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):
May 12, 2015
KENTUCKY
FIRST FEDERAL BANCORP
(Exact Name of Registrant as Specified in
Its Charter)
United States |
0-51176 |
61-1484858 |
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(IRS Employer 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 May 12, 2015, Kentucky
First Federal Bancorp (the “Company”) announced its unaudited financial results for the nine and three months ended
March 31, 2015. For more information, see the Company’s press release dated May 12, 2015, which is filed as Exhibit 99.1
hereto and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
The
following exhibit is filed herewith:
| 99.1 | Press Release dated May 12, 2015 |
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: May
13, 2015 |
By: |
/s/ Don D. Jennings |
|
|
Don D. Jennings President and Chief Operating
Officer |
EXHIBIT 99.1
Kentucky First Federal Bancorp
Hazard, Frankfort, Danville, and Lancaster, Kentucky
For Immediate Release May 12, 2015
| Contact: | Kentucky First Federal Bancorp |
Don Jennings,
President
Clay
Hulette, Vice President
(502)
223-1638
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 $539,000 or $0.06 diluted earnings per share for the three months ended March 31, 2015, compared
to net earnings of $491,000 or $0.06 diluted earnings per share for the three months ended March 31, 2014, an increase of $48,000
or 9.8%. Net earnings were $1.5 million or $0.18 diluted earnings per share for the nine months ended March 31, 2015 and 2014.
The increase in net earnings on a quarter-to-quarter
basis was primarily attributable to lower non-interest expense and a decrease in provision for loan losses. Non-interest expense
decreased $122,000 or 5.8% and totaled $2.0 million for the three months ended March 31, 2015, due primarily to lower employee
compensation and benefits costs. Changes in pension laws, which temporarily reduce funding requirements for the Company’s
multiple-employer pension plan, resulted in lower costs for the period. Provision for losses on loans decreased $42,000 to $36,000
for the recently-ended quarter compared to a provision of $78,000 in the prior year period. Somewhat offsetting the lower non-interest
expense and decrease in provision for loan losses were decreases in net interest income and non-interest income. Net interest income
decreased $114,000 or 4.0% to $2.8 million for the quarter ended March 31, 2015, primarily because interest income decreased at
a faster pace than interest expense. Interest income decreased $118,000 or 3.6% to $3.1 million for the recently ended quarter,
while interest expense decreased only $4,000 or 1.1% to 373,000 for the period. Noninterest income totaled $68,000 for the three
months ended March 31, 2015, a decrease of $39,000 from the same period in 2014, primarily due to net losses on sale of other real
estate.
Net earnings increased $22,000 or 1.5% totaling
$1.5 million for both nine month periods ended March 31, 2015 and 2014. The increase in net earnings was due primarily to lower
provision for loan losses, higher non-interest income and decreased non-interest expense. Provision for loan losses decreased $229,000
or 43.1% to $302,000 for the nine months recently ended. Non-interest income totaled $396,000 for the nine months ended March 31,
2015, an increase of $77,000 or 24.1% from the same period in 2014, primarily due to gains on sale of other real estate. Noninterest
expense decreased $26,000 or 0.4% to $6.1 million for the recent nine-month period due primarily to lower employee compensation
and benefits charges.
At March 31, 2015, the Company’s assets
totaled $294.5 million, a decrease of $5.2 million or 1.7% compared to assets of $299.7 million at June 30, 2014. The decrease
was attributed primarily to decreases in loans, cash and cash equivalents and investment securities. Total liabilities decreased
$5.0 million or 2.1% to $227.5 million at March 31, 2015, as deposits decreased $11.0 million or 5.1% to $202.2 million at March
31, 2015, while FHLB advances increased $5.4 million or 31.7% to $22.6 million.
At March 31, 2015, the Company reported
its book value per share as $7.94.
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 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, 2015, the Company
had approximately 8,439,515 shares outstanding of which approximately 56.0% was held by First Federal MHC.
SUMMARY OF FINANCIAL HIGHLIGHTS
Condensed Consolidated Balance Sheets
| |
March 31,
2015 | | |
June 30,
2014 | |
| |
(In thousands, except share data) | |
| |
(Unaudited) | |
Assets | |
| | | |
| | |
Cash and Cash Equivalents | |
$ | 9,833 | | |
$ | 11,511 | |
Investment Securities | |
| 7,857 | | |
| 9,265 | |
Loans Held for Sale | |
| -- | | |
| -- | |
Loans, net | |
| 244,533 | | |
| 246,788 | |
Real estate owned, net | |
| 2,285 | | |
| 1,846 | |
Other Assets | |
| 29,992 | | |
| 30,245 | |
Total Assets | |
$ | 294,500 | | |
$ | 299,655 | |
Liabilities | |
| | | |
| | |
Deposits | |
$ | 202,173 | | |
$ | 213,142 | |
FHLB Advances | |
| 22,644 | | |
| 17,200 | |
Deferred revenue | |
| 614 | | |
| 631 | |
Other Liabilities | |
| 2,025 | | |
| 1,477 | |
Total Liabilities | |
| 227,456 | | |
| 232,450 | |
Shareholders' Equity | |
| 67,044 | | |
| 67,205 | |
Total Liabilities and Equity | |
$ | 294,500 | | |
$ | 299,655 | |
Book Value Per Share | |
$ | 7.94 | | |
$ | 7.88 | |
Condensed Consolidated Statements of Income
(In thousands, except share data)
| |
Nine months ended March 31, | | |
Three months ended March 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
(Unaudited) | | |
(Unaudited) | |
Interest Income | |
$ | 9,391 | | |
$ | 9,880 | | |
$ | 3,136 | | |
$ | 3,254 | |
Interest Expense | |
| 1,078 | | |
| 1,258 | | |
| 373 | | |
| 377 | |
Net Interest Income | |
| 8,313 | | |
| 8,622 | | |
| 2,763 | | |
| 2,877 | |
Provision for Losses on Loans | |
| 302 | | |
| 531 | | |
| 36 | | |
| 78 | |
Non-interest Income | |
| 396 | | |
| 319 | | |
| 68 | | |
| 107 | |
Non-interest Expense | |
| 6,117 | | |
| 6,143 | | |
| 1,990 | | |
| 2,112 | |
Income Before Income Taxes | |
| 2,290 | | |
| 2,267 | | |
| 805 | | |
| 794 | |
Income Taxes | |
| 756 | | |
| 755 | | |
| 266 | | |
| 303 | |
Net Income | |
$ | 1,534 | | |
$ | 1,512 | | |
$ | 539 | | |
$ | 491 | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
$ | 0.18 | | |
$ | 0.18 | | |
$ | 0.06 | | |
$ | 0.06 | |
Weighted average outstanding shares: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 8,360,824 | | |
| 8,373,329 | | |
| 8,317,518 | | |
| 8,376,353 | |
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