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KS Bancorp, Inc. (KSBI)

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Previous Close34.50
Open34.50
Bid0.00 x 0
Ask0.00 x 0
Day's Range34.50 - 34.50
52 Week Range22.00 - 35.00
Volume825
Avg. Volume222
Market Cap10.489M
Beta (5Y Monthly)0.19
PE Ratio (TTM)7.77
EPS (TTM)4.44
Earnings DateApr 26, 2021
Forward Dividend & Yield0.48 (1.39%)
Ex-Dividend DateApr 29, 2021
1y Target EstN/A
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  • KS Bancorp, Inc. (KSBI) Announces First Quarter 2021 Financial Results and Cash Dividend
    GlobeNewswire

    KS Bancorp, Inc. (KSBI) Announces First Quarter 2021 Financial Results and Cash Dividend

    SMITHFIELD, N.C., April 26, 2021 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the first quarter of 2021. The Company reported net income of $1,459,000 or $1.32 per diluted share, for the three months ended March 31, 2021, an increase of 58.2% compared to net income of $922,000 or $0.83 per diluted share, for the three months ended March 31, 2020. Net interest income for the three months ended March 31, 2021, was $4.2 million as compared to $3.5 million for the comparable period in 2020. Noninterest income for the three months ended March 31, 2021 was $675,000, compared to $708,000 for the comparable period ended March 31, 2020. Noninterest expense was $2.9 million for the three months ended March 31, 2021, as compared $3.0 million in the comparable period in 2020. The Company recorded a provision for loan losses of $123,000 during the first quarter 2021, compared to $45,000 in the first quarter of 2020. The Company’s unaudited consolidated total assets increased $29.8 million, to $515.6 million at March 31, 2021, compared to $485.8 million at December 31, 2020. Net loan balances decreased by $8.1 million, to $360.5 million at March 31, 2021, compared to $368.6 million at December 31, 2020. The decrease in loans was primarily due to forgiveness of payroll protection plan loans (PPP). The balance of the first round PPP loans at March 31, 2021 was $15.8 million compared to $26.5 million at December 31, 2020. During the first quarter of 2021, the Bank participated in the second around of PPP loans providing an additional $5.8 million in PPP loans. The Company’s investment securities totaled $71.5 million at March 31, 2021, compared to $71.7 million at December 31, 2020. Total deposits increased $28.9 million or 7.2% to $431.4 million at March 31, 2021, compared to $402.5 million at December 31, 2020. For the three months ended March 31, 2021, there was a $32.1 million increase in core deposits and a $2.6 million decrease in brokered funding. Total stockholders’ equity increased $568,000 or 1.77% from $32.0 million at December 31, 2020 to $32.6 million at March 31, 2021. Nonperforming assets consisted of $561,000 nonaccrual loans at March 31, 2021, representing less than 0.50% of the Company’s total assets. The Company had $621,000 foreclosed real estate owned at March 31, 2021. The allowance for loan losses at March 31, 2021 totaled $4.8 million, or 1.30% of total loans, including the PPP loans originated. Excluding the PPP from the total loans, the allowance for loan losses at March 31, 2021 was 1.38% of loans. Commenting on the first quarter results, Harold Keen, President and CEO of the Company and the Bank, stated, “During the first quarter, balance sheet growth continued to be very strong for KS Bank. Deposit growth was exceptional throughout 2020 and continued in the first quarter of 2021. Earnings were above projections and very encouraging for the year 2021. We are very proud of the efforts made by the KS Bank team to support our customers during this period influenced by Covid-19.” In addition, the Company announced today that its Board of Directors has declared a quarterly dividend of $0.12 per share for stockholders of record as of April 30, 2021 with payment to be made on May 10, 2021. KS Bank continues to be well-capitalized according to regulatory standards with total risk-based capital of 13.39%, tier 1 risk- based capital of 12.14%, common equity tier 1 risk- based capital of 12.14%, and a tier 1 leverage ratio of 8.77% at March 31, 2021. The minimum levels to be considered well capitalized for each of these ratios are 10.0%, 8.0%, 6.5%, and 5.0%, respectively. KS Bancorp, Inc. is a Smithfield, North Carolina-based single bank holding company. KS Bank, Inc., a state-chartered savings bank, is KS Bancorp’s sole subsidiary. The Bank is a full service community bank serving the citizens of eastern North Carolina since 1924. The Bank offers a broad range of personal and business banking products and services, mortgage products and trust services. There are nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, North Carolina. In addition, KS Trust Services has a presence in Waynesville and Wilmington, NC. For more information, visit www.ksbankinc.com. This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements. Contact: Harold T. Keen Regina J SmithPresident and Chief Executive Officer Chief Financial Officer(919) 938-3101 (919) 938-3101 KS Bancorp, Inc. and SubsidiaryConsolidated Statements of Financial Condition March 31, 2021 December 31, (unaudited) 2020* (Dollars in thousands) ASSETS Cash and due from banks: Interest-earning$62,817 $24,720 Noninterest-earning 2,945 3,128 Time Deposit 100 100 Investment securities available for sale, at fair value 71,460 71,714 Federal Home Loan Bank stock, at cost 1,555 1,851 Presold mortgages in process of settlement 217 - Loans 365,215 373,237 Less allowance for loan losses (4,764) (4,644) Net loans 360,451 368,593 Accrued interest receivable 1,925 1,934 Foreclosed assets, net 621 621 Property and equipment, net 8,987 8,709 Other assets 4,528 4,458 Total assets$515,606 $485,828 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits$431,363 $402,523 Long-term borrowings 47,248 47,248 Accrued interest payable 236 246 Accrued expenses and other liabilities 4,170 3,790 Total liabilities 483,017 453,807 Stockholder's Equity: Common stock, no par value, authorized 20,000,000 shares; 1,107,776 shares issued and outstanding at March 31, 2021 and 1,107,776 shares issued and outstanding at December 31, 2020 1,359 1,359 Retained earnings, substantially restricted 30,546 29,220 Accumulated other comprehensive loss 684 1,442 Total stockholders' equity 32,589 32,021 Total liabilities and stockholders' equity$515,606 $485,828 * Derived from audited financial statements KS Bancorp, Inc and SubsidiaryConsolidated Statements of Income (Unaudited) Three Months Ended March 2021 2020 (In thousands, except per share data)Interest and dividend income: Loans$4,387 $4,170 Investment securities Taxable 263 331 Tax-exempt 100 40 Dividends 21 24 Interest-bearing deposits 6 11 Total interest and dividend income 4,777 4,576 Interest expense: Deposits 286 702 Borrowings 299 391 Total interest expense 585 1,093 Net interest income 4,192 3,483 Provision for loan losses 123 45 Net interest income after provision for loan losses 4,069 3,438 Noninterest income: Service charges on deposit accounts 283 352 Fees from presold mortgages 32 3 Other income 360 353 Total noninterest income 675 708 Noninterest expenses: Compensation and benefits 1,821 1,810 Occupancy and equipment 364 363 Data processing & outside service fees 229 231 Advertising 11 29 Other 471 538 Total noninterest expenses 2,896 2,971 Income before income taxes 1,848 1,175 Income tax 389 253 Net income$1,459 $922 Basic and Diluted earnings per share$1.32 $0.83

  • GlobeNewswire

    KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2020 Financial Results and Cash Dividend

    SMITHFIELD, N.C., Jan. 26, 2021 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the fourth quarter of 2020. The Company reported net income of $1,333,000 or $1.20 per diluted share, an increase of 42.0% for the three months ended December 31, 2020, compared to net income of $939,000 or $0.85 per diluted share, for the three months ended December 31, 2019. For the twelve months ended December 31, 2020, the Company reported net income of $4.4 million, or $3.95 per diluted share compared to $3.7 million, or $3.29 per diluted share for the twelve months ended December 31, 2019. Net interest income for the three months ended December 31, 2020, was $4.5 million as compared to $3.3 million for the comparable period in 2019. Noninterest income for the three months ended December 31, 2020 was $814,000, compared to $769,000 for the comparable period ended December 31, 2019. Noninterest expense was $3.2 million for the three months ended December 31, 2020, as compared $2.9 million in the comparable period in 2019. The Company recorded a provision for loan losses of $401,000 during the fourth quarter 2020. For the twelve months ended December 31, 2020, net interest income before the provision for loan losses was $15.4 million, compared to $12.9 million for the twelve months ended December 31, 2019. Noninterest income was $2.9 million for the twelve months ended December 31, 2020, compared to $3.1 million for the twelve months ended December 31, 2019. Noninterest expense was $12.2 million for the twelve months ended December 31, 2020, compared to $11.4 million for the twelve months ended December 31, 2019. The Company’s unaudited consolidated total assets increased $82.1 million, to $485.8 million at December 31, 2020, compared to $403.7 million at December 31, 2019. Net loan balances increased by $60.7 million, or 19.7%, to $368.6 million at December 31, 2020, compared to $307.9 million at December 31, 2019. The increase in loans was primarily due to market demand and the Bank’s participation in the payroll protection plan loans (PPP). The balance of the PPP loans at December 31, 2020 was $26.5 million. The Company’s investment securities totaled $71.7 million at December 31, 2020, compared to $67.1 million at December 31, 2019. Total deposits increased $75.6 million or 23.1% to $402.5 million at December 31, 2020, compared to $326.9 million at December 31, 2019. For the twelve months ended December 31, 2020, there was a $74.9 million increase in core deposits and a $2.4 million increase in brokered funding. Total stockholders’ equity increased $5.2 million or 19.4% from $26.8 million at December 31, 2019 to $32.0 million at December 31, 2020, as a result of accumulated other comprehensive gains and increase in net income. Nonperforming assets consisted of $299,000 nonaccrual loans at December 31, 2020, representing less than 0.50% of the Company’s total assets. The Company had $621,000 foreclosed real estate owned at December 31, 2020. The allowance for loan losses at December 31, 2020 totaled $4.6 million, or 1.24% of total loans, including the PPP loans originated. Excluding the PPP from the total loans, the allowance for loan losses at December 31, 2020 was 1.33% of loans. Commenting on the fourth quarter results, Harold Keen, President and CEO of the Company and the Bank, stated, “During the Fourth quarter, balance sheet growth continued to be very strong for KS Bank. Overall, the year 2020 was an exceptional year for increases in net assets and profits in spite of all the challenges that Covid-19 brought to the economy. While the Bank’s assistance to our business customers thru the payroll protection plan loans somewhat inflated the balance sheet, it proved to be critically important to the ongoing viability of those community businesses. Covid-19 has challenged all of us and I’m proud of the efforts made by the KS Bank team to grow a sound community bank, while strongly supporting our customers as they accomplish their financial goals.” In addition, the Company announced today that its Board of Directors has declared a quarterly dividend of $0.12 per share for stockholders of record as of February 1, 2021 with payment to be made on February 11, 2021. KS Bank continues to be well-capitalized according to regulatory standards with total risk-based capital of 13.81%, tier 1 risk- based capital of 12.56%, common equity tier 1 risk- based capital of 12.56%, and a tier 1 leverage ratio of 8.77% at December 31, 2020. The minimum levels to be considered well capitalized for each of these ratios are 10.0%, 8.0%, 6.5%, and 5.0%, respectively. KS Bancorp, Inc. is a Smithfield, North Carolina-based single bank holding company. KS Bank, Inc., a state-chartered savings bank, is KS Bancorp’s sole subsidiary. The Bank is a full service community bank serving the citizens of eastern North Carolina since 1924. The Bank offers a broad range of personal and business banking products and services, mortgage products and trust services. There are nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, North Carolina. In addition, KS Trust Services has a presence in Waynesville and Wilmington, NC. For more information, visit www.ksbankinc.com. This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements. KS Bancorp, Inc. and SubsidiaryConsolidated Statements of Financial Condition December 31, 2020 December 31, (unaudited) 2019* (Dollars in thousands)ASSETS Cash and due from banks: Interest-earning$3,128 $9,317 Noninterest-earning 24,720 3,306 Time Deposit 100 100 Investment securities available for sale, at fair value 71,714 67,150 Federal Home Loan Bank stock, at cost 1,851 1,763 Loans 373,238 311,911 Less allowance for loan losses (4,644) (4,057) Net loans 368,594 307,854 Accrued interest receivable 1,934 1,145 Foreclosed assets, net 621 - Property and equipment, net 8,895 8,032 Other assets 4,271 4,990 Total assets$485,828 $403,657 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits$402,523 $326,918 Long-term borrowings 47,248 46,248 Accrued interest payable 246 396 Accrued expenses and other liabilities 3,790 3,268 Total liabilities 453,807 376,830 Stockholder's Equity: Common stock, no par value, authorized 20,000,000 shares; 1,107,776 shares issued and outstanding at December 31, 2020 and 2019, respectively 1,359 1,359 Retained earnings, substantially restricted 29,220 25,291 Accumulated other comprehensive income 1,442 177 Total stockholders' equity 32,021 26,827 Total liabilities and stockholders' equity$485,828 $403,657 * Derived from audited financial statements KS Bancorp, Inc and SubsidiaryConsolidated Statements of Income (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 (In thousands, except per share data)Interest and dividend income: Loans$4,843 $3,994 $17,501 $15,857 Investment securities Taxable 271 332 1,170 1,385 Tax-exempt 78 34 216 122 Dividends 22 34 88 109 Interest-bearing deposits 4 47 22 192 Total interest and dividend income 5,218 4,441 18,997 17,665 Interest expense: Deposits 375 749 2,233 3,042 Borrowings 330 411 1,356 1,683 Total interest expense 705 1,160 3,589 4,725 Net interest income 4,513 3,281 15,408 12,940 Provision for loan losses 401 - 561 25 Net interest income after provision for loan losses 4,112 3,281 14,847 12,915 Noninterest income: Service charges on deposit accounts 370 388 1,390 1,495 Fees from presold mortgages 84 55 169 215 Gain on Sale of Investments - - 4 - Other income 360 326 1,385 1,430 Total noninterest income 814 769 2,948 3,140 Noninterest expenses: Compensation and benefits 1,926 1,755 7,359 7,034 Occupancy and equipment 354 341 1,438 1,305 Data processing & outside service fees 236 227 936 892 Advertising 49 49 109 162 Net foreclosed real estate 12 - 12 - FDIC and other Insurance 101 - 298 161 Other 531 490 2,056 1,874 Total noninterest expenses 3,209 2,862 12,208 11,428 Income before income taxes 1,717 1,188 5,587 4,627 Income tax 384 249 1,216 985 Net income$1,333 $939 $4,371 $3,642 Basic and Diluted earnings per share$1.20 $0.85 $3.95 $3.29 Contact: Harold T. Keen Regina J SmithPresident and Chief Executive OfficerChief Financial Officer(919) 938-3101 (919) 938-3101

  • KS Bancorp, Inc. (KSBI) Announces Third Quarter 2020 Financial Results and Cash Dividend
    GlobeNewswire

    KS Bancorp, Inc. (KSBI) Announces Third Quarter 2020 Financial Results and Cash Dividend

    SMITHFIELD, N.C., Oct. 23, 2020 (GLOBE NEWSWIRE) -- KS Bancorp, Inc. (the “Company”) (OTCBB: KSBI), parent company of KS Bank, Inc. (the “Bank”), announced unaudited results for the third quarter of 2020. The Company reported net income of $1,145,000 or $1.03 per diluted share, an increase of 17.3% for the three months ended September 30, 2020, compared to net income of $976,000 or $0.88 per diluted share, for the three months ended September 30, 2019. For the nine months ended September 30, 2020, the Company reported net income of $3.0 million, or $2.74 per diluted share compared to $2.7 million, or $2.44 per diluted share for the nine months ended September 30, 2019.Net interest income for the three months ended September 30, 2020, was $3.8 million as compared to $3.3 million for the comparable period in 2019. Noninterest income for the three months ended September 30, 2020 was $745,000, compared to $810,000 for the comparable period ended September 30, 2019. Noninterest expense was $3.0 million for the three months ended September 30, 2020, as compared $2.9 million in the comparable period in 2019. The Company recorded a provision for loan losses of $45,000 during the third quarter 2020.For the nine months ended September 30, 2020, net interest income was $10.9 million, compared to $9.7 million for the nine months ended September 30, 2019. Noninterest income was $2.1 million for the nine months ended September 30, 2020, compared to $2.4 million for the nine months ended September 30, 2019. Noninterest expense was $9.0 million for the nine months ended September 30, 2020, compared to $8.7 million for the nine months ended September 30, 2019.The Company’s unaudited consolidated total assets increased $74.6 million, to $478.3 million at September 30, 2020, compared to $403.7 million at December 31, 2019. Net loan balances increased by $53.9 million, or 17.5%, to $361.8 million at September 30, 2020, compared to $307.9 million at December 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 $63.7 million at September 30, 2020, compared to $67.1 million at December 31, 2019. Total deposits increased $67.4 million to $394.3 million at September 30, 2020, compared to $326.9 million at December 31, 2019. For the nine months ended September 30, 2020, there was a $65.8 million increase in core deposits and a $2.4 million increase in brokered funding. Total stockholders’ equity increased $3.9 million or 14.41% from $26.8 million at December 31, 2019 to $30.7 million at September 30, 2020, as a result of accumulated other comprehensive gains and increase in net income.          Nonperforming assets consisted of $1.2 million nonaccrual loans at September 30, 2020, representing less than 0.50% of the Company’s total assets. The Company had no foreclosed real estate owned at September 30, 2020. The allowance for loan losses at September 30, 2020 totaled $4.3 million, or 1.16% of total loans, including the PPP loans originated. Excluding the PPP from the total loans, the allowance for loan losses at September 30, 2020 was 1.26% of loans.Commenting on the third quarter results, Harold Keen, President and CEO of the Company and the Bank, stated, “With all the stress and uncertainty experienced during the third quarter of 2020 for each of us personally and as a Company, the financial results bring some reassurance that KS Bancorp’s growth and returns remain on track for a sound year.  Our team members have excelled at providing quality service to individuals and businesses challenged by COVID-19, while balancing all the changes we have experienced at home, especially those with young school aged children.  We continue to focus on our customers and safety during these unsettled times.” In addition, the Company announced today that its Board of Directors has declared a quarterly dividend of $0.10 per share for stockholders of record as of October 30, 2020, with payment to be made on November 9, 2020.  KS Bank continues to be well-capitalized according to regulatory standards with total risk-based capital of 14.55%, tier 1 risk- based capital of 13.30%, common equity tier 1 risk- based capital of 13.30%, and a tier 1 leverage ratio of 8.89% at September 30, 2020. The minimum levels to be considered well capitalized for each of these ratios are 10.0%, 8.0%, 6.5%, and 5.0%, respectively.KS Bancorp, Inc. is a Smithfield, North Carolina-based single bank holding company. KS Bank, Inc., a state-chartered savings bank, is KS Bancorp’s sole subsidiary. The Bank is a full service community bank serving the citizens of eastern North Carolina since 1924. The Bank offers a broad range of personal and business banking products and services, mortgage products and trust services. There are nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, North Carolina. In addition, KS Trust Services has a presence in Waynesville and Wilmington, NC. For more information, visit www.ksbankinc.com.This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements. Contact: Harold T. KeenRegina J Smith President and Chief Executive OfficerChief Financial Officer (919) 938-3101(919) 938-3101   KS Bancorp, Inc. and Subsidiary Consolidated Statements of Financial Condition             September 30, 2020 December 31,   (unaudited) 2019*             (Dollars in thousands)  ASSETS                   Cash and due from banks:         Interest-earning$2,728  $3,306   Noninterest-earning 32,877   9,317   Time Deposit 100   100   Investment securities available for sale, at fair value 63,712   67,150   Federal Home Loan Bank stock, at cost 1,851   1,763   Presold mortgage in process of settlement 359   -   Loans 366,006   311,911   Less allowance for loan losses (4,252)  (4,057)    Net loans 361,754   307,854        Accrued interest receivable 2,086   1,145   Property and equipment, net 8,706   8,032   Other assets 4,169   4,990            Total assets$ 478,342  $ 403,657        LIABILITIES AND STOCKHOLDERS' EQUITY         Liabilities      Deposits$394,314  $326,918     Long-term borrowings 48,248   46,248     Accrued interest payable 251   396     Accrued expenses and other liabilities 4,837   3,268            Total liabilities 447,650   376,830        Stockholder's Equity:       Common stock, no par value, authorized 20,000,000 shares;    1,107,776 shares issued and outstanding at September 30, 2020 and 1,107,776 shares issued and outstanding at December 31, 2019 1,359   1,359      Retained earnings, substantially restricted 27,998   25,291      Accumulated other comprehensive income 1,335   177            Total stockholders' equity 30,692   26,827            Total liabilities and stockholders' equity$ 478,342  $ 403,657        * Derived from audited financial statements        KS Bancorp, Inc and Subsidiary Consolidated Statements of Income (Unaudited)                     Three Months Ended Nine Months Ended   September 30, September 30,    2020  2019  2020  2019             (In thousands, except per share data)  Interest and dividend income:        Loans$4,280  $4,024  $12,658  $11,863   Investment securities        Taxable 269   334   899   1,053   Tax-exempt 57   34   138   88   Dividends 21   24   66   75   Interest-bearing deposits 4   36   18   145     Total interest and dividend income 4,631   4,452   13,779   13,224                    Interest expense:        Deposits 521   766   1,858   2,293   Borrowings 314   399   1,026   1,272     Total interest expense 835   1,165   2,884   3,565                       Net interest income 3,796   3,287   10,895   9,659           Provision for loan losses 45   -   160   25                      Net interest income after            provision for loan losses 3,751   3,287   10,735   9,634                    Noninterest income:        Service charges on deposit accounts 352   402   1,020   1,107   Fees from presold mortgages 51   67   85   160   Gain on Sale of Investments 4   -   4      Other income 338   341   1,025   1,104     Total noninterest income 745   810   2,134   2,371                    Noninterest expenses:        Compensation and benefits 1,838   1,789   5,433   5,279   Occupancy and equipment 347   338   1,084   964   Data processing & outside service fees 246   217   700   665   Advertising 17   39   60   113   Other 587   473   1,722   1,545     Total noninterest expenses 3,035   2,856   8,999   8,566                       Income before income taxes 1,461   1,241   3,870   3,439           Income tax 316   265   832   736                      Net income$ 1,145  $ 976  $ 3,038  $ 2,703                     Basic and Diluted earnings per share$ 1.03  $ 0.88  $ 2.74  $ 2.44