KS Bancorp, Inc. (KSBI) Announces Second Quarter 2022 Financial Results and Cash Dividend
SMITHFIELD, N.C., July 22, 2024 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the Company) KSBI, parent company of KS Bank, Inc. (the Bank), announced unaudited results for the second quarter of 2022.
The Company reported net income of $1,795,000 or $1.62 per diluted share, for the three months ended June 30, 2022, compared to net income of $1,519,000 or $1.37 per diluted share, for the three months ended June 30, 2021. Comparing the second quarter 2022 to the second quarter of 2021, there was an increase in net income of $276,000. In the second quarter of 2021 there was $319,000 income from the Payroll Protection Plan (PPP) loans recognized.
Net interest income before the provision for loan losses for the three months ended June 30, 2024 was $4.8 million compared to $4.4 million at June 30, 2021. Noninterest income for the three months ended June 30, 2024 was $722,000, compared to $708,000 for the comparable period ended June 30, 2021. In the second quarter of 2022, there was a gain of $12,000 realized for prepayment of $8 million of Federal Home Loan Bank (FHLB) borrowings. Noninterest expense was $3.2 million for the three months ended June 30, 2022, as compared $3.1 million in the comparable period in 2021. The Company did not record any provision for loan losses during the second quarter 2022, compared to $123,000 in the second quarter of 2021.
For the six months ended June 30, 2022, net interest income before the provision for loan losses was $9.0 million, compared to $8.6 million for the six months ended June 30, 2021. The increase is primarily attributable to an increase in interest income from investments and a decrease in interest expense from the repayment of FHLB borrowings. Non-interest income was $1.5 million for the six month period ending June 30, 2024 compared to $1.4 million for the same period ended June 30, 2021. For the six months ended June 30, 2022, non-interest expenses was $6.5 million, compared to $6.0 million for the same period ending June 30, 2021.
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