Business
KS Bancorp, Inc. (KSBI) Announces Third Quarter 2022 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Third Quarter 2022 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"\n SMITHFIELD, N.C., Oct. 19, 2022 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the third quarter of 2022. The Company reported net income of $2.1 million or $1.86 per diluted share, for the three months ended September 30, 2022, an increase of 22.4% compared to net income of $1.7 million or $1.52 per diluted share, for the three months ended September 30, 2021.   Net interest income before the provision for loan losses for the three months ended September 30, 2022 was $5.5 million compared to $4.7 million at September 30, 2021. Noninterest income for the three months ended September 30, 2022 was $740,000, compared to $758,000 for the comparable period ended September 30, 2021. Noninterest expense was $3.6 million for the three months ended September 30, 2022, compared to $3.2 million in the comparable period in 2021. The Company did not record any provision for loan losses during the third quarter 2022, compared to $123,000 in the third quarter of 2021. For the nine months ended September 30, 2022, net interest income before the provision for loan losses was $14.5 million, compared to $13.3 million for the nine months ended September 30, 2021. Noninterest income was $2.3 million for the nine month period ending September 30, 2022 compared to $2.1 million for the same period ended September 30, 2021. For the nine months ended September 30, 2022, non-interest expenses was $10.2 million, compared to $9.2 million for the same period ending September 30, 2021. The Company’s unaudited consolidated total assets decreased $9.0 million, to $562.2 million at September 30, 2022, compared to $571.2 million at December 31, 2021. Net loan balances increased by $48.1 million, to $393.7 million at September 30, 2022, compared to $345.6 million at December 31, 2021. The Company’s investment securities totaled $99.1 million at September 30, 2022, compared to $88.3 million at December 31, 2021. Total deposits increased $28.4 million to $515.8 million at September 30, 2022, compared to $487.4 million at December 31, 2021. For the nine months ended September 30, 2022, there was a $32.6 million increase in core deposits and a $3.9 million decrease in brokered funding. Long-term borrowings decreased $31 mi...