KS Bancorp, Inc. (KSBI) Announces Third Quarter 2008 Financial Results and Cash Dividend

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

KS Bancorp (PK) (USOTC:KSBI)
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KS Bancorp, Inc. (the �Company�) (OTCBB:KSBI), parent company of KS Bank, Inc. (the �Bank�), today announced unaudited third quarter financial results for the 2008 fiscal year. Consolidated earnings for the third quarter of 2008 were $304,000, or $0.23 per diluted share, compared to earnings of $653,000, or $0.50 per diluted share, for the same period in 2007. Third quarter 2008 net interest income was $2,479,000 compared to $2,574,000 for the third quarter of 2007. The $95,000 decrease is primarily attributable to declining margin compression. Noninterest expense increased to $2,470,000 for the third quarter 2008, compared to $2,083,000 for the third quarter 2007. The $387,000 increase in expenses is primarily due to additional costs associated with opening our new branch in Four Oaks, North Carolina. For the nine months ended September 30, 2008, consolidated net income was $1,077,000, or $.82 per diluted share, compared to $1,321,000, or $1.01 per diluted share, for the nine months ended September 30, 2007. The Company�s consolidated total assets have increased to $323.2 million during the nine months ended September 31, 2008, as compared to $318.3 million at December 31, 2007. The net loan portfolio as of September 30, 2008 increased to $244.3 million from $239.8 million at December 31, 2008. Total deposits increased 3.0% to $240.4 million at September 31, 2008 compared to $233.5 million at December 31, 2007. Commenting on the third quarter 2008 results, Harold Keen, President and CEO, stated, �Our nation is experiencing challenging economics times; however, we are pleased that KS Bancorp has continued to grow and remain profitable through the first nine months of the year. We continue to focus growing core deposits and funding good quality loans. We are optimistic that we will continue to develop relationships in the communities we serve. In addition, KS Bank has no exposure to subprime loans, and the Bank does not own any Fannie Mae or Freddie Mac stock. We remain well capitalized as defined by bank regulators.� 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, 2008, with payment to be made on November 4, 2008. 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 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 Subsidiary Consolidated Statements of Financial Condition � � � � September 30, 2008 December 31, 2007/a (unaudited) � � (Dollars in thousands) ASSETS � Cash and due from banks: Interest-earning $ 4,399 $ 6,298 Noninterest-earning 1,763 1,482 Time Deposit 100 100 Investment securities available for sale, at fair value 52,107 53,624 Federal Home Loan Bank and Community Bankers' Bank stock, at cost 3,008 2,914 Presold mortgages in process of settlement 1,442 476 � Loans 246,941 242,535 Less Allowance for loan losses � (2,670 ) � (2,702 ) Net loans 244,271 239,833 � Accrued interest receivable 1,780 1,952 Foreclosed assets, net 1,157 123 Property and equipment, net 9,782 8,958 Other assets � 3,350 � � 2,509 � � Total assets $ 323,159 � $ 318,269 � � LIABILITIES AND STOCKHOLDERS' EQUITY � Liabilities Deposits $ 240,360 $ 233,480 Short-term borrowings 5,211 10,596 Long-term borrowings 58,048 54,048 Accrued interest payable 515 639 Accounts payable and accrued expenses � 1,315 � � 821 � � Total liabilities � 305,449 � � 299,584 � � Stockholder's 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 2008 and 2007 1,607 1,607 Retained earnings, substantially restricted 17,701 17,135 Accumulated other comprehensive loss � (1,598 ) � (57 ) � Total stockholders' equity � 17,710 � � 18,685 � � Total liabilities and stockholders' equity $ 323,159 � $ 318,269 � � /a:�Derived from audited financial statements KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited) � � Three Months Ended Nine Months Ended September 30, September 30, � 2008 � � 2007 � � 2008 � 2007 � (In thousands, except per share data) � Interest and dividend income: Loans $ 4,151 $ 4,876 $ 12,898 $ 14,045 Investment securties Taxable 298 290 908 822 Tax-exempt 349 332 1,032 935 Dividends 21 43 109 122 Interest-bearing deposits � 5 � 31 � � 39 � 105 � Total interest and dividend income � 4,824 � 5,572 � � 14,986 � 16,029 � � Interest expense: Deposits 1,753 2,229 5,826 6,505 Borrowings � 592 � 769 � � 1,863 � 2,135 � Total interest expense � 2,345 � 2,998 � � 7,689 � 8,640 � � Net interest income 2,479 2,574 7,297 7,389 � Provision for loan losses � 150 � 80 � � 203 � 233 � � Net interest income after provision for loan losses � 2,329 � 2,494 � � 7,094 � 7,156 � � Noninterest income: Service charges on deposit accounts 341 329 1,020 945 Fees from presold mortgages 71 87 250 294 Gain (Loss) on sale of investments - 23 13 (502 ) Other income � 51 � 60 � � 132 � 169 � Total noninterest income � 463 � 499 � � 1,415 � 906 � � Noninterest expenses: Compensation and benefits 1,495 1,289 4,516 3,934 Occupancy and equipment 254 228 737 699 Data processing & outside service fees 201 196 588 587 Advertising 42 69 134 186 Net foreclosed real estate 86 (16 ) 140 3 Other � 392 � 317 � � 1,137 � 932 � Total noninterest expenses � 2,470 � 2,083 � � 7,252 � 6,341 � � Income before income taxes 322 910 1,257 1,721 � Income tax expense � 18 � 257 � � 180 � 400 � � Net income $ 304 $ 653 � $ 1,077 $ 1,321 � � Basic and Diluted earnings per share $ 0.23 $ 0.50 � $ 0.82 $ 1.01 � � Dividends per common share $ 0.13 $ 0.13 � $ 0.39 $ 0.39 �

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KSBI KS Bancorp Inc (PK)