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): November 10, 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))

 

 
 
Item 8.01Other Events

 

On November 10, 2014, Kentucky First Federal Bancorp (the “Company”) announced its unaudited financial results for the three months ended September 30, 2014. For more information, see the Company’s press release dated November 10, 2014, which is filed as Exhibit 99.1 hereto and are incorporated herein by reference.

 

 

Item 9.01Financial Statements and Exhibits

 

(a)Not applicable

 

(b)Not applicable

 

(c)Not applicable

 

The following exhibit is filed herewith:

 

99.1Press Release dated November 10, 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: November 10, 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 November 10, 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 holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Frankfort, Kentucky, announced net earnings of $416,000 or $0.05 diluted earnings per share for the three months ended September 30, 2014, compared to net earnings of $423,000 or $0.05 diluted earnings per share for the three months ended September 30, 2013, a decrease of $7,000 or 1.7%.

 

The decrease in net earnings for the quarter ended September 30, 2014, was primarily attributable to higher non-interest expenses, which totaled $2.2 million for the recently ended quarter compared to the 2013 quarterly expense of $2.0 million, an increase of $182,000 or 9.2%. The increase was primarily related to higher employee compensation and benefits, as the Company’s full-time equivalent employees increased from 66 in the prior year period to 70 at September 30, 2014. The increase in employees was primarily in response to additional regulatory burden placed on the banks. Net interest income decreased $35,000 or 1.3% to $2.7 million in the current quarter just ended, while provision for losses on loans decreased $226,000 or 80.1% to $56,000, which resulted in net interest income after provision for losses on loans of $2.7 million, an increase of $191,000 or 7.6% over the prior year quarter.

 

At September 30, 2014, assets decreased $3.9 million or 1.3% to $295.7 million from $299.7 million at June 30, 2014, and was attributed primarily to a decrease in loans. Loans, net decreased $2.9 million or 1.2% from $246.8 million at June 30, 2014, to $243.9 million at September 30, 2014, due primarily to low levels of loan demand and loan payoffs received. Cash and cash equivalents decreased $636,000 or 5.5% to $10.9 million at September 30, 2014, as the Company utilized excess liquidity to pay down borrowings. Total liabilities decreased $3.9 million or 1.7% to $228.5 million at September 30, 2014, primarily as a result of a decrease of FHLB advances. FHLB advances decreased $3.0 million or 17.5% from $17.2 million at June 30, 2014 to $14.2 million at September 30, 2014, as excess liquidity was used. Deposits decreased $1.4 million or 0.7% to $211.7 million at September 30, 2014.

 

At September 30, 2014, the Company reported its book value per share as $7.89.

 

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, 2014. 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 three banking offices in Frankfort, Kentucky, two banking offices in Danville, Kentucky and one banking office in Lancaster, Kentucky. Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB. At September 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 Balance Sheets

 

   September 30,   June 30, 
   2014   2014 
   (In thousands, except share data)  
   (Unaudited)     
Assets          
Cash and Cash Equivalents  $10,875   $11,511 
Investment Securities   8,882    9,265 
Loans Held for Sale   206    -- 
Loans, net   243,883    246,788 
Other Assets   31,894    32,091 
     Total Assets  $295,740   $299,655 
Liabilities          
Deposits  $211,716   $213,142 
FHLB Advances   14,188    17,200 
Deferred revenue   628    631 
Other Liabilities   1,991    1,477 
   Total Liabilities   228,523    232,450 
Shareholders' Equity   67,217    67,205 
Total Liabilities and Equity  $295,740   $299,655 
Book Value Per Share  $7.89   $7.88 

 

 

Condensed Consolidated Statements of Income
(In thousands, except share data)    
     

 

   Three months ended September 30, 
   2014   2013 
     (Unaudited)  
Interest Income  $3,099   $3,236 
Interest Expense   351    453 
Net Interest Income   2,748    2,783 
Provision for Losses on Loans   56    282 
Non-interest Income   96    115 
Non-interest Expense   2,169    1,987 
Income Before Income Taxes   619    629 
Income Taxes   203    206 
Net Income  $416   $423 
Earnings per share:          
  Basic and diluted  $0.05   $0.05 
Weighted average outstanding shares:          
  Basic and diluted   8,383,191    8,369,515 

 

 

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