Core Insights - Kentucky First Federal Bancorp reported a net income of $13,000 for the three months ended December 31, 2024, a significant improvement from a net loss of $361,000 for the same period in 2023, marking an increase of 103.6% [1] - The company experienced a net loss of $2,000 for the six months ended December 31, 2024, compared to a net loss of $536,000 for the same period in 2023, reflecting an increase of 99.6% [1] Financial Performance - The increase in net earnings for the quarter was primarily due to higher net interest income, which rose by $381,000 or 23.0% to $2.0 million [2] - Interest income increased by $857,000 or 21.8% to $4.8 million, while interest expense rose by $476,000 or 21.0% to $2.7 million [2] - The average rate earned on interest-earning assets increased by 80 basis points to 5.28%, contributing to the rise in interest income [3] - Non-interest income surged by $125,000 or 271.7% to $171,000, largely due to net gains on sales of loans [4] Expense Management - Non-interest expense increased by $54,000, primarily due to a rise in other non-interest expenses, which increased by $123,000, mainly from professional fees [5] - Employee compensation and benefits decreased by $62,000 or 4.9% for the three months ended December 31, 2024, compared to the same period in 2023 [5] Balance Sheet Overview - As of December 31, 2024, total assets were $374.2 million, a slight decrease of $760,000 or 0.2% from $375.0 million at June 30, 2024 [6] - Total liabilities decreased by $818,000 or 0.3% to $326.2 million, with a notable reduction in FHLB advances by $7.2 million or 10.4% [6] - Total deposits increased by $6.9 million or 2.7%, with savings account deposits rising by $1.6 million or 3.4% and certificates of deposit increasing by $10.3 million or 5.9% [6] Shareholder Information - The book value per share was reported at $5.94, with shareholders' equity increasing by $58,000 or 0.1% to $48.1 million [7] - Approximately 58.5% of the company's shares are held by First Federal MHC, with a total of approximately 8,086,715 shares outstanding [10]
Kentucky First Federal Bancorp Reports Earnings