The parent company of KS Bank Inc., KS Bancorp Inc. (OTC:KSBI), could be one of the companies to watch out for today after it announced its unaudited financial results for the first fiscal quarter of 2024 on April 25.
The company posted net income to the tune of $1.4 million for the quarter, which worked out to earnings of $1.25 per diluted share in the quarter that ended on March 31, 2024. In the prior-year period, the company generated net income of $1.7 million, which worked out to earnings of $1.55 per diluted share.
The net interest income for KS Bancorp prior to the provisions for credit losses for the quarter stood at $5.1 million, which was lower than the $5.2 million under the same overhead in the prior year quarter. The non-interest income earned by the company in the quarter stood at $829,000, which reflected an improvement of as much as $738,000 from the prior-year period.
The non-interest expenses came in at $4 million for the quarter ended on March 31, 2024, as opposed to $3.8 million in the prior year quarter ended on March 31, 2023. The unaudited consolidated total assets at the end of the period went up by $44.7 million year on year to hit $658.3 million, as opposed to $613.6 million at the end of the prior year period.
The net loan balances at the end of the quarter had gone up by $14.5 million to hit $487.4 million, as opposed to $472.9 million at the end of the prior year quarter. KS Bancorp also announced that at the end of the quarter, the non-performing assets were made up of non-accrual loans in the amount of $875,000, and that sum worked out to less than 0.20% of the total assets of the company.
