Business
KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2022 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2022 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"\n SMITHFIELD, N.C., Jan. 27, 2023 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the fourth quarter of 2022. The Company reported net income of $2.3 million or $2.11 per diluted share, for the three months ended December 31, 2022, an increase of 63.6% compared to net income of $1.4 million or $1.29 per diluted share, for the three months ended December 31, 2021. For the twelve months ended December 31, 2022, the Company reported an increase in net income of 24.0%. Net income was $7.6 million, or $6.82 per diluted share compared to $6.1 million, or $5.50 per diluted share for the twelve months ended December 31, 2021. For the twelve months ending December 31, 2021, it included non-recurring Payroll Protection Program (PPP) fee income which totaled $981,000. Net interest income before the provision for loan losses for the three months ended December 31, 2022 was $5.9 million compared to $4.4 million at December 31, 2021. The Company did not record any provision for loan losses during the fourth quarter 2022. Noninterest income for the three months ended December 31, 2022 was $782,000, compared to $735,000 for the comparable period ended December 31, 2021. Noninterest expense was $3.7 million for the three months ended December 31, 2022, compared to $3.3 million in the comparable period in 2021. For the twelve months ended December 31, 2022, net interest income before the provision for loan losses was $20.4 million, compared to $17.7 million for the twelve months ended December 31, 2021. Noninterest income was $3.0 million for the twelve month period ending December 31, 2022 compared to $2.9 million for the same period ended December 31, 2021. For the twelve months ended December 31, 2022, non-interest expenses was $13.9 million, compared to $12.5 million for the same period ending December 31, 2021. The Company’s unaudited consolidated total assets decreased $23.7 million, to $547.5 million at December 31, 2022, compared to $571.2 million at December 31, 2021. Net loan balances increased by $68.1 million, a 19.7% increase, to $413.7 million at December 31, 2022, compared to $345.6 million at December 31, 2021. The Company’s investment securities totaled $99.9 million at December 31, 2022, compared...