Exhibit 99.1
Kentucky First Federal Bancorp
For Immediate Release April 27, 2005 |
Contact: | Don Jennings, President, or Clay Hulette, Vice President
(502) 223-1638
216 West Main Street
P.O. Box 535
Frankfort, KY 40602 |
Kentucky First Federal Bancorp Releases Earnings
Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Frankfort, Kentucky, announced net earnings of $385,000 for the three month period ended March 31, 2005, compared to $291,000 for First Federal Savings and Loan of Hazard for the three month period ended March 31, 2004. On March 2, 2005, the mutual-to-stock conversion of First Federal Savings and Loan of Hazard culminated in the formation of Kentucky First Federal Bancorp and the acquisition of Frankfort First Bancorp, Inc., parent company of First Federal Savings Bank of Frankfort. Because shares had not been issued during all or part of the periods represented, earnings per share have not been reported. Financial results for dates or periods subsequent to March 2, 2005, reflect the consolidated company while periods before this date reflect solely the financial data for First Federal Savings and Loan of Hazard.
The increase in net earnings for the period ended March 31, 2005 is primarily attributable to the inclusion of earnings generated by First Federal Savings Bank of Frankfort for the portion of the period that Kentucky First Federal Bancorp had been formed and First Federal of Frankfort was a subsidiary.
The acquisition of Frankfort First Bancorp, Inc. and its subsidiary, First Federal Savings Bank of Frankfort on March 2, 2005, gave rise to significant increases in components of the Company’s statement of condition. From June 30, 2004 to March 31, 2005, the Company experienced increases in loans receivable ($116.1 million), deposits ($59.7 million), FHLB Advances ($43.3 million), shareholder’s equity ($34.5 million), and total assets ($138.4 million).
At March 31, 2005, the Company reported its book value per share as $7.62.
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectation regarding important risk factors including, but not limited to, real estate values and the impact of interest rates on financing. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.
Kentucky First Federal Bancorp operates four offices in Hazard and Frankfort, Kentucky. Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB. At March 31, 2005 the Company had approximately 8.6 million shares outstanding.
SUMMARY OF FINANCIAL HIGHLIGHTS
Condensed Consolidated Statements of Financial Condition
| | March 31,
2005 | | June 30,
2004 | |
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| | (In thousands, except per share data) | |
| | (Unaudited) | | (Audited) | |
Assets | | | | | | | |
Cash and Cash Equivalents | | $ | 13,698 | | $ | 16,862 | |
Investment Securities | | | 87,822 | | | 86,214 | |
Loans Receivable, net | | | 149,676 | | | 33,586 | |
Other Assets | | | 26,982 | | | 3,161 | |
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Total Assets | | $ | 278,178 | | $ | 139,823 | |
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Liabilities | | | | | | | |
Deposits | | $ | 158,469 | | $ | 98,751 | |
FHLB Advances | | | 52,291 | | | 9,000 | |
Other Liabilities | | | 1,923 | | | 1,029 | |
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Total Liabilities | | | 212,683 | | | 108,780 | |
Shareholders’ Equity | | | 65,495 | | | 31,043 | |
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Total Liabilities and Equity | | $ | 278,178 | | $ | 139,823 | |
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Book Value Per Share | | $ | 7.62 | | $ | N/A | |
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Condensed Consolidated Statements of Earnings
| | Nine months ended March 31, | | Three months ended March 31, | |
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| | 2005 | | 2004 | | 2005 | | 2004 | |
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| | (In thousands, except per share data)
(Unaudited) | | (In thousands, except per share data)
(Unaudited) | |
Interest Income | | $ | 4,970 | | $ | 4,118 | | $ | 2,090 | | $ | 1,290 | |
Interest Expense | | | 1,911 | | | 1,676 | | | 836 | | | 509 | |
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Net Interest Income | | | 3,059 | | | 2,442 | | | 1,254 | | | 781 | |
Provision for Losses on Loans | | | 40 | | | 46 | | | 12 | | | 19 | |
Other Operating Income | | | 34 | | | 73 | | | 23 | | | 62 | |
General, Administrative, and Other Expense | | | 1,506 | | | 1,270 | | | 701 | | | 387 | |
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Earnings Before Federal Income Taxes | | | 1,547 | | | 1,199 | | | 564 | | | 437 | |
Federal Income Taxes | | | 514 | | | 405 | | | 179 | | | 146 | |
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Net Earnings | | $ | 1,033 | | $ | 794 | | $ | 385 | | $ | 291 | |
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