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Overview and Core Business
KS Bancorp Inc. (KSBI) is a well-established community bank holding company based in Smithfield, North Carolina. Through its sole subsidiary, KS Bank Inc., the company has provided a wide range of financial services including personal and business banking, mortgage products, and trust services since its founding in 1924. As a full-service, state‐chartered savings bank, KS Bank is dedicated to creating long-term relationships with its customers, offering personalized banking experiences that emphasize trust, reliability, and community support.
Market Position and Services
KS Bancorp has carved its niche within the competitive landscape of the community banking sector by focusing on exceptional customer service and maintaining a strong local presence. The bank offers a broad spectrum of products that cater to both individual customers and small to mid-sized businesses. These include traditional deposit products, business loans, and specialized mortgage and trust services, all designed to enhance customer financial stability and foster community development. The company’s operational strategy revolves around creating value for its shareholders while driving sustainable, profitable growth through community enrichment and professional development of its employees.
Business Model and Revenue Generation
At its core, KS Bancorp’s business model is anchored in community banking principles that balance revenue generation and risk management. The bank earns interest income from its diverse loan portfolio while simultaneously obtaining noninterest fee-based income from its suite of banking services. This dual revenue stream ensures that the bank can provide a stable array of services regardless of market fluctuations. The focus on disciplined underwriting and sound asset quality allows KS Bank to successfully manage credit and operational risks while continuing to support its customers’ financial needs.
Community Engagement and Customer Relationships
One of the key differentiators for KS Bancorp is its commitment to the communities it serves. The bank builds strong personal relationships with customers, providing tailored financial solutions that not only address immediate banking requirements but also support long-term economic development. By engaging with local civic leaders and participating in community initiatives, KS Bancorp reinforces its role as a trusted local partner, dedicated to enhancing the financial well-being of the region.
Operational Excellence and Risk Management
Operational efficiency and effective risk management are integral to KS Bancorp’s strategy. The company has developed rigorous processes in credit underwriting and asset quality management to maintain a resilient financial position. This disciplined approach is evident in its careful management of assets and deposits, ensuring that both growth and risk are balanced adeptly. With a focus on quality over quantity, KS Bank has successfully maintained a favorable portfolio and a strong capital base, both of which underpin its steady performance over decades of operation.
Industry-Specific Insights
Within the realm of community banking, KS Bancorp stands out for its ability to combine traditional banking values with modern service standards. The institution leverages deep industry expertise to offer specialized products in wealth and trust services, further diversifying its income sources. This combination of traditional relationship banking with targeted service offerings enables KS Bancorp to navigate industry challenges while preserving its core mission of community support and financial stability.
Conclusion
In summary, KS Bancorp Inc. is a venerable institution in the community banking segment, characterized by its robust operational model, commitment to personalized customer service, and a clear focus on supporting the development of its local communities. Its diversified range of banking services, combined with a disciplined, risk-aware business model, positions the company as a reliable entity for those seeking a stable, community-centered financial partner.
KS Bancorp, Inc. (OTCBB: KSBI) reported strong fourth-quarter results for 2022, with net income reaching $2.3 million or $2.11 per diluted share, a 63.6% increase from the previous year. For the full year, net income rose 24.0% to $7.6 million, with diluted earnings of $6.82 per share. Net interest income before loan losses was $5.9 million for Q4, up from $4.4 million in Q4 2021. Total assets decreased by $23.7 million to $547.5 million, while net loan balances increased by 19.7%. The company declared a quarterly dividend of $0.20 per share for January 2023.
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.
KS Bancorp, Inc. (OTCBB: KSBI) reported strong second quarter results for 2022, achieving a net income of $1.8 million, or $1.62 per diluted share, up from $1.5 million in Q2 2021. The firm's net interest income rose to $4.8 million, while noninterest income slightly increased to $722,000. Total assets decreased by $16.5 million to $554.7 million, primarily due to FHLB borrowings repayment. KS Bank increased loans by $22.4 million, and total deposits grew by $20 million. A quarterly dividend of $0.20 per share was announced, marking a 25% increase.
KS Bancorp, Inc. (OTCBB: KSBI) announced its unaudited results for Q1 2022, reporting a net income of $1,367,000 or $1.23 per diluted share, a decrease from $1,459,000 or $1.32 per diluted share in Q1 2021. Key figures include:
- Net interest income stable at $4.2 million
- Noninterest income rose to $802,000 from $675,000
- Total assets increased to $574.4 million
- Total stockholders' equity fell to $33.9 million
A quarterly dividend of $0.16 per share was declared, payable on May 9, 2022.
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.
KS Bancorp, Inc. (OTC Pink: KSBI) announces a leadership transition plan. Harold T. Keen, who has served as President and CEO since 1990, will become Executive Vice Chairman while retaining the CEO role for KS Bancorp. Earl W. Worley, Jr. assumes the role of President and CEO of KS Bank, bringing 30 years of experience. Dit L. Breault will be the new Chief Operations Officer. This transition marks a significant change in the bank's leadership structure, as KS Bank continues its commitment to serving eastern North Carolina since 1924.
KS Bancorp, Inc. (OTC Pink: KSBI) reported a net income of $1.7 million or $1.52 per diluted share for Q3 2021, marking a 47.16% increase compared to Q3 2020. For the nine months ended September 30, 2021, net income totaled $4.7 million. Net interest income before provisions was $4.7 million in Q3 2021, up from $3.8 million in Q3 2020. Total assets increased to $559.1 million, with total deposits rising 18.2% to $475.9 million. The Board declared a quarterly dividend of $0.16 per share.
KS Bancorp, Inc. (OTC Pink: KSBI) reported a net income of $1.519 million or $1.37 per diluted share for Q2 2021, marking a 56.4% increase from $971,000 in Q2 2020. For the first half of 2021, net income rose to $3.0 million or $2.69 per diluted share, up from $1.9 million. Total assets reached $533.6 million, up $47.8 million since December 2020. Deposits increased by 12.3% to $452.1 million. However, net loan balances decreased by $23.4 million, primarily due to the forgiveness of PPP loans. A quarterly dividend of $0.16 per share was declared for payment on August 9, 2021.
KS Bancorp, Inc. (OTCBB: KSBI) reported strong first-quarter results for 2021, with net income of $1.46 million ($1.32 per diluted share), marking a 58.2% increase year-over-year. Net interest income rose to $4.2 million, while noninterest income slightly declined to $675,000. Deposits surged by 7.2% to $431.4 million, indicating robust balance sheet growth. The company declared a quarterly dividend of $0.12 per share, payable on May 10, 2021. KS Bancorp remains well-capitalized with total risk-based capital at 13.39%, showcasing its financial stability amid economic challenges.
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