KS Bancorp, Inc. (KSBI) Announces Third Quarter 2022 Financial Results and Cash Dividend
KS Bancorp, Inc. (OTCBB: KSBI) reported strong financial results for Q3 2022, with net income rising 22.4% to $2.1 million ($1.86 per diluted share) compared to Q3 2021. Net interest income increased to $5.5 million, while noninterest income slightly declined to $740,000. The Bank showed stable growth in total deposits, up $28.4 million to $515.8 million, and net loan balances increased by $48.1 million to $393.7 million. The Board declared a quarterly dividend of $0.20 per share, payable on November 7, 2022. KS Bank remains well-capitalized under regulatory standards.
- Net income increased by 22.4% to $2.1 million year-over-year.
- Net loan balances rose by $48.1 million to $393.7 million.
- Total deposits increased by $28.4 million to $515.8 million.
- Quarterly dividend of $0.20 per share announced.
- Total stockholders’ equity decreased by $6.3 million to $30.3 million.
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SMITHFIELD, N.C., Oct. 19, 2022 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the third quarter of 2022.
The Company reported net income of
Net interest income before the provision for loan losses for the three months ended September 30, 2022 was
For the nine months ended September 30, 2022, net interest income before the provision for loan losses was
The Company’s unaudited consolidated total assets decreased
Nonperforming assets consisted of
Commenting on the third quarter results, Harold Keen, President and CEO of the Company, stated, “During the recent months of rising interest rates KS Bank has been successfully increasing outstanding loans. The continued growth in net income during the third quarter is a direct result of those efforts. It has been a very good year to be a community bank.”
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. There is a loan production office in Dunn, NC which opened in April, 2022. 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, 2022 | December 31, | ||||||||
| (unaudited) | 2021* | ||||||||
| (Dollars in thousands) | |||||||||
| ASSETS | |||||||||
| Cash and due from banks: | |||||||||
| Interest-earning | $ | 40,849 | $ | 111,762 | |||||
| Noninterest-earning | 3,204 | 2,626 | |||||||
| Time Deposit | 5,100 | 5,100 | |||||||
| Investment securities available for sale, at fair value | 99,055 | 88,320 | |||||||
| Federal Home Loan Bank stock, at cost | 299 | 1,443 | |||||||
| Loans | 398,786 | 350,667 | |||||||
| Less allowance for loan losses | (5,071 | ) | (5,023 | ) | |||||
| Net loans | 393,715 | 345,644 | |||||||
| Accrued interest receivable | 1,715 | 1,543 | |||||||
| Foreclosed assets, net | - | 621 | |||||||
| Property and equipment, net | 9,362 | 8,928 | |||||||
| Other assets | 8,924 | 5,238 | |||||||
| Total assets | $ | 562,223 | $ | 571,225 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
| Liabilities | |||||||||
| Deposits | $ | 515,809 | $ | 487,437 | |||||
| Short-term borrowings | $ | - | $ | 1,000 | |||||
| Long-term borrowings | 11,248 | 42,248 | |||||||
| Accrued interest payable | 53 | 216 | |||||||
| Accrued expenses and other liabilities | 4,846 | 3,679 | |||||||
| Total liabilities | 531,956 | 534,580 | |||||||
| Stockholder's Equity: | |||||||||
| Preferred stock, no par value, 500,000 shares authorized; none issued and outstanding | |||||||||
| Common stock, no par value, 3,500,000 shares authorized; 1,107,776 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 1,359 | 1,359 | |||||||
| Retained earnings, substantially restricted | 39,342 | 34,694 | |||||||
| Accumulated other comprehensive income (loss) | (10,434 | ) | 592 | ||||||
| Total stockholders' equity | 30,267 | 36,645 | |||||||
| Total liabilities and stockholders' equity | $ | 562,223 | $ | 571,225 | |||||
| * Derived from audited financial statements | |||||||||
| KS Bancorp, Inc and Subsidiary | ||||||||||||
| Consolidated Statements of Income (Unaudited) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| Sept 30, | Sept 30, | |||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| (In thousands, except per share data) | ||||||||||||
| Interest and dividend income: | ||||||||||||
| Loans | $ | 4,864 | $ | 4,744 | $ | 13,321 | $ | 13,691 | ||||
| Investment securities | ||||||||||||
| Taxable | 466 | 272 | 1,233 | 786 | ||||||||
| Tax-exempt | 205 | 155 | 567 | 393 | ||||||||
| Dividends | 3 | 10 | 8 | 49 | ||||||||
| Interest-bearing deposits | 301 | 27 | 478 | 48 | ||||||||
| Total interest and dividend income | 5,839 | 5,208 | $ | 15,607 | 14,967 | |||||||
| Interest expense: | ||||||||||||
| Deposits | 223 | 249 | 653 | 799 | ||||||||
| Borrowings | 120 | 276 | 444 | 871 | ||||||||
| Total interest expense | 343 | 525 | 1,097 | 1,670 | ||||||||
| Net interest income | 5,496 | 4,683 | 14,510 | 13,297 | ||||||||
| Provision for loan losses | - | 123 | - | 369 | ||||||||
| Net interest income after | ||||||||||||
| provision for loan losses | 5,496 | 4,560 | 14,510 | 12,928 | ||||||||
| Noninterest income: | ||||||||||||
| Service charges on deposit accounts | 328 | 281 | 936 | 843 | ||||||||
| Fees from presold mortgages | 5 | 5 | 17 | 54 | ||||||||
| Other income | 407 | 472 | 1,311 | 1,244 | ||||||||
| Total noninterest income | 740 | 758 | 2,264 | 2,141 | ||||||||
| Noninterest expenses: | ||||||||||||
| Compensation and benefits | 2,242 | 1,935 | 6,351 | 5,634 | ||||||||
| Occupancy and equipment | 546 | 394 | 1,575 | 1,122 | ||||||||
| Data processing & outside service fees | 210 | 241 | 618 | 702 | ||||||||
| Advertising | 38 | 22 | 88 | 48 | ||||||||
| Foreclosed real estate and repossessions, net | - | - | (230 | ) | - | |||||||
| Other | 588 | 592 | 1,767 | 1,644 | ||||||||
| Total noninterest expenses | 3,624 | 3,184 | 10,169 | 9,150 | ||||||||
| Income before income taxes | 2,612 | 2,134 | 6,605 | 5,919 | ||||||||
| Income tax | 550 | 449 | 1,381 | 1,256 | ||||||||
| Net income | $ | 2,062 | $ | 1,685 | $ | 5,224 | $ | 4,663 | ||||
| Basic and Diluted earnings per share | $ | 1.86 | $ | 1.52 | $ | 4.71 | $ | 4.21 | ||||
FAQ
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