KS Bancorp, Inc. (OTCBB: KSBI), parent company of KS Bank, Inc.,
reports today financial results for the quarter ended December 31,
2005. The Company ended the year with a 30.9% increase in net
income over 2004. In addition, the Company grew assets 10.4% during
the year. For the fourth quarter of 2005 consolidated earnings were
$451,000, or $.34 per diluted share, compared to earnings of
$429,000, or $0.30 per diluted share, for the same period in 2004.
Year to date net income increased 30.8% from $1,290,000 at December
31, 2004 to $1,688,000 at December 31, 2005 resulting in a 36.2%
increase for the year in net income per common share. Net interest
income for the year ended December 31, 2005 totaled $8.6 million,
an increase of $964,000 or 12.7% over the $7.6 million for the year
ended December 31, 2004. This increase is primarily due to loan
growth and growth in investment securities. The investment
portfolio grew 11.6% and the loan portfolio grew 8.6% in 2005. The
Company has continued its growth in consolidated total assets,
which increased $24.5 million or 10.3% during the twelve months
ended December 31, 2005 from $236.9 million at December 31, 2004 to
$261.4 million at December 31, 2005. This growth in the Company's
total assets resulted primarily from an increase of $14.4 million
in net loans from $178.9 to $193.3 at December 31, 2004 and
December 31, 2005, respectively. In addition, investments increased
$4.5 million. Funding for this growth was provided primarily from
increases in customer deposits. Total deposits increased to $194.8
million at December 31, 2005. This represents a $25.5 million or
15.1% increase from December 31, 2004. Total stockholders' equity
decreased $3.3 million from $18.9 million at December 31, 2004 to
$15.6 million at December 31, 2005. On March 15, 2005 the Company
filed an amendment to its Articles of Incorporation which provided
for a 1-for-200 reverse stock split that became effective at 6:00
p.m. E.S.T on March 17, 2005, and a subsequent 250-for-1 forward
stock split that became effective at 6:00 a.m. on March 18, 2005.
The decrease in equity is the result of the repurchase of common
shares pursuant to the Company's recapitalization, as well as a
separate repurchase of a block of shares that became available to
the Company. A total of 172,555 shares were repurchased at a total
cost of $3.8 million. On June 27, 2005, the Company issued $5.2 in
Junior Subordinated Debentures. These funds provided additional
capital for on going operations and funding for the block
repurchase. As of December 31, 2005, KS Bancorp had 1,309,501
common shares issued and outstanding. Commenting on 2005 results,
Harold Keen, President and CEO, stated, "I am delighted with the
2005 results and reaching our goals for the year. We began 2005 by
targeting relationship growth in both deposits and loans, and we
were successful growing both areas. The entire KS Bank team
continues to build solid customer relationships that will allow us
to grow the value of KS Bancorp." In addition to the earnings
report issued today, KS Bancorp, Inc. announced the payment of a
quarterly cash dividend of $0.13 per share for stockholders of
record on January 23, 2006, with payment to be made on February 2,
2006. 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 emphasizes being a
full service community bank offering traditional banking products
and services through its operation of seven full service branches
located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, and
Smithfield, North Carolina. 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. -0- *T KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition
----------------------------------------------------------------------
Dec 31, 2005 Dec 31, 2004 (Unaudited) (Audited) ------------
------------ (In thousands) ASSETS Cash and due from banks:
Interest-earning $ 8,436 $ 5,137 Noninterest-earning 1,333 1,038
Time Deposit 100 100 Investment securities: Available for sale
43,904 39,358 Federal Home Loan Bank stock, at cost 2,512 2,558
Presold mortgages in process of settlement 884 138 Loans 195,461
180,302 Less Allowance for loan losses (2,085) (1,419) -----------
---------- Net loans 193,376 178,883 Accrued interest receivable
1,354 1,114 Foreclosed assets, net 567 545 Property and equipment,
net 7,381 6,859 Other assets 1,590 1,138 ---------- ----------
TOTAL ASSETS $ 261,437 $ 236,868 ========== ========== LIABILITIES
AND STOCKHOLDERS' EQUITY Liabilities: Deposits $ 194,778 $ 169,264
Securities sold under agreements to repurchase 510 114 Advances
from Federal Home Loan Bank 44,300 47,900 Junior subordinated
debentures 5,155 - Accrued interest payable 466 314 Accounts
payable and accrued expenses 615 356 --------- ---------- TOTAL
LIABILITIES 245,824 217,948 --------- ---------- Stockholders'
Equity: Preferred stock, no par value, 5,000,000 shares authorized;
no shares issued and outstanding - - Common stock, no par value,
authorized 20,000,000 shares; 1,309,501 and 1,197,029 shares issued
and outstanding in 2005 and 2004, respectively 1,607 5,420 Retained
earnings, substantially restricted 14,342 13,638 Accumulated other
comprehensive loss (336) (138) ---------- ---------- TOTAL
STOCKHOLDERS' EQUITY 15,613 18,920 ---------- ---------- TOTAL
LIABILITIES AND STOCKHOLDERS'EQUITY $ 261,437 $ 236,868 ==========
========== KS Bancorp, Inc. and Subsidiary Consolidated Statements
of Operations (Unaudited)
----------------------------------------------------------------------
Three Months Ended Twelve Months Ended December 31, December 31,
----------------- ------------------- 2005 2004 2005 2004
---------- ------ -------- ------- (In thousands, except per share
data) INTEREST INCOME Loans $ 3,625 $2,858 $ 13,380 $ 10,596
Investment securities: Taxable 201 208 781 862 Tax-exempt 232 168
882 473 Dividends 29 22 108 74 Interest-earning deposits 59 18 168
54 -------- ------ ------- ------- TOTAL INTEREST INCOME 4,146
3,274 15,319 12,059 -------- ------ ------- ------- INTEREST
EXPENSE Deposits 1,481 861 5,032 3,092 Borrowings 525 385 1,726
1,370 -------- ------ ------- ------ TOTAL INTEREST EXPENSE 2,006
1,246 6,758 4,462 -------- ------ ------- ------ NET INTEREST
INCOME 2,140 2,028 8,561 7,597 PROVISION FOR LOAN LOSSES 200 111
785 365 -------- ------ ------- ------ NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,940 1,917 7,776 7,232 -------- ------
------- ------ NON-INTEREST INCOME Service charges on deposit
accounts 276 219 1,027 903 Fees from presold mortgages 96 30 246
115 Gain on sale of investments - 7 - 10 Other income 45 13 113 72
-------- ------ ------ ------ TOTAL NON-INTEREST INCOME 417 269
1,386 1,100 -------- ------ ------ ------ NON-INTEREST EXPENSE
Compensation and benefits 1,032 983 4,235 3,855 Occupancy and
equipment 205 191 778 781 Data processing and outside service fees
177 174 681 620 Advertising 34 41 129 144 Net foreclosed real
estate 45 56 86 169 Other 247 236 961 953 -------- ------ ------
----- TOTAL NON-INTEREST EXPENSE 1,740 1,681 6,870 6,522 --------
------ ------ ----- INCOME BEFORE INCOME TAXES 617 505 2,292 1,810
INCOME TAXES 166 76 604 520 NET INCOME $ 451 $ 429 $ 1,688 $ 1,290
======== ====== ======== ======== NET INCOME PER COMMON SHARE (1)
Basic $ 0.34 $ 0.30 $ 1.24 $ 0.91 ======== ====== ======== ========
Diluted $ 0.34 $ 0.30 $ 1.24 $ 0.91 ======== ====== ========
======== DIVIDENDS PER COMMON SHARE (1) $ 0.13 $ 0.13 $ 0.52 $ 0.54
======== ====== ======== ======== (1) Per share amounts have been
adjusted to reflect the effect of the 1-for-200 reverse stock split
effected on March 17, 2005 and the 250-for-1 forward stock split
effected on March 18, 2005. *T
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