Business
KS Bancorp, Inc. (KSBI) Announces Second Quarter 2022 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Second Quarter 2022 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"\n SMITHFIELD, N.C., July 22, 2022 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the second quarter of 2022. The Company reported net income of $1,795,000 or $1.62 per diluted share, for the three months ended June 30, 2022, compared to net income of $1,519,000 or $1.37 per diluted share, for the three months ended June 30, 2021. Comparing the second quarter 2022 to the second quarter of 2021, there was an increase in net income of $276,000. In the second quarter of 2021 there was $319,000 income from the Payroll Protection Plan (PPP) loans recognized. Net interest income before the provision for loan losses for the three months ended June 30, 2022 was $4.8 million compared to $4.4 million at June 30, 2021. Noninterest income for the three months ended June 30, 2022 was $722,000, compared to $708,000 for the comparable period ended June 30, 2021. In the second quarter of 2022, there was a gain of $12,000 realized for prepayment of $8 million of Federal Home Loan Bank (FHLB) borrowings. Noninterest expense was $3.2 million for the three months ended June 30, 2022, as compared $3.1 million in the comparable period in 2021. The Company did not record any provision for loan losses during the second quarter 2022, compared to $123,000 in the second quarter of 2021. For the six months ended June 30, 2022, net interest income before the provision for loan losses was $9.0 million, compared to $8.6 million for the six months ended June 30, 2021. The increase is primarily attributable to an increase in interest income from investments and a decrease in interest expense from the repayment of FHLB borrowings. Non-interest income was $1.5 million for the six month period ending June 30, 2022 compared to $1.4 million for the same period ended June 30, 2021. For the six months ended June 30, 2022, non-interest expenses was $6.5 million, compared to $6.0 million for the same period ending June 30, 2021. The Company’s unaudited consolidated total assets decreased $16.5 million, to $554.7 million at June 30, 2022, compared to $571.2 million at December 31, 2021. The decrease in assets is primarily attributable to the repayment of $32 million in FHLB borrowings. Net loan balances increased by $22.4 million, to $368.0 mil...