KSBI: KS Bancorp, Inc. (OTCBB: KSBI)

KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), stated unaudited results for the third quarter of 2k19.

Net income for the 3-months finished September 30, 2k19 was $976,000.00, or $0.880 for each diluted share contrast to net income of $985,000.00, or $0.890 for each diluted share for the 3-months finished September 30, 2k18. For the 9.0-months finished September 30, 2k19, the Company stated net income of $2.70M, or $2.440 for each diluted share contrast to $2.60M, or $2.180 for each diluted share for the 9.0-months finished September 30, 2k18.

Net interest income for the 3-months finished September 30, 2k19, was $3.30M as contrast to $3.20M for the comparable duration in 2k18. Noninterest income for the 3-months finished September 30, 2k19 was $810,000.00, contrast to $865,000.00 for the comparable duration finished September 30, 2k18.  Noninterest cost was $2.90M for the 3-months finished    September 30, 2k19 as contrast $2.80M in the comparable duration in 2k19.

For the 9.0-months finished September 30, 2k19, net interest income was $9.60M, contrast to $9.40M for the 9.0-months finished September 30, 2k18. Noninterest income remained constant at $2.40M for the 9.0-months finished September 30, 2k19 and September 30, 2k18. Noninterest cost remained constant at $8.50M for the 9.0-months finished September 30, 2k19 and September 30, 2k18.

The Company’s unaudited merged total assets increased $4.00M, to $404.20M at September 30, 2k19, contrast to $400.20M at December 31, 2k18. Net loan balances increased by $2.70M, to $298.30M at September 30, 2k19 contrast to $295.60M at December 31, 2k18. The Company’s investment securities totalled $65.30M at September 30, 2k19, contrast to $66.00M at December 31, 2k18.  Total deposits reduced $2.70M to $327.70M at September 30, 2k19, contrast to $330.40M at December 31, 2k18. Total stockholders’ equity increased from $22.10M at December 31, 2k18 to $26.00M at September 30, 2k19, a 17.440 percent incline.

Nonperforming assets consisted of $1.20M nonaccrual loans at September 30, 2k19, representing less than 0.500 percent of the Company’s total assets. The Company had $27,000.00 in foreclosed real estate owned at September 30, 2k19. The allowance for loan losses at September 30, 2k19 totalled $4.10M, or 1.320 percent of loans.

In addition, the Company stated recently that its Board of Directors has declared a quarterly  dividend of $0.090 for each share for stockholders of record as of  November 4, 2k19, with payment to be made on November 14, 2k19.

KS Bank continues to be well-capitalized according to regulatory standards with total risk-based capital of 14.240 percent, tier 1 risk- based capital of 12.990 percent, common equity tier 1 risk- based capital of 12.990 percent, and a tier 1 leverage ratio of  9.760 percent at September 30, 2k19. The minimum levels to be considered well capitalized for each of these ratios are 10.00 percent, 8.0 percent, 6.50 percent, and 5.0 percent, respectively.