Business
KS Bancorp, Inc. (KSBI) Announces First Quarter 2022 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces First Quarter 2022 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"\n SMITHFIELD, N.C., April 21, 2022 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the first quarter of 2022. The Company reported net income of $1,367,000 or $1.23 per diluted share, for the three months ended March 31, 2022, compared to net income of $1,459,000 or $1.32 per diluted share, for the three months ended March 31, 2021. Comparing the first quarter 2022 to the first quarter of 2021, net income was $92,000 less, which was primarily attributed to $110,400 income from the Payroll Protection Plan (PPP) loans recognized in the first quartet of 2021. Net interest income for the three months ended March 31, 2022 and March 31, 2021 was $4.2 million. Noninterest income for the three months ended March 31, 2022 was $802,000, compared to $675,000 for the comparable period ended March 31, 2021. In the first quarter of 2022, there was a gain of $65,000 realized for prepayment of $24 million of Federal Home Loan Bank (FHLB) borrowings. Noninterest expense was $3.3 million for the three months ended March 31, 2022, as compared $2.9 million in the comparable period in 2021. The Company did not record any provision for loan losses during the first quarter 2022, compared to $123,000 in the first quarter of 2021. The Company’s unaudited consolidated total assets increased $3.2 million, to $574.4 million at March 31, 2022, compared to $571.2 million at December 31, 2021. Net loan balances increased by $2.5 million, to $348.1 million at March 31, 2022, compared to $345.6 million at December 31, 2021. The Company’s investment securities totaled $102.6 million at March 31, 2022, compared to $88.3 million at December 31, 2021. Total deposits increased $29.6 million or 6.0% to $517.0 million at March 31, 2022, compared to $487.4 million at December 31, 2021. For the three months ended March 31, 2022, there was a $29.7 million increase in core deposits and a $1.5 million decrease in brokered funding. Long-term borrowings decreased $24 million to $18 million at March 31, 2022 compared to $42 million at December 31, 2021. Total stockholders’ equity decreased $2.7 million to $33.9 million at March 31, 2022, from $36.6 million at December 31, 2021. The decrease in stockholders equity in primarily attributabl...