KS Bancorp, Inc., parent company of KS Bank, Inc. announced unaudited net income available to common shareholders of $350,000, or $.27 per diluted share, for the three months ended September 30, 2015, compared to a net income available to common shareholders of $331,000, or $.25 per diluted share, for the three months ended September 30, 2014. For the nine months ended September 30, 2015, net income available to common shareholders totaled $999,000, an increase in $408,000, or 69.04% from $591,000 for the same period ended September 30, 2014. Net income per common share increased from $0.45 at September 30, 2014 to $.76 at September 30, 2015.
Net interest income for the three months ended September 30, 2015 and September 30, 2014 was $2.6 million. Non-interest income for the period ended September 30, 2015 was $538,000,compared to $506,000 for the same period ended September 30, 2014. Non-interest expense for the three months ended September 30, 2015 was $2.6 million compared to $2.4 million for the same period ended September 30, 2014.
For the nine months ended September 30, 2015, net interest income was $7.8 million, compared to net interest income of $7.4 million for the nine months ended September 30, 2014. Noninterest income was $1.5 million and $1.4 million for the nine months ended September 30, 2015 and September 30, 2014, respectively. Non-interest expenses remain constant at $7.8 million for the nine months ended September 30, 2015 and September 30, 2014.
The Company’s unaudited consolidated total assets increased $12.2 million to $330.6 million at September 30, 2015, compared to $318.5 million at December 31, 2014. Net loan balancesincreased $17.5 million with a balance of $238.9 million at September 30, 2015, compared to $221.4 million at December 31, 2014.
| Commenting on the third quarter results, Harold Keen, President and CEO stated, “During the third quarter, KS Bank acquired a team of trust services officers, and their related book ofbusiness. Non-reoccurring expenses related to the start-up of trust services reduced earnings during the third quarter. Going forward trust services should be a net contributor to overallincome for the company. Off balance sheet assets under management by KS Wealth Management Services at September 30, 2015 were $85 million. The addition of trust services allows KS Bank to more fully build relationships with existing and future customers, and continues to build the value of KS Bancorp.”
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 servicecommunity 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 andwealth 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. |
