KS Bancorp, Inc. (KSBI) Reports 25% Increase in Net Income Year over Year
Rhea-AI Summary
KS Bancorp (OTCID:KSBI) reported Q1 net income of $2.59 million for the quarter ended March 31, 2026, versus $2.08 million a year earlier. EPS was $2.34. Total assets rose to $874.1 million and deposits reached $799.2 million.
The Board declared a quarterly dividend of $0.30 per share, payable May 7, 2026 to holders of record April 27, 2026.
Positive
- Net income of $2.59M in Q1 2026, up ~25% year-over-year
- Net interest income increased to $7.80M, up 23.1% YoY
- Total assets grew to $874.1M, a 6.3% increase since year-end 2025
- Deposits rose to $799.2M, up 6.6% since year-end 2025
- Board declared quarterly dividend of $0.30 per share
Negative
- Noninterest expense increased to $5.10M, up 16.4% YoY
- Provision for loan losses rose to $379K from $195K, reflecting higher loan reserve expense
- Community Bank Leverage Ratio declined to 8.60% from 9.02% at year-end 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
SMITHFIELD, NC / ACCESS Newswire / April 22, 2026 / KS Bancorp, Inc. (the "Company") (OTCID:KSBI), parent company of KS Bank, Inc. (the "Bank"), reported strong financial results for the first quarter and the year ended March 31, 2026.
Financial Highlights
Net income of
$2.6 million for the first quarter of 2026Earnings per share of
$2.34 , compared to$1.87 in the prior‑year quarterTotal assets increased to
$874.1 million , up$51.5 million , or6.3% , since year‑end 2025Net loans grew to
$687.5 million , an increase of$23.3 million , or3.5% , from December 31, 2025Deposits totaled
$799.2 million , an increase of$49.6 million , or6.6% , since year‑endNet interest income before the provision increased
23.1% year over year to$7.8 million
Income Statement Review
For the three months ended March 31, 2026, net income totaled
Balance Sheet Performance
As of March 31, 2026, the Company's unaudited consolidated total assets were
Management Commentary
Commenting on the first quarter results, Earl W. Worley, Jr., President and CEO of the Company, stated, "We are very pleased with our first quarter performance, which reflects continued momentum across our organization. Net income increased to
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. Eleven full-service branches are located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, Four Oaks, Dunn, and Bailey, 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
March 31, 2026 | December 31, | |||||||
(unaudited) | 2025 | * | ||||||
(Dollars in thousands) | ||||||||
ASSETS | ||||||||
Cash and due from banks: | ||||||||
Interest-earning | $ | 58,625 | $ | 30,244 | ||||
Noninterest-earning | 6,145 | 5,259 | ||||||
Time Deposit | 738 | 746 | ||||||
Investment securities available for sale, at fair value | 93,962 | 95,158 | ||||||
Federal Home Loan Bank stock, at cost | 590 | 498 | ||||||
Loans | 692,854 | 669,267 | ||||||
Less allowance for loan losses | (5,362 | ) | (5,062 | ) | ||||
Net loans | 687,492 | 664,205 | ||||||
Accrued interest receivable | 3,340 | 3,078 | ||||||
Foreclosed assets, net | 450 | 500 | ||||||
Property and equipment, net | 13,477 | 13,603 | ||||||
Other assets | 9,285 | 9,312 | ||||||
Total assets | $ | 874,104 | $ | 822,603 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Liabilities | ||||||||
Deposits | $ | 799,194 | $ | 749,601 | ||||
Short-term borrowings | - | - | ||||||
Long-term borrowings | 11,248 | 11,248 | ||||||
Accrued interest payable | 417 | 405 | ||||||
Accrued expenses and other liabilities | 5,925 | 5,505 | ||||||
Total liabilities | 816,784 | 766,759 | ||||||
Stockholder's Equity: | ||||||||
Preferred stock, no par value, 500,000 shares authorized; none issued and outstanding | ||||||||
Common stock, no par value, 3,500,000 shares authorized; 1,107,776 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 1,359 | 1,359 | ||||||
Retained earnings, substantially restricted | 63,072 | 60,814 | ||||||
Accumulated other comprehensive Income (loss) | (7,111 | ) | (6,329 | ) | ||||
Total stockholders' equity | 57,320 | 55,844 | ||||||
Total liabilities and stockholders' equity | $ | 874,104 | $ | 822,603 | ||||
* Derived from audited financial statements | ||||||||
KS Bancorp, Inc and Subsidiary
Consolidated Statement of Income
Three Months Ended | ||||||||
31-Mar | ||||||||
2026 | 2025 | |||||||
(In thousands, except per share data) | ||||||||
Interest and dividend income: | ||||||||
Loans | $ | 11,126 | $ | 8,956 | ||||
Investment securities | ||||||||
Taxable | 620 | 560 | ||||||
Tax-exempt | 185 | 181 | ||||||
Dividends | 7 | 6 | ||||||
Interest-bearing deposits | 414 | 131 | ||||||
Total interest and dividend income | 12,352 | 9,834 | ||||||
Interest expense: | ||||||||
Deposits | 4,402 | 3,314 | ||||||
Borrowings | 153 | 188 | ||||||
Total interest expense | 4,555 | 3,502 | ||||||
Net interest income | 7,797 | 6,332 | ||||||
Provision for loan losses | 379 | 195 | ||||||
Net interest income after | ||||||||
provision for loan losses | 7,418 | 6,137 | ||||||
Noninterest income: | ||||||||
Service charges on deposit accounts | 367 | 325 | ||||||
Fees from trust services | 443 | 371 | ||||||
Other income | 187 | 216 | ||||||
Total noninterest income | 997 | 912 | ||||||
Noninterest expenses: | ||||||||
Compensation and benefits | 3,080 | 2,669 | ||||||
Occupancy and equipment | 719 | 660 | ||||||
Data processing & outside service fees | 335 | 264 | ||||||
Advertising | 51 | 53 | ||||||
Other | 911 | 731 | ||||||
Total noninterest expenses | 5,096 | 4,377 | ||||||
Income before income taxes | 3,319 | 2,672 | ||||||
Income tax | 729 | 597 | ||||||
Net income | $ | 2,590 | $ | 2,075 | ||||
Basic and Diluted earnings per share | $ | 2.34 | $ | 1.87 | ||||
Contact: Earl W. Worley, Jr. | Regina J Smith |
SOURCE: KS Bancorp, Inc.
View the original press release on ACCESS Newswire