Kentucky First Federal Bancorp Releases Earnings
HAZARD, Ky. and FRANKFORT, Ky., Aug. 17, 2012 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (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 $1.7 million or $0.23 diluted earnings per share for the year ended June 30, 2012, which represents a $41,000 or 2.3% decrease from the year ended June 30, 2011. The decrease in earnings year over year was due primarily to higher income tax expense. Although net income before taxes increased $695,000 or 37.4% to $2.6 million for the year ended June 30, 2012, compared to the prior year period, income tax expense increased a disproportional $736,000 to $840,000 for the recently ended year. Effective income tax rates for the years ended June 30, 2012 and 2011, were 32.9% and 5.6%, respectively, due to recognition of a $403,000 tax refund in the prior year. Net interest income after provision for loan losses increased $938,000 or 13.6% to $7.8 million for the 2012 year because of higher net interest income before provision for loan loss expense and lower provision expense as well. Net interest income before loss provision increased $409,000 or 5.4% to $8.0 million for the twelve months ended June 30, 2012, while provision for loan losses decreased $529,000 or 79.2% to $139,000 for the recently ended year.
The Company reported net income of $378,000 or $0.05 diluted earnings per share for the three months ended June 30, 2012, compared to $555,000 or $0.07 per share for the three months ended June 30, 2011. The decrease in net profit of $177,000, or 31.9%, was due primarily to a decrease in net interest income and an increase in provision for loan losses. Net interest income decreased $73,000 or 3.6% for the three month period ended June 30, 2012 to $1.9 million, compared to $2.0 million in the prior-year quarter, while the provision for loan losses for the recently-ended quarterly period was $57,000 compared to no provision for the same period a year ago. Income tax expense increased $75,000 or 68.8% to $184,000 for the three months ended June 30, 2012.
At June 30, 2012, the Company reported its book value per share as $7.62.
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, the impact of competition, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and changes in the securities markets. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.
Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association, which operates one banking office in Hazard, Kentucky and First Federal Savings Bank, which operates three banking offices in Frankfort, Kentucky. Kentucky First Federal Bancorp shares are traded on the NASDAQ National Market under the symbol KFFB. At June 30, 2012 the Company had approximately 7,726,000 shares outstanding, of which approximately 61.2% was held by First Federal MHC.
|SUMMARY OF FINANCIAL HIGHLIGHTS|
|Condensed Consolidated Statements of Financial Condition|
|(In thousands, except per share data)|
|Cash and Cash Equivalents||$ 5,735||$ 5,049|
|Loans available for sale||481||--|
|Loans Receivable, net||182,473||182,796|
|Real estate acquired through foreclosure||2,445||4,304|
|Total Assets||$ 222,949||$ 226,235|
|Deposits||$ 134,552||$ 139,940|
|Total Liabilities and Equity||$ 222,949||$ 226,235|
|Book Value Per Share||$ 7.62||$ 7.58|
|Condensed Consolidated Statements of Operations|
|(In thousands, except share and per share data)|
|Twelve months ended June 30,||Three months ended June 30,|
|Interest Income||$ 10,156||$ 10,749||$ 2,410||$ 2,641|
|Net Interest Income||7,977||7,568||1,937||2,010|
|Provision for Losses on Loans||139||668||57||----|
|Income Before Income Taxes||2,555||1,860||562||664|
|Net Income||$ 1,715||$ 1,756||$ 378||$ 555|
|Earnings per share:|
|Basic||$ 0.23||$ 0.23||$ 0.05||$ 0.07|
|Diluted||$ 0.23||$ 0.23||$ 0.05||$ 0.07|
|Weighted average outstanding shares:|
CONTACT: Don Jennings, President, or Clay Hulette, Vice President (502) 223-1638 216 West Main Street P.O. Box 535 Frankfort, KY 40602Source: Kentucky First Federal Bancorp 2012 GlobeNewswire, Inc.