Kentucky First Federal Bancorp Releases Earnings
May 07 2014 - 2:38PM
Kentucky First Federal Bancorp (Nasdaq:KFFB), the holding company
for First Federal Savings and Loan Association of Hazard and First
Federal Savings Bank of Frankfort, Kentucky, announced net earnings
of $491,000 or $0.06 diluted earnings per share for the three
months ended March 31, 2014, compared to net earnings of $630,000
or $0.08 diluted earnings per share for the three months ended
March 31, 2013, a decrease of $139,000 or 22.1%. Net earnings were
$1.5 million or $0.18 diluted earnings per share for the nine
months ended March 31, 2014, compared to net earnings of $2.1
million or $0.27 diluted earnings per share for the nine months
ended March 31, 2013, a decrease of $567,000 or 27.3%.
The decrease in net earnings on a quarter-to-quarter basis was
primarily attributable to a decrease in net interest income, while
the decrease on a year-to-date basis was primarily attributable to
a $958,000 bargain purchase gain recognized in the 2013 period,
which was a result of the acquisition of CKF Bancorp, Inc. ("CKF
Bancorp") on December 31, 2012. The results of operations
associated with CKF Bancorp have been included in the Company's
reported earnings since the closing date of December 31, 2012.
Net interest income after provision for loan losses decreased
$181,000 or 6.1% to $2.8 million for the three month period just
ended compared to $3.0 million for the prior year quarter. Net
interest income before provision for loan losses decreased $264,000
or 8.4% to $2.9 million for the quarter ended March 31,
2014. Provision for losses on loans decreased $83,000 to
$78,000 for the recently-ended quarter compared to a provision of
$161,000 in the prior year period. Interest income decreased
by $328,000 or 9.2% to $3.3 million, while interest expense
decreased only $64,000 or 14.5% to $377,000 for the three months
ended March 31, 2014. Noninterest expense remained at $2.1
million for both the recently ended period, as well as the prior
year period.
For the nine month period ended March 31, 2014, net earnings
decreased $567,000 or 27.3% to $1.5 million compared to $2.1
million for the prior year period. The decrease in net
earnings was due primarily to the bargain purchase gain referenced
above. The operations for the nine month period ended March
31, 2014, included CKF Bancorp operations, while only three months
of CKF Bancorp operations are included in the reported earnings for
the nine months ended March 31, 2013. Net interest income
after provision for loan losses increased $1.5 million or 22.8% to
$8.1 million for the nine months recently ended compared to $6.6
million for the nine months ended March 31, 2013. Noninterest
income totaled $319,000 for the nine months ended March 31, 2014, a
decrease of $916,000 from the same period in 2013, primarily due to
the bargain purchase gain in the 2013 period. Noninterest
expense totaled $6.1 million and $4.9 million for the nine months
ended March 31, 2014 and 2013, respectively, an increase $1.3
million or 26.4% period to period. The increase was primarily
related to higher operating costs associated with normal operations
of the CKF Bancorp acquisition, which are reflected for six of the
nine months ended March 31, 2013.
At March 31, 2014, the Company's assets totaled $306.1 million,
a decrease of $18.0 million or 5.5% from the assets at June 30,
2013. This decrease was attributed primarily to decreases in
loans and cash and cash equivalents. At March 31, 2014, the
Company's liabilities totaled $239.0 million, a decrease of $18.5
million or 7.2% from total liabilities at June 30, 2013. The
decrease in liabilities was attributed primarily to decreases in
deposits and FHLB advances. Deposits decreased $12.5 million
or 5.4% to $218.5 million at March 31, 2014, while FHLB advances
decreased $6.1 million or 25.0% to $18.2 million at March 31,
2014.
At March 31, 2014, the Company reported its book value per share
as $7.87.
This press release may contain statements that are
forward-looking, as that term is defined by the Private Securities
Litigation Act of 1995 or the Securities and Exchange Commission in
its rules, regulations and releases. The Company intends that
such forward-looking statements be subject to the safe harbors
created thereby. All forward-looking statements are based on
current expectations regarding important risk factors including,
but not limited to, real estate values, the impact of interest
rates on financing, changes in general economic conditions,
legislative and regulatory changes that adversely affect the
business of the Company, changes in the securities markets and the
Risk Factors described in Item 1A of the Company's Annual Report on
Form 10-K for the year ended June 30, 2013. Accordingly,
actual results may differ from those expressed in the
forward-looking statements, and the making of such statements
should not be regarded as a representation by the Company or any
other person that results expressed therein will be achieved.
Kentucky First Federal Bancorp is the parent company of First
Federal Savings and Loan Association, which operates one banking
office in Hazard, Kentucky and First Federal Savings Bank, which
operates six banking offices in Kentucky, including three in
Frankfort, two in Danville, and one in Lancaster. Kentucky
First Federal Bancorp shares are traded on the Nasdaq National
Market under the symbol KFFB. At March 31, 2014, the Company
had approximately 8,524,178 shares outstanding of which
approximately 55.5% was held by First Federal MHC.
SUMMARY OF FINANCIAL
HIGHLIGHTS |
|
|
Condensed Consolidated
Balance Sheets |
|
|
|
March 31, |
June 30, |
|
|
|
2014 |
2013 |
|
|
|
(In thousands, except share
data) |
|
|
|
(Unaudited) |
|
|
Assets |
|
|
|
|
Cash and Cash Equivalents |
$ 12,988 |
$ 16,540 |
|
|
Investment Securities |
10,127 |
12,437 |
|
|
Loans Held for Sale |
-- |
196 |
|
|
Loans, net |
251,179 |
262,491 |
|
|
Real estate acquired through
foreclosure |
1,842 |
1,163 |
|
|
Other Assets |
29,956 |
31,235 |
|
|
Total Assets |
$ 306,092 |
$ 324,062 |
|
|
Liabilities |
|
|
|
|
Deposits |
$ 218,521 |
$ 230,981 |
|
|
FHLB Advances |
18,229 |
24,310 |
|
|
Deferred revenue |
635 |
641 |
|
|
Other Liabilities |
1,579 |
1,508 |
|
|
Total Liabilities |
238,964 |
257,440 |
|
|
Shareholders' Equity |
67,128 |
66,622 |
|
|
Total Liabilities and Equity |
$ 306,092 |
$ 324,062 |
|
|
Book Value Per Share |
$ 7.87 |
$ 7.80 |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated
Statements of Income |
(In thousands, except share
data) |
|
Nine months ended March
31, |
Three months ended March
31, |
|
2014 |
2013 |
2014 |
2013 |
|
(Unaudited) |
(Unaudited) |
Interest Income |
$ 9,880 |
$ 8,421 |
$ 3,254 |
$ 3,582 |
Interest Expense |
1,258 |
1,255 |
377 |
441 |
Net Interest Income |
8,622 |
7,166 |
2,877 |
3,141 |
Provision for Losses on Loans |
531 |
579 |
78 |
161 |
Non-interest Income |
319 |
1,235 |
107 |
109 |
Non-interest Expense |
6,143 |
4,859 |
2,112 |
2,139 |
Income Before Income Taxes |
2,267 |
2,963 |
794 |
950 |
Income Taxes |
755 |
884 |
303 |
320 |
Net Income |
$ 1,512 |
$ 2,079 |
$ 491 |
$ 630 |
Earnings per share: |
|
|
|
|
Basic and diluted |
$ 0.18 |
$ 0.27 |
$ 0.06 |
$ 0.08 |
Weighted average outstanding shares: |
|
|
|
|
Basic and diluted |
8,373,329 |
7,812,526 |
8,376,353 |
8,360,177 |
CONTACT: Kentucky First Federal Bancorp
Don Jennings, President
Clay Hulette, Vice President
(502) 223-1638
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