Investors are largely going to look into those companies this morning that may have made key announcements on Tuesday, and by that token, it would not be a surprise if the parent company of KS Bank Inc., KS Bancorp Inc. (OTC:KBI), garners considerable attention. Yesterday, KS Bancorp announced its unaudited financial results for the first fiscal quarter of 2024. It could be a good idea for investors to consider taking a closer look at it. The company reported that it had net income to the tune of $1.4 million for the quarter that ended on March 31, 2024, and that worked out to income of $1.25 per diluted share. In the prior-year period, KS Bancorp reported a net income of $1.7 million, which worked out to $1.55 per diluted share.
The net interest income for the company for the period before credit loss provisions had been $5.1 million, as opposed to $5.1 million at the end of the prior-year period. The non-interest income in the quarter came in at $829000, which was an improvement on the $738000 in the prior-year period. However, the non-interest expenses of KS Bancorp went up to $4 million for the period from $3.8 million in the corresponding period in 2023.
At the end of the quarter, the company reported unaudited total assets of $658.3 million, which reflected a rise of $44.7 million from the $613.6 million that had been recorded at the end of the prior year quarter. KS Bancorp also reported that the total deposits went up to $599.6 million at the end of the quarter, compared to $545 million at the end of the prior year quarter. The total stockholders equity stood at $42.1 million, which worked out to an increase of $1.6 million from the $40.5 million as of December 31, 2023.
