Kentucky First Federal Bancorp Files Q3 2024 10-Q

TL;DR

KFFB filed its 10-Q for Dec 31, 2024. All good here.

AI Summary

Kentucky First Federal Bancorp filed its 10-Q for the quarterly period ended December 31, 2024. The filing details the company's financial performance and operations. The company is a federally chartered savings institution based in Hazard, Kentucky.

Why It Matters

This filing provides investors with an update on the financial health and operational status of Kentucky First Federal Bancorp for the specified quarter.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediately apparent significant negative events.

Key Players & Entities

• Kentucky First Federal Bancorp (company) — Registrant
• December 31, 2024 (date) — Quarterly period end date
• 479 Main Street, Hazard, KY 41702 (location) — Principal executive offices and mailing address
• 61-1484858 (identifier) — IRS Employer Identification No.

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share KFFB The NASDAQ Sto

Filing Documents

• ea0230395-10q_kentucky.htm (10-Q) — 2800KB
• ea023039501ex31-1_kentucky.htm (EX-31.1) — 9KB
• ea023039501ex31-2_kentucky.htm (EX-31.2) — 9KB
• ea023039501ex32-1_kentucky.htm (EX-32.1) — 4KB
• ea023039501ex32-2_kentucky.htm (EX-32.2) — 4KB
• 0001213900-25-013955.txt ( ) — 13212KB
• kffb-20241231.xsd (EX-101.SCH) — 65KB
• kffb-20241231_cal.xml (EX-101.CAL) — 45KB
• kffb-20241231_def.xml (EX-101.DEF) — 226KB
• kffb-20241231_lab.xml (EX-101.LAB) — 470KB
• kffb-20241231_pre.xml (EX-101.PRE) — 261KB
• ea0230395-10q_kentucky_htm.xml (XML) — 3806KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 1

FINANCIAL STATEMENTS

ITEM 1 FINANCIAL STATEMENTS 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Consolidated Statements of Changes in Shareholders' Equity 4 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3 Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

ITEM 4 Controls and Procedures 39

OTHER INFORMATION

PART II OTHER INFORMATION 40

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

: Financial Statements

ITEM 1: Financial Statements Kentucky First Federal Bancorp CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) December 31, 2024 June 30, 2024 Unaudited ASSETS Cash and due from financial institutions $ 4,744 $ 1,913 Fed funds sold 6,928 703 Interest-bearing demand deposits 9,304 15,671 Cash and cash equivalents 20,976 18,287 Securities available-for-sale- at fair value 8,628 9,648 Securities held-to-maturity, at amortized cost-approximate fair value of $ 180 and $ 203 at December 31, 2024 and June 30, 2024, respectively 190 213 Loans held for sale 116 110 Loans, net of allowance for credit losses of $ 2,141 and $ 2,127 at December 31, 2024 and June 30, 2024, respectively 330,234 333,025 Real estate acquired through foreclosure 10 10 Office premises and equipment - at depreciated cost 4,247 4,267 Federal Home Loan Bank stock - at cost 4,439 4,230 Accrued interest receivable 1,264 1,169 Bank-owned life insurance 2,958 2,915 Prepaid income taxes 204 219 Prepaid expenses and other assets 942 875 Total assets $ 374,208 $ 374,968 LIABILITIES AND SHAREHOLDERS' EQUITY Savings $ 49,004 $ 47,390 Certificates of deposit 186,920 176,572 Demand deposit accounts 27,131 32,177 Deposits 263,055 256,139 Federal Home Loan Bank advances 61,792 68,988 Advances by borrowers for taxes and insurance 206 909 Accrued interest payable 478 176 Deferred income taxes 108 113 Other liabilities 514 646 Total liabilities 326,153 326,971 Shareholders' equity Preferred stock, 500,000 shares authorized, $ .01 par value; no shares issued - - Common stock, 20,000,000 shares authorized, $ .01 par value; 8,596,064 shares issued 86 86 Additional paid-in capital 34,891 34,891 Retained earnings - restricted 17,323 17,325 Treasury shares at cost, 509,349 common shares at December 31, 2024 and June 30, 2024, respectively ( 3,969 ) ( 3,969 ) Accumula

financial statements

financial statements. 1 Kentucky First Federal Bancorp CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except per share data) Six months ended December 31, Three months ended December 31, 2024 2023 2024 2023 Interest income Loans, including fees $ 8,702 $ 7,087 $ 4,437 $ 3,628 Mortgage-backed securities 157 191 76 92 Interest-bearing deposits and other 544 383 271 207 Total interest income 9,403 7,661 4,784 3,927 Interest expense Interest-bearing demand deposits 18 16 9 8 Savings 100 112 50 55 Certificates of Deposit 3,812 2,595 1,936 1,445 Deposits 3,930 2,723 1,995 1,508 Borrowings 1,566 1,610 751 762 Total interest expense 5,496 4,333 2,746 2,270 Net interest income 3,907 3,328 2,038 1,657 Provision for credit losses 15 15 - 9 Net interest income after provision for credit losses 3,892 3,313 2,038 1,648 Non-interest income Earnings on bank-owned life insurance 43 42 22 21 Net gain on sales of loans 141 6 81 7 Net gain on sales of real estate owned 5 4 5 - Other 119 69 63 18 Total non-interest income 308 121 171 46 Non-interest expense Employee compensation and benefits 2,396 2,515 1,211 1,273 Data processing 271 280 107 147 Occupancy and equipment 273 289 136 147 FDIC insurance premiums 138 107 75 72 Voice and data communications 66 57 32 19 Advertising 91 88 49 49 Outside service fees 225 213 155 135 Auditing and accounting 167 172 86 107 Regulatory assessments 46 32 23 15 Foreclosure and real estate owned expenses (net) 41 43 19 20 Franchise and other taxes 70 53 42 20 Other 431 283 268 145 Total non-interest expense 4,215 4,132 2,203 2,149 Income (loss) before income taxes ( 15 ) ( 698 ) 6 ( 455 ) Income tax (benefit) ( 13 ) ( 162 ) ( 7 ) ( 94 ) NET INCOME (LOSS) $ ( 2 ) $ ( 536 ) $ 13 $ ( 361 ) EARNING

financial statements

financial statements. 2 Kentucky First Federal Bancorp CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (In thousands) Six months ended December 31, Three months ended December 31, 2024 2023 2024 2023 Net income (loss) $ ( 2 ) $ ( 536 ) $ 13 $ ( 361 ) Other comprehensive income (loss), net of tax: Unrealized holding gains (losses) on securities designated as available-for-sale, net of taxes of $ 20 , $ 31 , $( 60 ) and $ 77 during the respective periods 60 93 ( 181 ) 231 Comprehensive income (loss) $ 58 $ ( 443 ) $ ( 168 ) $ ( 130 ) See accompanying notes to condensed consolidated

financial statements

financial statements. 3 Kentucky First Federal Bancorp CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY For the six months ended (Unaudited) (Dollar amounts in thousands, except per share data) December 31, 2024 Common stock Additional paid-in capital Retained earnings Treasury shares Accumulated other comprehensive income (loss) Total Balance at June 30, 2024 $ 86 $ 34,891 $ 17,325 $ ( 3,969 ) $ ( 336 ) $ 47,997 Net income (loss) – – ( 2 ) – – ( 2 ) Other comprehensive income – – – – 60 60 Balance at December 31, 2024 $ 86 $ 34,891 $ 17,323 $ ( 3,969 ) $ ( 276 ) $ 48,055 December 31, 2023 Common stock Additional paid-in capital Retained earnings Treasury shares Accumulated other comprehensive income (loss) Total Balance at June 30, 2023 $ 86 $ 34,891 $ 20,130 $ ( 3,969 ) $ ( 427 ) $ 50,711 Cumulative impact of adoption of ASC 326 – – ( 414 ) – – ( 414 ) Balance at July 1, 2023 86 34,891 19,716 ( 3,969 ) ( 427 ) 50,297 Net income (loss) – – ( 536 ) – – ( 536 ) Other comprehensive income – – – – 93 93 Cash dividends of $ 0.20 per common share – – ( 671 ) – – ( 671 ) Balance at December 31, 2023 $ 86 $ 34,891 $ 18,509 $ ( 3,969 ) $ ( 334 ) $ 49,183 See accompanying notes to condensed consolidated

financial statements

financial statements. 4 Kentucky First Federal Bancorp CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY For the three months ended (Dollar amounts in thousands, except per share data) December 31, 2024 Common stock Additional paid-in capital Retained earnings Treasury shares Accumulated other comprehensive income (loss) Total Balance at September 30, 2024 $ 86 $ 34,891 $ 17,310 $ ( 3,969 ) $ ( 95 ) $ 48,223 Net income (loss) – – 13 – – 13 Other comprehensive income (loss) – – – – ( 181 ) ( 181 ) Balance at December 31, 2024 $ 86 $ 34,891 $ 17,323 $ ( 3,969 ) $ ( 276 ) $ 48,055 December 31, 2023 Common stock Additional paid-in capital Retained earnings Treasury shares Accumulated other comprehensive income Total Balance at September 30, 2023 $ 86 $ 34,891 $ 19,206 $ ( 3,969 ) $ ( 565 ) $ 49,649 Net income (loss) – – ( 361 ) – – ( 361 ) Other comprehensive income (loss) 231 231 Cash dividends of $ 0.10 per common share – – ( 336 ) – – ( 336 ) Balance at December 31, 2023 $ 86 $ 34,891 $ 18,509 $ ( 3,969 ) $ ( 334 ) $ 49,183 See accompanying notes to condensed consolidated

financial statements

financial statements. 5 Kentucky First Federal Bancorp CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Six months ended December 31, 2024 2023 Cash flows from operating activities: Net loss $ ( 2 ) $ ( 536 ) Adjustments to reconcile net loss to net cash from operating activities Depreciation 103 119 Accretion of purchased loan credit discount – ( 11 ) Amortization of deferred loan origination costs (fees), net ( 13 ) 1 Amortization of premiums on investment securities ( 10 ) ( 11 ) Net gain on sale of loans ( 141 ) ( 6 ) Net (gain) loss on sale of real estate owned – ( 4 ) Earnings on bank-owned life insurance ( 43 ) ( 42 ) Provision for credit losses 15 15 Origination of loans held for sale ( 3,656 ) ( 782 ) Proceeds from loans held for sale 3,791 518 Deferred Income Taxes 30 ( 192 ) Increase (decrease) in cash, due to changes in: Accrued interest receivable ( 95 ) ( 176 ) Prepaid expenses and other assets ( 52 ) ( 195 ) Accrued interest payable 302 97 Other liabilities ( 189 ) 113 Net cash provided by (used in) operating activities 40 ( 1,092 ) Cash flows from investing activities: Securities maturities, prepayments and calls: Held to maturity 22 37 Available for sale 1,111 1,301 Proceeds from sale of FHLB stock 133 532 Purchase of FHLB stock ( 342 ) ( 152 ) Loans originated for investment, net of principal collected 2,791 ( 12,338 ) Proceeds from sale of real estate owned – 64 Additions to premises and equipment, net ( 83 ) ( 45 ) Net cash provided by (used in) investing activities 3,632 ( 10,601 ) Cash flows from financing activities: Net increase in deposits 6,916 18,320 Payments by borrowers for taxes and insurance, net ( 703 ) ( 459 ) Proceeds from Federal Home Loan Bank advances 14,446 48,800 Repayments on Federal Home Loan Bank advances ( 21,642 ) ( 47,879 ) Dividends paid on common stock –

financial statements

financial statements. 6 Kentucky First Federal Bancorp CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (Unaudited) (In thousands) Six months ended December 31, 2024 2023 Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes $ - $ 125 Interest on deposits and borrowings $ 5,194 $ 4,236 See accompanying notes to condensed consolidated

financial statements

financial statements. 7 Kentucky First Federal Bancorp NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024 (unaudited) The Kentucky First Federal Bancorp ("Kentucky First" or the "Company") was incorporated under federal law in March 2005 and is the mid-tier holding company for First Federal Savings and Loan Association of Hazard, Hazard, Kentucky ("First Federal of Hazard") and Frankfort First Bancorp, Inc. ("Frankfort First"). Frankfort First is the holding company for First Federal Savings Bank of Kentucky, Frankfort, Kentucky ("First Federal of Kentucky"). First Federal of Hazard and First Federal of Kentucky (hereinafter collectively the "Banks") are Kentucky First's primary operations, which consist of operating the Banks as two independent, community-oriented savings institutions. In December 2012, the Company acquired CKF Bancorp, Inc., a savings and loan holding company which operated three banking locations in Boyle and Garrard Counties in Kentucky. In accounting for the transaction, the assets and liabilities of CKF Bancorp were recorded on the books of First Federal of Kentucky in accordance with accounting standard ASC 805, Business Combinations. Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which represent the condensed consolidated balance sheets and results of operations of the Company, were prepared in accordance with the instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with U.S. generally accepted accounting principles. However, in the opinion of management, all adjustments (consisting of only normal recurring adjustments) which are necessary for a fair presentation of the condensed consolidated financial statements have been included. The results of operations for the six-month period ended December 31, 2024, are not n

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