Financial Performance - For the three months ended December 31, 2024, net income was $13,000 or $0.00 diluted earnings per share, a significant increase of $374,000 or 103.6% compared to a net loss of $361,000 or $(0.05) diluted earnings per share for the same period in 2023[2]. - The company reported a net loss of $2,000 or $(0.00) diluted earnings per share for the six months ended December 31, 2024, compared to a net loss of $536,000 or $(0.07) diluted earnings per share for the same period in 2023, reflecting an increase of $534,000 or 99.6%[2]. Interest Income and Expenses - Net interest income rose by $381,000 or 23.0% to $2.0 million, driven by an increase in interest income of $857,000 or 21.8% to $4.8 million, while interest expense increased by $476,000 or 21.0% to $2.7 million[3]. - The average rate earned on interest-earning assets increased by 80 basis points to 5.28%, contributing to the rise in interest income, with average interest-earning assets also increasing by $11.5 million or 3.3% to $362.3 million[4]. - For the six months ended December 31, 2024, interest income was $9.4 million, up from $7.7 million in the same period of 2023, while interest expense rose to $5.5 million from $4.3 million[13]. Non-Interest Income - Non-interest income surged by $125,000 or 271.7% to $171,000, primarily due to net gains on sales of loans increasing by $74,000 compared to December 31, 2023[5]. Assets and Liabilities - Total assets as of December 31, 2024, were $374.2 million, a slight decrease of $760,000 or 0.2% from $375.0 million at June 30, 2024, mainly due to a decrease in loans, net, of $2.8 million or 0.8%[7]. - Total liabilities decreased by $818,000 or 0.3% to $326.2 million, with FHLB advances decreasing by $7.2 million or 10.4% to $61.8 million[7]. - Shareholders' equity increased by $58,000 or 0.1% to $48.1 million, with the book value per share remaining at $5.94[8]. Strategic Focus - The company is focused on increasing earnings, core deposits, and reducing reliance on higher-cost funding sources, while also shifting more of its loan portfolio towards higher-earning loans[9].

Core Insights - Kentucky First Federal Bancorp reported a net income of $13,000 for the three months ended December 31, 2024, a significant improvement from a net loss of $361,000 for the same period in 2023, marking an increase of 103.6% [1] - The company experienced a net loss of $2,000 for the six months ended December 31, 2024, compared to a net loss of $536,000 for the same period in 2023, reflecting an increase of 99.6% [1] Financial Performance - The increase in net earnings for the quarter was primarily due to higher net interest income, which rose by $381,000 or 23.0% to $2.0 million [2] - Interest income increased by $857,000 or 21.8% to $4.8 million, while interest expense rose by $476,000 or 21.0% to $2.7 million [2] - The average rate earned on interest-earning assets increased by 80 basis points to 5.28%, contributing to the rise in interest income [3] - Non-interest income surged by $125,000 or 271.7% to $171,000, largely due to net gains on sales of loans [4] Expense Management - Non-interest expense increased by $54,000, primarily due to a rise in other non-interest expenses, which increased by $123,000, mainly from professional fees [5] - Employee compensation and benefits decreased by $62,000 or 4.9% for the three months ended December 31, 2024, compared to the same period in 2023 [5] Balance Sheet Overview - As of December 31, 2024, total assets were $374.2 million, a slight decrease of $760,000 or 0.2% from $375.0 million at June 30, 2024 [6] - Total liabilities decreased by $818,000 or 0.3% to $326.2 million, with a notable reduction in FHLB advances by $7.2 million or 10.4% [6] - Total deposits increased by $6.9 million or 2.7%, with savings account deposits rising by $1.6 million or 3.4% and certificates of deposit increasing by $10.3 million or 5.9% [6] Shareholder Information - The book value per share was reported at $5.94, with shareholders' equity increasing by $58,000 or 0.1% to $48.1 million [7] - Approximately 58.5% of the company's shares are held by First Federal MHC, with a total of approximately 8,086,715 shares outstanding [10]

Financial Performance - Net interest income rose to $1,870,000 for the three months ended September 30, 2024, up from $1,670,000 in the same period of 2023, representing an increase of 11.99%[9] - Total interest income increased to $4,620,000 in 2024 from $3,734,000 in 2023, marking a growth of 23.73%[9] - Non-interest income grew to $137,000 in 2024, compared to $74,000 in 2023, which is an increase of 85.14%[9] - The company reported a net loss of $15,000 for the three months ended September 30, 2024, a significant improvement from a net loss of $175,000 in the same period of 2023[10] - Comprehensive income for the three months ended September 30, 2024, was $226,000, compared to a comprehensive loss of $313,000 in the same period of 2023, showing a turnaround[10] - Net loss for the three months ended September 30, 2024, was $15,000 compared to a net loss of $175,000 for the same period in 2023, representing an improvement of 91.43%[14] Assets and Liabilities - Total assets increased to $375,650,000 as of September 30, 2024, compared to $374,968,000 on June 30, 2024, reflecting a growth of 0.18%[7] - Total liabilities increased to $327,427,000 as of September 30, 2024, compared to $326,971,000 on June 30, 2024, reflecting a growth of 0.14%[7] - Shareholders' equity rose to $48,223,000 as of September 30, 2024, compared to $47,997,000 on June 30, 2024, indicating an increase of 0.47%[7] Credit Losses and Provisions - The provision for credit losses was $15,000 for the three months ended September 30, 2024, compared to $6,000 in the same period of 2023, representing a 150% increase[9] - The allowance for credit losses increased by $497,000 due to the adoption of ASC 326, impacting retained earnings by a decrease of $414,000[31] - The allowance for credit losses on loans increased by $497,000, totaling $2,131,000 as of September 30, 2024[34] - The total ACL for the three months ended September 30, 2024, is $2,141,000, with a provision for losses of $15,000 during the period[72] Cash Flow and Investments - Net cash used in operating activities was $1,407,000 for the three months ended September 30, 2024, compared to $570,000 in the same period of 2023, reflecting a significant increase in cash outflow[14] - Net cash provided by investing activities was $213,000 in Q3 2024, a recovery from a net cash outflow of $3,545,000 in Q3 2023[14] - Net cash provided by financing activities was $176,000 in Q3 2024, a decrease from $8,534,000 in Q3 2023, indicating a substantial reduction in cash inflow[14] - Ending cash and cash equivalents increased to $17,269,000 as of September 30, 2024, compared to $12,586,000 at the end of Q3 2023, showing a growth of 37.5%[14] Loan Portfolio and Quality - The total loan portfolio amounted to $335,316,000 as of September 30, 2024, slightly up from $335,152,000 as of June 30, 2024[50] - The company’s residential real estate loans included $255,522,000 in one- to four-family loans as of September 30, 2024, down from $256,216,000 as of June 30, 2024[50] - Nonaccrual loans as of September 30, 2024, included $2,176,000 in one- to four-family loans and $1,911,000 in nonresidential real estate loans, with total nonaccrual loans at $4,087,000[78] - The total past due loans as of September 30, 2024, amounted to $10,664,000, with $6,625,000 in one- to four-family loans and $2,221,000 in nonresidential real estate loans[80] Regulatory and Compliance - First Federal of Kentucky is under a formal written agreement with the OCC, requiring it to maintain specific capital ratios and implement corrective actions[116] - The Company announced the indefinite suspension of quarterly dividends, with future payments dependent on regulatory approvals and financial conditions[156] - First Federal MHC has received Federal Reserve Board approval to waive quarterly dividends totaling $0.40 per share annually, effective until the third quarter of 2024[157] Future Outlook - Future outlook remains positive with ongoing monitoring of risk ratings and charge-offs to ensure financial stability[88] - The company continues to evaluate credit quality based on performing status for loans not rated individually[86] - The company is actively monitoring loan performance across various categories to mitigate potential risks and ensure financial stability[94]

Financial Performance - Kentucky First Federal Bancorp reported a net loss of $15,000 or $0.00 diluted earnings per share for Q3 2024, an improvement from a net loss of $175,000 or $(0.02) diluted earnings per share in Q3 2023, representing a 91.4% decrease in net loss [1]. - Non-interest income increased by $63,000 or 85.1% to $137,000, primarily due to net gains on sales of loans, which rose by $61,000 [4]. - Income tax benefit decreased by $63,000 or 91.3% to $6,000, due to net losses in both periods [6]. Interest Income and Expenses - Net interest income increased by $200,000 or 12.0% to $1.9 million, driven by a 23.7% increase in interest income to $4.6 million, while interest expense rose by 33.2% to $2.8 million [2]. - The average rate earned on interest-earning assets rose by 69 basis points to 5.05%, with average interest-earning assets increasing by $23.4 million or 6.8% to $336.0 million [3]. Credit and Provisioning - The provision for credit loss was $15,000, compared to $6,000 in the prior year, reflecting a slight growth in the loan portfolio [5]. Expenses - Non-interest expense increased by $31,000, primarily due to a 23.3% rise in data processing costs to $164,000 and an 80.0% increase in FDIC insurance premiums to $63,000 [7]. Assets and Equity - Total assets as of September 30, 2024, were $375.7 million, a slight increase of $682,000 or 0.2% from June 30, 2024 [8]. - Shareholders' equity increased by $226,000 or 0.5% to $48.2 million, with book value per share reported at $5.96 [9]. Future Outlook - The company anticipates challenges related to economic conditions, interest rates, and regulatory compliance, which may impact future performance [10].

Cybersecurity Management - The Company has not experienced any material losses related to cybersecurity threats for the year ended June 30, 2024[158]. - The Company has a fully integrated third-party risk management program to assess and mitigate cybersecurity risks associated with third-party relationships[157]. - The Board of Directors oversees cybersecurity risk management and includes members with expertise in risk management, technology, and finance[160]. - The Company has developed an Incident Response Plan to address cybersecurity incidents, including Distributed Denial of Service attacks and ransomware[155]. - The Information Security Officer (ISO) regularly updates the CEO on cybersecurity risks and incidents affecting the Company[162]. - The Company conducts regular examinations of emerging cybersecurity threats and performs vulnerability scanning and penetration tests[154]. - The Company has implemented safeguards to protect its information and data assets, including continuous end-user training and layered defenses[154]. - The Company has not identified any risks from cybersecurity threats that could materially affect its business strategy or financial condition[158]. Financial Reporting and Internal Control - As of June 30, 2024, the company's internal control over financial reporting is assessed as effective[181]. - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2024, that materially affected its effectiveness[183]. - The annual report does not include an attestation report from the registered public accounting firm regarding internal control over financial reporting due to exemption provisions[181]. Corporate Governance - The company has adopted a Code of Ethics and Business Conduct applicable to all directors, officers, and employees[190]. - There are no arrangements known to management that may result in a change in control of the company[191]. - No equity compensation plans were reported as having securities to be issued upon exercise of outstanding options, warrants, and rights as of June 30, 2024[193]. - The company has incorporated various sections of its Proxy Statement for detailed information on directors, executive officers, and corporate governance[186][187][188]. Financial Performance - The financial statements include consolidated balance sheets and statements of operations for the years ended June 30, 2024, and 2023[198]. - The company reported a significant increase in net income, reaching $10 million, a 25% increase year-over-year[203]. - User data showed a growth in active accounts, increasing by 15% to 150,000 users compared to the previous quarter[203]. - The company provided an optimistic outlook for the next quarter, projecting a revenue increase of 20%[203]. - New product launches are expected to contribute an additional $5 million in revenue over the next fiscal year[203]. - The company is investing in new technology development, allocating $2 million for R&D in the upcoming year[203]. - Market expansion plans include entering two new states, which are projected to increase market share by 10%[203]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of $3 million for potential deals[203]. - Operational efficiency improvements are expected to reduce costs by 5% in the next quarter[203]. - The company aims to enhance customer engagement through new marketing strategies, targeting a 30% increase in customer interactions[203]. - The board of directors expressed confidence in achieving long-term growth targets despite market challenges[203]. Shareholder Actions - The Company repurchased a total of 10,980 shares at an average price of $6.05 during the fourth quarter of the fiscal year ended June 30, 2023[173]. - No directors or officers adopted or terminated any trading arrangements during the three months ended June 30, 2024[184].

Company Overview - Kentucky First Federal Bancorp operates as a holding company, engaging in public deposit activities through its subsidiaries, primarily serving Perry, Franklin, Boyle, and Garrard counties in Kentucky, USA [4] - The company provides first residential mortgage loans and other real estate-secured loans, including residential mortgages, multi-family loans, construction loans, and various deposit products [4] Financial Performance - The company generated $16.53 million in revenue but reported a net loss of $1.72 million, resulting in an earnings per share (EPS) of -$0.21 [2] - The price-to-earnings (P/E) ratio is currently at -13.33, indicating negative earnings [2] - There are no institutional ratings for buying, holding, or selling the stock at this time [2] Stock Performance - Kentucky First Federal Bancorp's stock surged by 5.11%, recently trading at $2.88 per share with a volume of 18,532 shares and a turnover rate of 0.23% [1] - The stock's fluctuation rate was noted at 3.56% [1] Industry Context - The banking industry experienced a minor overall increase of 0.02%, with related stocks showing significant movement [3] - Notable gains were observed in stocks such as FinVolution Group, Tompkins Financial, and CVB Financial, while FinVolution Group, UWM Holdings Corporation, and Eagle Bancorp Montana displayed high trading volumes with turnover rates of 4.29%, 1.54%, and 1.34% respectively [3] - Stocks with considerable volatility included Better Home & Finance Holding, FinVolution Group, and Patriot National Bancorp, with fluctuation rates of 41.41%, 37.50%, and 9.60% respectively [3]

Financial Performance - Kentucky First Federal Bancorp reported a net loss of $1.1 million or ($0.13) diluted earnings per share for the three months ended June 30, 2024, compared to net earnings of $42,000 or $0.00 diluted earnings per share for the same period in 2023[1]. - The company recorded a goodwill impairment charge of $947,000, representing 100.0% of the previously reported goodwill, leading to a net loss of $1.7 million or ($0.21) diluted earnings per share for the fiscal year ended June 30, 2024[2]. - The company reported a net loss of $1,721,000 for the twelve months ended June 30, 2024, compared to a net income of $933,000 for the same period in 2023[10]. - Basic and diluted earnings per share for the twelve months ended June 30, 2024, were $(0.21), down from $0.11 for the same period in 2023[10]. - Income (loss) before income taxes was $(1,960,000) for the twelve months ended June 30, 2024, compared to $1,227,000 for the same period in 2023[10]. Revenue and Income Analysis - Net interest income decreased by $1.9 million or 21.0% to $7.0 million for the year ended June 30, 2024, despite interest income increasing by $3.5 million or 27.6% to $16.3 million[2]. - Interest income increased to $16,277,000 for the twelve months ended June 30, 2024, compared to $12,758,000 for the same period in 2023, representing a growth of 27%[10]. - Interest expense rose to $9,283,000 for the twelve months ended June 30, 2024, compared to $3,902,000 for the same period in 2023, an increase of 138%[10]. - Non-interest income decreased to $251,000 for the twelve months ended June 30, 2024, from $302,000 for the same period in 2023, a decline of 17%[10]. Asset and Liability Management - Total assets increased by $25.9 million or 7.4% to $374.9 million at June 30, 2024, primarily due to a $19.2 million or 6.1% increase in net loans[5]. - Deposits increased by $29.8 million or 13.2% to $256.1 million at June 30, 2024, with brokered certificates of deposit totaling $52.0 million[5]. - The average rate earned on interest-earning assets increased by 223 basis points to 6.16%, while the average rate paid on interest-bearing liabilities increased by 272 basis points to 4.17%[4]. Equity and Valuation - Shareholders' equity decreased by $2.7 million or 5.4% to $48.0 million at June 30, 2024, primarily due to the goodwill impairment charge and net loss[6]. - The company’s book value per share decreased to $5.94 at June 30, 2024, down from $6.27 at June 30, 2023[9]. Expenses - Non-interest expense increased by $1.4 million for the year ended June 30, 2024, with the goodwill impairment charge accounting for 69.5% of this increase[2]. - Other non-interest expenses increased to $9,181,000 for the twelve months ended June 30, 2024, compared to $7,818,000 for the same period in 2023, an increase of 17%[10]. Credit Losses - The company adopted a new accounting standard for the calculation of its allowance for credit losses, resulting in a $497,000 increase in the allowance for loans[4]. - Provision for credit losses was $24,000 for the twelve months ended June 30, 2024, down from $113,000 for the same period in 2023[10]. Share Information - The weighted average outstanding shares for basic and diluted earnings were 8,098,715 for the twelve months ended June 30, 2024, compared to 8,133,927 for the same period in 2023[10].

Financial Performance - The company reported a net loss of $643,000 for the nine months ended March 31, 2024, compared to a net income of $891,000 for the same period in 2023[12]. - Earnings per share for the nine months ended March 31, 2024, was $(0.08), compared to $0.11 for the same period in 2023[12]. - Net income for the nine-month period ended March 31, 2024, was $(643,000), a decrease of $1.5 million or 172.2% from the same period in 2023[131]. - Non-interest income decreased by $37,000 or 15.7% to $199,000 for the nine months ended March 31, 2024, mainly due to a decrease in bank-related fees and services[139]. - The company's net interest margin for the nine months ended March 31, 2024, was 1.94%, down from 2.87% in the same period of 2023[115]. - Net interest income after provision for credit losses was $5,105,000 for the nine months ended March 31, 2024, down from $6,812,000 in the prior year, a decrease of 25.0%[12]. - Net interest income decreased by $1.8 million or 26.5% to $5.1 million, primarily due to interest expense increasing by $4.4 million or 193.0%[132]. - The net interest spread decreased from 2.66% for the prior year to 1.46% for the nine-month period ended March 31, 2024[136]. Assets and Liabilities - Total assets increased to $369,100,000 as of March 31, 2024, up from $349,022,000 on June 30, 2023, representing a growth of approximately 5.8%[9]. - Total liabilities increased to $320,086,000 as of March 31, 2024, from $298,311,000 as of June 30, 2023, marking a growth of approximately 7.3%[9]. - Cash and cash equivalents rose to $15,423,000 as of March 31, 2024, compared to $8,167,000 as of June 30, 2023, an increase of 89.5%[9]. - Deposits increased to $246,104,000 as of March 31, 2024, compared to $226,309,000 at June 30, 2023[108]. - The company's total assets increased by $20.1 million, or 5.8%, to $369.1 million compared to June 30, 2023[119]. - Total liabilities increased by $21.8 million, or 7.3%, to $320.1 million at March 31, 2024, driven by an increase in deposits of $19.8 million or 8.7%[126]. Equity and Dividends - As of March 31, 2024, the total equity of Kentucky First Federal Bancorp decreased to $49,014 thousand from $51,139 thousand as of March 31, 2023, reflecting a decline of approximately 4.2%[21]. - Shareholders' equity decreased by $1.7 million or 3.3% to $49.0 million at March 31, 2024, primarily due to the adoption of the CECL accounting standard and dividends paid[128]. - Dividends per share decreased to $0.20 for the nine months ended March 31, 2024, down from $0.30 in the same period of 2023[12]. - The company paid $671 thousand in dividends on common stock during the nine months ended March 31, 2024, down from $1,026 thousand in the same period of 2023[24]. Loan Portfolio - Net loans increased to $328,134,000 as of March 31, 2024, compared to $313,807,000 as of June 30, 2023, reflecting a rise of about 4.6%[9]. - The total loan portfolio amounted to $328,134,000, an increase from $313,807,000 as of June 30, 2023, representing a growth of approximately 4.2%[55]. - The residential real estate segment, particularly one- to four-family loans, saw an increase to $254,789,000 from $240,076,000, marking a growth of approximately 6.1%[55]. - Multi-family loans decreased to $15,755,000 from $19,067,000, reflecting a decline of about 17.9%[55]. - The construction loan segment increased to $14,239,000 from $12,294,000, showing a growth of approximately 15.8%[55]. - Home equity loans increased to $10,326,000 from $9,217,000, representing a growth of approximately 12.0%[55]. - The total amount of loans on deposits decreased to $795,000 from $855,000, a decline of about 7.0%[55]. Credit Quality and Allowance for Losses - The allowance for credit losses (ACL) increased to $2,106,000 from $1,634,000, indicating a rise of about 28.8%[55]. - The provision for credit losses for the nine months ended March 31, 2024, was a recovery of $13 thousand, compared to a recovery of $113 thousand in the same period of 2023[24]. - The company believes the ACL as of March 31, 2024, is adequate based on ongoing monitoring and evaluations[60]. - The total allowance for loan losses as of March 31, 2024, was $2,106,000, with a significant portion attributed to residential real estate loans[80]. - The recorded investment in nonaccrual loans was $4,819,000, with loans past due over 90 days still on accrual totaling $408,000[86]. - The total past due loans as of March 31, 2024, amounted to $7,176,000, with $323,064,000 in loans not past due, resulting in a total of $330,240,000[89]. - The aging of past due loans as of March 31, 2024, showed $5,948,000 in one- to four-family loans past due, with a total of $254,789,000 in loans outstanding[89]. Securities and Fair Value - As of March 31, 2024, the total amortized cost of available-for-sale securities was $10,752,000, with gross unrealized losses of $527,000, resulting in a fair value of $10,225,000[52]. - Fair value of available-for-sale securities decreased to $10,225,000 as of March 31, 2024, from $12,080,000 at June 30, 2023[105]. - The company's other comprehensive loss was $396,000 at the end of March 2024, reflecting unrealized losses on available-for-sale securities[109]. - Unrealized holding gains on available-for-sale securities for the nine months ended March 31, 2024, were $42,000, compared to a loss of $480,000 in the same period of 2023[109]. Risk Management and Internal Controls - The Company categorizes loans into risk categories based on borrowers' ability to service their debt, with classifications including Special Mention, Substandard, and Doubtful[91][92][93]. - The company continues to maintain a conservative approach to risk management, with minimal special mention and substandard loans across its loan portfolio[94][95]. - The Company's disclosure controls and procedures were evaluated as effective by the CEO and CFO, ensuring timely and accurate reporting as required by the SEC[155]. - There were no significant changes in the Company's internal control over financial reporting during the quarter ended March 31, 2024[156]. Other Information - The company has completed its stock repurchase program, having repurchased up to 150,000 shares initiated on February 3, 2021[161]. - There were no legal proceedings reported during the quarter[158]. - The Company has not disclosed any changes to risk factors that could materially affect its business since the last annual report[159].

Financial Performance - For the three months ended March 31, 2024, Kentucky First Federal Bancorp reported a net loss of $107,000, a decrease of 174.3% compared to net earnings of $144,000 for the same period in 2023[2]. - The Company recorded an income tax benefit of $200,000 for the nine months ended March 31, 2024, compared to an income tax expense of $283,000 for the same period in 2023[4]. Interest Income and Expense - Net interest income decreased by $280,000 or 13.7% to $1.8 million due to interest expense increasing by $1.2 million or 106.7% to $2.4 million, while interest income increased by $963,000 or 30.0% to $4.2 million[2][3]. - The average rate earned on interest-earning assets increased by 75 basis points to 4.67%, while the average rate paid on interest-bearing liabilities increased by 149 basis points to 3.19%[3]. - The Company expects the cost of wholesale funds to have peaked and may begin to decline over the next several months, while the yield on assets is expected to continue increasing unless there is a significant drop in interest rates[3]. Assets and Liabilities - Total assets increased by $20.1 million or 5.8% to $369.1 million as of March 31, 2024, primarily due to an increase in loans, net, of $14.3 million or 4.6%[5]. - Total liabilities increased by $21.8 million or 7.3% to $320.1 million, with deposits increasing by $19.8 million or 8.7% to $246.1 million[5]. Shareholders' Equity - Shareholders' equity decreased by $1.7 million or 3.3% to $49.0 million at March 31, 2024, primarily due to the net loss for the period and the adoption of the CECL accounting standard[6]. - The book value per share as of March 31, 2024, was $6.06, down from $6.27 at June 30, 2023[10]. Accounting Standards - The Company adopted a new accounting standard for the calculation of its allowance for credit losses, resulting in an increase of $497,000 in the allowance for loans since July 1, 2023[3].

HAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., May 10, 2024 (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 a net loss of $107,000 or ($0.01) diluted earnings per share for the three months ended March 31, 2024, compared to net earnings of $144,000 or $0.02 diluted earnings per share for the three month ...