Business
KS Bancorp, Inc. (KSBI) Announces Third Quarter 2021 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Third Quarter 2021 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"\n SMITHFIELD, N.C., Oct. 21, 2021 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTC Pink: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the third quarter of 2021. The Company reported net income of $1.7 million or $1.52 per diluted share, for the three months ended September 30, 2021, an increase of 47.16% compared to net income of $1.1 million, or $1.03 per diluted share for the three months ended September 30, 2020. For the nine months ended September 30, 2021, the Company reported net income of $4.7 million, or $4.21 per diluted share compared to $3.0 million, or $2.74 per diluted share for the nine months ended September 30, 2020. Net interest income before the provision for loan losses for the three months ended September 30, 2021, was $4.7 million as compared to $3.8 million for the comparable period in 2020. Noninterest income for the three months ended September 30, 2021 was $758,000, compared to $745,000 for the comparable period ended September 30, 2020. Noninterest expense was $3.2 million for the three months ended September 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 third quarter 2021, compared to $45,000 in the third quarter of 2020. For the nine months ended September 30, 2021, net interest income before the provision for loan losses was $13.3 million, compared to $10.9 million for the nine months ended September 30, 2020. Noninterest income remain stable at $2.1 million for the nine months ended September 30, 2021 and 2020, respectfully. For the nine months ended September 30, 2021, noninterest income was $9.2 million compared to $9.0 million for the same period in 2020. The Company’s unaudited consolidated total assets increased $73.3 million, to $559.1 million at September 30, 2021, compared to $485.8 million at December 31, 2020. Net loan balances decreased by $19.8 million, to $348.8 million at September 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 first round PPP loans have been completely forgiven at September 30, 2021. The second round PPP loan balance was $2.7 million at September 30, 2021. The Company’s investment ...