AskMuncher
2 years ago
$KSBI KS Bancorp, Inc. (KSBI) and KS Bank, Inc. Announces Executive Leadership Plan of Transition
Press Release | 01/04/2022
SMITHFIELD, N.C., Jan. 04, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of KS Bancorp, Inc. (the “Company”) (OTC Pink: KSBI), parent company of KS Bank, Inc. (the “Bank”), jointly announce today an executive leadership plan of transition.
Effective immediately, Harold T. Keen who has been President and CEO of KS Bank since July 1990 will transition to Executive Vice Chairman of KS Bank. Mr. Keen will remain as President and CEO of KS Bancorp, Inc.
Earl W. Worley, Jr., who is currently serving as the Bank’s Chief Operating Officer of KS Bank will become President and CEO of KS Bank. Mr. Worley has 30 years of bank management experience and has been in his current role since 2010. Prior to being appointed as Chief Operating Officer, Mr. Worley served as the Bank’s Chief Financial Officer from 1999 until 2010.
Dit L. Breault who is currently the Senior Operations officer for KS Bank will become the Chief Operations Officer and Executive Vice President of KS Bank. Mr. Breault has 29 years of banking experience and has been with KS Bank since July of 2021. Prior to coming to KS Bank, Mr. Breault served as Chief Compliance Officer of a regional community bank.
President Keen stated, “ It has been my honor to serve as President and CEO of KS Bank for the past thirty-one and a half years. I am also honored to be elected by the Bank Board to serve as Executive Vice Chair. I plan to continue to concentrate my efforts on strategic planning for both the Bank and KS Bancorp, customer acquisition, and service to the community organizations of which I am a part.”
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 serving the citizens of eastern North Carolina since 1924. The Bank offers a broad range of personal and business banking products and services, mortgage products and trust services. There are nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, North Carolina. In addition, KS Trust Services has a presence in Waynesville and Wilmington, NC. 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: Harold T. Keen
President and Chief Executive Officer
(919) 938-3101
AskMuncher
3 years ago
$KSBI KS Bancorp, Inc. (KSBI) Announces Second Quarter 2021 Financial Results and Cash Dividend
Press Release | 07/26/2021
SMITHFIELD, N.C., July 26, 2021 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTC Pink: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the second quarter of 2021.
The Company reported net income of $1,519,000 or $1.37 per diluted share, for the three months ended June 30, 2021, an increase of 56.4% compared to net income of $971,000 or $0.88 per diluted share, for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported net income of $3.0 million, or $2.69 per diluted share compared to $1.9 million, or $1.71 per diluted share for the six months ended June 30, 2020.
Net interest income for the three months ended June 30, 2021, was $4.4 million as compared to $3.6 million for the comparable period in 2020. Noninterest income for the three months ended June 30, 2021 was $708,000, compared to $681,000 for the comparable period ended June 30, 2020. Noninterest expense was $3.1 million for the three months ended June 30, 2021, as compared $3.0 million in the comparable period in 2020. The Company recorded a provision for loan losses of $123,000 during the second quarter 2021, compared to $70,000 in the second quarter of 2020.
For the six months ended June 30, 2021, net interest income before the provision for loan losses was $8.6 million, compared to $7.1 million for the six months ended June 30, 2020. Noninterest income and expenses remain stable for the six months ended June 30, 2021 and 2020. Noninterest income was $1.4 million and noninterest expense was $5.7 million.
The Company’s unaudited consolidated total assets increased $47.8 million, to $533.6 million at June 30, 2021, compared to $485.8 million at December 31, 2020. Net loan balances decreased by $23.4 million, to $345.2 million at June 30, 2021, compared to $368.6 million at December 31, 2020. The decrease in loans was primarily due to forgiveness of payroll protection plan loans (PPP). The balance of the first round PPP loans at June 30, 2021 was $2.0 million compared to $26.5 million at December 31, 2020. The Bank participated in the second around of PPP loans providing an additional $9.0 million in PPP loans that was reflected in the loan balance at June 30, 2021. The Company’s investment securities totaled $79.9 million at June 30, 2021, compared to $71.7 million at December 31, 2020. Total deposits increased $49.6 million or 12.3% to $452.1 million at June 30, 2021, compared to $402.5 million at December 31, 2020. For the six months ended June 30, 2021, there was a $50.8 million increase in core deposits. Total stockholders’ equity increased $2.2 million or 6.95% from $32.0 million at December 31, 2020 to $34.2 million at June 30, 2021.
Nonperforming assets consisted of $557,000 nonaccrual loans at June 30, 2021, representing less than 0.50% of the Company’s total assets. The Company had $621,000 foreclosed real estate owned at June 30, 2021. The allowance for loan losses at June 30, 2021 totaled $4.9 million, or 1.40% of total loans.
Commenting on the second quarter results, Harold Keen, President and CEO of the Company and the Bank, stated, “Second quarter balance sheet growth continued with the increase in low cost demand demand deposits and profit increases were fueled by loan interest from Payroll Protection Loans (PPP). Loan growth excluding PPP was somewhat flat during the second quarter, but a strong pipeline of loans fueled by late spring economic activity is encouraging for current and future periods. We are extremely please that our Board of Directors approved a thirty-three (33) percent increase in dividends payable for the second quarter. This highlights the positive results for the first six months of 2021.”
In addition, the Company announced today that its Board of Directors has declared a quarterly dividend of $0.16 per share for stockholders of record as of July 30, 2021 with payment to be made on August 9, 2021.
KS Bank continues to be well-capitalized according to regulatory standards with total risk-based capital of 13.75%, tier 1 risk- based capital of 12.50%, common equity tier 1 risk- based capital of 12.50%, and a tier 1 leverage ratio of 8.35% at June 30, 2021. The minimum levels to be considered well capitalized for each of these ratios are 10.0%, 8.0%, 6.5%, and 5.0%, respectively.
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 serving the citizens of eastern North Carolina since 1924. The Bank offers a broad range of personal and business banking products and services, mortgage products and trust services. There are nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, North Carolina. In addition, KS Trust Services has a presence in Waynesville and Wilmington, NC. 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
June 30, 2021 December 31,
(unaudited) 2020*
(Dollars in thousands)
ASSETS
Cash and due from banks:
Interest-earning $ 86,103 $ 24,720
Noninterest-earning 2,875 3,128
Time Deposit 2,600 100
Investment securities available for sale, at fair value 79,850 71,714
Federal Home Loan Bank stock, at cost 1,443 1,851
Presold mortgages in process of settlement - -
Loans 350,095 373,237
Less allowance for loan losses (4,892 ) (4,644 )
Net loans 345,203 368,593
Accrued interest receivable 1,540 1,934
Foreclosed assets, net 621 621
Property and equipment, net 8,859 8,709
Other assets 4,563 4,458
Total assets $ 533,657 $ 485,828
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits $ 452,138 $ 402,523
Long-term borrowings 43,248 47,248
Accrued interest payable 232 246
Accrued expenses and other liabilities 3,792 3,790
Total liabilities 499,410 453,807
Stockholder's Equity:
Common stock, no par value, authorized 20,000,000 shares;
1,107,776 shares issued and outstanding at March 31, 2021 and 1,107,776 shares issued and outstanding at December 31, 2020 1,359 1,359
Retained earnings, substantially restricted 31,932 29,220
Accumulated other comprehensive loss 956 1,442
Total stockholders' equity 34,247 32,021
Total liabilities and stockholders' equity $ 533,657 $ 485,828
* Derived from audited financial statements
KS Bancorp, Inc and Subsidiary
Consolidated Statements of Income (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
(In thousands, except per share data)
Interest and dividend income:
Loans $ 4,560 $ 4,208 $ 8,947 $ 8,378
Investment securities
Taxable 251 299 514 630
Tax-exempt 138 41 238 81
Dividends 18 21 39 45
Interest-bearing deposits 15 3 21 14
Total interest and dividend income 4,982 4,572 9,759 9,148
Interest expense:
Deposits 264 635 550 1,337
Borrowings 296 321 595 712
Total interest expense 560 956 1,145 2,049
Net interest income 4,422 3,616 8,614 7,099
Provision for loan losses 123 70 246 115
Net interest income after
provision for loan losses 4,299 3,546 8,368 6,984
Noninterest income:
Service charges on deposit accounts 279 316 562 668
Fees from presold mortgages 17 31 49 34
Other income 412 334 772 687
Total noninterest income 708 681 1,383 1,389
Noninterest expenses:
Compensation and benefits 1,878 1,785 3,699 3,595
Occupancy and equipment 364 374 728 737
Data processing & outside service fees 232 223 461 454
Advertising 15 14 26 43
Other 581 597 1,052 1,135
Total noninterest expenses 3,070 2,993 5,966 5,964
Income before income taxes 1,937 1,234 3,785 2,409
Income tax 418 263 807 516
Net income $ 1,519 $ 971 $ 2,978 $ 1,893
Basic and Diluted earnings per share $ 1.37 $ 0.88 $ 2.69 $ 1.71
Contact: Harold T. Keen Regina J Smith
President and Chief Executive Officer Chief Financial Officer
(919) 938-3101 (919) 938-3101
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