- Net income surged by 50% in Q1 2025, reaching $2.1 million or $1.87 per diluted share, up from $1.4 million in Q1 2024.
- Total deposits increased by $39.4 million to $657.6 million, with a 5.2% growth in core deposits.
- KS Bancorp (KSBI, Financial) has declared a quarterly dividend of $0.27 per share, to be paid on May 5, 2025.
KS Bancorp, Inc. (KSBI) has reported a significant 50% increase in net income for the first quarter of 2025, amounting to $2.1 million or $1.87 per diluted share, compared to $1.4 million or $1.25 per share in the same period last year. The improvement underscores the company's robust financial performance despite a challenging interest rate environment.
The company's net interest income also saw a noteworthy rise, increasing by 23.5% to $6.3 million from $5.1 million in Q1 2024. This development was accompanied by a $31.2 million rise in total assets, bringing the total to $722.1 million as of March 31, 2025.
KS Bancorp's total deposits grew substantially, with an increase of $39.4 million to reach $657.6 million, including a $29.3 million boost in core deposits, reflecting a growth rate of 5.2%. Additionally, net loans increased by $7.1 million, totaling $561.6 million.
The bank continues to maintain strong asset quality, with nonperforming assets constituting less than 0.10% of total assets, and an allowance for credit losses at 0.79% of total loans. Simultaneously, the Community Bank Leverage Ratio improved to 9.31% as of the end of the first quarter.
Recognizing the strong performance, the Board of Directors has declared a quarterly dividend of $0.27 per share, payable on May 5, 2025, to stockholders of record as of April 25, 2025. This move reflects KS Bancorp's commitment to returning value to its shareholders.
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