KS Bancorp, Inc. (KSBI) Announces First Quarter 2006 Financial Results and Cash Dividend.
April 24 2006 - 2:34PM
Business Wire
KS Bancorp, Inc. (OTCBB: KSBI), parent company of KS Bank, Inc.,
reports today financial results for the quarter ended March 31,
2006. The Company began the year with a 20.7% increase in net
income as compared to the first quarter in 2005. In addition,
diluted earnings per share increased 33.3% during the same period.
Consolidated earnings for the first quarter of 2006 were $472,000,
or $0.36 per diluted share, compared to earnings of $391,000, or
$0.27 per diluted share, for the same period in 2005. Total
revenue, defined as interest income and non-interest income, for
the first quarter in 2006 was $4.6 million, an increase of 23.4 %
above the $3.8 million reported for the same quarter in 2005. This
increase is primarily due to loan growth, increased yields on prime
based loan products and growth in investment securities. Income
from loans grew 22.2% as compared to the same quarter in 2005. In
addition, interest income from securities grew 21.5% during the
first quarter 2006 as compared to the first quarter 2005. The
Company's consolidated total assets increased $10.3 million to
$271.7 million during the three months ended March 31, 2006 as
compared to $261.4 million at December 31, 2005. This growth
resulted primarily from increases in net loans from $194.3 at
December 31, 2005 to $201.4 at March 31, 2006. Investments grew
5.0% from $43.9 million at December 31, 2005 to $46.1 million at
March 31, 2006. Funding for this growth was provided primarily from
a 19.6% , or $9.6 million, increase in core deposits. Commenting on
the first quarter 2006 results, Harold Keen, President and CEO,
stated, "I am pleased with the increase in earnings for the first
quarter of 2006. Additionally, we began 2006 with aggressive goals
to grow demand deposits, and I am delighted that our entire team
has worked together to begin accomplishing this goal. We will
strive to continue this positive growth throughout 2006." 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 April 24, 2006, with payment to
be made on May 8, 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 March 31, 2006 December 31, (Unaudited) 2005(a)
------------------------------------ (In thousands) ASSETS Cash and
due from banks: Interest-earning $ 9,610 $ 8,436
Noninterest-earning 1,086 1,333 Time Deposit 100 100 Investment
securities: Available for sale 46,079 43,904 Held to maturity
Federal Home Loan Bank stock, at cost 2,516 2,512 Presold mortgages
in process of settlement 879 885 Loans 202,695 195,461 Less
Allowance for loan losses (2,218) (2,085) -------- -------- Net
loans 200,477 193,376 Accrued interest receivable 1,313 1,354
Foreclosed assets, net 635 568 Property and equipment, net 7,359
7,381 Other assets 1,673 1,589 -------- -------- TOTAL ASSETS $
271,727 $ 261,438 ======== ======== LIABILITIES AND STOCKHOLDERS'
EQUITY Liabilities: Deposits $ 203,732 $ 194,778 Short-term
borrowings 8,923 5,010 Long-term borrowings 41,955 44,955 Accrued
interest payable 469 466 Accounts payable and accrued expenses 807
616 -------- -------- TOTAL LIABILITIES 255,886 245,825
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 2006 and 2005,
respectively 1,607 1,607 Retained earnings, substantially
restricted 14,645 14,342 Accumulated other comprehensive loss (411)
(336) -------- -------- TOTAL STOCKHOLDERS' EQUITY 15,841 15,613
-------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $
271,727 $ 261,438 ======== ======== (a) Derived from audited
financial statements KS Bancorp, Inc. and Subsidiary Consolidated
Statements of Operations (Unaudited) Three Months Ended March 31,
-------------------------- 2006 2005 -------------------------- (In
thousands, except per share Data) INTEREST INCOME Loans $ 3,683 $
3,013 Investment securities: Taxable 242 197 Tax-exempt 233 194
Dividends 29 20 Interest-bearing deposits 45 29 ------- -------
TOTAL INTEREST INCOME 4,232 3,453 ------- ------- INTEREST EXPENSE
Deposits 1,553 1,011 Borrowings 459 374 ------- ------- TOTAL
INTEREST EXPENSE 2,012 1,385 ------- ------- NET INTEREST INCOME
2,220 2,068 PROVISION FOR LOAN LOSSES 150 185 ------- ------- NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 2,070 1,883 -------
------- NON-INTEREST INCOME Service charges on deposit accounts 282
226 Fees from presold mortgages 70 40 Other income 55 40 -------
------- TOTAL NON-INTEREST INCOME 407 306 ------- -------
NON-INTEREST EXPENSE Compensation and benefits 1,162 1,035
Occupancy and equipment 201 189 Data processing and outside service
fees 181 159 Advertising 29 22 Foreclosed real estate, net 7 42
Loss on sale of investments 7 5 Other 253 207 ------- ------- TOTAL
NON-INTEREST EXPENSE 1,840 1,659 ------- ------- INCOME BEFORE
INCOME TAXES 637 530 INCOME TAXES 165 139 ------- ------- NET
INCOME $ 472 $ 391 ======= ======= BASIC AND DILUTED NET INCOME PER
COMMON SHARE $ 0.36 $ 0.27 ======= ======= DIVIDENDS PER COMMON
SHARE $ 0.13 $ 0.13 ======= ======= *T
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