KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company
of KS Bank, Inc. (the “Bank”), announced unaudited net income
available to common shareholders of $125,000, or $.10 per diluted
share, for the three months ended March 31, 2013, compared to a net
income available to common shareholders of $228,000, or $.17 per
diluted share, for the three months ended March 31, 2012.
For the three months ended March 31, 2013, net interest income
was $2.4 million, compared to $2.5 million for the three months
ended March 31, 2012. Non-interest income for the period ended
March 31, 2013 was $640,000, compared to $563,000 for the same
period ended March 31, 2012. The increase is primarily attributable
to the $90,000 increase in fees from presold mortgages during the
three months ended March 31, 2013, compared to the comparative
quarter in 2012. Non-interest expenses increased slightly from $2.6
million for the three months ended March 31, 2012, compared to $2.7
million for the three months ended March 31, 2013. In March 2013,
the Bank recognized a one-time expense related to other real estate
owned (OREO) of $117,000.
In the first quarter of 2013, the Company’s unaudited
consolidated total assets decreased $1.3 million to $313.6 million
at March 31, 2013, compared to $314.9 million at December 31, 2012.
Net loan balances decreased $1.2 million with a balance of $195.7
million at March 31, 2013 compared to $196.9 million at December
31, 2012. The Company’s investment securities increased $4.2
million to $86.5 million at March 31, 2013, compared to $82.3
million at December 31, 2012. Total deposits have decreased $1.2
million to $242.8 million at March 31, 2013, compared to $244.0 at
December 31, 2012. Total stockholders’ equity decreased $163,000
from $25.3 million at December 31, 2012, to $25.2 million at March
31, 2013.
Nonperforming assets, which includes nonaccrual loans and OREO,
decreased $102,000 from $12.1 million at December 31, 2012 to $12.0
million at March 31, 2013. The nonperforming assets consist of $6.3
million in OREO and $5.7 million in nonaccrual loans. For the three
months ended March 31, 2013, the Company recorded an $85,000
expense to the provision for loan losses compared to $150,000 for
the three months ended March 31, 2012. Net charge offs for the
first quarter of 2013 were $88,000, compared to net charge offs of
$115,000 for the three months ended March 31, 2012. The allowance
for loan losses at March 31, 2013 totaled $3.4 million, or 1.72% of
all outstanding loans.
The Company also announced today that its Board of Directors
voted not to declare a dividend for the first quarter of 2013. The
Company’s profitability, capital levels and asset quality are
factors that are considered in determining whether to resume
dividend payments.
KS Bank continues to be well-capitalized according to regulatory
standards with total risk based capital of 16.37%, tier 1 risk-
based capital of 15.12%, and a leverage ratio of 9.65% at March 31,
2013. The minimum levels to be considered well capitalized for each
of these ratios are 10%, 6%, and 5%, 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 and offers a variety of financial products and services
including a securities brokerage service through an affiliation
with a registered broker/dealer. 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.
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 March 31,
2013 December 31,
(unaudited) 2012*
(Dollars in thousands)
ASSETS Cash and due
from banks: Interest-earning $ 5,989 $ 9,474 Noninterest-earning
1,422 2,075 Time Deposit 100 100 Investment securities available
for sale, at fair value 86,543 82,356 Federal Home Loan Bank stock,
at cost 1,930 2,149 Presold mortgages in process of settlement 830
518 Loans 199,117 200,280 Less allowance for loan losses
(3,421 )
(3,424 ) Net loans 195,696 196,856
Accrued interest receivable 1,100 1,113 Foreclosed real estate and
repossessions, net 6,261 6,637 Property and equipment, net 8,514
8,579 Other assets
5,226
5,082 Total assets
$
313,611 $ 314,939
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities Deposits $ 242,849 $ 243,996 Short-term borrowings
2,069 2,156 Long-term borrowings 41,248 41,248 Accrued interest
payable 222 233 Accrued expenses and other liabilities
2,064 1,984
Total liabilities
288,452
289,617 Stockholder's Equity: Cumulative
perpetual preferred stock (Series A), no par value 4,000 shares
authorized, issued and outstanding $ 3,926 $ 3,914 Cumulative
perpetual preferred stock (Series B), no par value 200 shares
authorized, issued and outstanding 211 213 Common stock, no par
value, authorized 20,000,000 shares; 1,309,501 shares issued and
outstanding in 2013 and 2012 1,607 1,607 Retained earnings,
substantially restricted 18,515 18,390 Accumulated other
comprehensive income
900
1,198 Total stockholders' equity
25,159 25,322
Total liabilities and stockholders' equity
$
313,611 $ 314,939
* Derived from audited financial statements
KS Bancorp, Inc and Subsidiary Consolidated Statements of
Income (Unaudited) Three Months Ended March 31,
2013
2012
( In thousands, except per share data)
Interest and dividend
income: Loans $ 2,718 $ 2,863 Investment securities Taxable 339
374 Tax-exempt 130 281 Dividends 2 8 Interest-bearing deposits
3 1 Total
interest and dividend income
3,192
3,527 Interest expense:
Deposits 406 598 Borrowings
413
456 Total interest expense
819 1,054 Net
interest income 2,373 2,473 Provision for loan losses
85 150 Net
interest income after provision for loan losses
2,288 2,323
Noninterest income: Service charges on deposit accounts 289
274 Fees from presold mortgages 158 68 Gain on sale of investments
139 181 Other income
54
40 Total noninterest income
640 563
Noninterest expenses: Compensation and benefits 1,527 1,493
Occupancy and equipment 254 251 Data processing & outside
service fees 203 201 Advertising 9 14 Net foreclosed real estate
200 97 Other
524 527
Total noninterest expenses
2,717
2,583 Income before income taxes
211 303 Income tax expense
21
11 Net income
190 292
Dividends on preferred stock (55 ) (55 ) Accretion of discount on
preferred stock, net
(10 )
(9 ) Income available to common
stockholders
$ 125 $
228 Basic and Diluted earnings per share
$ 0.10 $
0.17
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