Financial Performance - Net income for the three months ended September 30, 2022, was $373 thousand, a decrease of 34.3% from $568 thousand in the same period of 2021[10]. - Basic and diluted earnings per share for the three months ended September 30, 2022, were $0.05, compared to $0.07 for the same period in 2021, reflecting a decline of 28.6%[31]. - Non-interest income dropped significantly to $98 thousand, down 57.1% from $228 thousand in the same quarter of 2021[10]. - Net interest income after provision for loan losses was $2,319 thousand, a decline of 7.4% compared to $2,505 thousand in the same quarter of 2021[10]. - Net interest income decreased by $73,000, or 2.9%, to $2.4 million for the quarter, primarily due to a $89,000 decrease in interest income[108]. - Non-interest expense decreased by $53,000, or 2.7%, totaling $1.9 million, mainly due to lower employee compensation and benefits[116]. - Income tax expense decreased by $68,000, or 37.0%, to $116,000, with effective tax rates of 23.7% for the current period[119]. Asset and Liability Management - Total assets increased to $330,917 thousand as of September 30, 2022, compared to $328,080 thousand on June 30, 2022, reflecting a growth of 0.56%[8]. - Total liabilities increased to $279,288 thousand as of September 30, 2022, compared to $276,055 thousand on June 30, 2022, marking a rise of 0.80%[8]. - Deposits decreased to $226,292 thousand as of September 30, 2022, down 5.5% from $239,857 thousand on June 30, 2022[8]. - Cash and cash equivalents decreased to $8,635 thousand as of September 30, 2022, down 66.6% from $25,823 thousand at the end of June 2022[18]. - The total carrying value of financial assets was $292,659,000 as of September 30, 2022, with a fair value of $287,011,000[79]. Loan Portfolio and Credit Quality - The total loans receivable as of September 30, 2022, amounted to $292.7 million, an increase from $276.1 million as of June 30, 2022, indicating a growth of approximately 6.0%[40]. - The allowance for loan losses increased to $1.642 million as of September 30, 2022, compared to $1.529 million as of June 30, 2022, representing an increase of 7.4%[40]. - The company reported a charge-off of $51,000 in nonresidential real estate loans during the quarter, leading to an ending balance of $410,000 in the allowance for this category[55]. - The company’s residential real estate loans increased to $225.3 million as of September 30, 2022, from $216.4 million as of June 30, 2022, marking an increase of approximately 4.0%[40]. - The company reported a total of $6.941 million in past due loans as of September 30, 2022, with $5.631 million past due between 30-89 days and $1.310 million greater than 90 days[65]. - The company's non-performing loans were approximately $5.3 million, or 1.8% of total loans, down from $5.8 million, or 2.1%, at June 30, 2022[98]. - The allowance for loan losses totaled $1.6 million at September 30, 2022, representing 31.1% of non-performing loans[98]. Regulatory Compliance and Reporting - Kentucky First Federal Bancorp's quarterly report for the period ended September 30, 2022, includes consolidated financial statements formatted in XBRL[101]. - The report contains the Consolidated Balance Sheets, Consolidated Statements of Operations, and Consolidated Statements of Cash Flows[101]. - CEO and CFO certifications were provided in accordance with the Sarbanes-Oxley Act of 2002[31.1][31.2]. - The report is filed under the Securities Exchange Act of 1934, ensuring compliance with regulatory requirements[140]. - The company has made multiple amendments to its Bylaws, with the latest being Amendment No. 3[3.5]. - The report is part of the ongoing regulatory filings, indicating the company's commitment to transparency[140]. Economic Outlook - The company anticipates potential impacts from general economic conditions and changes in the interest rate environment on its future performance[83]. - The company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses when the new credit loss standard becomes effective in the fiscal year beginning July 1, 2023[28].
Kentucky First Federal Bancorp(KFFB) - 2023 Q1 - Quarterly Report