Business
KS Bancorp, Inc. (KSBI) Announces Third Quarter 2023 Financial Results and Cash Dividend
KS Bancorp, Inc. (KSBI) Announces Third Quarter 2023 Financial Results and Cash Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"SMITHFIELD, NC / ACCESSWIRE / October 25, 2023 / KS Bancorp, Inc. (the "Company") (OTC PINK:KSBI), parent company of KS Bank, Inc. (the "Bank"), announced unaudited results for the third quarter of 2023.The Company reported net income of $1.4 million or $1.29 per diluted share, for the three months ended September 30, 2023, compared to net income of $2.1 million or $1.86 per diluted share, for the three months ended September 30, 2022. Comparing the third quarter 2023 to the third quarter of 2022, there was a decrease in net income of $631,000, which is primarily attributable to the increased cost of funds as a result of the rising rate environment.Net interest income before the provision for credit losses for the three months ended September 30, 2023 was $5.0 million compared to $5.5 million at September 30, 2022. As a result of increased loan balances, the Company recorded a provision for credit losses during the third quarter 2023 in the amount of $180,000. Noninterest income for the three months ended September, 30 2023 was $812,000, compared to $740,000 for the comparable period ended September 30, 2022. Noninterest expense was $3.8 million for the three months ended September 30, 2023, compared to $3.6 million in the comparable period in 2022.For the nine months ended September 30, 2023, net interest income before the provision for credit losses was $15.3 million, compared to $14.5 million for the nine months ended September 30, 2022 which was a 5.2% increase. Noninterest income was $2.4 million for the nine month period ending September 30, 2023 compared to $2.5 million for the same period ended September 30, 2022. Included in the noninterest for the nine months ended September 30, 2022 was a one time gain of $230,000 on the sale of other real estate owned, and a $82,000 gain on the prepayment of Federal Home Loan Bank advances. For the nine months ended September 30, 2023, noninterest expenses was $11.4 million, compared to $10.4 million for the same period ending September 30, 2022. This increase is primarily attributable to increased compensation and benefits, as a result of new positions added to the team.The Company's unaudited consolidated total assets increased $59.5 million, to $605.9 million at September 30, 2023, compared to $546.4 million at December 31, 2022. Net loan balances increased by ...