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Kentucky First Federal Bancorp (KFFB)

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Neutralpattern detected
Previous Close7.46
Open7.19
Bid0.00 x 800
Ask0.00 x 1000
Day's Range7.25 - 7.50
52 Week Range4.40 - 8.15
Volume17
Avg. Volume1,749
Market Cap61.892M
Beta (5Y Monthly)0.45
PE Ratio (TTM)N/A
EPS (TTM)-1.52
Earnings DateNov 05, 2020
Forward Dividend & Yield0.40 (5.71%)
Ex-Dividend DateOct 29, 2020
1y Target EstN/A
  • Kentucky First Federal Bancorp Releases Earnings
    GlobeNewswire

    Kentucky First Federal Bancorp Releases Earnings

    HAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company (the “Company”) for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, Frankfort, Kentucky, announced net earnings of $285,000 or $0.04 diluted earnings per share for the three months ended September 30, 2020, compared to net earnings of $234,000 or $0.03 diluted earnings per share for the three months ended September 30, 2019, an increase of $51,000 or 21.8%. The increase in net earnings for the quarter ended September 30, 2020, was primarily attributable to higher non-interest income, lower non-interest expense, and higher net interest income, which were partially offset by higher provision for loan loss and income tax. Non-interest income increased $54,000 or 73.0% to $128,000 due primarily to net gains on sales of loans. The Company has seen significant loan refinance activity since the emergency interest rate cut implemented by the FOMC in March of this year. The Company’s long-term fixed rate loans, which some borrowers are preferring at this time, are usually sold to the FHLB of Cincinnati after they are originated, which produces the gain. Non-interest expense decreased $19,000 or 0.9% and totaled $2.1 million for the three months ended September 30, 2020, while net interest income increased $9,000 or 0.4% to $2.4 million for the just-ended quarterly period, as interest income and expense both decreased period to period. Provision for loan losses increased by $25,000 or 42.4% and totaled $84,000 for the recently-ended quarterly period. The provision recorded for the quarter just ended was in response to increased average balance of loans in the portfolio, a slight change in the composition of loans and a normal level of charge-off activity, which continues to stay at low levels seen in recent years. Despite the uncertainty caused by the continuing Covid-19 pandemic, the loan portfolio continues to perform well. The majority of loans that were granted deferrals have resumed normal payments and credit quality metrics have continued to improve from prior periods.At September 30, 2020, assets totaled $327.7 million, an increase of $6.5 million or 2.0%, from $321.1 million at June 30, 2020. This increase was attributed primarily to an increase in loans, net, which increased $4.6 million or 1.6% to $290.5 million at September 30, 2020, and an increase in cash and cash equivalents, which increased $3.4 million or 24.9% to $17.1 million at September 30, 2020. Total liabilities increased $6.6 million or 2.5% to $275.9 million at September 30, 2020, as advances increased $3.7 million or 6.7% to $58.4 million and deposits increased $2.8 million or 1.3% to $215.1 million at September 30, 2020.At September 30, 2020, the Company reported its book value per share as $6.29. The change in shareholders’ equity was primarily associated with net profits for the period, less dividends paid on common stock.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: the effect of the COVID-19 pandemic, including the length of time that the pandemic continues, and the effect of the pandemic on the general economy and on the businesses of our borrowers and their ability to make payments on their obligations; 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, 2020. 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 of Hazard, which operates one banking office in Hazard, Kentucky and First Federal Savings Bank of Kentucky, 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, 2020, the Company had approximately 8,244,215 shares outstanding of which approximately 57.4% was held by First Federal MHC.SUMMARY OF FINANCIAL HIGHLIGHTS     Condensed Consolidated Balance Sheets    September 30, June 30,   2020 2020  (In thousands, except share data)  (Unaudited) Assets     Cash and Cash Equivalents$17,116$13,702 Time deposits in other financial institutions 1,241 2,229 Investment Securities 600 1,139 Loans available-for sale 1,035 667 Loans, net 290,509 285,887 Real estate acquired through foreclosure 679 640 Goodwill 947 947 Other Assets 15,557 15,925 Total Assets$327,684$321,136 Liabilities     Deposits$215,102$212,273 FHLB Advances 58,392 54,715 Other Liabilities 2,361 2,237 Total Liabilities 275,855 269,225 Shareholders' Equity 51,829 51,911 Total Liabilities and Equity$327,684$321,136 Book Value Per Share$6.29$6.29       Condensed Consolidated Statements of Income (In thousands, except share data)   Three months ended September 30,   2020 2019    (Unaudited) Interest Income$3,029$3,328 Interest Expense 639 947 Net Interest Income 2,390 2,381 Provision for Losses on Loans 84 59 Non-interest Income 128 74 Non-interest Expense2,083 2,102 Income Before Income Taxes 351 294 Income Taxes 66 60 Net Income$285$234 Earnings per share:     Basic and diluted$0.04$0.03 Weighted average outstanding shares:     Basic and diluted 8,222,813 8,277,502       Contact:   Don Jennings, President, or Clay Hulette, Vice President (502) 223-1638 216 West Main Street P.O. Box 535 Frankfort, KY 40602

  • GlobeNewswire

    Kentucky First Federal Bancorp Announces Payment of Quarterly Dividend

    HAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., Oct. 06, 2020 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq: KFFB) the holding company for First Federal Savings and Loan Association of Hazard, Kentucky and First Federal Savings Bank of Kentucky, Frankfort, Kentucky, announced that the Company’s Board of Directors declared a cash dividend of $0.10 per share payable on November 16, 2020, to shareholders of record on October 30, 2020. Tony Whitaker, Chairman of the Company, stated that the Board of Directors determined that the payment of the dividend was appropriate in light of the Company’s capital position and financial condition. 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 and the ability of First Federal MHC to waive dividends 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 of Kentucky, which operates six banking offices in Kentucky, including three in Frankfort, two in Danville, and one in Lancaster. Kentucky First Federal Bancorp shares are traded on the NASDAQ National Market under the symbol KFFB. At September 30, 2020 the Company had approximately 8,244,215 shares outstanding of which approximately 57.4% was held by First Federal MHC.Contact: Kentucky First Federal Bancorp Don Jennings, President Clay Hulette, Vice President (502) 223-1638

  • GlobeNewswire

    Kentucky First Federal Bancorp Releases Fiscal Year Results

    Noncash accounting transaction overshadows net incomeHAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., Sept. 21, 2020 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq: KFFB), (the “Company”) the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, announced that a non-cash $13.6 million goodwill impairment charge led to a reported loss of $13.3 million or $1.61 per common share for the quarter ended June 30, 2020. This compares to net income of $300,000 or $0.04 per common share for the quarter ended June 30, 2019. The Company reported a net loss of $12.5 million or $1.52 per common share for the twelve months ended June 30, 2020, compared to net earnings of $812,000 or $0.10 per common share for the twelve months ended June 30, 2019. The Company recorded a goodwill impairment charge, which had no tax impact, of $13.6 million, or $1.64 per common share, during the quarter ended June 30, 2020, which represents 93.5% of goodwill previously reported. Goodwill of $14.5 million was originally recorded in March 2005 when the Company, as part of its initial public offering, purchased Frankfort First Bancorp, Inc., with a portion of the stock and cash proceeds from the offering. The impairment charge represents an accounting transaction which had no impact on cash flows, liquidity, or key capital ratios of the Company or its bank subsidiaries. A prolonged decline in the stock price of the Company exacerbated by the COVID-19 pandemic and related economic impact led to recognition of the impairment pursuant to management’s performance of a goodwill impairment analysis as of June 30, 2020. In conjunction with this determination, management also early adopted ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the required method for estimating the fair value of the Company. Based on this analysis, the estimated fair value of the Company was less than book value, resulting in the $13.6 million goodwill impairment charge. The estimated fair value of the Company was determined based on a combination of methods including discounted cash flows of forecasted earnings and estimated sales price based on recent observable market transactions of similar securities. According to Tony Whitaker, Chairman of the Company’s Board of Directors, “The Company’s stock has been trading at a lower price in the past few months, as many of our peer banks and other financial institutions have experienced during the Covid-19 pandemic. Bank stocks in particular have not rebounded nearly as well as stocks in other sectors. Unfortunately, the lower aggregate price of our stock has been below the Company’s book value, including goodwill and other intangible assets, and therefore, no longer supports the carrying of goodwill on the books as an asset.” Don Jennings, the Company’s Chief Executive Officer added, “while the charge to earnings for goodwill impairment was unfortunate, the impairment entry obscures some improvement in core earnings. Net income adjusted for the goodwill impairment charge, which is a non-GAAP financial measure, would have been $291,000 or $0.04 per common share for the three months ended June 30, 2020 and $1.0 million or $0.12 per common share for the year ended June 30, 2020.”During the three months ended June 30, 2020, non-interest income increased $116,000 to $166,000 due primarily to gain on sales of loans which increased as a result of the low interest rate environment during the period. In March, the Federal Open Market Committee made an emergency rate reduction in response to the Covid-19 pandemic, which led to higher levels of refinancing activity generally. The Company sells its long-term fixed rate loans to the Federal Home Loan Bank of Cincinnati as part of its asset/liability management strategy. Net interest income decreased $95,000 or 4.0% to $2.3 million for the quarter just ended as interest income decreased $257,000 or 7.8% to $3.0 million, and interest expense decreased $162,000 or 17.8% to $748,000. The Company recorded a $39,000 provision for loan loss in the recently-ended quarterly period compared to no provision for the prior year quarter. Income tax expense increased $64,000 and totaled $88,000 for the quarter just ended. Non-interest expense, adjusted for the goodwill impairment charge, a non-GAAP financial measure, decreased $73,000, or 3.5% quarter over quarter.Non-interest income increased $156,000 or 64.2% to $399,000 for the year ended June 30, 2020 compared to the prior year period due primarily to gain on sales of loans. Net interest income decreased $124,000 or 1.3% to $9.3 million for the year just ended as interest income increased $123,000 or 1.0% to $12.8 million, and interest expense increased $247,000 or 7.6% to $3.5 million. Provision for loan losses increased $92,000 to $103,000 for the twelve-months ended June 30, 2020, while non-interest expense increased $13.2 million to $21.9 million for the year just ended primarily due to the goodwill impairment charge. Non-interest expense, adjusted for the goodwill impairment charge, a non-GAAP financial measure, decreased $384,000, or 4.4% year over year.Use of Non-GAAP Financial MeasuresIn addition to disclosing financial results calculated in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), the financial information in this release contains non-GAAP financial measures including adjusted net income and adjusted net income per common share. Adjusted net income and adjusted net income per common share reflect adjustment for the goodwill impairment expense. Such non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this press release may differ from that of other companies reporting measures with similar names. A reader should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures we have discussed in this press release when comparing such non-GAAP financial measures.The Company’s methods for determining these non-GAAP financial measures may differ from the methods used by other companies for these or similar non-GAAP financial measures. Accordingly, these non-GAAP financial measures may not be compatible to methods used by other companies.Reconcilement of Non-GAAP Financial Measures Twelve months ended June 30, Three months ended June 30, (In thousands, except per share data) 2020  2019  2020  2019      Net (loss) income$(12,547) $812 $(13,269) $300 Adjustments:            Non-interest expense            Goodwill impairment charge 13,560  -  13,560  - Adjusted net income$1,013 $812 $291 $300              Basic and diluted net (loss) income per common share$(1.52) $0.10 $(1.61) $0.04 Adjustments:            Non-interest expense            Goodwill impairment charge 1.64  -  1.64  - Adjusted net income$0.12 $0.10 $0.03 $0.04              At June 30, 2020, assets totaled $321.1 million, a decrease of $9.6 million or 2.9% compared to June 30, 2019. This decrease was attributed primarily to the decrease of $13.6 million in goodwill as well as a decrease of $4.7 million or 68.0% in time deposits in other financial institutions. Those decreases were somewhat offset by an increase of $4.9 million or 1.8% in loans, net, and an increase in cash and cash equivalents of $3.8 million or 39.0%. Total liabilities increased $4.7 million or 1.8% to $269.2 million at June 30, 2020, primarily as a result of increased deposits, which increased $16.4 million or 8.4% to $212.3 million at June 30, 2020. Somewhat offsetting the increase in deposits was a decrease of $12.0 million or 18.0% in FHLB advances, which totaled $54.7 million at the recent period end. At June 30, 2020, the risk-based capital ratios of the Company were 26.1%, which exceeded all capital adequacy rates, while the Community Bank Leverage Ratios for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky were 21.9% and 12.1%, respectively. With respect to the Banks an interim final rule under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the current minimum ratio of 8%.At June 30, 2020, the Company reported its book value per share as $6.29. The change in shareholders’ equity was primarily associated with net loss for the period, less dividends paid on common stock and cost of shares repurchased for treasury purposes.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, the effect of the COVID-19 pandemic, including the length of time that the pandemic continues, and the effect of the pandemic on the general economy and on the businesses of our borrowers and their ability to make payments on their obligations; 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, 2019. 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 of Hazard, which operates one banking office in Hazard, Kentucky and First Federal Savings Bank of Kentucky, 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 June 30, 2020, the Company had approximately 8,252,215 shares outstanding of which approximately 57.3% was held by First Federal MHC.SUMMARY OF FINANCIAL HIGHLIGHTS           Condensed Consolidated Balance Sheets            (In thousands, except share data)       June 30,  June 30,         2020   2019 ASSETS      (Unaudited) Cash and cash equivalents      $13,702  $9,861 Time deposits in other financial institutions       2,229   6,962 Investment Securities       1,139   1,820 Loans available-for sale       667   - Loans, net       285,887   280,969 Real estate acquired through foreclosure       640   710 Goodwill       947   14,507 Other Assets       15,925   15,942 Total Assets      $321,136  $330,771 LIABILITIES AND SHAREHOLDERS' EQUITY          Deposits      $212,273  $195,836 FHLB Advances       54,715   66,703 Other Liabilities       2,237   1,954 Total liabilities       269,225   264,493 Shareholders' Equity       51,911   66,278 Total liabilities and shareholders' equity      $321,136  $330,771 Book value per share      $6.29  $7.96 Tangible book value per share      $6.18  $6.22              Condensed Consolidated Statements of Income          (In thousands, except share data)                          Twelve months ended June 30, Three months ended June 30,   2020   2019  2020   2019  (Unaudited) (Unaudited) Interest Income$12,823  $12,700 $3,027  $3,284 Interest Expense 3,499   3,252  748   910 Net Interest Income 9,324   9,448  2,279   2,374 Provision for Losses on Loans 103   11  39   - Non-interest Income 399   243  166   50 Goodwill Impairment Charge 13,560   \--  13,560   \-- Other Non-interest Expense 8,343   8,727  2,027   2,100 (Loss) Income Before Income Taxes (12,283)   953  (13,181)   324 Income Taxes 264   141  88   24 Net (Loss) Income$(12,547)  $812 $(13,269)  $300 (Loss) Earnings per share:            Basic and Diluted$(1.52)  $0.10 $(1.61)  $0.04 Weighted average outstanding shares:            Basic and Diluted 8,251,860   8,335,612  8,227,842   8,297,271 Contact: Don Jennings, President, or Clay Hulette, Vice President  (502) 223-1638  216 West Main Street  P.O. Box 535  Frankfort, KY 40602