Smithfield – KS Bancorp, Inc. (OTCBB: KSBI), the parent company of KS Bank, Inc. has announced unaudited net income of $668,000, or $.62 per diluted share, for the three months ended June 30, 2017, compared to a net income of $527,000, or $.40 per diluted share, for the three months ended June 30, 2016.
For the 6 months ended June 30, 2017, net income available to common shareholders totals $1.3 million or $1.08 per diluted share, compared to net income of $962,000 or $.73 per diluted share, for the same period ended June 30, 2016.
Net interest income for the three months ended June 30, 2017 was $3.0 million, compared to $2.8 million for the same period in 2016. Non-interest income for the three months ended June 30, 2017 was $708,000, compared to $701,000 for the same period ended June 30, 2016. Noninterest expense was $2.7 million for the three months ended June 30, 2017, compared to $2.6 million for the three months ended June 30, 2016.
The Company’s unaudited consolidated total assets increased $9.2 million to $368.6 million at June 30, 2017, compared to $359.4 million at December 31, 2016. Net loan balances increased 5.2% or $14 million with a balance of $280.0 million June 30, 2017, compared to $266.0 million at December 31, 2016. The Company’s investment securities totaled $63.3 million at June 30, 2017, compared to $66.2 million at December 31, 2016. Total deposits increased $5.8 million to $291.5 million at June 30, 2017, compared to $285.7 million at December 31, 2016. Total stockholders’ equity increased from $24.3 million at December 31, 2016 to $24.9 million at June 30, 2017.
Nonperforming assets, which includes nonaccrual loans and foreclosed real estate, represent less than 1.0% of the total assets. The nonperforming assets consist of $215,000 in foreclosed real estate and $857,000 in nonaccrual loans. The allowance for loan losses at June 30, 2017 totaled $3.8 million, or 1.34% of all outstanding loans.
KS Bank continues to be well-capitalized according to regulatory standards with total risk- based capital of 13.97%, tier 1 risk- based capital of 12.72%, common equity tier 1 risk- based capital of 12.72%, and a tier 1 leverage ratio of 9.74% at June 30, 2017. 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 wealth management advisory 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 Wealth Management has an office in Asheboro, NC and maintains a presence in Waynesville and Wilmington, NC.
