KS Bancorp, Inc. (OTCBB: KSBI), parent company of KS Bank, Inc.,
reports today financial results for the quarter ended September 30,
2005. Consolidated earnings increased $135,000 or 46.9% for the
third quarter of 2005. Earnings for the third quarter were
$423,000, or $.32 per diluted share, compared to earnings of
$288,000, or $0.20 per diluted share, for the same period in 2004.
Year to date net income has increased 43.6% from $861,000 at
September 30, 2004 to $1,236,000 at September 30, 2005. Net
interest income for the quarter ended September 30, 2005 totaled
$2.2 million, an increase of $342,000 or 18.5% over the $1.8
million for the quarter ended September 30, 2004. This increase is
primarily due to loan growth and growth in investment securities.
The investment portfolio grew 17.4% and the loan portfolio grew
14.2% as compared to the same quarter of 2004. The Company has
continued its growth in consolidated total assets, which increased
$22.5 million or 9.5% during the nine months ended September 30,
2005 from $236.9 million at December 31, 2004 to $259.4 million at
September 30, 2005. This growth in the Company's total assets
resulted primarily from an increase of $17.6 million in net loans
from $178.9 to $196.5 at December 31, 2004 and September 30, 2005,
respectively. In addition, investments increased $2.7 million.
Funding for this growth was provided primarily from increases in
customer deposits. Total deposits increased to $192.5 million at
September 30, 2005. This represents a $23.2 million or 13.7 %
increase from December 31, 2004. Total stockholders' equity
decreased $3.4 million from $18.9 million at December 31, 2004 to
$15.5 million at September 30, 2005. The decrease is the result of
the repurchase of common shares pursuant to the Company's
recapitalization, as well as a separate repurchase of a block of
shares that became available to the Company. A total of 172,555
shares were repurchased at a total cost of $3.8 million. Such
repurchases were funded through the issuance of $5.2 million in
Junior Subordinated Debentures on June 27, 2005. As of September
30, 2005, KS Bancorp had 1,309,501 common shares issued and
outstanding. Commenting on the third quarter 2005 results, Harold
Keen, President and CEO, stated, "I am delighted with the increase
in overall profits, as well as the strong growth in both loans and
deposits. The bank is on target with its yearly projections. The
entire KS Bank team continues to build solid customer relationships
that will allow us to grow the value of KS Bancorp." In addition to
the earnings report issued today, KS Bancorp, Inc. announced the
payment of a quarterly cash dividend of $0.13 per share for
stockholders of record on October 24, 2005, with payment to be made
on November 3, 2005. 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 emphasizes being a full service community bank offering
traditional banking products and services through its operation of
seven full service branches located in Kenly, Selma, Clayton,
Garner, Goldsboro, Wilson, and Smithfield, North Carolina. 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. -0- *T KS
Bancorp, Inc. and Subsidiary Consolidated Statements of Financial
Condition Sept. 30, Dec. 31, 2005 2004(a) (Unaudited) -----------
---------- (In thousands) ASSETS Cash and due from banks:
Interest-earning $ 6228 $ 5,530 Noninterest-earning 1,108 1,038
Time Deposit 100 100 Investment securities: Available for sale
42,029 39,358 Federal Home Loan Bank stock, at cost 2,467 2,558
Presold mortgages in process of settlement 470 138 Loans 198,377
180,293 Less Allowance for loan losses (1,907) (1,419) --------
-------- Net loans 196,470 178,874 Accrued interest receivable
1,273 1,114 Foreclosed assets, net 881 545 Property and equipment,
net 7,361 6,859 Other assets 994 745 -------- -------- TOTAL ASSETS
$259,381 $236,859 ======== ======== LIABILITIES AND STOCKHOLDERS'
EQUITY Liabilities: Deposits $192,455 $169,264 Securities sold
under agreements to repurchase 703 114 Advances from Federal Home
Loan Bank 44,300 47,900 Junior subordinate debt 5,155 - Accrued
interest payable 377 314 Accounts payable and accrued expenses 866
347 -------- -------- TOTAL LIABILITIES 243,856 217,939 --------
-------- Stockholders' Equity: Preferred stock, no par value,
5,000,000 shares authorized; no shares issued and outstanding - -
Common stock, no par value, authorized 20,000,000 shares; 1,309,501
and 1,197,029 shares issued and outstanding in 2005 and 2004,
respectively 1,607 5,420 Retained earnings, substantially
restricted 14,061 13,638 Accumulated other comprehensive loss (143)
(138) -------- -------- TOTAL STOCKHOLDERS' EQUITY 15,525 18,920
-------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$259,351 $236,859 ======== ======== (a) Derived from audited
financial statements KS Bancorp, Inc. and Subsidiary Consolidated
Statements of Operations (Unaudited) Three Months Ended Nine Months
Ended Sept. 30, Sept. 30, --------------------------------------
2005 2004 2005 2004 ------- ------- ------- ------- (In thousands,
except per share data) INTEREST INCOME Loans $3,480 $2,617 $ 9,755
$7,738 Investment securities: Taxable 193 195 580 654 Tax-exempt
230 136 650 305 Dividends 24 18 79 52 Interest-earning deposits 45
12 109 36 ------- ------- ------- ------- TOTAL INTEREST INCOME
3,972 2,978 11,173 8,785 ------- ------- ------- ------- INTEREST
EXPENSE Deposits 1,371 780 3,551 2,231 Borrowings 411 350 1,201 985
------- ------- ------- ------- TOTAL INTEREST EXPENSE 1,782 1,130
4,752 3,216 ------- ------- ------- ------- NET INTEREST INCOME
2,190 1,848 6,421 5,569 PROVISION FOR LOAN LOSSES 220 104 585 254
------- ------- ------- ------- NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 1,970 1,744 5,836 5,315 ------- ------- -------
------- NON-INTEREST INCOME Service charges on deposit accounts 281
240 751 684 Fees from presold mortgages 62 18 150 85 Loss on sale
of investments - 1 - 3 Other income 16 20 68 59 ------- -------
------- ------- TOTAL NON-INTEREST INCOME 357 279 969 831
NON-INTEREST EXPENSE Compensation and benefits 1,102 948 3,203
2,872 Occupancy and equipment 196 196 573 590 Data processing and
outside service fees 171 147 504 446 Advertising 37 22 95 103 Net
foreclosed real estate 2 93 41 113 Other 260 248 715 717 -------
------- ------- ------- TOTAL NON-INTEREST EXPENSE 1,768 1,654
5,131 4,841 ------- ------- ------- ------- INCOME BEFORE INCOME
TAXES 561 369 1,674 1,305 INCOME TAXES 138 81 438 444 -------
------- ------- ------- NET INCOME $ 423 $ 288 $ 1,236 $ 861
======= ======= ======= ======= NET INCOME PER COMMON SHARE Basic $
0.32 $ 0.20 $ 0.89 $ 0.61 ======= ======= ======= ======= Diluted $
0.32 $ 0.20 $ 0.89 $ 0.61 ======= ======= ======= ======= DIVIDENDS
PER COMMON SHARE $ 0.13 $ 0.13 $ 0.39 $ 0.40 ======= =======
======= ======= *T
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