Business
KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2024 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2024 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"SMITHFIELD, NC / ACCESS Newswire / January 29, 2025 / KS Bancorp, Inc. (the "Company") (OTC PINK:KSBI), parent company of KS Bank, Inc. (the "Bank"), announced unaudited results for the fourth quarter of 2024 and cash dividend.The Company reported net income of $1.7 million or $1.49 per diluted share for the three months ended December 31, 2024, compared to net income of $1.5 million or $1.35 per diluted share for the three months ended December 31, 2023. During the fourth quarter of 2024, KS Bank booked one-time, non-recurring accounting expenses related to the redevelopment of our Garner branch site. The bank had excess land at its Garner, NC location. As a result, the bank subdivided the lot, demolished the old branch, built a new branch in the same location, and sold the remainder of the lot for commercial development. This new branch positions the bank to better serve the Garner, Wake County, NC area. Without these extraordinary expenses, net income for the fourth quarter would have been $2.1 million or $1.91 per diluted share for the three months ended December 31, 2024.Net interest income before the provision for credit losses for the three months ended December 31, 2024 was $6.2 million, compared to $5.0 million at December 31, 2023. Non-interest income for the three months ended December 31, 2024, was $915,000, compared to $840,000 for the comparable period ended December 31, 2023. Non-interest expense was $4.8 million for the three months ended December 31, 2024, compared to $4.0 million in the comparable period in 2023. Included in the non-interest expense for the three months ended December 31, 2024, are one-time net expenses related to the disposal of the former Garner Branch.For the twelve months ended December 31, 2024, the Company reported net income of $6.1 million, or $5.56 per diluted share, compared to $6.2 million, or $5.60 per diluted share for the twelve months ended December 31, 2023.For the twelve months ended December 31, 2024, the net interest income before the provision for credit losses was $22.2 million, compared to $20.3 million for the twelve months ending December 31, 2023, resulting in a 9.6% increase in net interest income. Non-interest income was $3.5 million for the twelve months ending December 31, 2024, compared to $3.2 million for the same period ended December 31, 2023...