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KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2015 Financial Results

SMITHFIELD, N.C., Jan. 29, 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 $417,000, or $.32 per diluted share, for the three months ended December 31, 2015, compared to a net income available to common shareholders of $404,000, or $.31 per diluted share, for the three months ended December 31, 2014.

Net interest income for the three months ended December 31, 2015 and December 31, 2014 was $2.7 million. Non-interest income for the period ended December 31, 2015 was $615,000, compared to $534,000 for the same period ended December 31, 2014.  Non-interest expense for the three months ended December 31, 2015 was $2.5 million compared to $2.6 million for the same period ended December 31, 2014.

For the twelve months ended December 31, 2015, net interest income was $10.5 million, compared to net interest income of $10.1 million for the twelve months ended December 31, 2014. Non-interest income was $2.1 million and $2.0 million for the twelve months ended December 31, 2015 and December 31, 2014, respectively. Non-interest expenses remain constant at $10.3 million for the twelve months ended December 31, 2015 and December 31, 2014.

The Company’s unaudited consolidated total assets increased $18.9 million to $337.4 million at December 31, 2015, compared to $318.5 million at December 31, 2014. Net loan balances increased $26.2 million with a balance of $247.6 million at December 31, 2015, compared to $221.4 million at December 31, 2014. The Company’s investment securities decreased $5.3 million to $67.6 million at December 31, 2015, compared to $72.9 million at December 31, 2014. Total deposits have increased $8.6 million to $257.5 million at December 31, 2015, compared to $248.9 million at December 31, 2014. Total stockholders’ equity increased $1.1 million from $21.8 million at December 31, 2014, to $22.9 million at December 31, 2015.

Nonperforming assets, which includes nonaccrual loans and other real estate owned (OREO), decreased $3.2 million from $6.5 million at December 31, 2014 to $3.3 million at December 31, 2015. The nonperforming assets consist of $753,000 in OREO and $2.5 million in nonaccrual loans. For the twelve months ended December 31, 2015, there was $114,000 expensed to the provision for loan losses. The allowance for loan losses at December 31, 2015 totaled $3.5 million, or 1.41% of all outstanding loans.

KS Bank continues to be well-capitalized according to regulatory standards with total risk based capital of 14.09%, tier 1 risk- based capital of 12.84%, common equity tier 1 risked based capital of 12.84%, and a tier 1 leverage ratio of 9.63% at December 31, 2015. The minimum levels to be considered well capitalized for each of these ratios are 10.0%, 8.0%, 6.5%, and 5.0%, respectively.

In addition, the Company announced today that its Board of Directors voted to declare an annual dividend based on 2015 earnings of $.08 per share for stockholders of record on January 29, 2016 with payment to be made on February 12, 2016.

Commenting on the fourth quarter of 2015 results, Mr. Keen, President and Chief Executive Officer, stated, “In 2015, the Company experienced solid, steady growth. We are pleased to report continued growth in the balance sheet, net income, and value of the Company. We are extremely pleased with the 42.5% increase in annual per share earnings.”

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. For more information, visit www.ksbankinc.com.

/EIN News/ -- 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, 2015 December 31,  
    (unaudited)  2014*   
         
    (Dollars in thousands)  
  ASSETS      
         
  Cash and due from banks:      
  Interest-earning $   3,839   $   4,188    
  Noninterest-earning     836       1,328    
  Time Deposit     100       100    
  Investment securities available for sale, at fair value     67,582       72,944    
  Federal Home Loan Bank stock, at cost     1,991       1,785    
         
  Loans     251,163       224,912    
  Less allowance for loan losses     (3,535 )     (3,511 )  
  Net loans     247,628       221,401    
         
  Accrued interest receivable     1,008       994    
  Foreclosed real estate and repossessions, net     753       2,121    
  Property and equipment, net     8,059       8,161    
  Other assets     5,638       5,429    
                 
  Total assets $   337,434   $   318,451    
                 
  LIABILITIES AND STOCKHOLDERS' EQUITY      
         
  Liabilities      
  Deposits $   257,514   $   248,915    
  Short-term borrowings     10,687       1,837    
  Long-term borrowings     43,248       43,248    
  Accrued interest payable     272       339    
  Accrued expenses and other liabilities     2,805       2,344    
                 
  Total liabilities     314,526       296,683    
                 
  Stockholder's Equity:      
  Common stock, no par value, authorized 20,000,000 shares;      
  1,309,501 shares issued and outstanding in 2015 and 2014     1,607       1,607    
  Retained earnings, substantially restricted     21,508       20,171    
  Accumulated other comprehensive loss     (207 )     (10 )  
                 
  Total stockholders' equity     22,908       21,768    
                 
  Total liabilities and stockholders' equity $   337,434   $   318,451    
                 
  *  Derived from audited financial statements      
         

 

KS Bancorp, Inc and Subsidiary  
Consolidated Statements of Income (Unaudited)  
               
    Three Months Ended   Twelve Months Ended  
    December 31,   December 31,  
      2015     2014       2015     2014    
    ( In thousands, except per share data)  
Interest and dividend income:            
  Loans $   2,999   $   2,869     $   11,584   $   10,866    
  Investment securities            
  Taxable     310       319         1,261       1,273    
  Tax-exempt     50       90         267       441    
  Dividends     24       44         84       80    
  Interest-bearing deposits     1       2         7       4    
  Total interest and dividend income     3,384       3,324         13,203       12,664    
                               
Interest expense:            
  Deposits     314       292         1,248       1,139    
  Borrowings     364       373         1,446       1,430    
  Total interest expense     678       665         2,694       2,569    
                               
  Net interest income     2,706       2,659         10,509       10,095    
               
Provision for (recovery of) loan losses     114       (59 )       114       -    
                               
  Net interest income after            
  provision for (recovery of ) loan losses     2,592       2,718         10,395       10,095    
                               
Noninterest income:            
  Service charges on deposit accounts     332       310         1,257       1,251    
  Fees from presold mortgages     18       19         145       148    
  Gain on sale of investments     -       25         -       91    
  Other income     265       180         681       490    
  Total noninterest income     615       534         2,083       1,980    
                               
Noninterest expenses:            
  Compensation and benefits     1,671       1,505         6,431       5,991    
  Occupancy and equipment     269       265         1,065       1,038    
  Data processing & outside service fees     239       228         925       896    
  Advertising     23       16         63       66    
  Net foreclosed assets     (147 )     64         (116 )     269    
  Other     488       477         1,977       2,055    
  Total noninterest expenses     2,543       2,555         10,345       10,315    
                               
  Income before income taxes     664       697         2,133       1,760    
               
Income tax     247       231         717       490    
                               
  Net income     417       466         1,416       1,270    
                               
  Dividends on preferred stock     -       (62 )       -       (246 )  
  Accretion of discount on preferred stock, net     -       -         -       (30 )  
  Income available to common stockholders $   417   $   404     $   1,416   $   994    
                               
  Basic and Diluted earnings per share $   0.32   $   0.31     $   1.08   $   0.76    

          

 

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

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