260 828 715
TOTAL NON-INTEREST
EXPENSE 1,944 1,768 5,665 5,131
INCOME BEFORE INCOME
TAXES 845 561 2,264 1,674
INCOME TAXES 258 138 633 438
NET INCOME $ 587 $ 423 $ 1,631 $ 1,236
NET INCOME PER COMMON SHARE
Basic $ .45 $ .32 $ 1.25 $ .89
Diluted $ .45 $ .32 $ 1.25 $ .89
DIVIDENDS PER COMMON SHARE $ .13 $ .13 $ .39 $ .39
*T