Business
KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2021 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2021 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"\n SMITHFIELD, N.C., Jan. 26, 2022 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTC Pink: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the fourth quarter of 2021. The Company reported net income of $1.4 million or $1.29 per diluted share, for the three months ended December 31, 2021, an increase of 7.43% compared to net income of $1.3 million, or $1.20 per diluted share for the three months ended December 31, 2020. For the twelve months ended December 31, 2021, the Company reported an increase in net income of 39.2%. Net income was $6.1 million, or $5.50 per diluted share compared to $4.4 million, or $3.95 per diluted share for the twelve months ended December 31, 2020. Non-recurring Payroll Protection Program (PPP) fee income totaled $981,000 for 2021, compared to $430,000 in 2020. Net interest income before the provision for loan losses for the three months ended December 31, 2021, was $4.4 million as compared to $4.5 million for the comparable period in 2020. Noninterest income for the three months ended December 31, 2021 was $735,000, compared to $814,000 for the comparable period ended December 31, 2020. Noninterest expense was $3.3 million for the three months ended December 31, 2021, as compared $3.2 million in the comparable period in 2020. The Company did not record a provision for loan losses during the fourth quarter 2021, compared to $401,000 in the fourth quarter of 2020. For the twelve months ended December 31, 2021, net interest income before the provision for loan losses was $17.7 million, compared to $15.4 million for the twelve months ended December 31, 2020. Noninterest income was $2.9 million compared to $2.6 million for the twelve months ended December 31, 2021. For the twelve months ended December 31, 2021, noninterest expense was $12.5 million compared to $11.9 million for the same period in 2020. The Company’s unaudited consolidated total assets increased $85.4 million, to $571.2 million at December 31, 2021, compared to $485.8 million at December 31, 2020. Net loan balances decreased by $22.9 million, to $345.6 million at December 31, 2021, compared to $368.6 million at December 31, 2020. The decrease in loans was primarily due to forgiveness of PPP loans. The balance of the PPP loans at December 31, 2020 was $26.5 million. Th...