Welcome to our dedicated page for Ks Bancorp news (Ticker: KSBI), a resource for investors and traders seeking the latest updates and insights on Ks Bancorp stock.
KS Bancorp, Inc. reports recurring developments as the parent company of KS Bank, Inc., a state-chartered savings bank and full-service community bank serving eastern North Carolina. Company updates center on quarterly and annual earnings, net interest income, loan and deposit trends, asset growth, noninterest income and expenses, and regulatory capital measures such as the Community Bank Leverage Ratio.
KSBI news also includes cash dividend declarations and branch-network activity for KS Bank. The bank offers personal and business banking products and services, mortgages, and trust services through full-service offices in North Carolina communities.
KS Bancorp, Inc. (OTC Pink: KSBI) announces a leadership transition plan. Harold T. Keen, who has served as President and CEO since 1990, will become Executive Vice Chairman while retaining the CEO role for KS Bancorp. Earl W. Worley, Jr. assumes the role of President and CEO of KS Bank, bringing 30 years of experience. Dit L. Breault will be the new Chief Operations Officer. This transition marks a significant change in the bank's leadership structure, as KS Bank continues its commitment to serving eastern North Carolina since 1924.
KS Bancorp, Inc. (OTC Pink: KSBI) reported a net income of $1.7 million or $1.52 per diluted share for Q3 2021, marking a 47.16% increase compared to Q3 2020. For the nine months ended September 30, 2021, net income totaled $4.7 million. Net interest income before provisions was $4.7 million in Q3 2021, up from $3.8 million in Q3 2020. Total assets increased to $559.1 million, with total deposits rising 18.2% to $475.9 million. The Board declared a quarterly dividend of $0.16 per share.
KS Bancorp, Inc. (OTC Pink: KSBI) reported a net income of $1.519 million or $1.37 per diluted share for Q2 2021, marking a 56.4% increase from $971,000 in Q2 2020. For the first half of 2021, net income rose to $3.0 million or $2.69 per diluted share, up from $1.9 million. Total assets reached $533.6 million, up $47.8 million since December 2020. Deposits increased by 12.3% to $452.1 million. However, net loan balances decreased by $23.4 million, primarily due to the forgiveness of PPP loans. A quarterly dividend of $0.16 per share was declared for payment on August 9, 2021.
KS Bancorp, Inc. (OTCBB: KSBI) reported strong first-quarter results for 2021, with net income of $1.46 million ($1.32 per diluted share), marking a 58.2% increase year-over-year. Net interest income rose to $4.2 million, while noninterest income slightly declined to $675,000. Deposits surged by 7.2% to $431.4 million, indicating robust balance sheet growth. The company declared a quarterly dividend of $0.12 per share, payable on May 10, 2021. KS Bancorp remains well-capitalized with total risk-based capital at 13.39%, showcasing its financial stability amid economic challenges.