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