HAZARD and FRANKFORT , Ky., Oct. 23 /PRNewswire-FirstCall/ -- 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 $152,000 for the three months ended September 30, 2007 , compared to $234,000 for the three months ended September 30, 2006 , a decrease of $82,000 or 35.0%.
The decrease in net earnings for the quarter ended September 30, 2007 was primarily attributable to a reduction in net interest income. Net interest income decreased $177,000 or 12.4% to $1.3 million , for the most recent quarter and was attributable to continued increases in cost of funds related to rising market interest rates.
At September 30, 2007 , assets had increased $3.6 million or 1.3% to $272.5 million compared to $268.9 million at June 30, 2007 . This increase was attributed primarily to strong loan growth resulting in an increase in loans receivable of $5.2 million or 3.1%, which totaled $171.3 million at September 30, 2007 .
At September 30, 2007 , the Company reported its book value per share as $7.80 .
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 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 September 30, 2007 , the Company had approximately 8,185,000 shares outstanding of which approximately 57.8% was held by First Federal MHC.
SUMMARY OF FINANCIAL
HIGHLIGHTS
Condensed Consolidated Statements of Financial
Condition
September 30, June 30,
2007 2007
(In thousands, except share data)
(Unaudited) (Audited)
Assets
Cash and Cash Equivalents $ 1,242 $ 2,720
Investment Securities 72,569 73,004
Loans Receivable, net 171,325 166,156
Other Assets 27,374 27,036
Total Assets $ 272,510 $ 268,916
Liabilities
Deposits $ 139,851 $ 139,893
FHLB Advances 68,738 65,132
Other Liabilities 2,989 2,446
Total Liabilities 211,578 207,471
Shareholders' Equity 60,932 61,445
Total Liabilities and Equity $ 272,510 $ 268,916
Book Value Per Share $ 7.80 $ 7.82
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
Three months ended September 30,
2007 2006
(Unaudited)
Interest Income $ 3,344 $ 3,217
Interest Expense 2,093 1,789
Net Interest Income 1,251 1,428
Provision for Losses on Loans - -
Other Operating Income 45 36
General, Administrative, and Other
Expense 1,077 1,118
Earnings Before Federal Income Taxes 219 346
Federal Income Taxes 67 112
Net Earnings $ 152 $ 234
Earnings per share:
Basic $ 0.02 0.03
Diluted $ 0.02 0.03
Weighted average outstanding shares:
Basic 7,817,377 8,064,841
Diluted 7,817,377 8,070,706
SOURCE Kentucky First Federal Bancorp
