KS Bancorp, Inc. (KSBI) Reports 50% Increase in Net Income for First Quarter 2025 and Declares Quarterly Dividend
KS Bancorp (KSBI) reported strong Q1 2025 financial results with a 50% increase in net income to $2.1 million ($1.87 per diluted share), compared to $1.4 million ($1.25 per diluted share) in Q1 2024.
Key financial metrics include:
- Net interest income rose to $6.3 million from $5.1 million
- Total assets increased by $31.2 million to $722.1 million
- Net loans grew by $7.1 million to $561.6 million
- Deposits increased by $39.4 million to $657.6 million, including 5.2% growth in core deposits
The bank maintains strong asset quality with nonperforming assets below 0.10% of total assets. The Board declared a quarterly dividend of $0.27 per share, payable on May 5, 2025, to stockholders of record as of April 25, 2025. The bank remains well-capitalized with a Community Bank Leverage Ratio of 9.31%.
KS Bancorp (KSBI) ha riportato risultati finanziari solidi nel primo trimestre 2025 con un aumento del 50% dell'utile netto, che ha raggiunto i 2,1 milioni di dollari (1,87 dollari per azione diluita), rispetto a 1,4 milioni di dollari (1,25 dollari per azione diluita) nel primo trimestre 2024.
I principali indicatori finanziari includono:
- Il reddito netto da interessi è salito a 6,3 milioni di dollari da 5,1 milioni
- Le attività totali sono aumentate di 31,2 milioni di dollari, raggiungendo i 722,1 milioni
- I prestiti netti sono cresciuti di 7,1 milioni, arrivando a 561,6 milioni
- I depositi sono aumentati di 39,4 milioni, toccando i 657,6 milioni, con una crescita del 5,2% dei depositi core
La banca mantiene una forte qualità degli attivi, con attività non performanti inferiori allo 0,10% del totale degli attivi. Il Consiglio di Amministrazione ha dichiarato un dividendo trimestrale di 0,27 dollari per azione, pagabile il 5 maggio 2025 agli azionisti registrati al 25 aprile 2025. La banca resta ben capitalizzata con un Community Bank Leverage Ratio del 9,31%.
KS Bancorp (KSBI) reportó sólidos resultados financieros en el primer trimestre de 2025 con un aumento del 50% en el ingreso neto, alcanzando 2.1 millones de dólares (1.87 dólares por acción diluida), en comparación con 1.4 millones de dólares (1.25 dólares por acción diluida) en el primer trimestre de 2024.
Los principales indicadores financieros incluyen:
- El ingreso neto por intereses aumentó a 6.3 millones de dólares desde 5.1 millones
- Los activos totales crecieron 31.2 millones, llegando a 722.1 millones
- Los préstamos netos aumentaron 7.1 millones, alcanzando 561.6 millones
- Los depósitos crecieron 39.4 millones, llegando a 657.6 millones, incluyendo un crecimiento del 5.2% en depósitos básicos
El banco mantiene una alta calidad de activos, con activos no productivos por debajo del 0.10% del total de activos. La Junta declaró un dividendo trimestral de 0.27 dólares por acción, pagadero el 5 de mayo de 2025 a los accionistas registrados al 25 de abril de 2025. El banco sigue bien capitalizado con un índice de apalancamiento comunitario del 9.31%.
KS Bancorp (KSBI)는 2025년 1분기에 순이익이 50% 증가하여 210만 달러(희석 주당 1.87달러)를 기록했으며, 이는 2024년 1분기의 140만 달러(희석 주당 1.25달러)와 비교됩니다.
주요 재무 지표는 다음과 같습니다:
- 순이자수익이 510만 달러에서 630만 달러로 증가
- 총자산이 3,120만 달러 증가하여 7억 2,210만 달러
- 순대출금이 710만 달러 증가하여 5억 6,160만 달러
- 예금이 3,940만 달러 증가하여 6억 5,760만 달러, 이 중 핵심 예금은 5.2% 성장
은행은 총자산 대비 0.10% 미만의 부실자산으로 강한 자산 건전성을 유지하고 있습니다. 이사회는 주당 0.27달러의 분기 배당금을 선언했으며, 2025년 5월 5일에 2025년 4월 25일 기준 주주에게 지급될 예정입니다. 은행은 9.31%의 커뮤니티 뱅크 레버리지 비율로 자본 건전성을 유지하고 있습니다.
KS Bancorp (KSBI) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec une augmentation de 50 % du bénéfice net à 2,1 millions de dollars (1,87 dollar par action diluée), contre 1,4 million de dollars (1,25 dollar par action diluée) au premier trimestre 2024.
Les principaux indicateurs financiers sont les suivants :
- Le produit net d'intérêts est passé de 5,1 millions à 6,3 millions de dollars
- Le total des actifs a augmenté de 31,2 millions pour atteindre 722,1 millions
- Les prêts nets ont progressé de 7,1 millions pour atteindre 561,6 millions
- Les dépôts ont augmenté de 39,4 millions pour atteindre 657,6 millions, incluant une croissance de 5,2 % des dépôts de base
La banque maintient une bonne qualité d'actifs avec des actifs non performants inférieurs à 0,10 % du total des actifs. Le conseil d'administration a déclaré un dividende trimestriel de 0,27 dollar par action, payable le 5 mai 2025 aux actionnaires inscrits au 25 avril 2025. La banque reste bien capitalisée avec un ratio de levier communautaire de 9,31 %.
KS Bancorp (KSBI) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem 50%igen Anstieg des Nettogewinns auf 2,1 Millionen US-Dollar (1,87 US-Dollar je verwässerter Aktie) im Vergleich zu 1,4 Millionen US-Dollar (1,25 US-Dollar je verwässerter Aktie) im ersten Quartal 2024.
Wichtige Finanzkennzahlen umfassen:
- Der Nettozinsertrag stieg von 5,1 Millionen auf 6,3 Millionen US-Dollar
- Die Gesamtaktiva erhöhten sich um 31,2 Millionen auf 722,1 Millionen US-Dollar
- Die Nettokredite wuchsen um 7,1 Millionen auf 561,6 Millionen US-Dollar
- Die Einlagen stiegen um 39,4 Millionen auf 657,6 Millionen US-Dollar, einschließlich eines Wachstums der Kerneinlagen um 5,2%
Die Bank hält eine starke Asset-Qualität mit notleidenden Krediten unter 0,10% der Gesamtaktiva. Der Vorstand erklärte eine Quartalsdividende von 0,27 US-Dollar je Aktie, zahlbar am 5. Mai 2025 an die am 25. April 2025 eingetragenen Aktionäre. Die Bank bleibt mit einer Community Bank Leverage Ratio von 9,31% gut kapitalisiert.
- Net income increased 50% year-over-year to $2.1 million
- Net interest income grew 23.5% to $6.3 million
- Total deposits increased by $39.4 million (6.4%)
- Core deposits grew by 5.2%
- Strong asset quality with nonperforming assets below 0.10%
- Community Bank Leverage Ratio improved to 9.31%
- Noninterest expenses increased 9.9% to $4.4 million
- Provision for loan losses increased to $195,000 from $169,000
SMITHFIELD, NC / ACCESS Newswire / April 17, 2025 / KS Bancorp, Inc. (the "Company") (OTC PINK:KSBI), the parent company of KS Bank, Inc. (the "Bank"), announced unaudited results for the first quarter of 2025.
The Company reported net income of
Net interest income before the provision for credit losses for the three months ended March 31, 2025, was
The Company's unaudited consolidated total assets increased by
As of March 31, 2025, nonperforming assets consisted of nonaccrual loans of
Commenting on the first quarter results, Earl W. Worley, Jr., President and CEO of the Company, stated, "We are proud to report another strong quarter for KS Bancorp, highlighted by a
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, mortgages, and trust services. There are ten full-service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, Four Oaks, and Dunn, North Carolina. For more information, visit www.ksbankinc.com.
For additional information, contact Regina J. Smith, Chief Financial Officer at 919.938.3101
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, 2025 |
|
| December 31, |
| ||
| (unaudited) |
|
| 2024* |
| ||
|
|
|
|
|
|
| |
| (Dollars in thousands) |
| |||||
ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Cash and due from banks: |
|
|
|
|
|
| |
Interest-earning | $ | 34,208 |
|
| $ | 10,627 |
|
Noninterest-earning |
| 4,627 |
|
|
| 4,897 |
|
Time Deposit |
| 823 |
|
|
| 523 |
|
Investment securities available for sale, at fair value |
| 96,500 |
|
|
| 95,946 |
|
Federal Home Loan Bank stock, at cost |
| 498 |
|
|
| 469 |
|
Loans |
| 566,036 |
|
|
| 558,779 |
|
Less allowance for loan losses |
| (4,449 | ) |
|
| (4,259 | ) |
Net loans |
| 561,587 |
|
|
| 554,520 |
|
|
|
|
|
|
|
|
|
Accrued interest receivable |
| 2,929 |
|
|
| 2,655 |
|
Foreclosed assets, net |
| - |
|
|
| - |
|
Property and equipment, net |
| 12,126 |
|
|
| 12,231 |
|
Other assets |
| 8,781 |
|
|
| 8,981 |
|
|
|
|
|
|
|
|
|
Total assets | $ | 722,079 |
|
| $ | 690,849 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
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|
|
Liabilities |
|
|
|
|
|
|
|
Deposits | $ | 657,577 |
|
| $ | 618,156 |
|
Short-term borrowings | $ | - |
|
| $ | 11,144 |
|
Long-term borrowings |
| 11,248 |
|
|
| 11,248 |
|
Accrued interest payable |
| 329 |
|
|
| 323 |
|
Accrued expenses and other liabilities |
| 5,424 |
|
|
| 4,675 |
|
|
|
|
|
|
|
|
|
Total liabilities |
| 674,578 |
|
|
| 645,546 |
|
|
|
|
|
|
|
|
|
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, 2025 and December 31, 2024, respectively |
| 1,359 |
|
|
| 1,359 |
|
Retained earnings, substantially restricted |
| 54,450 |
|
|
| 52,675 |
|
Accumulated other comprehensive |
| (8,308 | ) |
|
| (8,731 | ) |
|
|
|
|
|
|
|
|
Total stockholders' equity |
| 47,501 |
|
|
| 45,303 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity | $ | 722,079 |
|
| $ | 690,849 |
|
|
|
|
|
|
|
| |
* Derived from audited financial statements |
|
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|
KS Bancorp, Inc and Subsidiary
Consolidated Statement of Income
| Three Months Ended |
| ||||||
| 31-Mar |
| ||||||
| 2025 |
|
| 2024 |
| |||
| (In thousands, except per share data) |
| ||||||
Interest and dividend income: |
|
|
|
|
|
| ||
Loans |
| $ | 8,956 |
|
| $ | 7,453 |
|
Investment securities |
|
|
|
|
|
|
|
|
Taxable |
|
| 560 |
|
|
| 500 |
|
Tax-exempt |
|
| 181 |
|
|
| 202 |
|
Dividends |
|
| 6 |
|
|
| 6 |
|
Interest-bearing deposits |
|
| 131 |
|
|
| 120 |
|
Total interest and dividend income |
|
| 9,834 |
|
|
| 8,281 |
|
|
|
|
|
|
|
|
| |
Interest expense: |
|
|
|
|
|
|
|
|
Deposits |
|
| 3,314 |
|
|
| 2,806 |
|
Borrowings |
|
| 188 |
|
|
| 373 |
|
Total interest expense |
|
| 3,502 |
|
|
| 3,179 |
|
|
|
|
|
|
|
|
| |
Net interest income |
|
| 6,332 |
|
|
| 5,102 |
|
|
|
|
|
|
|
|
| |
Provision for loan losses |
|
| 195 |
|
|
| 169 |
|
|
|
|
|
|
|
|
| |
Net interest income after |
|
|
|
|
|
|
|
|
provision for loan losses |
|
| 6,137 |
|
|
| 4,933 |
|
|
|
|
|
|
|
|
| |
Noninterest income: |
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
| 325 |
|
|
| 314 |
|
Fees from trust services |
|
| 371 |
|
|
| 317 |
|
Other income |
|
| 216 |
|
|
| 198 |
|
Total noninterest income |
|
| 912 |
|
|
| 829 |
|
|
|
|
|
|
|
|
| |
Noninterest expenses: |
|
|
|
|
|
|
|
|
Compensation and benefits |
|
| 2,669 |
|
|
| 2,502 |
|
Occupancy and equipment |
|
| 660 |
|
|
| 557 |
|
Data processing & outside service fees |
|
| 264 |
|
|
| 235 |
|
Advertising |
|
| 53 |
|
|
| 46 |
|
Other |
|
| 731 |
|
|
| 642 |
|
Total noninterest expenses |
|
| 4,377 |
|
|
| 3,982 |
|
|
|
|
|
|
|
|
| |
Income before income taxes |
|
| 2,672 |
|
|
| 1,780 |
|
|
|
|
|
|
|
|
| |
Income tax |
|
| 597 |
|
|
| 394 |
|
|
|
|
|
|
|
|
| |
Net income |
| $ | 2,075 |
|
| $ | 1,386 |
|
|
|
|
|
|
|
|
| |
Basic and Diluted earnings per share |
| $ | 1.87 |
|
| $ | 1.25 |
|
SOURCE: KS Bancorp, Inc.
View the original press release on ACCESS Newswire
FAQ
What was KSBI's earnings per share (EPS) for Q1 2025?
How much did KS Bancorp's deposits grow in Q1 2025?
What is the dividend amount and payment date for KSBI shareholders?
What is KS Bancorp's asset quality status as of Q1 2025?
How much did KSBI's net interest income grow in Q1 2025?
