KS Bancorp, Inc. (KSBI) Announces Second Quarter 2024 Financial Results and Cash Dividend
Rhea-AI Summary
KS Bancorp (KSBI) reported strong financial results for Q2 2024. Key highlights include:
- Net income of $1.7 million or $1.50 per diluted share, up from $1.6 million in Q2 2023
- Net interest income before provision for credit losses increased to $5.5 million
- Total assets grew to $668.8 million, a $55.2 million increase from December 2023
- Net loan balances rose by $31.4 million to $504.3 million
- Total deposits increased by $64.0 million to $609.0 million
- Stockholders' equity improved by $3.0 million to $43.5 million
The company also declared a quarterly dividend of $0.26 per share and opened a new branch in Dunn, North Carolina, marking its tenth full-service location.
Positive
- Net income increased to $1.7 million in Q2 2024, up from $1.6 million in Q2 2023
- Net interest income before provision for credit losses grew to $5.5 million from $5.1 million year-over-year
- Total assets increased by $55.2 million to $668.8 million
- Net loan balances rose by $31.4 million to $504.3 million, surpassing $500 million for the first time
- Total deposits grew by $64.0 million to $609.0 million, including a 11.5% increase in core deposits
- Nonperforming assets remained low at less than 0.20% of total assets
- Opened a new full-service branch in Dunn, North Carolina, expanding market presence
Negative
- Non-interest expenses increased to $4.1 million in Q2 2024 from $3.8 million in Q2 2023
- Community Bank Leverage Ratio decreased to 9.49% from 9.67% in December 2023
News Market Reaction
On the day this news was published, KSBI declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SMITHFIELD, NC / ACCESSWIRE / July 22, 2024 / KS Bancorp, Inc. (the "Company") (OTC PINK:KSBI), parent company of KS Bank, Inc. (the "Bank"), announced unaudited results for the second quarter of 2024.
The Company reported net income of
Net interest income before the provision for credit losses for the three months ended June 30, 2024 was
For the six months ending June 30, 2024, net interest income before the provision for credit losses was
The Company's unaudited consolidated total assets increased
On June 30, 2024, nonperforming assets consisted of nonaccrual loans of
Commenting on the second quarter results, Earl W. Worley, Jr., President and CEO of the Company, stated, "During the first six months of 2024, KS Bank continues to experience solid growth in both deposits and loans. Net loan balances have increased
In addition, Worley stated, "The second quarter for KS Bank was exciting not just because of our history-making loan balances but also due to the opening of our newest full-service branch location in Dunn, North Carolina. On June 20, 2024, KS Bank held a ribbon cutting in Dunn with more than 100 community members, city officials, and bank employees in attendance. The new branch marks the Bank's tenth full-service location and its first branch location in Harnett County, North Carolina. We are extremely pleased with the community's reception and the new customers the bank is acquiring."
In addition, the Company announced today that its Board of Directors has declared a quarterly dividend of
KS Bank continues to be well capitalized according to regulatory standards with a Community Bank Leverage Ratio of
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 that has served the citizens of eastern North Carolina since 1924. The Bank offers a broad range of personal and business banking products and services, as well as mortgage and trust services. Ten full-service branches are located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, Four Oaks, and Dunn, North Carolina. 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.
Contact: Earl W. Worley, Jr. |
| Regina J Smith |
President and Chief Executive Officer |
| Chief Financial Officer |
(919) 938-3101 |
| (919) 938-3101 |
KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition
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| June 30, 2024 |
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| December 31, |
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| (unaudited) |
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| (Dollars in thousands) |
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ASSETS |
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Cash and due from banks: |
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Interest-earning |
| $ | 37,348 |
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| $ | 15,962 |
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Noninterest-earning |
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| 4,462 |
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| 2,983 |
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Time Deposit |
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| 513 |
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| 500 |
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Investment securities available for sale, at fair value |
|
| 97,915 |
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| 98,047 |
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Federal Home Loan Bank stock, at cost |
|
| 469 |
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| 978 |
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Loans |
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| 508,382 |
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| 476,679 |
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Less allowance for loan losses |
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| (4,048 | ) |
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| (3,766 | ) |
Net loans |
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| 504,334 |
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| 472,913 |
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Accrued interest receivable |
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| 2,601 |
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| 2,389 |
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Property and equipment, net |
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| 13,089 |
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| 11,050 |
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Other assets |
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| 8,073 |
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| 8,774 |
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Total assets |
| $ | 668,804 |
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| $ | 613,596 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Liabilities |
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Deposits |
| $ | 609,072 |
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| $ | 545,038 |
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Short-term borrowings |
| $ | - |
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| $ | 12,000 |
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Long-term borrowings |
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| 11,248 |
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| 11,248 |
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Accrued interest payable |
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| 325 |
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| 432 |
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Accrued expenses and other liabilities |
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| 4,638 |
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| 4,401 |
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Total liabilities |
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| 625,283 |
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| 573,119 |
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Stockholder's Equity: |
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Preferred stock, no par value, 500,000 shares authorized; none issued and outstanding |
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Common stock, no par value, 3,500,000 shares authorized; 1,107,776 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
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| 1,359 |
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| 1,359 |
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Retained earnings, substantially restricted |
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| 50,137 |
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| 47,659 |
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Accumulated other comprehensive Income (loss) |
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| (7,975 | ) |
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| (8,541 | ) |
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Total stockholders' equity |
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| 43,521 |
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| 40,477 |
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Total liabilities and stockholders' equity |
| $ | 668,804 |
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| $ | 613,596 |
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* Derived from audited financial statements
KS Bancorp, Inc and Subsidiary
Consolidated Statements of Income (Unaudited)
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| Three Months Ended |
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| Six Months Ended |
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| 30-Jun |
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| June 30, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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| (In thousands, except per share data) |
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Interest and dividend income: |
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Loans |
| $ | 7,784 |
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| $ | 6,174 |
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| $ | 15,237 |
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| $ | 12,038 |
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Investment securities |
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Taxable |
|
| 513 |
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| 479 |
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| 1,013 |
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| 961 |
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Tax-exempt |
|
| 202 |
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| 204 |
|
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| 404 |
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| 409 |
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Dividends |
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| 6 |
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| 3 |
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| 12 |
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| 10 |
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Interest-bearing deposits |
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| 277 |
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| 326 |
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| 397 |
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| 543 |
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Total interest and dividend income |
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| 8,782 |
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| 7,186 |
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| $ | 17,063 |
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| 13,961 |
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Interest expense: |
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Deposits |
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| 3,132 |
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| 1,944 |
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| 5,938 |
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| 3,318 |
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Borrowings |
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| 192 |
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| 175 |
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|
| 565 |
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| 378 |
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Total interest expense |
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| 3,324 |
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| 2,119 |
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| 6,503 |
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| 3,696 |
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Net interest income |
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| 5,458 |
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| 5,067 |
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| 10,560 |
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| 10,265 |
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Provision for loan losses |
|
| 114 |
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|
| 110 |
|
|
| 283 |
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| 110 |
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Net interest income after |
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provision for loan losses |
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| 5,344 |
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| 4,957 |
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| 10,277 |
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| 10,155 |
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Noninterest income: |
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Service charges on deposit accounts |
|
| 320 |
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| 345 |
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|
| 634 |
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| 655 |
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Fees from trust services |
|
| 334 |
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| 302 |
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|
| 651 |
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| 582 |
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Other income |
|
| 209 |
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| 182 |
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|
| 407 |
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|
| 330 |
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Total noninterest income |
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| 863 |
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| 829 |
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| 1,692 |
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| 1,567 |
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Noninterest expenses: |
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Compensation and benefits |
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| 2,513 |
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| 2,358 |
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| 5,015 |
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| 4,722 |
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Occupancy and equipment |
|
| 596 |
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|
| 504 |
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| 1,153 |
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| 1,038 |
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Data processing & outside service fees |
|
| 244 |
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| 208 |
|
|
| 479 |
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|
| 413 |
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Advertising |
|
| 64 |
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| 67 |
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|
| 110 |
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| 115 |
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Other |
|
| 712 |
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| 671 |
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| 1,354 |
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| 1,277 |
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Total noninterest expenses |
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| 4,129 |
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| 3,808 |
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| 8,111 |
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| 7,565 |
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Income before income taxes |
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| 2,078 |
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| 1,978 |
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| 3,858 |
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| 4,157 |
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Income tax |
|
| 421 |
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|
| 419 |
|
|
| 815 |
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| 879 |
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Net income |
| $ | 1,657 |
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| $ | 1,559 |
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| $ | 3,043 |
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| $ | 3,278 |
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Basic and Diluted earnings per share |
| $ | 1.50 |
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| $ | 1.41 |
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| $ | 2.75 |
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| $ | 2.96 |
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SOURCE: KS Bancorp, Inc.
View the original press release on accesswire.com
FAQ
What was KS Bancorp's (KSBI) net income for Q2 2024?
How much did KS Bancorp's (KSBI) total assets grow in the first half of 2024?
What was the growth in KS Bancorp's (KSBI) net loan balances for the first half of 2024?
Did KS Bancorp (KSBI) declare a dividend for Q2 2024?
Where did KS Bancorp (KSBI) open its newest branch in Q2 2024?
