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))

 

  

 

  

  Item 8.01 Other Events

  

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

 

(a)Not applicable

 

(b)Not applicable

 

(c)Not applicable

 

The following exhibit is filed herewith:

 

99.1Press 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
       
       
Date: November 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 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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