KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2021 Financial Results and Cash Dividend
KS Bancorp, Inc. (OTC Pink: KSBI) reported strong unaudited results for Q4 2021, with a net income of $1.4 million ($1.29 per diluted share), marking a 7.43% increase year-over-year. For the full year, net income rose 39.2% to $6.1 million ($5.50 per diluted share). Total assets increased by $85.4 million to $571.2 million, while total deposits grew by 21.1% to $487.4 million. The Company declared a quarterly dividend of $0.16 per share. KS Bancorp remains well-capitalized with robust capital ratios, reflecting its stable operational performance amid evolving market conditions.
- Net income increased 39.2% in 2021 to $6.1 million.
- Total deposits rose by 21.1% to $487.4 million.
- Quarterly dividend of $0.16 per share announced.
- Well-capitalized with total risk-based capital of 14.09%.
- Net loan balances decreased by $22.9 million to $345.6 million.
SMITHFIELD, N.C., Jan. 26, 2022 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTC Pink: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the fourth quarter of 2021.
The Company reported net income of
Net interest income before the provision for loan losses for the three months ended December 31, 2021, was
For the twelve months ended December 31, 2021, net interest income before the provision for loan losses was
The Company’s unaudited consolidated total assets increased
Nonperforming assets consisted of
Commenting on the fourth quarter results, Harold Keen, President of the Company stated, “This was a tremendous year for KS Bancorp and KS Bank. The Bank ended the year with highest earnings in its 97-year history in part due to the increased fee income provided by the Payroll Protection Program (PPP). In addition, the Bank saw record growth in deposits and a stable year in loans. Beginning in 2020 and finalized in 2021, our team successfully facilitated and had complete forgiveness of over
Earl W. Worley, Jr., newly appointed President of KS Bank stated, “The year 2021 was an excellent year for KS Bank and we look forward to continuing our efforts in 2022 to capitalize on the changing bank environment with our brand of service-oriented community banking. We are extremely proud of our associates and the work they do each day to win customers and take care of their needs. This continues to create value for all of our stakeholders.”
In addition, the Company announced today that its Board of Directors has declared a quarterly dividend of
KS Bank continues to be well-capitalized according to regulatory standards with total risk-based capital of
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 trust services. 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 | |||||||
December 31, 2021 | December 31, | ||||||
(unaudited) | 2020* | ||||||
(Dollars in thousands) | |||||||
ASSETS | |||||||
Cash and due from banks: | |||||||
Interest-earning | $ | 111,762 | $ | 24,720 | |||
Noninterest-earning | 2,626 | 3,128 | |||||
Time Deposit | 5,100 | 100 | |||||
Investment securities available for sale, at fair value | 88,320 | 71,714 | |||||
Federal Home Loan Bank stock, at cost | 1,443 | 1,851 | |||||
Loans | 350,667 | 373,237 | |||||
Less allowance for loan losses | (5,023 | ) | (4,644 | ) | |||
Net loans | 345,644 | 368,593 | |||||
Accrued interest receivable | 1,543 | 1,934 | |||||
Foreclosed assets, net | 621 | 621 | |||||
Property and equipment, net | 9,149 | 8,709 | |||||
Other assets | 5,017 | 4,458 | |||||
Total assets | $ | 571,225 | $ | 485,828 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Deposits | $ | 487,437 | $ | 402,523 | |||
Short-term borrowings | $ | 1,000 | |||||
Long-term borrowings | 42,248 | 47,248 | |||||
Accrued interest payable | 216 | 246 | |||||
Accrued expenses and other liabilities | 3,679 | 3,790 | |||||
Total liabilities | 534,580 | 453,807 | |||||
Stockholder's Equity: | |||||||
Common stock, no par value, authorized 20,000,000 shares; | |||||||
1,107,776 shares issued and outstanding at December 31, 2021 and 2020, respectively | 1,359 | 1,359 | |||||
Retained earnings, substantially restricted | 34,694 | 29,220 | |||||
Accumulated other comprehensive loss | 592 | 1,442 | |||||
Total stockholders' equity | 36,645 | 32,021 | |||||
Total liabilities and stockholders' equity | $ | 571,225 | $ | 485,828 | |||
* Derived from audited financial statements | |||||||
KS Bancorp, Inc and Subsidiary | ||||||||||||
Consolidated Statements of Income (Unaudited) | ||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||
31-Dec | 31-Dec | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
(In thousands, except per share data) | ||||||||||||
Interest and dividend income: | ||||||||||||
Loans | $ | 4,342 | $ | 4,843 | 18,033 | 17,501 | ||||||
Investment securities | ||||||||||||
Taxable | 298 | 271 | 1,084 | 1,170 | ||||||||
Tax-exempt | 156 | 78 | 549 | 216 | ||||||||
Dividends | 6 | 22 | 55 | 88 | ||||||||
Interest-bearing deposits | 36 | 4 | 84 | 22 | ||||||||
Total interest and dividend income | 4,838 | 5,218 | 19,805 | 18,997 | ||||||||
Interest expense: | ||||||||||||
Deposits | 224 | 375 | 1,023 | 2,233 | ||||||||
Borrowings | 250 | 330 | 1,121 | 1,356 | ||||||||
Total interest expense | 474 | 705 | 2,144 | 3,589 | ||||||||
Net interest income | 4,364 | 4,513 | 17,661 | 15,408 | ||||||||
Provision for loan losses | - | 401 | 369 | 561 | ||||||||
Net interest income after | ||||||||||||
provision for loan losses | 4,364 | 4,112 | 17,292 | 14,847 | ||||||||
Noninterest income: | ||||||||||||
Service charges on deposit accounts | 302 | 370 | 1,145 | 1,059 | ||||||||
Fees from presold mortgages | 2 | 84 | 56 | 169 | ||||||||
Other income | 431 | 360 | 1,675 | 1,389 | ||||||||
Total noninterest income | 735 | 814 | 2,876 | 2,617 | ||||||||
Noninterest expenses: | ||||||||||||
Compensation and benefits | 2,040 | 1,926 | 7,675 | 7,359 | ||||||||
Occupancy and equipment | 413 | 354 | 1,535 | 1,438 | ||||||||
Data processing & outside service fees | 258 | 236 | 960 | 936 | ||||||||
Advertising | 23 | 49 | 71 | 109 | ||||||||
Other | 572 | 644 | 2,215 | 2,035 | ||||||||
Total noninterest expenses | 3,306 | 3,209 | 12,456 | 11,877 | ||||||||
Income before income taxes | 1,793 | 1,717 | 7,712 | 5,587 | ||||||||
Income tax | 362 | 384 | 1,618 | 1,216 | ||||||||
Net income | $ | 1,431 | $ | 1,333 | $ | 6,094 | $ | 4,371 | ||||
Basic and Diluted earnings per share | $ | 1.29 | $ | 1.20 | $ | 5.50 | $ | 3.95 | ||||
Harold T. Keen President (919) 938-3101 | Regina J Smith Chief Financial Officer (919) 938-3101 |
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