Kentucky First Federal Bancorp Releases Earnings
September 21 2015 - 8:46PM
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
HIGHLIGHTSCondensed 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 |
|
Contact: Don Jennings, President, or Clay Hulette, Vice President
(502) 223-1638
216 West Main Street
P.O. Box 535
Frankfort, KY 40602
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