Business
KS Bancorp, Inc. (KSBI) Announces Second Quarter 2021 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Second Quarter 2021 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"\n SMITHFIELD, N.C., July 26, 2021 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTC Pink: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the second quarter of 2021. The Company reported net income of $1,519,000 or $1.37 per diluted share, for the three months ended June 30, 2021, an increase of 56.4% compared to net income of $971,000 or $0.88 per diluted share, for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported net income of $3.0 million, or $2.69 per diluted share compared to $1.9 million, or $1.71 per diluted share for the six months ended June 30, 2020. Net interest income for the three months ended June 30, 2021, was $4.4 million as compared to $3.6 million for the comparable period in 2020. Noninterest income for the three months ended June 30, 2021 was $708,000, compared to $681,000 for the comparable period ended June 30, 2020. Noninterest expense was $3.1 million for the three months ended June 30, 2021, as compared $3.0 million in the comparable period in 2020. The Company recorded a provision for loan losses of $123,000 during the second quarter 2021, compared to $70,000 in the second quarter of 2020. For the six months ended June 30, 2021, net interest income before the provision for loan losses was $8.6 million, compared to $7.1 million for the six months ended June 30, 2020. Noninterest income and expenses remain stable for the six months ended June 30, 2021 and 2020. Noninterest income was $1.4 million and noninterest expense was $5.7 million. The Company’s unaudited consolidated total assets increased $47.8 million, to $533.6 million at June 30, 2021, compared to $485.8 million at December 31, 2020. Net loan balances decreased by $23.4 million, to $345.2 million at June 30, 2021, compared to $368.6 million at December 31, 2020. The decrease in loans was primarily due to forgiveness of payroll protection plan loans (PPP). The balance of the first round PPP loans at June 30, 2021 was $2.0 million compared to $26.5 million at December 31, 2020. The Bank participated in the second around of PPP loans providing an additional $9.0 million in PPP loans that was reflected in the loan balance at June 30, 2021. The Company’s investment securities totaled $79.9 million at June 30, 2021, comp...