Kentucky First Federal Bancorp Files 2024 Annual Report

TL;DR

KFFB filed its 2024 10-K. All good.

AI Summary

Kentucky First Federal Bancorp filed its annual 10-K report for the fiscal year ended June 30, 2024. The company, headquartered at 479 Main Street, Hazard, KY, operates as a federally chartered savings institution. The filing details its financial performance and business operations for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Kentucky First Federal Bancorp's financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — The filing is a standard annual report for a community bank, with no immediate red flags or significant negative events indicated.

Key Numbers

• 20240630 — Fiscal Year End Date (The report covers the period up to this date.)
• 61-1484858 — IRS Number (Identifies the company for tax purposes.)
• 0-51176 — SEC File Number (Unique identifier for the company's SEC filings.)

Key Players & Entities

• Kentucky First Federal Bancorp (company) — Registrant
• 479 Main Street, Hazard, KY 41702 (location) — Principal Executive Offices
• June 30, 2024 (date) — Fiscal Year End
• 61-1484858 (identifier) — IRS Employer Identification No.
• 0-51176 (identifier) — Commission file number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share KFFB The NASDAQ Sto
• $375.0 m — 024, Kentucky First had total assets of $375.0 million, deposits of $256.1 million and s
• $256.1 million — l assets of $375.0 million, deposits of $256.1 million and stockholders' equity of $48.0 milli
• $48.0 million — 6.1 million and stockholders' equity of $48.0 million. The discussion in this Annual Report o
• $89.8 m — t Federal of Hazard had total assets of $89.8 million, net loans of $81.1 million, tota
• $81.1 m — l assets of $89.8 million, net loans of $81.1 million, total mortgage-backed and other
• $3.4 m — mortgage-backed and other securities of $3.4 million, deposits of $54.4 million and to
• $54.4 million — securities of $3.4 million, deposits of $54.4 million and total capital of $18.0 million. Fi
• $18.0 million — s of $54.4 million and total capital of $18.0 million. First Federal Savings Bank of Kentuck
• $287.1 m — Federal of Kentucky had total assets of $287.1 million, net loans of $251.9 million, tot
• $251.9 m — assets of $287.1 million, net loans of $251.9 million, total mortgage-backed and other
• $6.4 m — mortgage-backed and other securities of $6.4 million, deposits of $204.4 million and t
• $204.4 million — securities of $6.4 million, deposits of $204.4 million and total capital of $28.9 million. Fi
• $28.9 million — of $204.4 million and total capital of $28.9 million. First Federal of Kentucky's main offi
• $48,328 — ian household income in Perry County is $48,328 compared to personal income of $61,118

Filing Documents

• ea0215440-10k_kentucky.htm (10-K) — 406KB
• ea021544001ex13_kentucky.htm (EX-13) — 2077KB
• ea021544001ex21_kentucky.htm (EX-21) — 6KB
• ea021544001ex31-1_kentucky.htm (EX-31.1) — 8KB
• ea021544001ex31-2_kentucky.htm (EX-31.2) — 7KB
• ea021544001ex32_kentucky.htm (EX-32) — 5KB
• ea021544001ex97_kentucky.htm (EX-97) — 28KB
• image_001.jpg (GRAPHIC) — 9KB
• ex13_001.jpg (GRAPHIC) — 15KB
• ex13_002.jpg (GRAPHIC) — 17KB
• ex13_003.jpg (GRAPHIC) — 12KB
• 0001213900-24-085121.txt ( ) — 11936KB
• kffb-20240630.xsd (EX-101.SCH) — 107KB
• kffb-20240630_cal.xml (EX-101.CAL) — 82KB
• kffb-20240630_def.xml (EX-101.DEF) — 410KB
• kffb-20240630_lab.xml (EX-101.LAB) — 799KB
• kffb-20240630_pre.xml (EX-101.PRE) — 417KB
• ea0215440-10k_kentucky_htm.xml (XML) — 2188KB

Business

Business 1 Item 1A. Risk Factors 18 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 29 Item 3. Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II 30 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 31 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 31 Item 8. Financial 31 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 31 Item 9A. Controls and Procedures 31 Item 9B. Other Information 33 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 33 PART III 34 Item 10. Directors, Executive Officers and Corporate Governance 34 Item 11. Executive Compensation 34 Item 12. Security 35 Item 13. Certain Relationships and Related Transactions, and Director Independence 35 Item 14. Principal Accountant Fees and Services 35 PART IV 36 Item 15. Exhibits and Financial Statement Schedules 36 Item 16. Form 10-K Summary 37

SIGNATURES

SIGNATURES 38 i PART I

Forward-Looking Statements

Forward-Looking Statements Certain statements contained in this report, as well as other periodic reports filed with the Securities and Exchange Commission, that are not historical facts are considered "forward-looking

forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate,"

forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "intend" and "potential," or words of similar meaning, or future or conditional verbs such as "should," "could," or "may." Forward-looking statements include statements of our goals, intentions and expectations; statements regarding our ability to fully and timely address the deficiencies that resulted in the Agreement that First Federal Savings Bank of Kentucky has entered into with the Office of the Comptroller of the Currency ("OCC"); First Federal Savings Bank of Kentucky's ability to satisfy the Individual Minimum Capital Requirements imposed by the OCC; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. Kentucky First Federal Bancorp's actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions; prices for real estate in the Company's market areas; the interest rate environment and the impact of the interest rate environment on our business, financial condition and results of operations; our ability to successfully execute our strategy to increase earnings, increase core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning loans; our ability to pay future dividends and if so at what level; our ability to receive any required regulatory approval or non-objection for the payment of dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky to the Company or from the Company to shareholders; the ability of First Federal MHC to receive approval of it

View Full Filing

View this 10-K filing on SEC EDGAR