KS Bancorp, Inc. (KSBI) Announces Third Quarter 2024 Financial Results and Cash Dividend
Rhea-AI Summary
KS Bancorp (KSBI) reported strong Q3 2024 financial results with net income of $1.5 million ($1.32 per diluted share), up from $1.4 million in Q3 2023. The company showed significant growth with total assets increasing 11.9% to $686.5 million, net loans rising 9.5% to $517.9 million, and deposits growing 14.3% to $623.2 million compared to December 2023. Net interest income before credit loss provisions was $5.5 million for Q3 2024. The Board declared a quarterly dividend of $0.26 per share. The bank maintains strong capitalization with a Community Bank Leverage Ratio of 9.28%.
Positive
- Net income increased to $1.5 million in Q3 2024 from $1.4 million in Q3 2023
- Total assets grew 11.9% to $686.5 million
- Net loans increased 9.5% to $517.9 million
- Total deposits rose 14.3% to $623.2 million
- Core deposits increased by $71.7 million (14.3%)
- Stockholders' equity increased by $6.1 million to $46.6 million
- Low nonperforming assets at less than 0.10% of total assets
Negative
- Community Bank Leverage Ratio decreased to 9.28% from 9.67% in December 2023
- Non-interest expenses increased to $4.2 million from $3.8 million YoY
SMITHFIELD, NC / ACCESSWIRE / October 25, 2024 / KS Bancorp, Inc. (the "Company") (OTC PINK:KSBI), parent company of KS Bank, Inc. (the "Bank"), announced unaudited results for the third quarter of 2024 and cash dividend.
The Company reported net income of
Net interest income before the provision for credit losses for the three months ended September 30, 2024 was
For the nine months ending September 30, 2024, there was a
The Company's unaudited consolidated total assets increased
On September 30, 2024, nonperforming assets consisted of nonaccrual loans of
Commenting on the third quarter results, Earl W. Worley, Jr., President and CEO of the Company, stated, "We're proud of the strong growth KS Bank has achieved during the third quarter and throughout the first nine months of 2024. Year-to-date, our total assets have grown by
Worley continued, "As we approach the end of 2024, our focus is on carefully managing the impact of potential interest rate changes. While we are encouraged by our strong year-to-date performance, we recognize that the Federal Reserve's next moves will influence our margins and lending environment. Our goal is to remain agile, ensuring we continue to deliver value to our shareholders while navigating the challenges ahead."
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.
KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition
| September 30, 2024 |
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| December 31, |
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ASSETS |
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Cash and due from banks: |
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Interest-earning |
| $ | 37,396 |
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| $ | 15,962 |
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Noninterest-earning |
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| 5,547 |
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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 |
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| 101,154 |
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| 98,047 |
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Federal Home Loan Bank stock, at cost |
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| 469 |
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| 978 |
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Loans |
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| 522,140 |
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| 476,679 |
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Less allowance for loan losses |
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| (4,212 | ) |
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| (3,766 | ) |
Net loans |
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| 517,928 |
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| 472,913 |
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Accrued interest receivable |
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| 2,566 |
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| 2,389 |
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Property and equipment, net |
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| 13,118 |
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| 11,050 |
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Other assets |
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| 7,812 |
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| 8,774 |
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Total assets |
| $ | 686,503 |
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| $ | 613,596 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Liabilities |
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Deposits |
| $ | 623,226 |
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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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| 317 |
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| 432 |
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Accrued expenses and other liabilities |
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| 5,132 |
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| 4,401 |
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Total liabilities |
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| 639,923 |
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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 September 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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| 51,310 |
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| 47,659 |
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Accumulated other comprehensive Income (loss) |
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| (6,089 | ) |
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| (8,541 | ) |
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Total stockholders' equity |
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| 46,580 |
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| 40,477 |
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Total liabilities and stockholders' equity |
| $ | 686,503 |
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| $ | 613,596 |
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* Derived from audited financial statements |
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KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Income (Unaudited)
| Three Months Ended |
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| Nine Months Ended |
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| 30-Sep |
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| 30-Sep |
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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 |
| $ | 8,283 |
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| $ | 6,615 |
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| $ | 23,520 |
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| $ | 18,653 |
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Investment securities |
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Taxable |
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| 561 |
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| 484 |
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| 1,574 |
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| 1445 |
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Tax-exempt |
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| 185 |
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| 203 |
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| 589 |
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| 612 |
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Dividends |
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| 6 |
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| 5 |
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| 18 |
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| 15 |
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Interest-bearing deposits |
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| 325 |
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| 271 |
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| 722 |
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| 814 |
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Total interest and dividend income |
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| 9,360 |
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| 7,578 |
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| $ | 26,423 |
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| 21,539 |
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Interest expense: |
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Deposits |
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| 3,690 |
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| 2,395 |
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| 9,628 |
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| 5,713 |
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Borrowings |
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| 185 |
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| 187 |
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| 750 |
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| 565 |
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Total interest expense |
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| 3,875 |
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| 2,582 |
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| 10,378 |
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| 6,278 |
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Net interest income |
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| 5,485 |
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| 4,996 |
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| 16,045 |
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| 15,261 |
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Provision for loan losses |
|
| 171 |
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| 180 |
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| 454 |
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| 290 |
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Net interest income after provision for loan losses |
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| 5,314 |
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| 4,816 |
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| 15,591 |
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| 14,971 |
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Noninterest income: |
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Service charges on deposit accounts |
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| 340 |
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| 330 |
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| 974 |
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| 985 |
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Fees from trust services |
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| 372 |
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| 312 |
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| 1,023 |
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| 894 |
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Other income |
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| 169 |
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| 170 |
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|
| 576 |
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| 500 |
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Total noninterest income |
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| 881 |
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| 812 |
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| 2,573 |
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| 2,379 |
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Noninterest expenses: |
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Compensation and benefits |
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| 2,532 |
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| 2,374 |
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| 7,547 |
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| 7,096 |
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Occupancy and equipment |
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| 631 |
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| 553 |
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| 1,784 |
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| 1,591 |
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Data processing & outside service fees |
|
| 253 |
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| 220 |
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| 732 |
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| 633 |
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Advertising |
|
| 62 |
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| 63 |
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|
| 172 |
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| 178 |
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Other |
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| 706 |
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| 622 |
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| 2,060 |
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| 1,899 |
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Total noninterest expenses |
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| 4,184 |
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| 3,832 |
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| 12,295 |
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| 11,397 |
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Income before income taxes |
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| 2,011 |
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| 1,796 |
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| 5,869 |
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| 5,953 |
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Income tax |
|
| 550 |
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| 365 |
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| 1,365 |
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| 1,244 |
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Net income |
| $ | 1,461 |
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| $ | 1,431 |
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| $ | 4,504 |
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| $ | 4,709 |
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Basic and Diluted earnings per share |
| $ | 1.32 |
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| $ | 1.29 |
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| $ | 4.07 |
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| $ | 4.25 |
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Contact:
Earl W. Worley, Jr.
President and Chief Executive Officer
(919) 938-3101
or
Regina J Smith
Chief Financial Officer
(919) 938-3101
SOURCE: KS Bancorp, Inc.
View the original press release on accesswire.com
FAQ
What was KSBI's net income for Q3 2024?
How much did KSBI's total deposits grow in 2024?
What dividend did KSBI declare for Q3 2024?
What was KSBI's asset growth in 2024?
