There were 1,688 press releases posted in the last 24 hours and 413,832 in the last 365 days.

KS Bancorp, Inc. (KSBI) Announces First Quarter 2016 Financial Results

SMITHFIELD, N.C., April 25, 2016 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB:KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited net income available to common shareholders of $435,000, or $.33 per diluted share, for the three months ended March 31, 2016, compared to a net income available to common shareholders of $322,000, or $.25 per diluted share, for the three months ended March 31, 2015.  This represents a 35.0% increase in net income over the previous year. 

Net interest income for the three months ended March 31, 2016 was $2.7 million, compared to $2.6 million for the same period in 2015. Non-interest income for the period ended March 31, 2016 was $653,000, compared to $444,000 for the same period ended March 31, 2015.  The increase in noninterest income is primarily the result of income from the Trust Services Division, which was added in July, 2015. Non-interest expense for the three months ended March, 31, 2016 was $2.7 million compared to $2.6 million for the same period ended March 31, 2015.

The Company’s unaudited consolidated total assets increased $8.4 million to $345.8 million at March 31, 2016, compared to $337.4 million at December 31, 2015. Net loan balances increased $3.4 million with a balance of $251.0 million at March 31, 2016, compared to $247.6 million at December 31, 2015. The Company’s investment securities decreased $2.4 million to $65.1 million at March 31, 2016, compared to $67.5 million at December 31, 2015. Total deposits have increased $15.6 million to $273.1 million at March 31, 2016, compared to $257.5 million at December 31, 2015. Total stockholders’ equity increased $778,000 from $22.9 million at December 31, 2015, to $23.7 million at March 31, 2016.

Nonperforming assets, which includes nonaccrual loans and other real estate owned (OREO), represents less than 1.0% of the total assets. The nonperforming assets consist of $619,000 in OREO and $2.5 million in nonaccrual loans. For the three months ended March 31, 2016, $5,000 was expensed to the provision for loan losses. The allowance for loan losses at March 31, 2016 totaled $3.5 million, or 1.40% of all outstanding loans.

KS Bank continues to be well-capitalized according to regulatory standards with total risk based capital of 14.14%, tier 1 risk-based capital of 12.88%, common equity tier 1 risked based capital of 12.88%, and a tier 1 leverage ratio of 9.57% at March 31, 2016. The minimum levels to be considered well capitalized for each of these ratios are 10.0%, 8.0%, 6.5%, and 5.0%, 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. The Bank offers a broad range of personal and business banking products and services, mortgage products and wealth management advisory services. 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. In addition, KS Wealth Management has an office in Asheboro, NC and maintains a presence in Waynesville and Wilmington, 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  
         
    March 31, 2016   December 31,  
    (unaudited)    2015*   
         
    (Dollars in thousands)  
  ASSETS      
         
  Cash and due from banks:      
  Interest-earning $   11,239   $   3,839    
  Noninterest-earning     1,140       836    
  Time Deposit     100       100    
  Investment securities available for sale, at fair value     65,146       67,582    
  Federal Home Loan Bank stock, at cost     1,749       1,991    
  Presold mortgages in process of settlement     510       -    
         
  Loans     254,559       251,163    
  Less allowance for loan losses     (3,553 )     (3,535 )  
  Net loans     251,006       247,628    
         
  Accrued interest receivable     1,085       1,008    
  Foreclosed real estate and repossessions, net     619       753    
  Property and equipment, net     7,971       8,059    
  Other assets     5,198       5,638    
                 
  Total assets $   345,763   $   337,434    
                 
  LIABILITIES AND STOCKHOLDERS' EQUITY      
         
  Liabilities      
  Deposits $   273,162   $   257,514    
  Short-term borrowings     2,379       10,687    
  Long-term borrowings     43,248       43,248    
  Accrued interest payable     284       272    
  Accrued expenses and other liabilities     3,003       2,805    
                 
  Total liabilities     322,076       314,526    
                 
  Stockholder's Equity:      
  Common stock, no par value, authorized 20,000,000 shares;      
  1,309,501 shares issued and outstanding in 2016 and 2015     1,607       1,607    
  Retained earnings, substantially restricted     21,839       21,508    
  Accumulated other comprehensive loss     241       (207 )  
                 
  Total stockholders' equity     23,687       22,908    
                 
  Total liabilities and stockholders' equity $   345,763   $   337,434    
                 
  *  Derived from audited financial statements      
         

 

KS Bancorp, Inc and Subsidiary  
Consolidated Statements of Income (Unaudited)  
             
    Three Months Ended    
    March 31,    
      2016       2015      
    (In thousands, except per share data)      
Interest and dividend income:          
  Loans $   3,051     $   2,816      
  Investment securities          
  Taxable     309         314      
  Tax-exempt     47         85      
  Dividends     24         20      
  Interest-bearing deposits     2         2      
  Total interest and dividend income     3,433         3,237      
                     
Interest expense:          
  Deposits     320         304      
  Borrowings     369         370      
  Total interest expense     689         674      
                     
  Net interest income     2,744         2,563      
             
Provision for (recovery of) loan losses     5         -      
                     
  Net interest income after          
  provision for (recovery of ) loan losses     2,739         2,563      
                     
Noninterest income:          
  Service charges on deposit accounts     350         301      
  Fees from presold mortgages     33         19      
  Gain on sale of investments     3         -      
  Other income     267         124      
  Total noninterest income     653         444      
                     
Noninterest expenses:          
  Compensation and benefits     1,670         1,536      
  Occupancy and equipment     320         263      
  Data processing & outside service fees     203         231      
  Advertising     13         15      
  Net foreclosed assets     23         25      
  Other     507         480      
  Total noninterest expenses     2,736         2,550      
                     
  Income before income taxes     656         457      
             
Income tax expense     221         135      
                     
  Net income $   435     $   322      
                     
  Basic and Diluted earnings per share $   0.33     $   0.25      

                      

Contact: Harold T. Keen			
President and Chief Executive Officer		
(919) 938-3101	 				

Regina J Smith
Chief Financial Officer
(919) 938-3101

Primary Logo