KS Bancorp, Inc. (KSBI) Announces Third Quarter 2018 Financial Results and Cash Dividend

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SMITHFIELD, N.C., Oct. 25, 2018 (GLOBE NEWSWIRE) — KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the third quarter of 2018.
The Company reported a 26.0% increase in net income for the third quarter of 2018. Net income was $985,000, or $0.89 per diluted share for the three months ended September 30, 2018, compared to net income of $782,000, or $0.60 per diluted share, for the three months ended September 30, 2017. For the nine months ended September 30, 2018, the Company reported a 28.4% increase in net income. Net income for the 2018 year to date period totaled $2.6 million, or $2.18 per diluted share, compared to net income of $2.1 million, or $1.57 per diluted share, for the nine month period ended September 30, 2017.For the three months ended September 30, 2018, earnings per diluted share increased 48.3%  to $0.89 per diluted share, compared to $0.60 per diluted share for the same period in 2017. For the nine months ended September 30, 2018 earnings per diluted share was $2.18, or a 38.9% increase compared to $1.57 for the nine months ended September 30, 2017. In addition to increased earnings, the increase in earnings per diluted share is the result of stock repurchases.  Net interest income for the three months ended September 30, 2018 was $3.2 million, compared to $3.3 million for the comparable period in 2017. Noninterest income for the three months ended September 30, 2018 was $865,000, compared to $702,000 for the comparable period ended September 30, 2017.  Noninterest expense was $2.8 million for the three months ended  September 30, 2018 and 2017.For the nine months ended September 30, 2018, net interest income was $9.4 million, compared to $9.0 million for the nine months ended September 30, 2017. Noninterest income was $2.4 million for the nine months ended September 30, 2018, compared to $2.1 million for the nine months ended September 30, 2017. Noninterest expense was $8.5 million for the nine months ended September 30, 2018, compared to $8.2 million for the nine months ended September 30, 2017.The Company’s unaudited consolidated total assets increased $16 million, or 4.3%, to $389.6 million at September 30, 2018, compared to $373.6 million at December 31, 2017. Net loan balances increased by $11.6 million, or 4.0%, to $297.6 million at September 30, 2018 compared to $286.0 million at December 31, 2017. The Company’s investment securities totaled $62.9 million at September 30, 2018, compared to $65.3 million at December 31, 2017.  Total deposits increased $22.8 million, or 7.70%, to $319.4 million at September 30, 2018, compared to $296.6 million at December 31, 2017. Total stockholders’ equity decreased from $26.3 million at December 31, 2017 to $20.3 million at September 30, 2018, as a result of accumulated other comprehensive losses and stock repurchases.
                        
Nonperforming assets consisted of $534,000 in nonaccrual loans at September 30, 2018, representing less than .25% of the Company’s total assets. The Company had no foreclosed real estate owned at September 30, 2018. The allowance for loan losses at September 30, 2018 totaled $4.1 million, or 1.35% of  loans. 
Commenting on the third quarter results, Harold Keen, President and CEO of the Company and the Bank, stated, “We are very pleased with the results of the first nine months of 2018.  Our team has done an outstanding job of growing the balance sheet and maintaining expenses, which is reflected in the 26.0% increase in net income for the third quarter.   In addition, we are located in growing North Carolina markets and we believe  this positions us  to continue to grow the Company soundly and profitably.”In addition, the Company announced today that its Board of Directors has declared a quarterly  dividend of $0.06 per share for stockholders of record as of October 26, 2018, with payment to be made on November 6, 2018. KS Bank continues to be well-capitalized according to regulatory standards with total risk-based capital of 13.60%, tier 1 risk- based capital of 12.35%, common equity tier 1 risk- based capital of 12.35%, and a tier 1 leverage ratio of 9.51% at September 30, 2018. 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 plus a mortgage servicing location in Greenville, NC. In addition, KS Trust Services has an office in Asheboro, NC and maintains 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.              

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KS Bancorp, Inc. (KSBI) Announces Third Quarter 2018 Financial Results and Cash Dividend

KS Bancorp, Inc. (KSBI) Announces Third Quarter 2018 Financial Results and Cash Dividend