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 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
| |
41701 |
| |
|
(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 November 9, 2015,
Kentucky First Federal Bancorp (the “Company”) announced its unaudited financial results for the three months ended
September 30, 2015. For more information, see the Company’s press release dated November 9, 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 November 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 |
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|
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|
Date: |
November 10, 2015 |
By: |
/s/ Don D. Jennings |
|
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Don D. Jennings |
|
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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 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 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.
SUMMARY OF FINANCIAL HIGHLIGHTS
Condensed Consolidated Balance Sheets
| |
September 30, | | |
June 30, | |
| |
2015 | | |
2015 | |
| |
(In thousands, except share data) | |
|
|
|
|
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Cash and Cash Equivalents | |
$ | 12,665 | | |
$ | 13,635 | |
Investment Securities | |
| 5,780 | | |
| 6,582 | |
Loans Held for Sale | |
| 121 | | |
| 100 | |
Loans, net | |
| 245,012 | | |
| 243,815 | |
Other Assets | |
| 32,340 | | |
| 32,166 | |
Total Assets | |
$ | 295,918 | | |
$ | 296,298 | |
Liabilities | |
| | | |
| | |
Deposits | |
$ | 196,253 | | |
$ | 199,701 | |
FHLB Advances | |
| 29,231 | | |
| 26,635 | |
Deferred revenue | |
| 606 | | |
| 610 | |
Other Liabilities | |
| 2,315 | | |
| 2,039 | |
Total Liabilities | |
| 228,405 | | |
| 228,985 | |
Shareholders' Equity | |
| 67,513 | | |
| 67,313 | |
Total Liabilities and Equity | |
$ | 295,918 | | |
$ | 296,298 | |
Book Value Per Share | |
$ | 8.00 | | |
$ | 7.88 | |
Condensed Consolidated Statements of Income
(In thousands, except share data)
| |
Three months ended September 30, | |
| |
2015 | | |
2014 | |
| |
|
(Unaudited) |
| |
Interest Income | |
$ | 2,984 | | |
$ | 3,099 | |
Interest Expense | |
| 350 | | |
| 351 | |
Net Interest Income | |
| 2,634 | | |
| 2,748 | |
Provision for Losses on Loans | |
| 11 | | |
| 56 | |
Non-interest Income | |
| 114 | | |
| 96 | |
Non-interest Expense | |
| 2,065 | | |
| 2,169 | |
Income Before Income Taxes | |
| 672 | | |
| 619 | |
Income Taxes | |
| 134 | | |
| 203 | |
Net Income | |
$ | 538 | | |
$ | 416 | |
Earnings per share: | |
| | | |
| | |
Basic and diluted | |
$ | 0.06 | | |
$ | 0.05 | |
Weighted average outstanding shares: | |
| | | |
| | |
Basic and diluted | |
| 8,317,255 | | |
| 8,383,191 | |
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