Business
KS Bancorp, Inc. (KSBI) Announces Second Quarter 2023 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Second Quarter 2023 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"\n SMITHFIELD, N.C., July 25, 2023 (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 2023. The Company reported net income of $1.6 million or $1.41 per diluted share, for the three months ended June 30, 2023, compared to net income of $1.8 million or $1.62 per diluted share, for the three months ended June 30, 2022. Comparing the second quarter 2023 to the second quarter of 2022, there was a decrease in net income of $236,000, which is primarily attributable to the $230,000 gain on sale of foreclosed assets recorded in June, 2022. Net interest income before the provision for credit losses for the three months ended June 30, 2023 was $5.1 million compared to $4.8 million at June 30, 2022. As a result of increased loan balances, the Company recorded a provision for credit losses during the second quarter 2023 in the amount of $110,000. Noninterest income for the three months ended June, 30 2023 was $829,000, compared to $952,000 for the comparable period ended June 30, 2022. Noninterest expense was $3.8 million for the three months ended June 30, 2023, compared to $3.5 million in the comparable period in 2022. For the six months ended June 30, 2023, net interest income before the provision for credit losses was $10.2 million, compared to $9.0 million for the six months ended June 30, 2022 which was a 12.7% increase. Non-interest income was $1.6 million for the six month period ending June 30, 2023 compared to $1.8 million for the same period ended June 30, 2022. For the six months ended June 30, 2023, non-interest expenses was $7.6 million, compared to $6.8 million for the same period ending June 30, 2022. This is primarily attributable to increase in compensation and benefits. The Company’s unaudited consolidated total assets increased $40.5 million, to $586.8 million at June 30, 2023, compared to $546.3 million at December 31, 2022. Net loan balances increased by $23.5 million to $437.2 million at June 30, 2023, compared to $413.7 million at December 31, 2022. The Company’s investment securities totaled $97.8 million at June 30, 2023, compared to $98.6 million at December 31, 2022. Total deposits increased $51.2 million to $532.8 million at June 30, 2023, compared to $481.6 mil...