UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 9, 2014
KENTUCKY
FIRST FEDERAL BANCORP
(Exact Name of Registrant as Specified in
Its Charter)
United States |
0-51176 |
61-1484858 |
(State or other jurisdiction of |
(Commission |
(IRS Employer |
incorporation or organization) |
File Number) |
Identification No.) |
479 MAIN STREET, HAZARD, KENTUCKY |
41702 |
(Address of principal executive offices) |
(Zip Code) |
(502) 223-1638
(Registrant’s telephone number, including
area code)
Not
Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On September 9, 2014,
Kentucky First Federal Bancorp (the “Company”) announced its unaudited financial results for the year and three months
ended June 30, 2014. For more information, see the Company’s press release dated September 9, 2014, which is filed as Exhibit
99.1 hereto and are incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
The following exhibit is filed
herewith:
| 99.1 | Press Release dated September 9, 2014 |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
KENTUCKY FIRST FEDERAL BANCORP |
|
|
|
|
|
|
Date: September 9, 2014 |
By: |
/s/ Don D. Jennings |
|
|
|
Don D. Jennings |
|
|
President and Chief Operating Officer |
EXHIBIT 99.1
Kentucky First Federal Bancorp
Hazard, Kentucky, Frankfort, Kentucky, Danville, Kentucky and
Lancaster, Kentucky
For Immediate Release September 9, 2014
| Contact: | Don Jennings, President, or Clay Hulette, Vice President |
(502) 223-1638
216 West Main Street
P.O. Box 535
Frankfort, KY 40602
Kentucky First Federal Bancorp Releases
Earnings
Kentucky First Federal Bancorp (Nasdaq:
KFFB), (the “Company”) the holding company for First Federal Savings and Loan Association of Hazard and First Federal
Savings Bank of Frankfort, Kentucky, announced net income of $1.9 million or $0.23 diluted earnings per share for the year ended
June 30, 2014, which represents a $982,000 or 33.7% decrease from the year ended June 30, 2013. The decrease in earnings year over
year was due primarily to a decrease in non-interest income. Non-interest income decreased $1.2 million or 77.4% from $1.5 million
for the prior year end to $344,000 for the recent year end primarily due to recognition of a $958,000 bargain purchase gain in
the year ended June 30, 2013. The gain was attributed to the acquisition of CKF Bancorp, which occurred on December 31, 2012. Net
interest income increased $1.3 million or 12.3% to $11.5 million for the recently ended fiscal year primarily due to increased
interest income. Interest income increased $1.2 million or 10.0% due chiefly to the larger loan portfolio provided by the CKF Bancorp
acquisition. Also contributing to the increase in net interest income year over year was a decrease in interest expense. Interest
expense decreased $68,000 or 4.0% to $1.6 million for the year ended June 30, 2014. Provision for loan losses decreased $82,000
or 12.4% to $580,000 for the recently ended year. Non-interest expense increased $1.5 million or 21.7% to $8.4 million for the
year ended June 30, 2014, compared to the prior year period primarily as a result of the acquisition of CKF Bancorp, which resulted
in higher operating costs including employee compensation and benefits. Because of the acquisition date, fiscal 2013 included only
six months of combined operations, while fiscal 2014 included a full twelve months of combined operations.
The Company reported net income of $422,000
or $0.05 diluted earnings per share for the three months ended June 30, 2014, compared to $837,000 or $0.10 per share for the three
months ended June 30, 2013. The decrease in net profit of $415,000, or 50.0%, was due primarily to decreases in net interest income
and non-interest income as well as an increase in non-interest expense. Net interest income decreased $196,000 or 6.3% for the
three month period ended June 30, 2014 to $2.9 million, compared to $3.1 million in the prior-year quarter, as interest income
decreased at a faster pace than interest expense. Interest income decreased $267,000 or 7.5% to $3.3 million for the recently ended
quarter, while interest expense decreased $71,000 or 16.5% to $360,000 for the period. Non-interest income decreased $265,000 or
91.4% to $25,000 for the quarter ended June 30, 2014, due primarily to charges taken on other real estate owned (OREO.) Non-interest
expense increased $215,000 or 10.5% to $2.3 million for the recently ended quarter, due primarily to higher employee compensation
and benefits and accounting fees. Income tax expense decreased $227,000 or 53.5% to $197,000 for the three months ended June 30,
2014.
At June 30, 2014, the Company reported its
book value per share as $7.88.
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, the impact of competition, changes in general
economic conditions, legislative and regulatory changes that adversely affect the business of the Company and changes in the securities
markets. 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 Frankfort, Danville, and Lancaster, Kentucky. Kentucky First Federal Bancorp
shares are traded on the Nasdaq National Market under the symbol KFFB. At June 30, 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 Statements of Financial Condition
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2013 | |
| |
(In thousands, except per share data) |
|
| |
(Unaudited) | | |
(Audited) | |
Assets | |
| | | |
| | |
Cash and Cash Equivalents | |
$ | 11,511 | | |
$ | 16,540 | |
Investment Securities | |
| 9,265 | | |
| 12,437 | |
Loans available for sale | |
| -- | | |
| 196 | |
Loans Receivable, net | |
| 246,788 | | |
| 262,491 | |
Real estate acquired through foreclosure | |
| 1,846 | | |
| 1,163 | |
Other Assets | |
| 30,245 | | |
| 31,235 | |
Total Assets | |
$ | 299,655 | | |
$ | 324,062 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Deposits | |
$ | 213,142 | | |
$ | 230,981 | |
FHLB Advances | |
| 17,200 | | |
| 24,310 | |
Other Liabilities | |
| 2,108 | | |
| 2,149 | |
Total Liabilities | |
| 232,450 | | |
| 257,440 | |
| |
| | | |
| | |
Shareholders' Equity | |
| 67,205 | | |
| 66,622 | |
| |
| | | |
| | |
Total Liabilities and Equity | |
$ | 299,655 | | |
$ | 324,062 | |
| |
| | | |
| | |
Book Value Per Share | |
$ | 7.88 | | |
$ | 7.81 | |
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
| |
Twelve months ended June 30, | | |
Three months ended June 30, | |
| |
2014 | | |
2013 | | |
2014 | | |
2013 | |
| |
(Unaudited) | | |
(Audited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
| | |
| | |
| | |
| |
Interest Income | |
$ | 13,150 | | |
$ | 11,958 | | |
$ | 3,270 | | |
$ | 3,537 | |
Interest Expense | |
| 1,618 | | |
| 1,686 | | |
| 360 | | |
| 431 | |
Net Interest Income | |
| 11,532 | | |
| 10,272 | | |
| 2,910 | | |
| 3,106 | |
Provision for Losses on Loans | |
| 580 | | |
| 662 | | |
| 49 | | |
| 83 | |
Non-interest Income | |
| 344 | | |
| 1,525 | | |
| 25 | | |
| 290 | |
Non-interest Expense | |
| 8,410 | | |
| 6,911 | | |
| 2,267 | | |
| 2,052 | |
Income Before Income Taxes | |
| 2,886 | | |
| 4,224 | | |
| 619 | | |
| 1,261 | |
Income Taxes | |
| 952 | | |
| 1,308 | | |
| 197 | | |
| 424 | |
Net Income | |
$ | 1,934 | | |
$ | 2,916 | | |
$ | 422 | | |
$ | 837 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.23 | | |
$ | 0.37 | | |
$ | 0.05 | | |
$ | 0.10 | |
Diluted | |
$ | 0.23 | | |
$ | 0.37 | | |
$ | 0.05 | | |
$ | 0.10 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average outstanding shares: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 8,374,624 | | |
| 7,950,228 | | |
| 8,378,522 | | |
| 8,364,846 | |
Kentucky First Federal B... (NASDAQ:KFFB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kentucky First Federal B... (NASDAQ:KFFB)
Historical Stock Chart
From Apr 2023 to Apr 2024