Exhibit (99)(b)
KS BANCORP, INC
P.O. BOX 219
Kenly, NC 27542
PRESS RELEASE
April 25, 2003
Contact: Harold T. Keen Earl W. Worley, Jr
President and Chief Executive Officer Chief Financial Officer
(919) 284-4157 (919) 284-4157
Kenly, NC -April 25, 2003, KS Bancorp, Inc. (KSAV) Announces First Quarter 2003
Earnings.
KS Bancorp, Inc. today reported consolidated earnings of $471,579 or $.40
diluted earnings per share for the quarter ended March 31, 2003. Earnings for
the same period in 2002 were $408,035 or $.35 diluted earnings per share.
Total assets of March 31, 2003 were $194,052,387 compared to total assets of
$191,058,774 at December 31, 2002. This represents an increase of $2,993,613 or
1.57%.
KS Bancorp, Inc. is a Kenly, North Carolina-based single bank holding company.
KS Bank, Inc., a state-chartered savings bank, is KS Bancorp's sole subsidiary.
The Bank emphasizes being a community bank offering traditional banking products
and services through its operation of six full service branches located in
Kenly, Selma, Clayton, Garner, Goldsboro, and Wilson North Carolina.
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KS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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March 31,
2003 December 31,
(unaudited) 2002*
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(In Thousands)
ASSETS
Cash and due from banks:
Interest-earning $ 9,017 $ 6,746
Noninterest-earning 478 890
Investment securities:
Available for sale 21,955 23,297
Held to maturity 62 64
Federal Home Loan Bank stock, at cost 2,040 1,740
Presold mortgages in process of settlement 2,356 1,419
Loans, net 151,502 150,839
Accrued interest receivable 938 1,034
Foreclosed assets, net 877 420
Property and equipment, net 4,407 3,948
Other assets 420 662
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TOTAL ASSETS $ 194,052 $ 191,059
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 140,783 $ 138,027
Advances from Federal Home Loan Bank 34,800 34,800
Accrued interest payable 282 309
Accounts payable and accrued expenses 436 413
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TOTAL LIABILITIES 176,302 173,548
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Stockholder's Equity:
Preferred stock, no par value, 5,000,000 shares authorized;
no shares issued and outstanding $ - $ -
Common stock, no par value, authorized 20,000,000 shares;
1,153,177 shares issued and outstanding in 2003
and 2002, respectively 4,980 4,962
Unearned ESOP shares (39) (39)
Retained earnings, substantially restricted 12,743 12,455
Accumulated other comprehensive income 67 132
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TOTAL STOCKHOLDERS' EQUITY 17,751 17,511
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 194,052 $ 191,059
========= =========
* Derived from audited financial statements
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KS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
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Three Months Ended
March 31,
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2003 2002
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(In Thousands except per share data)
INTEREST INCOME
Loans $ 2,751 $ 2,732
Investment securities
Taxable 220 183
Tax-exempt 29 -
Dividends 19 16
Interest-bearing deposits 14 18
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TOTAL INTEREST INCOME 3,033 2,949
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INTEREST EXPENSE
Deposits 878 1,116
Advances from Federal Home Loan Bank 322 236
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TOTAL INTEREST EXPENSE 1,200 1,352
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NET INTEREST INCOME 1,833 1,597
PROVISION FOR LOAN LOSSES 48 31
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NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,785 1,566
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NON-INTEREST INCOME
Service charges on deposit accounts 151 100
Fees from presold mortgages 82 68
Other income 44 15
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276 183
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NON-INTEREST EXPENSE
Compensation and benefits 796 640
Occupancy and equipment 164 156
Data processing & outside service fees 122 100
Insurance 16 17
Other 198 175
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TOTAL NON-INTEREST EXPENSE 1,296 1,088
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INCOME BEFORE INCOME TAXES 765 661
INCOME TAXES 294 253
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NET INCOME $ 472 $ 408
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BASIC NET INCOME PER COMMON SHARE $ 0.41 $ 0.36
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DILUTED NET INCOME PER COMMON SHARE $ 0.40 $ 0.35
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DIVIDENDS PER COMMON SHARE $ 0.16 $ 0.16
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