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KS Bancorp announces 2Q financial results

July 24. Smithfield-based KS Bancorp reported net income of $971,000 or $0.88 per diluted share, an increase of 7.0% for the three months ended June 30,  compared to net income of $907,000 or $0.82 per diluted share, for the three months ended June 30, 2019.

Net interest income for the three months ended  June 30, was $3.6 million as as compared to $3.2 million for the comparable period in 2019. Noninterest income for the three months ended June 30, 2020 was $681,000, compared to $860,000 for the comparable period ended June 30, 2019. Noninterest expense was $3 million for the three months ended June 30,  as compared $2.9 million in the comparable period in 2019. The company recorded a provision for loan losses of $70,000 during the second quarter 2020.

KS’ unaudited consolidated total assets increased $65.2 million, to $468.9 million at June 30, compared to $403.7 million at December 31, 2019. Net loan balances increased by $52.4 million, or 17.0%, to $360.3 million at June 30, compared to $307.9 million at Dec. 31, 2019. The increase in loans was primarily due to market demand and the Bank provided $29.3 million of payroll protection plan loans (PPP) in the second quarter 2020.  The Company’s investment securities totaled $63.4 million at June 30, compared to $67.1 million at Dec. 31, 2019.  Total deposits increased $59.1 million, to $386.0 million at June 30, compared to $326.9 million at Dec.31, 2019. For the six months ended June 30, there was a $57.0 million increase in core deposits and a $3.8 million increase in brokered funding. Total stockholders’ equity increased $2.9 million or 10.94% from $26.8 million at Dec. 31, 2019 to $29.7 million at June 30, 2020, as a result of accumulated other comprehensive gains and increase in net income.

Nonperforming assets consisted of $1.1 million nonaccrual loans at June 30, representing less than 0.50% of the Company’s total assets. The Company had no foreclosed real estate owned at June 30. The allowance for loan losses at June 30 totaled $4.2 million, or 1.15% of  loans.

“The second quarter of 2020 will be remembered in the future as a unique three months dealing with the challenges of COVID-19,” said Harold Keen, President and CEO of the Company and the Bank.

“It will also be known as a period of exceptional service by the KS Bank team as we supported businesses with $29.3 million of Payroll Protection Plan (PPP) loans, helping to ensure the continued employment of over 4,000 individuals within our market area,” he said.

In addition, the company announced its Board of Directors has declared a quarterly  dividend of $0.10 per share for stockholders of record as of July 24,  with payment to be made on Aug. 3.

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