KS Bancorp, Inc. (OTCBB: KSBI), parent company of KS Bank, Inc.,
reports today financial results for the quarter ended June 30,
2006. Consolidated earnings for the second quarter of 2006 were
$572,000, or $0.44 per diluted share, compared to earnings of
$422,000, or $0.30 per diluted share, for the same period in 2005.
This represents an increase in net income of 35.6% for 2006 second
quarter as compared to the 2005 second quarter. For the six months
ended June 30, 2006, net income totaled $1,044,000, an increase of
$231,000, or 28.4% over the $813,000 for the same period ended June
30, 2005. Net income per common share increased 40.4% from $0.57 at
June 30, 2005 to $0.80 at June 30, 2006. Comparing the six months
ended June 30, 2006 to June 30, 2005, net income after provision
for loan losses increased 10.26% from $3.9 million to $4.3 million,
which is primarily due to net interest margin. The Company's
consolidated total assets increased $21.9 million during the six
months ended June 30, 2006 from $261.4 million at December 31, 2005
to $283.3 million at June 30, 2006. This growth in the Company's
total assets resulted primarily from an increase of $17.0 million
in net loans from $193.4 million at December 31, 2005 to $210.4
June 30, 2006. Funding for this growth was provided primarily from
increases in demand deposits which grew 34.2% from December 31,
2005 to June 30, 2006. Total deposits increased to $213.7 million
at June 30, 2006 representing an $18.9 million or 9.70% increase
from December 31, 2005. Commenting on the second quarter 2006
results, Harold Keen, President and CEO, stated, "The first half of
this year has been excellent. We are continuing to grow profitable
loans and primarily fund the growth with demand deposits. I am
delighted with the increase in overall profits. The entire KS Bank
team continues to recognize what is important to customers,
stockholders, and employees." 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 July
21, 2006, with payment to be made on August 4, 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 June 30, 2006
December 31, (Unaudited) 2005 (a) ------------- ------------
(Dollars in thousands) ASSETS Cash and due from banks:
Interest-earning $ 11,375 $ 8,436 Noninterest-earning 1,085 1,333
Time Deposit 100 100 Investment securities: Available for sale
44,790 43,904 Federal Home Loan Bank stock, at cost 2,651 2,512
Presold mortgages in process of settlement 1,554 885 Loans 212,776
195,461 Less Allowance for loan losses (2,353) (2,085) ------------
------------ Net loans 210,423 193,376 Accrued interest receivable
1,404 1,354 Foreclosed assets, net 590 568 Property and equipment,
net 7,246 7,381 Other assets 2,120 1,589 ------------ ------------
TOTAL ASSETS $ 283,338 $ 261,438 ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits $
213,661 $ 194,778 Short-term borrowings 12,451 5,010 Long-term
borrowings 39,955 44,955 Accrued interest payable 490 466 Accounts
payable and accrued expenses 934 616 ------------ ------------
TOTAL LIABILITIES 267,491 245,825 ------------ ------------
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 shares
issued and outstanding in 2006 and 2005 1,607 1,607 Retained
earnings, substantially restricted 15,046 14,342 Accumulated other
comprehensive loss (806) (336) ------------ ------------ TOTAL
STOCKHOLDERS' EQUITY 15,847 15,613 ------------ ------------ TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $ 283,338 $ 261,438
============ ============ (a) Derived from audited financial
statements KS Bancorp, Inc. and Subsidiary Consolidated Statements
of Operations (Unaudited) Three Months Ended Six Months Ended June
30, June 30, ------------------ ---------------- 2006 2005 2006
2005 ------ ------ ------- ------ (In thousands, except per share
data) INTEREST INCOME Loans $ 4,050 $ 3,262 $ 7,733 $ 6,275
Investment securities: Taxable 242 190 484 387 Tax-exempt 240 226
473 420 Dividends 40 35 69 55 Interest-earning deposits 36 35 81 64
------- ------- ------- -------- TOTAL INTEREST INCOME 4,608 3,748
8,840 7,201 ------- ------- ------- -------- INTEREST EXPENSE
Deposits 1,720 1,169 3,273 2,180 Borrowings 510 419 969 790 -------
------- ------- -------- TOTAL INTEREST EXPENSE 2,230 1,585 4,242
2,970 ------- ------- ------- -------- NET INTEREST INCOME 2,378
2,163 4,598 4,231 PROVISION FOR LOAN LOSSES 150 180 300 365 -------
------- ------- -------- NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES 2,228 1,983 4,298 3,866 ------- ------- -------
-------- NON-INTEREST INCOME Service charges on deposit accounts
305 244 587 470 Fees from presold mortgages 91 48 161 88 Gain
(loss) on sale of investments 4 5 (3) - Other income 39 12 94 52
------- ------- -------- -------- TOTAL NON-INTEREST INCOME 439 309
839 610 ------- ------- -------- -------- NON-INTEREST EXPENSE
Compensation and benefits 1,164 1,066 2,326 2,101 Occupancy and
equipment 198 188 399 377 Data processing and outside service fees
188 174 369 333 Advertising 52 36 81 58 Net foreclosed real estate
16 (3) 23 39 Other 267 248 520 455 ------- -------- -------
-------- TOTAL NON-INTEREST EXPENSE 1,885 1,709 3,721 3,363 -------
-------- ------- -------- INCOME BEFORE INCOME TAXES 782 583 1,419
1,113 INCOME TAXES 210 161 375 300 ------- -------- -------
-------- NET INCOME $ 572 $ 422 $ 1,044 $ 813 ======= ========
======= ======== NET INCOME PER COMMON SHARE Basic $ .44 $ .30 $
.80 $ .57 ======= ======= ======= ======== Diluted $ .44 $ .30 $
.80 $ .57 ======= ======= ======= ======== DIVIDENDS PER COMMON
SHARE $ .13 $ .13 $ .26 $ .26 ======= ======= ======= ======== *T
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