Financial Performance - For the three months ended March 31, 2024, Kentucky First Federal Bancorp reported a net loss of $107,000, a decrease of 174.3% compared to net earnings of $144,000 for the same period in 2023[2]. - The Company recorded an income tax benefit of $200,000 for the nine months ended March 31, 2024, compared to an income tax expense of $283,000 for the same period in 2023[4]. Interest Income and Expense - Net interest income decreased by $280,000 or 13.7% to $1.8 million due to interest expense increasing by $1.2 million or 106.7% to $2.4 million, while interest income increased by $963,000 or 30.0% to $4.2 million[2][3]. - The average rate earned on interest-earning assets increased by 75 basis points to 4.67%, while the average rate paid on interest-bearing liabilities increased by 149 basis points to 3.19%[3]. - The Company expects the cost of wholesale funds to have peaked and may begin to decline over the next several months, while the yield on assets is expected to continue increasing unless there is a significant drop in interest rates[3]. Assets and Liabilities - Total assets increased by $20.1 million or 5.8% to $369.1 million as of March 31, 2024, primarily due to an increase in loans, net, of $14.3 million or 4.6%[5]. - Total liabilities increased by $21.8 million or 7.3% to $320.1 million, with deposits increasing by $19.8 million or 8.7% to $246.1 million[5]. Shareholders' Equity - Shareholders' equity decreased by $1.7 million or 3.3% to $49.0 million at March 31, 2024, primarily due to the net loss for the period and the adoption of the CECL accounting standard[6]. - The book value per share as of March 31, 2024, was $6.06, down from $6.27 at June 30, 2023[10]. Accounting Standards - The Company adopted a new accounting standard for the calculation of its allowance for credit losses, resulting in an increase of $497,000 in the allowance for loans since July 1, 2023[3].
Kentucky First Federal Bancorp(KFFB) - 2024 Q3 - Quarterly Results