Financial Performance - Net income for the three months ended September 30, 2022, was $373 thousand, a decrease of 34.3% from $568 thousand in the same period of 2021[10]. - Basic and diluted earnings per share for the three months ended September 30, 2022, were $0.05, compared to $0.07 for the same period in 2021, reflecting a decline of 28.6%[31]. - Non-interest income dropped significantly to $98 thousand, down 57.1% from $228 thousand in the same quarter of 2021[10]. - Net interest income after provision for loan losses was $2,319 thousand, a decline of 7.4% compared to $2,505 thousand in the same quarter of 2021[10]. - Net interest income decreased by $73,000, or 2.9%, to $2.4 million for the quarter, primarily due to a $89,000 decrease in interest income[108]. - Non-interest expense decreased by $53,000, or 2.7%, totaling $1.9 million, mainly due to lower employee compensation and benefits[116]. - Income tax expense decreased by $68,000, or 37.0%, to $116,000, with effective tax rates of 23.7% for the current period[119]. Asset and Liability Management - Total assets increased to $330,917 thousand as of September 30, 2022, compared to $328,080 thousand on June 30, 2022, reflecting a growth of 0.56%[8]. - Total liabilities increased to $279,288 thousand as of September 30, 2022, compared to $276,055 thousand on June 30, 2022, marking a rise of 0.80%[8]. - Deposits decreased to $226,292 thousand as of September 30, 2022, down 5.5% from $239,857 thousand on June 30, 2022[8]. - Cash and cash equivalents decreased to $8,635 thousand as of September 30, 2022, down 66.6% from $25,823 thousand at the end of June 2022[18]. - The total carrying value of financial assets was $292,659,000 as of September 30, 2022, with a fair value of $287,011,000[79]. Loan Portfolio and Credit Quality - The total loans receivable as of September 30, 2022, amounted to $292.7 million, an increase from $276.1 million as of June 30, 2022, indicating a growth of approximately 6.0%[40]. - The allowance for loan losses increased to $1.642 million as of September 30, 2022, compared to $1.529 million as of June 30, 2022, representing an increase of 7.4%[40]. - The company reported a charge-off of $51,000 in nonresidential real estate loans during the quarter, leading to an ending balance of $410,000 in the allowance for this category[55]. - The company’s residential real estate loans increased to $225.3 million as of September 30, 2022, from $216.4 million as of June 30, 2022, marking an increase of approximately 4.0%[40]. - The company reported a total of $6.941 million in past due loans as of September 30, 2022, with $5.631 million past due between 30-89 days and $1.310 million greater than 90 days[65]. - The company's non-performing loans were approximately $5.3 million, or 1.8% of total loans, down from $5.8 million, or 2.1%, at June 30, 2022[98]. - The allowance for loan losses totaled $1.6 million at September 30, 2022, representing 31.1% of non-performing loans[98]. Regulatory Compliance and Reporting - Kentucky First Federal Bancorp's quarterly report for the period ended September 30, 2022, includes consolidated financial statements formatted in XBRL[101]. - The report contains the Consolidated Balance Sheets, Consolidated Statements of Operations, and Consolidated Statements of Cash Flows[101]. - CEO and CFO certifications were provided in accordance with the Sarbanes-Oxley Act of 2002[31.1][31.2]. - The report is filed under the Securities Exchange Act of 1934, ensuring compliance with regulatory requirements[140]. - The company has made multiple amendments to its Bylaws, with the latest being Amendment No. 3[3.5]. - The report is part of the ongoing regulatory filings, indicating the company's commitment to transparency[140]. Economic Outlook - The company anticipates potential impacts from general economic conditions and changes in the interest rate environment on its future performance[83]. - The company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses when the new credit loss standard becomes effective in the fiscal year beginning July 1, 2023[28].

Financial Position - As of June 30, 2022, Kentucky First Federal Bancorp had total assets of $328.1 million, deposits of $239.9 million, and stockholders' equity of $52.0 million[15]. - First Federal of Hazard had total assets of $84.2 million, net loans of $72.2 million, and deposits of $48.2 million as of June 30, 2022[17]. - First Federal of Kentucky reported total assets of $243.8 million, net loans of $202.3 million, and deposits of $193.8 million as of June 30, 2022[18]. Loan Portfolio Composition - The loan portfolio primarily consists of residential mortgage loans, totaling $232.0 million, or 84.0% of the total loan portfolio as of June 30, 2022[26]. - Adjustable-rate residential mortgage loans accounted for $205.1 million, or 88.4% of the residential mortgage loan portfolio as of June 30, 2022[27]. - Multi-family loans totaled $14.3 million, or 5.2% of the total loan portfolio as of June 30, 2022[34]. - Nonresidential real estate loans amounted to $31.4 million, or 11.4% of the total loan portfolio as of June 30, 2022[35]. - Commercial non-mortgage loans totaled $1.0 million, representing 0.4% of the total loan portfolio[37]. - Consumer loans amounted to $9.2 million, or 3.3% of the total loan portfolio, with home equity loans making up $7.7 million[38]. - Loans secured by savings accounts totaled 0.3% of the total loan portfolio as of June 30, 2022[39]. - At June 30, 2022, $23.2 million in loans were being serviced for the Federal Home Loan Bank of Cincinnati[41]. - As of June 30, 2022, 88.4% of the residential real estate loan portfolio consists of adjustable-rate loans, which may be impacted by rising interest rates[118]. - As of June 30, 2022, $216.4 million, or 78.4%, of the loan portfolio is secured by one-to-four family real estate, all located in Kentucky[130]. - Approximately 96.3% of the loan portfolio as of June 30, 2022, is collateralized by real estate, making it vulnerable to market disruptions[129]. Market and Economic Conditions - The unemployment rate in Perry County was 5.4% in July 2022, higher than the state and national averages of 3.8% and 3.7%, respectively[21]. - The median household income in Perry County was $28,287, significantly lower than the state average of $48,182 and the national average of $67,862[21]. - The distressed economy in the market area of First Federal of Hazard continues to lag behind Kentucky and the U.S., limiting loan demand and growth potential[131]. - Inflationary pressures are expected to remain elevated throughout 2022, potentially increasing loan delinquencies and non-performing assets[125]. - The ongoing COVID-19 pandemic has led to significant economic disruptions, affecting business operations and financial markets[119]. - Approximately $4.7 trillion in fiscal stimulus has been appropriated by Congress in response to the COVID-19 pandemic, impacting the economic environment[121]. Regulatory Environment - The company is subject to extensive regulation and supervision by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation[66]. - The Dodd-Frank Act significantly changed the financial regulatory regime in the U.S., impacting First Federal of Kentucky's operations[67]. - Federal regulations require a 4.0% Tier 1 leverage ratio and a 4.5% common equity Tier 1 ratio for insured depository institutions[72]. - The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 provides limited regulatory relief to financial institutions with less than $10 billion in assets, benefiting First Federal of Kentucky[69]. - Federal savings associations are subject to a capital directive or cease and desist order, with civil penalties potentially reaching $1 million per day for egregious violations[84]. - The current deposit insurance limit per account owner is $250,000, with assessment rates ranging from 1.5 to 30 basis points of total average assets[86]. - The FDIC may adjust insurance assessment rates, which could adversely affect the operating expenses of the banks[87]. - Savings and loan holding companies with less than $3.0 billion in assets are exempt from consolidated capital requirements unless directed otherwise by the Federal Reserve Board[101]. Competition and Market Share - The company faces significant competition for deposits and loan origination, with larger competitors holding greater resources[62]. - First Federal of Hazard had a deposit market share of 6.9% in Perry County as of June 30, 2022[63]. - First Federal of Kentucky had a deposit market share of 8.2%, 7.0%, and 16.9% in Franklin, Boyle, and Garrard counties respectively as of June 30, 2022[64]. - The largest competitors for deposits include Boyle Bancorp, Inc. at 24.5%, Wesbanco Bank, Inc. at 17.3%, and Community Trust Bancorp, Inc. at 6.8% market share[64]. - As of June 30, 2022, Wesbanco Bank, Inc. had assets of $16.8 billion, Boyle Bancorp, Inc. had $791.2 million, and Community Trust Bancorp, Inc. had $5.4 billion in assets[64]. Capital and Financial Management - The capital levels of First Federal of Hazard and First Federal of Kentucky exceed the minimum required capital amounts for capital adequacy as of June 30, 2022[74]. - The capital levels of First Federal of Hazard and First Federal of Kentucky exceed the required capital amounts as of June 30, 2022, according to Community Bank Leverage Ratio regulations[140]. - The company does not intend to pay dividends in the future that would result in a recapture of any portion of its bad debt reserves[111]. - First Federal MHC has successfully obtained Federal Reserve Board approval to waive dividends of $0.10 per common share through May 2023, with expectations to continue waiving future dividends as needed for operations[104]. - The company is subject to regulatory scrutiny regarding dividend waivers, which could impair its ability to pay dividends to stockholders[154]. Operational and Technological Risks - Effective liquidity management is essential, as a failure to maintain adequate liquidity could materially affect business operations[135]. - Security measures may not be sufficient to mitigate the risk of cyber attacks, potentially jeopardizing confidential information and operations[142]. - The company has established policies to prevent systems failures, but there is no assurance that these measures will be effective, which could adversely impact business operations[144]. - Any systems failures may require the company to find alternative service sources, potentially damaging its reputation and resulting in customer loss[145]. - The company must keep pace with technological changes to remain competitive, as failure to do so could materially impact its financial condition[146]. Employee and Management Information - First Federal of Kentucky had 62 full-time employees and two part-time employees as of June 30, 2022[65]. - The company's management has evaluated the effectiveness of its disclosure controls and procedures, concluding they are effective as of the end of the reporting period[169]. - The company's management assessed the effectiveness of internal control over financial reporting as of June 30, 2022, concluding it is effective[175]. - There were no changes in internal control over financial reporting during the quarter ended June 30, 2022, that materially affected its effectiveness[178]. - The company currently has no equity-based compensation plans in place[195]. Shareholder Actions - The company repurchased 63,520 shares at an average price of $7.55 during June 2022, with a total of 131,500 shares available for repurchase under announced programs[162]. - First Federal MHC has historically waived its right to dividends, significantly increasing the dividends paid to public stockholders[150]. Business Operations - The company operates in three distinct market areas, focusing on community-oriented banking services[20]. - The company conducts business through seven offices, with the main office in Hazard, Kentucky, opened in 2016[156]. - The company is not currently involved in any legal proceedings that could materially affect its financial condition[158].

Financial Performance - Net income for the nine months ended March 31, 2022, was $1,384 thousand, an increase of 22.6% compared to $1,128 thousand for the same period in 2021[11]. - Earnings per share for the nine months ended March 31, 2022, was $0.17, compared to $0.14 for the same period in 2021, indicating a growth of 21.4%[11]. - Net income for the three months ended March 31, 2022, was $334,000, a decrease of 29.4% from $473,000 for the same period in 2021[37]. - Net earnings for the nine months ended March 31, 2022, were $1.4 million or $0.17 diluted earnings per share, an increase of $256,000 or 22.7% from the prior year[110]. Assets and Liabilities - Total assets decreased to $333,898 thousand as of March 31, 2022, from $338,063 thousand on June 30, 2021, representing a decline of approximately 1.5%[9]. - Total liabilities decreased by $4.5 million or 1.6% to $281.3 million at March 31, 2022, primarily due to a decrease in borrowings[106]. - Total deposits increased to $238,642 thousand as of March 31, 2022, up from $226,843 thousand on June 30, 2021, reflecting a growth of approximately 5.9%[9]. - Total shareholders' equity increased to $52,646 thousand as of March 31, 2022, from $52,296 thousand on June 30, 2021, reflecting a growth of approximately 0.7%[9]. Income and Expenses - Net interest income after provision for loan losses was $7,082 thousand for the nine months ended March 31, 2022, compared to $7,119 thousand for the same period in 2021, showing a slight decrease of 0.5%[11]. - Total non-interest expense decreased to $5,746 thousand for the nine months ended March 31, 2022, down from $6,131 thousand in the same period of 2021, a reduction of approximately 6.3%[11]. - Non-interest income decreased by $11,000 or 2.5% to $422,000 for the nine months ended March 31, 2022, primarily due to a decrease in net gains on sales of loans[116]. - Non-interest expense decreased by $148,000 or 7.3% to $1.9 million for the three months ended March 31, 2022, primarily due to a decrease in employee compensation and benefits[130]. Loans and Credit Quality - Loans, net of allowance, decreased to $269,396 thousand as of March 31, 2022, from $297,902 thousand on June 30, 2021, a decline of approximately 9.6%[9]. - The allowance for loan losses decreased to $1.484 million as of March 31, 2022, down from $1.622 million as of June 30, 2021, reflecting a reduction of 8.5%[43]. - Non-performing loans totaled approximately $5.7 million or 2.1% of total loans at March 31, 2022, a decrease from $6.7 million or 2.2% at June 30, 2021[101]. - The total past due loans as of March 31, 2022, amounted to $3.817 million, with $2.765 million past due for 30-89 days and $1.052 million greater than 90 days[56]. Cash and Cash Equivalents - The ending cash and cash equivalents as of March 31, 2022, were $46,061,000, significantly higher than $14,767,000 as of March 31, 2021[23]. - Cash and cash equivalents increased by $24.4 million or 112.8% to $46.1 million at March 31, 2022, primarily due to increased deposits and loan repayments[99]. Economic Outlook and Strategy - The company anticipates potential impacts from general economic trends, inflation, and competitive conditions in the financial services industry, which may affect future performance[82]. - The company has not undertaken the responsibility to publicly release revisions to forward-looking statements, indicating a cautious approach to future projections[82]. - The company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new credit loss standard is effective[33].

Financial Performance - Net income for the six months ended December 31, 2021, was $1,050 thousand, up 60.45% from $655 thousand for the same period in 2020[12]. - Basic and diluted earnings per share increased to $0.13 for the six months ended December 31, 2021, compared to $0.08 for the same period in 2020, representing a growth of 62.5%[12]. - Net income for the six months ended December 31, 2021, was $1,050,000, an increase of 60.2% compared to $655,000 for the same period in 2020[23]. - Net income allocated to common shareholders for the six months ended December 31, 2021, was $1,050,000, compared to $655,000 for the same period in 2020, representing a 60.3% increase[38]. - For the three months ended December 31, 2021, net income was $482,000, a 30.3% increase from $370,000 for the same period in 2020[125]. Income and Expenses - Total interest income decreased to $5,755 thousand for the six months ended December 31, 2021, down 4.57% from $6,031 thousand in the same period of 2020[12]. - Total non-interest income increased to $328 thousand for the six months ended December 31, 2021, compared to $251 thousand in the same period of 2020, marking a growth of 30.68%[12]. - Non-interest income increased by $77,000, or 30.7%, to $328,000 for the six months ended December 31, 2021, primarily due to an increase in net gains on sales of loans[120]. - Net interest income before provision for loan losses decreased by $25,000, or 0.5%, to $4.8 million for the six-month period ended December 31, 2021[113]. - Non-interest expense decreased to $3,875 thousand for the six months ended December 31, 2021, down 5.77% from $4,112 thousand in the same period of 2020[12]. - Non-interest expense decreased by $237,000, or 5.8%, totaling $3.9 million for the six months ended December 31, 2021, mainly due to lower employee compensation and benefits[121]. Assets and Liabilities - Total assets increased to $339,568 thousand as of December 31, 2021, compared to $338,063 thousand on June 30, 2021, reflecting a growth of 0.44%[9]. - Total liabilities increased to $286,909 thousand as of December 31, 2021, compared to $285,767 thousand on June 30, 2021, reflecting a growth of 0.4%[9]. - Shareholders' equity increased to $52,659 thousand as of December 31, 2021, from $52,296 thousand on June 30, 2021, an increase of 0.69%[9]. - The carrying value of cash and cash equivalents increased to $45,292,000 from $21,648,000 as of June 30, 2021, reflecting a significant growth[80]. - Total deposits increased to $236,838,000 with a fair value of $237,112,000 as of December 31, 2021, compared to $226,843,000 and $227,183,000 respectively as of June 30, 2021[80]. Loans and Credit Quality - Loans, net of allowance, decreased to $276,684 thousand as of December 31, 2021, from $297,902 thousand as of June 30, 2021, a decline of 7.1%[9]. - The total loans receivable as of December 31, 2021, amounted to $276,684,000, a decrease from $297,902,000 as of June 30, 2021, reflecting a decline of 7.1%[42]. - The allowance for loan losses as of December 31, 2021, was $1,603,000, down from $1,622,000 as of June 30, 2021, indicating a reduction of 1.2%[44]. - Nonaccrual loans as of December 31, 2021, totaled $6,000,000, while loans past due over 90 days still accruing were $442,000[52]. - The risk category of loans as of December 31, 2021, included $268.7 million classified as pass, $1.5 million as special mention, and $8.05 million as substandard[61]. Cash Flow and Dividends - Total cash provided by operating activities increased to $1,425,000 for the six months ended December 31, 2021, compared to $111,000 in the prior year[23]. - Cash dividends per common share remained stable at $0.20 for both the six months ended December 31, 2021, and 2020[12]. - Cash dividends paid on common stock were $696,000 for the six months ended December 31, 2021, slightly up from $691,000 in the previous year[23]. Regulatory and Compliance - The company is in the final stages of selecting a third-party vendor to assist with the implementation of new accounting standards related to credit losses, expected to begin in the coming months[34]. - The company maintained a well-capitalized status with capital ratios exceeding regulatory requirements as of December 31, 2021[95]. - The company reported no material changes in risk factors that could materially affect its business or financial condition[141]. Stock and Shareholder Actions - The company repurchased 8,500 shares at an average price of $7.13 during December 2021, with a total of 140,000 shares repurchased in the quarter[143]. - The company has initiated a new stock repurchase plan authorized for the purchase of up to 150,000 shares of its common stock[143].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ____________ to _______________ Commission File Number: 0-51176 KENTUCKY FIRST FEDERAL BANCORP (Exact name of registrant as specified in its charter) United States of America 61-1484858 ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) Commission file number 0-51176 KENTUCKY FIRST FEDERAL BANCORP (Exact Name of Registrant as Specified in Its Charter) | United States | 61-1484858 | | ...

[Introduction](index=1&type=section&id=Introduction) This section provides an overview of Kentucky First Federal Bancorp's Quarterly Report on Form 10-Q, identifying it as a Smaller Reporting Company with key stock information - Kentucky First Federal Bancorp filed a Quarterly Report on Form 10-Q for the period ended March 31, 2021[1](index=1&type=chunk) - The registrant is classified as a **Smaller Reporting Company**[3](index=3&type=chunk) Key Company Information | Metric | Value | | :--- | :--- | | Common Stock Trading Symbol | KFFB | | Exchange | The NASDAQ Stock Market LLC | | Shares Outstanding (May 7, 2021) | **8,226,715** | [PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the reporting period [ITEM 1 Financial Statements](index=4&type=section&id=ITEM%201%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, changes in shareholders' equity, and cash flows, along with their accompanying notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the Company's financial position, detailing assets, liabilities, and shareholders' equity at specific reporting dates Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric (in thousands) | March 31, 2021 | June 30, 2020 | | :--- | :--- | :--- | | Total Assets | **$332,632** | $321,136 | | Total Liabilities | **$280,742** | $269,225 | | Total Shareholders' Equity | **$51,890** | $51,911 | | Loans, net | **$299,190** | $285,887 | | Deposits | **$225,543** | $212,273 | | Federal Home Loan Bank advances | **$53,193** | $54,715 | - Total assets increased by **$11.5 million**, or **3.6%**, from June 30, 2020, primarily due to an increase in net loans[9](index=9&type=chunk)[96](index=96&type=chunk) - Loans, net of allowance, increased by **$13.3 million**, or **4.7%**, to **$299.2 million** at March 31, 2021[9](index=9&type=chunk)[100](index=100&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section details the Company's financial performance over specific periods, presenting revenues, expenses, and net income Condensed Consolidated Statements of Operations Highlights (in thousands, except per share) | Metric (in thousands, except per share) | 9 Months Ended Mar 31, 2021 | 9 Months Ended Mar 31, 2020 | 3 Months Ended Mar 31, 2021 | 3 Months Ended Mar 31, 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Interest Income | **$8,971** | $9,796 | **$2,940** | $3,205 | | Total Interest Expense | **$1,660** | $2,751 | **$492** | $882 | | Net Interest Income | **$7,311** | $7,045 | **$2,448** | $2,323 | | Provision for Loan Losses | **$192** | $64 | **$--** | $-- | | Total Non-Interest Income | **$433** | $233 | **$182** | $81 | | Total Non-Interest Expense | **$6,131** | $6,316 | **$2,019** | $2,106 | | Income Before Income Taxes | **$1,421** | $898 | **$611** | $298 | | Federal Income Tax Expense | **$293** | $176 | **$138** | $58 | | NET INCOME | **$1,128** | $722 | **$473** | $240 | | Basic and Diluted EPS | **$0.14** | $0.09 | **$0.06** | $0.03 | | Dividends Per Share | **$0.30** | $0.30 | **$0.10** | $0.10 | - Net income for the nine months ended March 31, 2021, increased by **$406,000** (**56.2%**) to **$1.1 million**, driven by higher net interest income, non-interest income, and lower non-interest expense[109](index=109&type=chunk) - For the three months ended March 31, 2021, net income increased by **$233,000** (**97.1%**) to **$473,000**[121](index=121&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the Company's comprehensive income, including net income and other comprehensive income components Condensed Consolidated Statements of Comprehensive Income Highlights (in thousands) | Metric (in thousands) | 9 Months Ended Mar 31, 2021 | 9 Months Ended Mar 31, 2020 | 3 Months Ended Mar 31, 2021 | 3 Months Ended Mar 31, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net income | **$1,128** | $722 | **$473** | $240 | | Unrealized holding Gains (losses) on securities available-for-sale, net of taxes | **$(2)** | $-- | **$--** | $1 | | Comprehensive income | **$1,126** | $722 | **$473** | $241 | [Consolidated Statements of Changes in Shareholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) This section outlines the changes in the Company's shareholders' equity over specific periods, reflecting net income, dividends, and other equity transactions Shareholders' Equity Changes (Nine Months, in thousands) **Nine Months Ended March 31, 2021 (in thousands):** | Item | Amount | | :--- | :--- | | Balance at June 30, 2020 | **$51,911** | | Net income | **$1,128** | | Allocation of ESOP shares | **$60** | | Acquisition of shares for Treasury | **$(167)** | | Other comprehensive loss | **$(2)** | | Cash dividends of $0.30 per common share | **$(1,040)** | | Balance at March 31, 2021 | **$51,890** | Shareholders' Equity Changes (Three Months, in thousands) **Three Months Ended March 31, 2021 (in thousands):** | Item | Amount | | :--- | :--- | | Balance at December 31, 2020 | **$51,832** | | Net income | **$473** | | Allocation of ESOP shares | **$--** | | Acquisition of shares for Treasury | **$(66)** | | Cash dividends of $0.10 per common share | **$(349)** | | Balance at March 31, 2021 | **$51,890** | - Shareholders' equity decreased by **$21,000** (**0.0%**) from June 30, 2020, to March 31, 2021, primarily due to treasury share repurchases and dividends paid, partially offset by net profits[106](index=106&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the Company's cash inflows and outflows from operating, investing, and financing activities over specific periods Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity (in thousands) | 9 Months Ended Mar 31, 2021 | 9 Months Ended Mar 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | **$1,259** | $951 | | Net cash provided by (used in) investing activities | **$(10,495)** | $6,914 | | Net cash provided by (used in) financing activities | **$10,301** | $(701) | | Net increase in cash and cash equivalents | **$1,065** | $7,164 | | Ending cash and cash equivalents | **$14,767** | $17,025 | - Cash and cash equivalents increased by **$1.1 million** (**7.8%**) to **$14.8 million** at March 31, 2021[97](index=97&type=chunk) - Investing activities resulted in a net cash outflow of **$10.5 million** for the nine months ended March 31, 2021, a significant change from a **$6.9 million** inflow in the prior year, primarily due to net loan originations[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides essential supplementary information and explanations for the figures presented in the condensed consolidated financial statements - The Company operates as a mid-tier holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, both community-oriented savings institutions[28](index=28&type=chunk) - The FASB has delayed the implementation of ASU No. 2016-13 (CECL model) for smaller reporting companies until fiscal years beginning after December 15, 2022 (July 1, 2023, for the Company), which is expected to add complexity and costs to credit loss evaluation[33](index=33&type=chunk) Loan Portfolio Composition (in thousands) **Loan Portfolio Composition (in thousands):** | Loan Type | March 31, 2021 | June 30, 2020 | | :--- | :--- | :--- | | Residential real estate (One- to four-family) | **$222,878** | $222,489 | | Multi-family | **$19,773** | $12,373 | | Construction | **$5,959** | $4,045 | | Nonresidential real estate | **$37,884** | $33,503 | | Total Loans | **$300,812** | $287,375 | | Allowance for loan losses | **$(1,622)** | $(1,488) | | Loans, net | **$299,190** | $285,887 | - Non-performing loans decreased to **$6.2 million** (**2.1%** of total loans) at March 31, 2021, from **$7.4 million** (**2.6%**) at June 30, 2020[101](index=101&type=chunk) - The allowance for loan losses increased to **$1.6 million** at March 31, 2021, representing **26.1%** of nonperforming loans, up from **20.1%** at June 30, 2020[101](index=101&type=chunk) Fair Value Measurements (in thousands) **Fair Value Measurements at March 31, 2021 (in thousands):** | Financial Instrument | Carrying Value | Level 1 | Level 2 | Level 3 | Total Fair Value | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | **$14,767** | $14,767 | | | $14,767 | | Available-for-sale securities | **$33** | | $33 | | $33 | | Held-to-maturity securities | **$491** | | $508 | | $508 | | Loans held for sale | **$1,261** | | | $1,310 | $1,310 | | Loans receivable - net | **$299,190** | | | $309,608 | $309,608 | | Deposits | **$225,543** | $101,627 | $124,445 | | $226,072 | | Federal Home Loan Bank advances | **$53,193** | | $53,692 | | $53,692 | [ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=ITEM%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial condition and results of operations, including forward-looking statements, average balance sheet analysis, and a detailed discussion of changes in financial position and operating results for the nine-month and three-month periods ended March 31, 2021, with a focus on the impact of the COVID-19 pandemic [Forward-Looking Statements](index=33&type=section&id=Forward-Looking%20Statements) This section highlights that the report contains statements about future events, which are inherently subject to various risks and uncertainties - The report contains forward-looking statements subject to risks and uncertainties, including general economic conditions, real estate prices, interest rates, competitive conditions, regulatory changes, and the potential effects of the COVID-19 pandemic[81](index=81&type=chunk) [Average Balance Sheets](index=34&type=section&id=Average%20Balance%20Sheets) This section presents average balance sheet data, including interest-earning assets and interest-bearing liabilities, along with their respective yields and costs Average Balance Sheet Data (Nine Months, in thousands) **Average Balance Sheet Data (9 Months Ended March 31, in thousands):** | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Average Interest-earning assets | **$317,129** | $305,545 | | Total interest income | **$8,971** | $9,796 | | Yield on interest-earning assets | **3.77%** | 4.27% | | Average Interest-bearing liabilities | **$264,048** | $255,868 | | Total interest expense | **$1,660** | $2,751 | | Cost of interest-bearing liabilities | **0.84%** | 1.43% | | Net interest spread | **2.93%** | 2.84% | | Net interest margin | **3.07%** | 3.07% | Average Balance Sheet Data (Three Months, in thousands) **Average Balance Sheet Data (3 Months Ended March 31, in thousands):** | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Average Interest-earning assets | **$321,648** | $305,636 | | Total interest income | **$2,940** | $3,205 | | Yield on interest-earning assets | **3.66%** | 4.20% | | Average Interest-bearing liabilities | **$267,072** | $255,731 | | Total interest expense | **$492** | $882 | | Cost of interest-bearing liabilities | **0.74%** | 1.38% | | Net interest spread | **2.92%** | 2.82% | | Net interest margin | **3.04%** | 3.04% | [Discussion of Financial Condition Changes from June 30, 2020 to March 31, 2021](index=36&type=section&id=Discussion%20of%20Financial%20Condition%20Changes%20from%20June%2030%2C%202020%20to%20March%2031%2C%202021) This section analyzes the significant changes in the Company's financial position, including asset quality, loan deferrals, and balance sheet movements, between June 30, 2020, and March 31, 2021 - The Company continues to monitor the impact of COVID-19, noting that while physical operations were affected, business remained mostly unchanged with consistent consumer transactions and loan originations[88](index=88&type=chunk) - Asset quality improved, with classified assets totaling **$8.5 million** at March 31, 2021, down from **$10.5 million** at March 31, 2020, partly due to a strengthening residential real estate market[88](index=88&type=chunk) - The Company granted payment deferrals to **101 borrowers** totaling **$18.4 million** in loans due to COVID-19, with **100 loans** (**$17.5 million**) having resumed regular payments by March 31, 2021[92](index=92&type=chunk) - First Federal of Kentucky approved and closed **73 Paycheck Protection Program (PPP) loans** totaling **$2.6 million**, with **28 loans** (**$1.2 million**) repaid by March 31, 2021[93](index=93&type=chunk) - Total assets increased by **$11.5 million** (**3.6%**) to **$332.6 million**, primarily driven by a **$13.3 million** (**4.7%**) increase in net loans to **$299.2 million**[96](index=96&type=chunk)[100](index=100&type=chunk) - Total liabilities increased by **$11.5 million** (**4.3%**) to **$280.7 million**, mainly due to a **$13.3 million** (**6.3%**) increase in deposits to **$225.5 million**[105](index=105&type=chunk) - The Company paid dividends of **$1.0 million**, representing **92.2%** of net income for the nine-month period, and received regulatory approval for First Federal MHC to waive dividends up to **$0.10 per common share** through Q3 2021[107](index=107&type=chunk) [Comparison of Operating Results for the Nine-month Periods Ended March 31, 2021 and 2020](index=40&type=section&id=Comparison%20of%20Operating%20Results%20for%20the%20Nine-month%20Periods%20Ended%20March%2031%2C%202021%20and%202020) This section compares the Company's operating performance, including net interest income, loan loss provisions, and non-interest expenses, for the nine-month periods ended March 31, 2021, and 2020 - Net interest income increased by **$266,000** (**3.8%**) to **$7.3 million**, as a **$1.1 million** (**39.7%**) decrease in interest expense outpaced an **$825,000** (**8.4%**) decrease in interest income[110](index=110&type=chunk) - The average rate earned on interest-earning assets decreased by **50 basis points** to **3.77%**, while the average balance increased by **$11.6 million** (**3.8%**) to **$317.1 million**[111](index=111&type=chunk) - Interest expense decreased due to a **59 basis point** reduction in the average rate paid on funding sources to **0.84%**[112](index=112&type=chunk) - Provision for loan losses increased by **$128,000** to **$192,000**, primarily due to higher loan levels and increased multi-family and commercial real estate loans[114](index=114&type=chunk) - Non-interest income increased by **$200,000** (**85.8%**) to **$433,000**, mainly driven by a **$205,000** increase in net gains on sales of loans[115](index=115&type=chunk) - Non-interest expense decreased by **$185,000** (**2.9%**) to **$6.1 million**, attributed to cost-saving measures, lower employee compensation, and reduced franchise taxes[116](index=116&type=chunk)[117](index=117&type=chunk) - Income tax expense increased by **$117,000** (**66.5%**) to **$293,000**, with the effective tax rate rising from **19.6%** to **20.6%**[119](index=119&type=chunk) [Comparison of Operating Results for the Three-month Periods Ended March 31, 2021 and 2020](index=42&type=section&id=Comparison%20of%20Operating%20Results%20for%20the%20Three-month%20Periods%20Ended%20March%2031%2C%202021%20and%202020) This section compares the Company's operating performance, including net interest income, non-interest income, and expenses, for the three-month periods ended March 31, 2021, and 2020 - Net interest income increased by **$125,000** (**5.4%**) to **$2.4 million**, as interest expense decreased faster than interest income[122](index=122&type=chunk) - Interest income on loans decreased by **$205,000** (**6.6%**) to **$2.9 million**, primarily due to a **53 basis point** decrease in the average loan portfolio rate to **3.88%**[123](index=123&type=chunk) - Interest expense on deposits decreased by **$241,000** (**38.4%**) to **$387,000**, and on borrowings by **$149,000** (**58.7%**) to **$105,000**[124](index=124&type=chunk) - There was no provision for loan losses for the three-month periods ended March 31, 2021, or 2020[126](index=126&type=chunk) - Non-interest income increased by **$101,000** (**124.7%**) to **$182,000**, mainly due to a **$90,000** increase in net gains on sales of loans[128](index=128&type=chunk) - Non-interest expense decreased by **$87,000** (**4.1%**) to **$2.0 million**, driven by cost-saving measures, including a **100%** decrease in franchise and other taxes due to a change in tax structure[129](index=129&type=chunk)[130](index=130&type=chunk) - Income tax expense increased by **$80,000** (**137.9%**) to **$138,000**, with the effective tax rate rising from **19.5%** to **22.6%**[132](index=132&type=chunk) [ITEM 3 Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=ITEM%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that quantitative and qualitative disclosures about market risk are not applicable to the Company as it is a smaller reporting company - This item is not applicable as the Company is a **smaller reporting company**[135](index=135&type=chunk) [ITEM 4 Controls and Procedures](index=44&type=section&id=ITEM%204%20Controls%20and%20Procedures) This section details the evaluation of the Company's disclosure controls and procedures and internal control over financial reporting, concluding on their effectiveness and reporting no significant changes - The Company's Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were **effective** as of March 31, 2021[136](index=136&type=chunk) - There were no significant changes in the Company's internal control over financial reporting during the quarter ended March 31, 2021[137](index=137&type=chunk) [PART II OTHER INFORMATION](index=45&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides supplementary information not covered in the financial statements, including legal proceedings, risk factors, and equity security sales [ITEM 1. Legal Proceedings](index=45&type=section&id=ITEM%201.%20Legal%20Proceedings) This section confirms that there are no legal proceedings to report for the Company - There are no legal proceedings to report for the Company [ITEM 1A. Risk Factors](index=45&type=section&id=ITEM%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K - There have been no material changes in the risk factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2020, as updated by the prior Quarterly Report on Form 10-Q[140](index=140&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section provides information on the Company's common stock repurchase activities during the quarter ended March 31, 2021, including the completion of a prior program and the initiation of a new one Common Stock Repurchase Activity | Period | Total of shares purchased | Average price paid per share | Total of shares purchased as part of publicly announced plans or programs | Maximum of shares yet be purchased under the plans or programs | | :--- | :--- | :--- | :--- | :--- | | January 1-31, 2021 | – | **$ –** | – | **150,000** | | February 1-28, 2021 | **10,000** | **$ 6.65** | **10,000** | **140,000** | | March 1-31, 2021 | -- | **$ --** | -- | **140,000** | - On February 3, 2021, the Company substantially completed its prior program to repurchase up to **150,000 shares** and initiated a new stock repurchase plan authorizing the purchase of up to an additional **150,000 shares**[142](index=142&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=45&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) This section indicates that there are no defaults upon senior securities to report - There are no defaults upon senior securities to report [ITEM 4. Mine Safety Disclosures.](index=45&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures.) This section states that mine safety disclosures are not applicable to the Company - Mine safety disclosures are not applicable to the Company [ITEM 5. Other Information](index=45&type=section&id=ITEM%205.%20Other%20Information) This section confirms that there is no other information to report - There is no other information to report [ITEM 6. Exhibits](index=46&type=section&id=ITEM%206.%20Exhibits) This section lists all documents filed as exhibits to the Form 10-Q, including corporate governance documents, certifications, and XBRL financial data - The report includes various exhibits such as the Company's Charter and Bylaws, CEO and CFO certifications (Sarbanes-Oxley Act Sections 302 and 906), and XBRL formatted financial statements and notes[147](index=147&type=chunk) [SIGNATURES](index=47&type=section&id=SIGNATURES) This section contains the official signatures of the Company's Chief Executive Officer and Chief Financial Officer, certifying the report's accuracy - The report is duly signed by Don D. Jennings, Chief Executive Officer, and R. Clay Hulette, Vice President and Chief Financial Officer, on May 17, 2021[151](index=151&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2020 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ____________ to _______________ Commission File Number: 0-51176 KENTUCKY FIRST FEDERAL BANCORP (Exact name of registrant as specified in its charter) United States of America 61-1484858 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q United States of America 61-1484858 (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ____________ to _______________ Commission File Number: 0-51176 KENTUCKY FIRST FEDERAL BANCORP (Exact name of registrant as specified in its charter) ...

(Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-51176 KENTUCKY FIRST FEDERAL BANCORP (Exact Name of Registrant as Specified in Its Charter) | United States | 61-1484858 | | --- | --- | | (S ...