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].
Kentucky First Federal Bancorp(KFFB) - 2025 Q2 - Quarterly Results