x
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT
|
KENTUCKY FIRST FEDERAL
BANCORP
|
(Exact
name of registrant as specified in its
charter)
|
United States of America
|
61-1484858
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification No.)
|
|
incorporation
or organization)
|
|
479 Main Street, Hazard,
Kentucky 41702
|
(Address
of principal executive offices)(Zip Code)
|
(606) 436-3860
|
(Registrant’s
telephone number, including area code)
|
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
Large
accelerated filer ¨
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨
|
Smaller
Reporting Company x
|
(Do
not check if a smaller reporting company)
|
Page
|
|||
PART
I -
|
ITEM
1
|
FINANCIAL
INFORMATION
|
|
Consolidated
Balance Sheets
|
4
|
||
Consolidated
Statements of Income
|
5
|
||
Consolidated
Statements of Comprehensive Income (Loss)
|
6
|
||
Consolidated
Statements of Cash Flows
|
7
|
||
Notes
to Consolidated Financial Statements
|
9
|
||
ITEM
2
|
Management’s
Discussion and Analysis of Financial
Condition and Results of Operations
|
21
|
|
ITEM
4
|
Controls
and Procedures
|
27
|
|
PART
II -
|
OTHER
INFORMATION
|
28
|
|
SIGNATURES
|
29
|
Restated
|
Restated
|
|||||||
December 31,
|
June
30,
|
|||||||
2009
|
2009
|
|||||||
ASSETS
|
||||||||
Cash
and due from financial institutions
|
$ | 968 | $ | 1,548 | ||||
Interest-bearing
demand deposits
|
3,133 | 2,669 | ||||||
Cash
and cash equivalents
|
4,101 | 4,217 | ||||||
Interest-bearing
deposits
|
100 | 100 | ||||||
Available-for-sale
securities
|
5,327 | 5,451 | ||||||
Held-to-maturity
securities, at amortized cost- approximate fair value of $11,316 and
$15,317 at December 31, and June 30, 2009, respectively
|
10,972 | 14,999 | ||||||
Loans
held for sale
|
105 | 230 | ||||||
Loans
receivable
|
192,520 | 189,609 | ||||||
Allowance
for loan losses
|
(1,618 | ) | (678 | ) | ||||
Real
estate acquired through foreclosure
|
110 | 109 | ||||||
Office
premises and equipment, net
|
2,794 | 2,844 | ||||||
Federal
Home Loan Bank stock
|
5,641 | 5,641 | ||||||
Accrued
interest receivable
|
613 | 750 | ||||||
Bank-owned
life insurance
|
2,473 | 2,428 | ||||||
Goodwill
|
14,507 | 14,507 | ||||||
Other
intangible assets, net
|
284 | 349 | ||||||
Advances
to borrowers for taxes and insurance
|
22 | — | ||||||
Prepaid
federal income taxes
|
393 | — | ||||||
Prepaid
expenses and other assets
|
1,049 | 345 | ||||||
Total
assets
|
$ | 239,393 | $ | 240,901 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Deposits
|
$ | 142,552 | $ | 139,743 | ||||
Advances
from the Federal Home Loan Bank
|
36,837 | 40,156 | ||||||
Advances
by borrowers for taxes and insurance
|
— | 290 | ||||||
Accrued
interest payable
|
173 | 189 | ||||||
Accrued
federal income taxes
|
— | 147 | ||||||
Deferred
federal income taxes
|
1,225 | 1,115 | ||||||
Other
liabilities
|
478 | 723 | ||||||
Total
liabilities
|
181,265 | 182,363 | ||||||
Commitments
and contingencies
|
- | - | ||||||
Shareholders’
equity
|
||||||||
Preferred
stock, 500,000 shares authorized, $.01 par value; no shares
issued
|
- | - | ||||||
Common
stock, 20,000,000 shares authorized, $.01 par value; 8,596,064 shares
issued and outstanding
|
86 | 86 | ||||||
Additional
paid-in capital
|
36,537 | 36,223 | ||||||
Retained
earnings
|
31,360 | 32,074 | ||||||
Shares
acquired by stock benefit plans
|
(2,457 | ) | (2,557 | ) | ||||
Treasury
shares at cost, 734,930 and 728,930 common shares at December 31, and June
30, 2009, respectively
|
(7,446 | ) | (7,379 | ) | ||||
Accumulated
other comprehensive income
|
48 | 91 | ||||||
Total
shareholders’ equity
|
58,128 | 58,538 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 239,393 | $ | 240,901 |
Six
months ended
|
Three
months ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Interest
income
|
||||||||||||||||
Loans
|
$ | 5,282 | $ | 5,555 | $ | 2,634 | $ | 2,776 | ||||||||
Mortgage-backed
securities
|
252 | 292 | 123 | 143 | ||||||||||||
Investment
securities
|
91 | 135 | 44 | 67 | ||||||||||||
Interest-bearing
deposits and other
|
134 | 207 | 64 | 72 | ||||||||||||
Total
interest income
|
5,759 | 6,189 | 2,865 | 3,058 | ||||||||||||
Interest
expense
|
||||||||||||||||
Deposits
|
1,841 | 2,135 | 891 | 1,055 | ||||||||||||
Borrowings
|
807 | 922 | 391 | 442 | ||||||||||||
Total
interest expense
|
2,648 | 3,057 | 1,282 | 1,497 | ||||||||||||
Net
interest income
|
3,111 | 3,132 | 1,583 | 1,561 | ||||||||||||
Provision
for losses on loans
|
1,028 | 15 | 60 | - | ||||||||||||
Net
interest income after provision for losses on loans
|
2,083 | 3,117 | 1,523 | 1,561 | ||||||||||||
Non-interest
income
|
||||||||||||||||
Earnings
on bank-owned life insurance
|
45 | 47 | 22 | 29 | ||||||||||||
Gain
on sale of loans
|
59 | 18 | 31 | 6 | ||||||||||||
Loss
on sale of real estate acquired through foreclosure
|
(27 | ) | - | (15 | ) | - | ||||||||||
Other
operating
|
51 | 49 | 23 | 24 | ||||||||||||
Total
non-interest income
|
128 | 114 | 61 | 59 | ||||||||||||
Non-interest
expense
|
||||||||||||||||
Employee
compensation and benefits
|
1,526 | 1,412 | 780 | 712 | ||||||||||||
Occupancy
and equipment
|
145 | 204 | 74 | 116 | ||||||||||||
Franchise
taxes
|
92 | 87 | 46 | 47 | ||||||||||||
Data
processing
|
112 | 81 | 59 | 39 | ||||||||||||
FDIC
insurance premiums
|
93 | 12 | 51 | 6 | ||||||||||||
Amortization
of intangible assets
|
65 | 33 | 65 | 33 | ||||||||||||
Other
operating
|
403 | 463 | 184 | 196 | ||||||||||||
Total
non-interest expense
|
2,436 | 2,292 | 1,259 | 1,146 | ||||||||||||
Income
(loss) before income taxes
|
(225 | ) | 939 | 325 | 474 | |||||||||||
Federal
income tax expense (benefit)
|
||||||||||||||||
Current
|
(210 | ) | (66 | ) | (30 | ) | 148 | |||||||||
Deferred
|
132 | 370 | 140 | 3 | ||||||||||||
Total
federal income tax expense (benefit)
|
(78 | ) | 304 | 110 | 151 | |||||||||||
NET
INCOME (LOSS)
|
$ | (147 | ) | $ | 635 | $ | 215 | $ | 323 | |||||||
EARNINGS
(LOSS) PER SHARE
|
||||||||||||||||
Basic
|
$ | (0.02 | ) | $ | 0.08 | $ | 0.03 | $ | 0.04 | |||||||
Diluted
|
$ | (0.02 | ) | $ | 0.08 | $ | 0.03 | $ | 0.04 | |||||||
DIVIDENDS
PER SHARE
|
$ | 0.20 | $ | 0.20 | $ | 0.10 | $ | 0.10 |
Six
months ended
|
Three
months ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
income (loss)
|
$ | (147 | ) | $ | 635 | $ | 215 | $ | 323 | |||||||
Other
comprehensive income (loss), net of taxes (benefits):
|
||||||||||||||||
Unrealized
holding gains (losses) on securities designated as available for sale, net
of taxes (benefits) of $(22), $42, $(11) and $46 during the respective
periods
|
(43 | ) | 82 | (21 | ) | 90 | ||||||||||
Comprehensive
income (loss)
|
$ | (190 | ) | $ | 717 | $ | 194 | $ | 413 |
Six
months ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income (loss) for the period
|
$ | (147 | ) | $ | 635 | |||
Adjustments
to reconcile net earnings to net cash provided by operating
activities:
|
||||||||
Amortization
of discounts and premiums on loans, investments and mortgage-backed
securities – net
|
— | 1 | ||||||
Amortization
of deferred loan origination fees
|
(1 | ) | 33 | |||||
Amortization
of premiums on FHLB advances
|
(226 | ) | (255 | ) | ||||
Amortization
of core deposit intangibles
|
65 | 65 | ||||||
Depreciation
and amortization
|
85 | 76 | ||||||
Amortization
of stock benefit plans
|
283 | 284 | ||||||
Provision
for losses on loans
|
1,028 | 15 | ||||||
Federal
Home Loan Bank stock dividends
|
— | (75 | ) | |||||
Bank-owned
life insurance earnings
|
(45 | ) | (47 | ) | ||||
Mortgage
loans originated for sale
|
(2,141 | ) | (1,210 | ) | ||||
Gain
on sale of loans
|
(59 | ) | (18 | ) | ||||
Loss
on sale of real estate acquired through foreclosure
|
27 | — | ||||||
Proceeds
from sale of mortgage loans
|
2,325 | 1,314 | ||||||
Increase
(decrease) in cash, due to changes in:
|
||||||||
Accrued
interest receivable
|
137 | (43 | ) | |||||
Prepaid
expenses and other assets
|
(726 | ) | 50 | |||||
Accrued
interest payable
|
(16 | ) | (13 | ) | ||||
Other
liabilities
|
(114 | ) | 69 | |||||
Federal
income taxes
|
||||||||
Current
|
(540 | ) | (262 | ) | ||||
Deferred
|
132 | 370 | ||||||
Net
cash provided by operating activities
|
67 | 989 | ||||||
Cash
flows provided by (used in) investing activities:
|
||||||||
Investment
securities maturities, prepayments and calls:
|
||||||||
Held
to maturity
|
4,027 | 975 | ||||||
Available
for sale
|
59 | 50 | ||||||
Proceeds
from sale of real estate acquired through foreclosure
|
223 | 8 | ||||||
Loan
principal repayments
|
18,403 | 26,495 | ||||||
Loan
disbursements
|
(21,652 | ) | (35,589 | ) | ||||
Purchase
of office equipment
|
(35 | ) | (212 | ) | ||||
Net
cash provided by (used in) investing activities
|
1,025 | (8,273 | ) | |||||
Cash
flows provided by (used in) financing activities:
|
||||||||
Net
increase (decrease) in deposit accounts
|
2,809 | (1,717 | ) | |||||
Proceeds
from Federal Home Loan Bank advances
|
4,000 | 15,800 | ||||||
Repayment
of Federal Home Loan Bank advances
|
(7,093 | ) | (16,091 | ) | ||||
Advances
by borrowers for taxes and insurance
|
(290 | ) | (329 | ) | ||||
Dividends
paid on common stock
|
(567 | ) | (582 | ) | ||||
Treasury
stock repurchases
|
(67 | ) | (1,056 | ) | ||||
Net
cash used in financing activities
|
(1,208 | ) | (3,975 | ) | ||||
Net
decrease in cash and cash equivalents
|
(116 | ) | (11,259 | ) | ||||
Cash
and cash equivalents at beginning of period
|
4,217 | 15,966 | ||||||
Cash
and cash equivalents at end of period
|
$ | 4,101 | $ | 4,707 |
Six
months ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid during the period for:
|
||||||||
Federal
income taxes
|
$ | 330 | $ | 205 | ||||
Interest
on deposits and borrowings
|
$ | 2,890 | $ | 3,325 |
Six
months ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Weighted-average
common shares outstanding (basic)
|
7,562,968 | 7,663,001 | ||||||
Dilutive
effect of:
|
||||||||
Assumed
exercise of stock options
|
- | - | ||||||
Weighted-average
common shares outstanding (diluted)
|
7,562,968 | 7,663,001 | ||||||
Three
months ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Weighted-average
common shares outstanding (basic)
|
7,561,360 | 7,643,602 | ||||||
Dilutive
effect of:
|
||||||||
Assumed
exercise of stock options
|
36,566 | - | ||||||
Weighted-average
common shares outstanding (diluted)
|
7,597,926 | 7,643,602 |
December 31, 2009
|
||||||||||||||||
Amortized
|
Gross
unrealized
|
Gross
unrealized
|
Estimated
fair
|
|||||||||||||
cost
|
gains
|
losses
|
value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Available-for-sale
Securities
|
||||||||||||||||
U.S.
Government and federal agency
|
$ | 5,000 | $ | 70 | $ | - | $ | 5,070 | ||||||||
Agency
residential mortgage-backed securities
|
255 | 3 | (1 | ) | 257 | |||||||||||
$ | 5,255 | $ | 73 | $ | (1 | ) | $ | 5,327 | ||||||||
Held-to-maturity
Securities
|
||||||||||||||||
U.S.
Government and federal agency
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Agency
residential mortgage-backed securities
|
10,972 | 344 | - | 11,316 | ||||||||||||
$ | 10,972 | $ | 344 | $ | - | $ | 11,316 | |||||||||
June
30, 2009
|
||||||||||||||||
Amortized
|
Gross
unrealized
|
Gross
unrealized
|
Estimated
fair
|
|||||||||||||
cost
|
gains
|
losses
|
value
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Available-for-sale
Securities
|
||||||||||||||||
U.S.
Government and federal agency
|
$ | 5,000 | $ | 136 | $ | - | $ | 5,136 | ||||||||
Agency
residential mortgage-backed securities
|
314 | 2 | (1 | ) | 315 | |||||||||||
$ | 5,314 | $ | 138 | $ | (1 | ) | $ | 5,451 | ||||||||
Held-to-maturity
Securities
|
||||||||||||||||
U.S.
Government and federal agency
|
$ | 3,000 | $ | 2 | $ | - | $ | 3,002 | ||||||||
Agency
residential mortgage-backed securities
|
11,999 | 316 | - | 12,315 | ||||||||||||
$ | 14,999 | $ | 318 | $ | - | $ | 15,317 |
December
31,
|
June
30,
|
|||||||||||||||
2009
|
2009
|
|||||||||||||||
Estimated
|
Estimated
|
|||||||||||||||
fair
|
Amortized
|
fair
|
Amortized
|
|||||||||||||
value
|
cost
|
value
|
cost
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Available-for-sale
|
||||||||||||||||
Within
one year
|
$ | 5,070 | $ | 5,000 | $ | 5,136 | $ | 5,000 | ||||||||
One
year through five years
|
- | - | - | - | ||||||||||||
5,070 | 5,000 | 5,136 | 5,000 | |||||||||||||
Mortgage-backed
securities
|
257 | 255 | 315 | 314 | ||||||||||||
Totals
|
$ | 5,327 | $ | 5,255 | $ | 5,451 | $ | 5,314 | ||||||||
Held-to-maturity
|
||||||||||||||||
Within
one year
|
$ | - | $ | - | $ | 3,002 | $ | 3,000 | ||||||||
One
year through five years
|
- | - | - | - | ||||||||||||
- | - | 3,002 | 3,000 | |||||||||||||
Mortgage-backed
securities
|
11,316 | 10,972 | 12,315 | 11,999 | ||||||||||||
Totals
|
$ | 11,316 | $ | 10,972 | $ | 15,317 | $ | 14,999 |
December
31,
|
June
30,
|
|||||||
2009
|
2009
|
|||||||
(In
thousands)
|
||||||||
Residential
real estate
|
||||||||
One-
to four-family
|
$ | 164,625 | $ | 163,108 | ||||
Multi-family
|
8,728 | 7,303 | ||||||
Construction
|
1,175 | 735 | ||||||
Nonresidential
real estate and land
|
11,139 | 11,460 | ||||||
Loans
on deposits
|
2,736 | 2,909 | ||||||
Consumer
and other
|
4,698 | 4,497 | ||||||
193,101 | 190,012 | |||||||
Less:
|
||||||||
Undisbursed
portion of loans in process
|
576 | 404 | ||||||
Deferred
loan origination fees (cost)
|
5 | (1 | ) | |||||
Allowance
for loan losses
|
1,618 | 678 | ||||||
$ | 190,902 | $ | 188,931 |
December
31,
|
June
30,
|
|||||||
2009
|
2009
|
|||||||
(In
thousands)
|
||||||||
Loans
with no allocated allowance for loan losses
|
$ | 1,884 | $ | 4,086 | ||||
Loans
with allocated allowance for loan losses
|
5,385 | 1,153 | ||||||
Total
|
$ | 7,269 | $ | 5,239 | ||||
Amount
of allowance for loan losses allocated
|
$ | 993 | $ | 56 |
For
the Six Months Ended
|
||||||||
December
31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Beginning
balance
|
$ | 678 | $ | 666 | ||||
Provision
for losses on loans
|
1,028 | 15 | ||||||
Charge-offs
|
(88 | ) | - | |||||
Ending
balance
|
$ | 1,618 | $ | 681 |
For
the Three Months Ended
|
||||||||
December
31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Beginning
balance
|
$ | 1,599 | $ | 681 | ||||
Provision
for losses on loans
|
60 | - | ||||||
Charge-offs
|
(41 | ) | - | |||||
Ending
balance
|
$ | 1,618 | $ | 681 |
9.
|
Disclosures About Fair
Value of Assets and Liabilities
(continued)
|
Fair Value Measurements at December 31,
2009
|
||||||||||||||||
(in
thousands)
|
||||||||||||||||
Quotes
Prices
|
||||||||||||||||
in
Active
|
Significant
|
|||||||||||||||
Markets
for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Description
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Available-for-sale
securities:
|
||||||||||||||||
U.S.
Government and federal agency
|
$ | 5,070 | $ | - | $ | 5,070 | $ | - | ||||||||
Agency
residential mortgage-backed securities
|
257 | - | 257 | - | ||||||||||||
Totals
|
$ | 5,327 | $ | - | $ | 5,327 | $ | - | ||||||||
Fair Value Measurements at June 30,
2009
|
||||||||||||||||
(in
thousands)
|
||||||||||||||||
Quotes
Prices
|
||||||||||||||||
in
Active
|
Significant
|
|||||||||||||||
Markets
for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Description
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Available-for-sale
securities:
|
||||||||||||||||
U.S.
Government and federal agency
|
$ | 5,136 | $ | - | $ | 5,136 | $ | - | ||||||||
Agency
residential mortgage-backed securities
|
315 | - | 315 | - | ||||||||||||
Totals
|
$ | 5,451 | $ | - | $ | 5,451 | $ | - |
9.
|
Disclosures About Fair
Value of Assets and Liabilities
(continued)
|
Fair Value Measurements at December 31,
2009
|
||||||||||||||||
(in
thousands)
|
||||||||||||||||
Quotes
Prices
|
||||||||||||||||
in
Active
|
Significant
|
|||||||||||||||
Markets
for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Description
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Impaired
loans
|
$ | 6,276 | $ | - | $ | - | $ | 6,276 | ||||||||
Other
real estate owned
|
110 | - | - | 110 | ||||||||||||
Totals
|
$ | 6,386 | $ | - | $ | - | $ | 6,386 |
Fair Value Measurements at June 30,
2009
|
||||||||||||||||
(in
thousands)
|
||||||||||||||||
Quotes
Prices
|
||||||||||||||||
in
Active
|
Significant
|
|||||||||||||||
Markets
for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Impaired
loans
|
$ | 5,183 | $ | - | $ | - | $ | 5,183 | ||||||||
Other
real estate owned
|
109 | - | - | 109 | ||||||||||||
Totals
|
$ | 5,292 | $ | - | $ | - | $ | 5,292 |
9.
|
Disclosures About Fair
Value of Assets and Liabilities
(continued)
|
9.
|
Disclosures About Fair
Value of Assets and Liabilities
(continued)
|
December 31, 2009
|
June 30, 2009
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
value
|
value
|
value
|
value
|
|||||||||||||
(In
Thousands)
|
||||||||||||||||
Financial
assets
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 4,101 | $ | 4,101 | $ | 4,217 | $ | 4,217 | ||||||||
Interest-earning
deposits
|
100 | 100 | 100 | 100 | ||||||||||||
Available-for-sale
securities
|
5,327 | 5,327 | 5,451 | 5,451 | ||||||||||||
Held-to-maturity
securities
|
10,972 | 11,316 | 14,999 | 15,317 | ||||||||||||
Loans
held for sale
|
105 | 105 | 230 | 230 | ||||||||||||
Loans
receivable - net
|
190,902 | 196,123 | 188,931 | 193,165 | ||||||||||||
Federal
Home Loan Bank stock
|
5,641 | n/a | 5,641 | n/a | ||||||||||||
Accrued
interest receivable
|
613 | 613 | 750 | 750 | ||||||||||||
Advances
to borrowers for taxes and insurance
|
22 | 22 | - | - | ||||||||||||
Financial
liabilities
|
||||||||||||||||
Deposits
|
$ | 142,552 | $ | 145,046 | $ | 139,743 | $ | 142,772 | ||||||||
Advances
from the Federal Home Loan Bank
|
36,837 | 36,762 | 40,156 | 41,613 | ||||||||||||
Advances
by borrowers for taxes and insurance
|
- | - | 290 | 290 | ||||||||||||
Accrued
interest payable
|
173 | 173 | 189 | 189 |
Consolidated Balance Sheets
|
Restated
|
Previously
Reported
|
Effect of
Change
|
|||||||||
December
31, 2009:
|
||||||||||||
Prepaid
federal income taxes
|
$ | 393 | $ | 473 | $ | (80 | ) | |||||
Total
assets
|
239,393 | 239,473 | (80 | ) | ||||||||
Deferred
federal income taxes
|
1,225 | 1,449 | (224 | ) | ||||||||
Total
liabilities
|
181,265 | 181,489 | (224 | ) | ||||||||
Retained
earnings
|
31,360 | 31,216 | 144 | |||||||||
Total
shareholders’ equity
|
58,128 | 57,984 | 144 | |||||||||
Total
liabilities and shareholders’ equity
|
239,393 | 239,473 | (80 | ) | ||||||||
June
30, 2009:
|
||||||||||||
Accrued
federal income taxes
|
147 | 67 | 80 | |||||||||
Deferred
federal income taxes
|
1,115 | 1,339 | (224 | ) | ||||||||
Total
liabilities
|
182,363 | 182,507 | (144 | ) | ||||||||
Retained
earnings
|
32,074 | 31,930 | 144 | |||||||||
Total
shareholders’ equity
|
58,538 | 58,394 | 144 |
Number
|
||||||||
of
|
Carrying
|
|||||||
Loans
|
Value
|
|||||||
Single
family, owner occupied
|
39 | $ | 2,376 | |||||
Single
family, non-owner occupied
|
5 | 339 | ||||||
More
than one single family, non-owner occupied
|
3 | 2,638 | ||||||
2-4
family, owner occupied
|
2 | 41 | ||||||
2-4
family, non-owner occupied
|
10 | 1,472 | ||||||
5
or more family, non-owner occupied
|
1 | 403 | ||||||
Total
substandard loans
|
60 | $ | 7,269 |
|
31.1
|
CEO
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
|
|
31.2
|
CFO
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
|
|
32.1
|
CEO
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|
32.2
|
CFO
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
KENTUCKY
FIRST FEDERAL BANCORP
|
||||
Date:
|
October 5, 2010
|
By:
|
/s/Tony D. Whitaker
|
|
Tony
D. Whitaker
|
||||
Chairman
of the Board and Chief Executive Officer
|
||||
Date:
|
October 5, 2010
|
By:
|
/s/R. Clay Hulette
|
|
R.
Clay Hulette
|
||||
Vice
President and Chief Financial
Officer
|