Kentucky First Federal Bancorp Releases Earnings
November 09 2015 - 11:39AM
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 $538,000 or $0.06 diluted earnings per share for the three
months ended September 30, 2015, compared to net earnings of
$416,000 or $0.05 diluted earnings per share for the three months
ended September 30, 2014, an increase of $122,000 or 29.3%.
The increase in net earnings for the quarter ended September 30,
2015, was primarily attributable to lower non-interest expenses and
lower income tax expense. Non-interest expense, which totaled
$2.1 million for the recently ended quarter compared to the 2014
quarterly expense of $2.2 million, decreased by $104,000 or 4.8%
chiefly due to lower employee compensation and benefits
expense. Income tax expense decreased $69,000 or 34.0% and
totaled $134,000 for the quarter ended September 30, 2015, compared
to $203,000 for the prior year quarter primarily due to the
reversal of a FIN 48 reserve related to a previously received
federal tax refund. Net interest income decreased $114,000 or
4.1% to $2.6 million in the current quarter just ended, while
provision for losses on loans decreased $45,000 or 80.4% to
$11,000, which resulted in net interest income after provision for
losses on loans of $2.6 million, a decrease of $69,000 or 2.6% over
the prior year quarter.
At September 30, 2015, assets totaled $295.9 million, a decrease
of $380,000 or 0.1%, from $296.3 million at June 30, 2015.
This decrease was attributed primarily to decreases in both cash
and cash equivalents and investment securities and was somewhat
offset by an increase in loans. Cash and cash equivalents
decreased $970,000 or 7.1% from $13.6 million at June 30, 2015, to
$12.7 million at September 30, 2015, while investment securities
decreased $802,000 or 12.2% to $5.8 million at September 30,
2015. Normal maturities and cash flow associated with
investment securities was used along with cash and cash equivalents
to fund an increase in the loan portfolio and to purchase
facilities for First Federal of Hazard. Loans, net increased
$1.2 million or 0.5% to $245.0 million at September 30, 2015,
compared to $243.8 million at June 30, 2015. Other assets
increased $174,000 or 0.5% to $32.3 million at September 30,
2015. Activity in other assets during the recently ended
quarter included the purchase of a building in downtown Hazard,
Kentucky, which will provide expanded operating capability and
convenience for the bank customers in that area. Total
liabilities decreased $580,000 or 0.3% to $228.4 million at
September 30, 2015, primarily as a result of a decrease in
deposits, which decreased $3.4 million or 1.7% to $196.3 million at
September 30, 2015, and was partially offset by an increase in FHLB
advances, which totaled $29.2 million at quarter end, an increase
of $2.6 million or 9.7% compared to June 30, 2015.
At September 30, 2015, the Company reported its book value per
share as $8.00.
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, 2015. 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, 2015, the Company had approximately 8,439,515 shares
outstanding of which approximately 56.0% was held by First Federal
MHC.
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SUMMARY OF FINANCIAL HIGHLIGHTS |
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Condensed Consolidated Balance Sheets |
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September 30, |
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June 30, |
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2015 |
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2015 |
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(In
thousands, except share data) |
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(Unaudited) |
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Assets |
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Cash and
Cash Equivalents |
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$ |
12,665 |
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$ |
13,635 |
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Investment Securities |
|
|
5,780 |
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|
|
6,582 |
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Loans
Held for Sale |
|
|
121 |
|
|
|
100 |
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Loans,
net |
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|
245,012 |
|
|
|
243,815 |
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Other
Assets |
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32,340 |
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|
32,166 |
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Total
Assets |
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$ |
295,918 |
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$ |
296,298 |
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Liabilities |
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Deposits |
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$ |
196,253 |
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$ |
199,701 |
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FHLB
Advances |
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|
29,231 |
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|
|
26,635 |
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Deferred
revenue |
|
|
606 |
|
|
|
610 |
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Other
Liabilities |
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|
2,315 |
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|
2,039 |
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Total
Liabilities |
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228,405 |
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|
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228,985 |
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Shareholders'
Equity |
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|
67,513 |
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|
|
67,313 |
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Total Liabilities and
Equity |
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$ |
295,918 |
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$ |
296,298 |
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Book Value Per
Share |
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$ |
8.00 |
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$ |
7.88 |
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Condensed Consolidated Statements of Income |
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(In
thousands, except share data) |
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Three months ended September 30, |
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2015 |
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2014 |
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(Unaudited) |
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Interest Income |
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$ |
2,984 |
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$ |
3,099 |
|
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Interest Expense |
|
|
350 |
|
|
|
351 |
|
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Net Interest
Income |
|
|
2,634 |
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|
|
2,748 |
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Provision for Losses on
Loans |
|
|
11 |
|
|
|
56 |
|
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Non-interest
Income |
|
|
114 |
|
|
|
96 |
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Non-interest
Expense |
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|
2,065 |
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|
|
2,169 |
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Income Before Income
Taxes |
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|
672 |
|
|
|
619 |
|
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Income Taxes |
|
|
134 |
|
|
|
203 |
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Net Income |
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$ |
538 |
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$ |
416 |
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Earnings per
share: |
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Basic and
diluted |
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$ |
0.06 |
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$ |
0.05 |
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Weighted average
outstanding shares: |
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|
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Basic and
diluted |
|
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8,317,255 |
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8,383,191 |
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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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