KFFB Kentucky First Federal Bancorp

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, 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	(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 8.01

Other Events

 

On September 9, 2015, Kentucky First Federal Bancorp (the “Company”) announced its unaudited financial results for the year and three months ended June 30, 2015. For more information, see the Company’s press release dated September 9, 2015, which is filed as Exhibit 99.1 hereto and is incorporated herein by reference.

 

 

Item 9.01

Financial Statements and Exhibits

 

(a)

Not applicable

 

(b)

Not applicable

 

(c)

Not applicable

 

The following exhibit is filed herewith:

 

99.1

Press Release dated September 9, 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: September 10, 2015	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, 2015

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 $2.1 million or $0.25 diluted earnings per share for the year ended June 30, 2015, which represents a $135,000 or 7.0% increase from the year ended June 30, 2014. The increase in earnings year over year was due primarily to decreases in non-interest expense and provision for losses on loans, as well as an increase in non-interest income. Non-interest expense decreased $368,000 or 4.4% from $8.4 million for the prior year end to $8.0 million for the recent year end primarily due to lower costs associated with the Company’s employee compensation and benefits. Provision for losses on loans decreased $237,000 or 40.9% to $343,000 for the year just ended due primarily to improving quality in the loan portfolio, while non-interest income increased $170,000 or 49.4% to $514,000. The increase in non-interest income was due primarily to gains recognized on sales of real estate owned by the Company. Net interest income decreased $571,000 or 5.0% to $11.0 million for the recently ended fiscal year as interest income decreased more than interest expense decreased. Interest income decreased $761,000 or 5.8% due chiefly to lower yield earned on the Company’s loan portfolio. Interest expense decreased $190,000 or 11.7% to $1.4 million.

 

The Company reported net income of $535,000 or $0.07 diluted earnings per share for the three months ended June 30, 2015, an increase of $113,000, or 26.8% compared to $422,000 or $0.05 per share for the three months ended June 30, 2014. The increase in net profit was due primarily to a decrease in non-interest expense and an increase in non-interest income. Non-interest expense decreased $342,000 or 15.1% for the three month period ended June 30, 2015 to $1.9 million, while non-interest income increased $93,000 to $118,000. The decrease in non-interest expense was primarily due to lower costs associated with the Company’s employee compensation and benefits. The increase in non-interest income was due primarily to gains recognized on sales of real estate owned by the Company. Net interest income decreased $262,000 or 9.0% to $2.6 million for the recently ended quarter as interest income decreased more than interest expense decreased. Interest income decreased $272,000 or 8.3% due chiefly to lower yield earned on the Company’s loan portfolio, while interest expense decreased $10,000 or 2.8% to $350,000.

 

At June 30, 2015, the Company reported its book value per share as $7.98.

 

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, 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 Statements of Financial Condition

 

		June 30,				June 30,
		2015				2014
		(In thousands, except per share data)
		(Unaudited)				(Audited)
Assets
Cash and Cash Equivalents		$	13,635			$	11,511
Investment Securities			6,582				9,265
Loans available for sale			100				--
Loans Receivable, net			243,815				246,788
Real estate acquired through foreclosure			1,593				1,846
Other Assets			30,573				30,245
Total Assets		$	296,298			$	299,655
Liabilities
Deposits		$	199,701			$	213,142
FHLB Advances			26,635				17,200
Deferred revenue			610				631
Other Liabilities			2,039				1,477
Total Liabilities			228,985				232,450
Shareholders' Equity			67,313				67,205
Total Liabilities and Equity		$	296,298			$	299,655
Book Value Per Share		$	7.98			$	7.88

 

 

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

 

		Twelve months ended June 30,								Three months ended June 30,
		2015				2014				2015				2014
		(Unaudited)				(Audited)				(Unaudited)				(Unaudited)
Interest Income		$	12,389			$	13,150			$	2,998			$	3,270
Interest Expense			1,428				1,618				350				360
Net Interest Income			10,961				11,532				2,648				2,910
Provision for Losses on Loans			343				580				41				49
Non-interest Income			514				344				118				25
Non-interest Expense			8,042				8,410				1,925				2,267
Income Before Income Taxes			3,090				2,886				800				619
Income Taxes			1,021				952				265				197
Net Income		$	2,069			$	1,934			$	535			$	422
Earnings per share:
Basic and diluted		$	0.25			$	0.23			$	0.07			$	0.05
Weighted average outstanding shares:
Basic and diluted			8,348,797				8,374,624				8,312,586				8,378,522