Business
KS Bancorp, Inc. (KSBI) Announces Second Quarter 2024 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Second Quarter 2024 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"SMITHFIELD, NC / ACCESSWIRE / July 22, 2024 / KS Bancorp, Inc. (the "Company") (OTC PINK:KSBI), parent company of KS Bank, Inc. (the "Bank"), announced unaudited results for the second quarter of 2024.The Company reported net income of $1.7 million or $1.50 per diluted share for the three months ended June 30, 2024, compared to net income of $1.6 million or $1.41 per diluted share for the three months ended June 30, 2023.Net interest income before the provision for credit losses for the three months ended June 30, 2024 was $5.5 million, compared to $5.1 million at June 30, 2023. Non-interest income for the three months ended June 30, 2024, was $863,000, compared to $829,000 for the comparable period ended June 30, 2023. Non-interest expense was $4.1 million for the three months ended June 30, 2024, compared to $3.8 million in the comparable period in 2023.For the six months ending June 30, 2024, net interest income before the provision for credit losses was $10.6 million, compared to $10.3 million for the six months ending June 30, 2023, which was a 2.9% increase. Non-interest income was $1.7 million for the six months ending June 30, 2024, compared to $1.6 million for the same period ended June 30, 2023. For the six months ended June 30, 2024, non-interest expenses were $8.1 million, compared to $7.6 million for the same period ending June 30, 2023.The Company's unaudited consolidated total assets increased $55.2 million to $668.8 million on June 30, 2024, compared to $613.6 million on December 31, 2023. Net loan balances increased by $31.4 million to $504.3 million on June 30, 2024, compared to $472.9 million on December 31, 2023. The Company's investment securities totaled $97.9 million on June 30, 2024, compared to $98.0 million on December 31, 2023. Total deposits increased $64.0 million to $609.0 million on June 30, 2024, compared to $545.0 million on December 31, 2023. The increase in deposits included a $57.6 million increase or 11.5% in core deposits. For the six months ended June 30, 2024, short-term borrowings decreased $12.0 million. Total stockholders' equity increased $3.0 million to $43.5 million on June 30, 2024, from $40.5 million on December 31, 2023.On June 30, 2024, nonperforming assets consisted of nonaccrual loans of $797,000, representing less than 0.20% of the Company's total assets. N...