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].
Kentucky First Federal Bancorp(KFFB) - 2024 Q4 - Annual Results