Business
KS Bancorp, Inc. (KSBI) Reports 50% Increase in Net Income for First Quarter 2025 and Declares Quarterly Dividend
KS Bancorp, Inc. (KSBI) Reports 50% Increase in Net Income for First Quarter 2025 and Declares Quarterly Dividend.
About this update from K S Bancorp, Inc.
[{"type":"text","content":"SMITHFIELD, NC / ACCESS Newswire / April 17, 2025 / KS Bancorp, Inc. (the "Company") (OTC PINK:KSBI), the parent company of KS Bank, Inc. (the "Bank"), announced unaudited results for the first quarter of 2025.The Company reported net income of $2.1 million or $1.87 per diluted share for the three months ended March 31, 2025, compared to net income of $1.4 million or $1.25 per diluted share for the three months ended March 31, 2024.Net interest income before the provision for credit losses for the three months ended March 31, 2025, was $6.3 million, compared to $5.1 million on March 31, 2024. Noninterest income for the three months ended March 31, 2025, was $912,000, compared to $829,000 for the comparable period ended March 31, 2024. Noninterest expense was $4.4 million for the three months ended March 31, 2025, compared to $4.0 million in the comparable period in 2024.The Company's unaudited consolidated total assets increased by $31.2 million to $722.1 million as of March 31, 2025, compared to $690.9 million on December 31, 2024. Net loan balances increased by $7.1 million to $561.6 million as of March 31, 2025, compared to $554.5 million on December 31, 2024. The Company's investment securities totaled $96.5 million as of March 31, 2025, compared to $96.0 million on December 31, 2024. Total deposits increased by $39.4 million to $657.6 million as of March 31, 2025, compared to $618.2 million on December 31, 2024. The increase in deposits included a $29.3 million increase or 5.2% in core deposits. Short-term borrowings decreased by $11.0 million in the first quarter of 2025. Total stockholders' equity increased $2.2 million to $47.5 million as of March 31, 2025, from $45.3 million on December 31, 2024.As of March 31, 2025, nonperforming assets consisted of nonaccrual loans of $703,000, representing less than 0.10% of the Company's total assets. No foreclosed real estate was owned as of March 31, 2025. The allowance for credit losses as of March 31, 2025, totaled $4.4 million, or 0.79% of total loans.Commenting on the first quarter results, Earl W. Worley, Jr., President and CEO of the Company, stated, "We are proud to report another strong quarter for KS Bancorp, highlighted by a 50% increase in net income compared to the same quarter last year. This performance reflects our team's commitment to disci...