Smithfield, NC – KS Bancorp, Inc., parent company of KS Bank, Inc. announced Wednesday unaudited results for the fourth quarter and full year ending December 31, 2017.
The Company reported net income of $6,000 for the three months ended December 31, 2017, compared to net income of $610,000, or $0.47 per diluted share, for the three months ended December 31, 2016. Included in the fourth quarter 2017 is a one-time non-cash charge of $784,085 recorded as a tax expense related to the enactment of the Tax Cuts and Jobs Acts of 2017, signed into law December 2017. This charge is the result of the remeasurement of the Company’s deferred tax assets arising from a lower US corporate tax rate.
For the twelve months ended December 31, 2017 net income available to common shareholders totaled $2.06 million, or $1.57 per diluted share, compared to net income of $2.10 million, or $1.61 per diluted share, for the period ended December 31, 2016. Excluding the impact of the one-time non-cash charge of $784,085, net income would have been $2.8 million, or $2.17 per diluted share.
Net interest income for the three months ended December 31, 2017 was $3.2 million, compared to $2.9 million for the same period in 2016. Noninterest income for the three months ended December 31, 2017 was $711,000, compared to $739,000 for the same period ended December 31, 2016. For the three months ended December 31, 2017, noninterest expense was $2.8 million compared to $2.7 million for the three months ended December 31, 2016.
For the twelve months ended December 31, 2017, net interest income was $12.2 million, compared to $11.2 million for the twelve months ended December 31, 2016. Noninterest income was unchanged at $2.8 million for the twelve months ended December 31, 2017 and 2016. Noninterest expenses increased slightly to $11.0 million for the twelve months ended December 31, 2017, compared to $10.7 million for the twelve months ended December 31, 2016.
The Company’s unaudited consolidated total assets were $373.6 million at December 31, 2017, up $14.2 million, or 4.0%, compared to $359.4 million at December 31, 2016. Net loan balances were $285.9 million at December 31, 2017, up $19.9 million, or 7.5%, compared to $266.0 million at December 31, 2016.
The Company’s investment securities totaled $65.2 million at December 31, 2017, compared to $66.2 million at December 31, 2016. Total deposits were $296.5 million at December 31, 2017, up $10.8 million, or 3.8%, compared to $285.7 million at December 31, 2016. Total stockholders’ equity was $26.3 million at December 31, 2017, an increase of $1.9 million, or 7.8%, compared to $24.4 million at December 31, 2016.
