Kentucky First Federal Bancorp(KFFB) - 2021 Q2 - Quarterly Report

Financial Performance - Net income for the six months ended December 31, 2020, was $655,000, compared to $482,000 for the same period in 2019, reflecting a year-over-year increase of 36%[12] - Earnings per share for the six months ended December 31, 2020, was $0.08, up from $0.06 in the same period of 2019, marking a 33.3% increase[12] - Net income for the six months ended December 31, 2020, was $655,000, an increase of 36% compared to $482,000 for the same period in 2019[21] - Net income for the six months ended December 31, 2020, totaled $655,000, an increase of 35.9% from $482,000 for the same period in 2019[108] Assets and Liabilities - Total assets increased to $330,680,000 as of December 31, 2020, up from $321,136,000 on June 30, 2020, representing a growth of 2.4%[9] - Total liabilities increased to $278,848,000 as of December 31, 2020, from $269,225,000 on June 30, 2020, an increase of 3.3%[9] - Total assets increased by $9.5 million, or 3.0%, to $330.7 million as of December 31, 2020, primarily due to an increase in loans[94] - Total liabilities increased by $9.6 million or 3.6% to $278.8 million at December 31, 2020, driven by increases in advances and deposits[104] Deposits and Cash - Total deposits rose to $216,298,000 as of December 31, 2020, compared to $212,273,000 on June 30, 2020, indicating a 1.4% increase[9] - Cash and cash equivalents rose to $14,730,000 as of December 31, 2020, compared to $13,702,000 on June 30, 2020, reflecting an increase of 7.5%[9] - Cash and cash equivalents increased by $1.0 million, or 7.5%, to $14.7 million at December 31, 2020[95] Income and Expenses - Net interest income after provision for loan losses was $4,671,000 for the six months ended December 31, 2020, slightly up from $4,658,000 in the prior year[12] - Non-interest income increased to $251,000 for the six months ended December 31, 2020, compared to $152,000 in the same period of 2019, a growth of 64.5%[12] - Interest expense decreased by $701,000 or 37.5% to $1.2 million for the six months ended December 31, 2020[109] - Non-interest expense decreased by $98,000 or 2.3% to $4.1 million for the six months ended December 31, 2020, due to cost-saving measures[115] Loan Portfolio - The total loan portfolio as of December 31, 2020, was $296,264,000, an increase from $285,887,000 as of June 30, 2020, reflecting a growth of approximately 3%[40] - The allowance for loan losses increased to $1,622,000 as of December 31, 2020, from $1,488,000 at the end of June 2020, indicating a rise of 9%[41] - The provision for loan losses increased to $192,000 for the six months ended December 31, 2020, compared to $64,000 in the same period of 2019, indicating a significant rise in risk management measures[12] - Non-performing loans decreased to approximately $6.5 million, or 2.2% of total loans, down from $7.4 million, or 2.6%, at June 30, 2020[99] Shareholder Information - The company declared dividends of $0.20 per common share for both the six months ended December 31, 2020, and 2019[12] - Total cash dividends paid on common stock were $691,000 for the six months ended December 31, 2020, compared to $686,000 in the same period of 2019[21] - Shareholders' equity totaled $51.8 million at December 31, 2020, a decrease of $79,000 or 0.2% from June 30, 2020[105] Risk Management - The provision for loan losses for the six months ended December 31, 2020, was $192,000, with total loans charged off amounting to $68,000[41] - The company granted deferrals to 101 loans totaling $18.4 million under the CARES Act, with 95 loans totaling $17.2 million having resumed regular payments by December 31, 2020[50] - The company has not made any adjustments to the allowance for credit losses to address the potential impact of COVID-19 on the loan portfolio[145] Economic Conditions - The company anticipates potential risks from general economic conditions and the impact of the COVID-19 pandemic on operations and market conditions[78] - The Company has initiated a new stock repurchase plan to buy up to 150,000 shares of its common stock[150]