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KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2019 Financial Results and Cash Dividend

SMITHFIELD, N.C., Jan. 27, 2020 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the fourth quarter of 2019.

The Company reported net income of $939,000, or $0.85 per diluted share for the three months ended December 31, 2019, compared to net income of $906,000, for the three months ended December 31, 2018. Net income for the year ended December 31, 2019 totaled $3.6 million, or $3.29 per diluted share, compared to net income of $3.5 million, or $3.00 per diluted share, for the year ended December 31, 2018. This represents a 9.67% increase in earnings per share for the twelve months ended December 31, 2019 as compared for the same time period in 2018.

Net interest income for the three months ended December 31, 2019, was $3.3 million as as compared to $3.2 million for the comparable period in 2018. Noninterest income for the three months ended December 31, 2019 was $769,000, compared to $747,000 for the comparable period ended December 31, 2018. Noninterest expense was $2.9 million for the three months ended December 31, 2019 as compared $2.8 million in the comparable period in 2018.

For the year ended December 31, 2019, net interest income was $12.9 million, compared to $12.6 million for the year ended December 31, 2018. Noninterest income was $3.1 million for the year ended December 31, 2019, compared to $3.2 million for the year ended December 31, 2018. Noninterest expense was $11.4 million for the year ended December 31, 2019, compared to $11.3 million for the year ended December 31, 2018.

The Company’s unaudited consolidated total assets increased $3.4 million, to $403.7 million at December 31, 2019, compared to $400.3 million at December 31, 2018. Net loan balances increased by $12.2 million, or 4.1%, to $307.8 million at December 31, 2019 compared to $295.6 million at December 31, 2018. The Company’s investment securities totaled $67.1 million at December 31, 2019, compared to $66.0 million at December 31, 2018.  Total deposits decreased $3.5 million, to $326.9 million at December 31, 2019, compared to $330.4 million at December 31, 2018. For the twelve months ended December 31, 2019 there was a $3.1 million increase in core deposits and a $8.7 million decrease in brokered funding. Total stockholders’ equity increased $4.7 million or 21.2% from $22.1 million at December 31, 2018 to $26.8 million at December 31, 2019, as a result of accumulated other comprehensive gains and increase in net income.
                        
Nonperforming assets consisted of $1.1 million nonaccrual loans at December 31, 2019, representing less than .50% of the Company’s total assets. The Company had no foreclosed real estate owned at December 31, 2019. The allowance for loan losses at December 31, 2019 totaled $4.1 million, or 1.30% of  loans. 

Commenting on the fourth quarter results, Harold Keen, President and CEO of the Company and the Bank, stated, “With this report for the fourth quarter of 2019, we completed another very successful year. Actually, the most profitable year in the twenty-six years of KS Bancorp, Inc. The earnings per share of $3.29 was a goal met and a result to our focus on quality customer relationships and management of overhead expenses. Community banking is important to our market area and KS Bank is proud to be that community bank.”

In addition, the Company announced today that its Board of Directors has declared a quarterly  dividend of $0.10 per share for stockholders of record as of January 24, 2020, with payment to be made on February 12, 2020. 

KS Bank continues to be well-capitalized according to regulatory standards with total risk-based capital of 14.03%, tier 1 risk- based capital of 12.78%, common equity tier 1 risk- based capital of 12.78%, and a tier 1 leverage ratio of 9.74% at December 31, 2019. 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 trust services. There are nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, North Carolina. In addition, KS Trust Services 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  
         
         
    December 31, 2019   December 31,  
    (unaudited)   2018*  
           
         
    (Dollars in thousands)  
  ASSETS      
         
  Cash and due from banks:      
  Interest-earning $ 3,306   $ 21,220    
  Noninterest-earning   9,317     2,184    
    Time Deposit   100     100    
  Investment securities available for sale, at fair value   67,150     66,004    
  Federal Home Loan Bank stock, at cost   1,763     1,696    
  Presold mortgages in process of settlement   -      
         
  Loans   311,911     299,640    
  Less allowance for loan losses   (4,057 )   (4,010 )  
    Net loans   307,854     295,630    
         
  Accrued interest receivable   1,145     1,212    
  Property and equipment, net   8,032     7,324    
  Other assets   4,990     4,888    
                 
         
    Total assets $ 403,657   $ 400,258    
                 
         
  LIABILITIES AND STOCKHOLDERS' EQUITY      
         
  Liabilities      
    Deposits $ 326,918   $ 330,423    
    Short-term borrowings   -     7    
    Long-term borrowings   46,248     44,248    
    Accrued interest payable   396     380    
    Accrued expenses and other liabilities   3,268     3,075    
                 
         
    Total liabilities   376,830     378,133    
                 
         
  Stockholder's Equity:      
    Common stock, no par value, authorized 20,000,000 shares;    
  1,107,776 shares issued and outstanding in 2019 and 2018   1,360     1,360    
    Retained earnings, substantially restricted   25,290     22,026    
    Accumulated other comprehensive loss   177     (1,261 )  
                 
         
    Total stockholders' equity   26,827     22,125    
                 
         
    Total liabilities and stockholders' equity $ 403,657   $ 400,258    
                 
         
  * 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,  
      2019   2018     2019   2018    
    (In thousands, except per share data)  
Interest and dividend income:            
  Loans $ 3,994 $ 3,877   $ 15,857 $ 14,880    
  Investment securities            
  Taxable   332   347     1,385   1,260    
  Tax-exempt   34   32     122   142    
  Dividends   34   39     109   106    
  Interest-bearing deposits   47   49     192   105    
    Total interest and dividend income   4,441   4,344     17,665   16,493    
               
Interest expense:            
  Deposits   749   686     3,042   2,174    
  Borrowings   411   447     1,683   1,712    
    Total interest expense   1,160   1,133     4,725   3,886    
               
    Net interest income   3,281   3,189     12,940   12,607    
               
Provision for loan losses   -   -     25   -    
               
    Net interest income after            
    provision for loan losses   3,281   3,189     12,915   12,607    
               
Noninterest income:            
  Service charges on deposit accounts   388   347     1,495   1,378    
  Fees from presold mortgages   55   52     215   210    
  Other income   326   348     1,430   1,584    
    Total noninterest income   769   747     3,140   3,172    
               
Noninterest expenses:            
  Compensation and benefits   1,755   1,704     7,034   6,917    
  Occupancy and equipment   341   346     1,305   1,287    
  Data processing & outside service fees   227   240     892   835    
  Advertising   49   49     162   125    
  Net foreclosed real estate   -   -     -   (10 )  
  Other   490   482     2,035   2,136    
    Total noninterest expenses   2,862   2,821     11,428   11,290    
               
    Income before income taxes   1,188   1,137     4,627   4,489    
               
Income tax   249   231     985   947    
               
    Net income $ 939 $ 906   $ 3,642 $ 3,542    
               
  Basic and Diluted earnings per share $ 0.85 $ 0.82   $ 3.29 $ 3.00    
               

 

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



 

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