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].
Kentucky First Federal Bancorp(KFFB) - 2022 Q2 - Quarterly Report