KS Bancorp, Inc. (KSBI) Announces Second Quarter 2006 Financial Results and Cash Dividend.SMITHFIELD Smithfield, district, London, England Smithfield, district of the City of London, England. Beginning in the 12th cent., it was used for fairs, markets, jousts, and executions. During the reign of Queen Mary I (1553–58), Protestants were executed there. , N.C. -- KS Bancorp, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : KSBI KSBI, referred to as "KSBI: Family Television for Oklahoma", is an independent television station in Oklahoma City, Oklahoma. It is locally owned and operated by Family Broadcasting Group of Oklahoma in a duopoly with America One affiliate KXOC-LP 41. ), parent company of KS Bank, Inc., reports today financial results for the quarter ended June June: see month. 30, 2006. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: earnings for the second quarter of 2006 were $572,000, or $0.44 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to earnings of $422,000, or $0.30 per diluted share, for the same period in 2005. This represents an increase in net income of 35.6% for 2006 second quarter as compared to the 2005 second quarter. For the six months ended June 30, 2006, net income totaled $1,044,000, an increase of $231,000, or 28.4% over the $813,000 for the same period ended June 30, 2005. Net income per common share increased 40.4% from $0.57 at June 30, 2005 to $0.80 at June 30, 2006. Comparing the six months ended June 30, 2006 to June 30, 2005, net income after provision for loan losses increased 10.26% from $3.9 million to $4.3 million, which is primarily due to net interest margin. The Company's consolidated total assets increased $21.9 million during the six months ended June 30, 2006 from $261.4 million at December December: see month. 31, 2005 to $283.3 million at June 30, 2006. This growth in the Company's total assets resulted primarily from an increase of $17.0 million in net loans from $193.4 million at December 31, 2005 to $210.4 June 30, 2006. Funding for this growth was provided primarily from increases in demand deposits which grew 34.2% from December 31, 2005 to June 30, 2006. Total deposits increased to $213.7 million at June 30, 2006 representing an $18.9 million or 9.70% increase from December 31, 2005. Commenting on the second quarter 2006 results, Harold Keen Harold Hall "Doc" Keen (1894–1973) was a British engineer who oversaw the construction of the British bombe, a codebreaking machine used in World War II to read German messages sent using the Enigma machine. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "The first half of this year has been excellent. We are continuing to grow profitable loans and primarily fund the growth with demand deposits. I am delighted with the increase in overall profits. The entire KS Bank team continues to recognize what is important to customers, stockholders, and employees." In addition to the earnings report issued today, KS Bancorp, Inc. announced the payment of a quarterly cash dividend of $0.13 per share for stockholders of record on July July: see month. 21, 2006, with payment to be made on August 4, 2006. KS Bancorp, Inc. is a Smithfield, North Carolina Smithfield is a town in Johnston County, North Carolina, United States. The population was 11,510 at the 2000 census. It is the county seat of Johnston CountyGR6. Smithfield is located in North Carolina's Inner Banks region. based single bank holding company. KS Bank, Inc., a state-chartered savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , is KS Bancorp's sole subsidiary. The Bank emphasizes being a full service community bank offering traditional banking products and services through its operation of seven full service branches located in Kenly, Selma Selma, city (1990 pop. 23,755), seat of Dallas co., S central Ala., on the Alabama River, in a fertile farm area; inc. 1820. Machinery, paper products, construction materials, transportation equipment, furniture, textiles, apparel, dairy products, and lumber are , Clayton Clayton, city (1990 pop. 13,874), seat of St. Louis co., E central Mo., a suburb of St. Louis; inc. 1919. Developed in the 1960s, it has high-rise office buildings, hotels, and shopping centers; several major firms are headquartered there. , Garner, Goldsboro Goldsboro, city (1990 pop. 40,709), seat of Wayne co., E central N.C.; inc. 1847. Goldsboro is a marketplace for bright-leaf tobacco and a shipping center for timber. Cotton, peanuts, grain, and livestock are also produced. , Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. , and Smithfield, North Carolina. This release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate" and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements.
KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition
June 30, 2006 December 31,
(Unaudited) 2005 (a)
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(Dollars in thousands)
ASSETS
Cash and due from banks:
Interest-earning $ 11,375 $ 8,436
Noninterest-earning 1,085 1,333
Time Deposit 100 100
Investment securities:
Available for sale 44,790 43,904
Federal Home Loan Bank stock,
at cost 2,651 2,512
Presold mortgages in process of
settlement 1,554 885
Loans 212,776 195,461
Less Allowance for loan losses (2,353) (2,085)
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Net loans 210,423 193,376
Accrued interest receivable 1,404 1,354
Foreclosed assets, net 590 568
Property and equipment, net 7,246 7,381
Other assets 2,120 1,589
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TOTAL ASSETS $ 283,338 $ 261,438
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 213,661 $ 194,778
Short-term borrowings 12,451 5,010
Long-term borrowings 39,955 44,955
Accrued interest payable 490 466
Accounts payable and accrued expenses 934 616
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TOTAL LIABILITIES 267,491 245,825
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Stockholders' Equity:
Preferred stock, no par value,
5,000,000 shares authorized;
no shares issued and outstanding - -
Common stock, no par value,
authorized 20,000,000 shares;
1,309,501 shares issued and
outstanding in 2006 and 2005 1,607 1,607
Retained earnings, substantially
restricted 15,046 14,342
Accumulated other comprehensive loss (806) (336)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 15,847 15,613
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 283,338 $ 261,438
============ ============
(a) Derived from audited financial statements
KS Bancorp, Inc. and Subsidiary
Consolidated Statements of Operations (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2006 2005 2006 2005
------ ------ ------- ------
(In thousands, except per share data)
INTEREST INCOME
Loans $ 4,050 $ 3,262 $ 7,733 $ 6,275
Investment securities:
Taxable 242 190 484 387
Tax-exempt 240 226 473 420
Dividends 40 35 69 55
Interest-earning deposits 36 35 81 64
------- ------- ------- --------
TOTAL INTEREST INCOME 4,608 3,748 8,840 7,201
------- ------- ------- --------
INTEREST EXPENSE
Deposits 1,720 1,169 3,273 2,180
Borrowings 510 419 969 790
------- ------- ------- --------
TOTAL INTEREST EXPENSE 2,230 1,585 4,242 2,970
------- ------- ------- --------
NET INTEREST INCOME 2,378 2,163 4,598 4,231
PROVISION FOR LOAN LOSSES 150 180 300 365
------- ------- ------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 2,228 1,983 4,298 3,866
------- ------- ------- --------
NON-INTEREST INCOME
Service charges on deposit
accounts 305 244 587 470
Fees from presold mortgages 91 48 161 88
Gain (loss) on sale of
investments 4 5 (3) -
Other income 39 12 94 52
------- ------- -------- --------
TOTAL NON-INTEREST INCOME 439 309 839 610
------- ------- -------- --------
NON-INTEREST EXPENSE
Compensation and benefits 1,164 1,066 2,326 2,101
Occupancy and equipment 198 188 399 377
Data processing and outside
service fees 188 174 369 333
Advertising 52 36 81 58
Net foreclosed real estate 16 (3) 23 39
Other 267 248 520 455
------- -------- ------- --------
TOTAL NON-INTEREST
EXPENSE 1,885 1,709 3,721 3,363
------- -------- ------- --------
INCOME BEFORE INCOME TAXES 782 583 1,419 1,113
INCOME TAXES 210 161 375 300
------- -------- ------- --------
NET INCOME $ 572 $ 422 $ 1,044 $ 813
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NET INCOME PER COMMON SHARE
Basic $ .44 $ .30 $ .80 $ .57
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Diluted $ .44 $ .30 $ .80 $ .57
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DIVIDENDS PER COMMON SHARE $ .13 $ .13 $ .26 $ .26
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