UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended September 30, 2001
-------------------------------
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from ____________ to _______________
Commission File Number: 1-13904
--------------
KENTUCKY FIRST BANCORP, INC.
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(Exact name of small business issuer as specified in its charter)
Delaware 61-1281483
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
308 North Main Street, Cynthiana, Kentucky 41031
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(Address of principal executive offices)
(859) 234-1440
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(Issuer's telephone number)
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(Former name, former address and former fiscal year,
if changed since last report)
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the issuer filed all documents and reports required to be filed by
Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities
under a plan confirmed by a court.
Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
November 7, 2001 - 932,465 shares of common stock
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Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X]
Page 1 of 14 pages
INDEX
Page
----
PART I
ITEM I - FINANCIAL STATEMENTS
Consolidated Statements of Financial Condition 3
Consolidated Statements of Earnings 4
Consolidated Statements of Comprehensive Income 5
Consolidated Statements of Cash Flows 6
Notes to Consolidated Financial Statements 7
ITEM II MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION 10
PART II - OTHER INFORMATION 13
SIGNATURES 14
2
ITEM I FINANCIAL STATEMENTS
KENTUCKY FIRST BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except share data)
SEPTEMBER 30, JUNE 30,
ASSETS 2001 2001
Cash and due from banks $ 565 $ 507
Interest-bearing deposits in other financial institutions 1,280 2,069
------- -------
Cash and cash equivalents 1,845 2,576
Investment securities available for sale - at market 6,755 8,179
Mortgage-backed securities available for sale - at market 20,376 14,635
Loans receivable - net 46,364 45,720
Office premises and equipment - at depreciated cost 1,133 1,137
Federal Home Loan Bank stock - at cost 1,424 1,399
Accrued interest receivable 527 464
Prepaid expenses and other assets 74 81
Prepaid federal income taxes -- 7
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Total assets $78,498 $74,198
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $53,165 $52,430
Advances from the Federal Home Loan Bank 11,807 8,811
Accrued interest payable 162 158
Other liabilities 216 190
Accrued federal income taxes 51 --
Deferred federal income taxes 212 69
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Total liabilities 65,613 61,658
Shareholders' equity
Preferred stock - authorized 500,000 shares of $.01 par value;
no shares issued -- --
Common stock - authorized 3,000,000 shares of $.01 par value;
1,388,625 shares issued 14 14
Additional paid-in capital 9,264 9,264
Retained earnings - restricted 9,062 8,986
Less shares acquired by stock benefit plans (555) (555)
Less 448,460 shares of treasury stock - at cost (5,254) (5,254)
Accumulated comprehensive income, unrealized gains on securities
designated as available for sale, net of related tax effects 354 85
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Total shareholders' equity 12,885 12,540
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Total liabilities and shareholders' equity $78,498 $74,198
======= =======
3
KENTUCKY FIRST BANCORP, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
For the three months ended September 30,
(In thousands, except share data)
2001 2000
Interest income
Loans $ 933 $ 906
Mortgage-backed securities 227 252
Investment securities 114 134
Interest-bearing deposits and other 39 31
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Total interest income 1,313 1,323
Interest expense
Deposits 562 566
Borrowings 111 106
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Total interest expense 673 672
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Net interest income 640 651
Provision for losses on loans 3 12
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Net interest income after provision
for losses on loans 637 639
Other income
Gain on investment securities transactions -- 3
Service charges on deposit accounts 38 44
Other operating 14 13
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Total other income 52 60
General, administrative and other expense
Employee compensation and benefits 228 251
Occupancy and equipment 43 41
Data processing 36 34
State franchise tax 15 16
Other operating 79 81
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Total general, administrative and other expense 401 423
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Earnings before income taxes 288 276
Federal income taxes
Current 78 90
Deferred 5 (12)
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Total federal income taxes 83 78
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NET EARNINGS $ 205 $ 198
======= =======
EARNINGS PER SHARE
Basic $ 0.23 $ 0.20
======= =======
Diluted $ 0.22 $ 0.20
======= =======
4
KENTUCKY FIRST BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the three months ended September 30,
(In thousands)
2001 2000
Net earnings $ 205 $ 198
Other comprehensive income, net of tax:
Unrealized holding gains on securities during the period, net
of taxes of $139 and $95 in 2001 and 2000, respectively 269 185
Reclassification adjustment for realized gains included in earnings,
net of tax of $1 in 2000 -- (2)
----- -----
Comprehensive income $ 474 $ 381
===== =====
Accumulated comprehensive income (loss) $ 354 $(258)
===== =====
5
KENTUCKY FIRST BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended September 30,
(In thousands)
2001 2000
Cash flows from operating activities:
Net earnings for the period $ 205 $ 198
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities:
Amortization of discounts and premiums on loans,
investments and mortgage-backed securities - net (5) (3)
Depreciation and amortization 19 21
Amortization of deferred loan origination fees (3) (3)
Provision for losses on loans 3 12
Gain on investment securities transactions -- (3)
Federal Home Loan Bank stock dividends (25) (25)
Increase (decrease) in cash due to changes in:
Accrued interest receivable (63) (92)
Prepaid expenses and other assets 7 432
Accrued interest payable 4 (8)
Other liabilities 26 (318)
Federal income taxes
Current 58 101
Deferred 5 (12)
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Net cash provided by operating activities 231 300
Cash flows provided by (used in) investing activities:
Proceeds from maturity of investment securities 1,514 116
Purchase of mortgage-backed securities (6,093) --
Principal repayments on mortgage-backed securities 674 465
Purchase of loans (970) (583)
Loan principal repayments 2,889 2,733
Loan disbursements (2,563) (1,438)
Purchase of office premises and equipment (15) (1)
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Net cash provided by (used in) investing activities (4,564) 1,292
Cash flows provided by (used in) financing activities:
Net increase (decrease) in deposits 735 (1,636)
Proceeds from borrowed funds 3,000 1,100
Repayment of borrowed funds (4) (1,004)
Purchase of treasury stock -- (250)
Dividends on common stock (129) (131)
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Net cash provided by (used in) financing activities 3,602 (1,921)
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Net decrease in cash and cash equivalents (731) (329)
Cash and cash equivalents at beginning of period 2,576 1,601
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Cash and cash equivalents at end of period $ 1,845 $ 1,272
======= =======
6
KENTUCKY FIRST BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
For the three months ended September 30,
(In thousands)
2001 2000
Supplemental disclosure of cash flow information: Cash paid (refunded) during
the period for:
Federal income taxes $ 20 $ (11)
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Interest on deposits and borrowings $ 669 $ 680
===== =======
Supplemental disclosure of noncash investing activities:
Transfer of investment and mortgage-backed securities from
held to maturity to available for sale classification $ -- $10,310
===== =======
Unrealized gains on securities designated as available for sale,
net of related tax effects $ 269 $ 185
===== =======
7
KENTUCKY FIRST BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the three months ended September 30, 2001 and 2000
1. Basis of Presentation
---------------------
The accompanying unaudited consolidated financial statements were prepared
in accordance with instructions for Form 10-QSB and, therefore, do not
include information or footnotes necessary for a complete presentation of
consolidated financial position, results of operations and cash flows in
conformity with accounting principles generally accepted in the United
States of America. Accordingly, these financial statements should be read
in conjunction with the consolidated financial statements and notes thereto
of Kentucky First Bancorp, Inc. (the "Corporation") included in the Annual
Report on Form 10-KSB for the year ended June 30, 2001. However, in the
opinion of management, all adjustments (consisting of only normal recurring
accruals) which are necessary for a fair presentation of the financial
statements have been included. The results of operations for the three
month period ended September 30, 2001 are not necessarily indicative of the
results which may be expected for an entire fiscal year.
2. Principles of Consolidation
---------------------------
The accompanying consolidated financial statements include the accounts of
the Corporation and First Federal Savings Bank (the "Savings Bank"). All
significant intercompany items have been eliminated.
3. Earnings Per Share
------------------
Basic earnings per share is computed based upon the weighted-average shares
outstanding during the period, less shares in the ESOP that are unallocated
and not committed to be released. Weighted-average common shares deemed
outstanding, which gives effect to 45,810 unallocated ESOP shares, totaled
894,355 for the three month period ended September 30, 2001.
Weighted-average common shares deemed outstanding, which gives effect to
56,229 unallocated ESOP shares, totaled 984,060 for the three month period
ended September 30, 2000.
Diluted earnings per share is computed taking into consideration common
shares outstanding and dilutive potential common shares to be issued under
the Corporation's stock option plan. Weighted-average common shares deemed
outstanding for purposes of computing diluted earnings per share totaled
927,512 and 991,183 for the three month periods ended September 30, 2001
and 2000, respectively. Incremental shares related to the assumed exercise
of stock options included in the calculation of diluted earnings per share
totaled 33,157 and 7,123 for the three month periods ended September 30,
2001 and 2000, respectively.
4. Effects of Recent Accounting Pronouncements
-------------------------------------------
In September 2000, the Financial Accounting Standards Board (the "FASB")
issued Statement of Financial Accounting Standards ("SFAS") No. 140
"Accounting for Transfers and Servicing of Financial Assets and
Extinquishments of Liabilities", which revises the standards for accounting
for securitizations and other transfers of financial assets and collateral
and requires certain disclosures, but carries over most of the provisions
of SFAS No. 125 without reconsideration. SFAS No. 140 is effective after
March 31, 2001. The Statement is effective for recognition and
reclassification of collateral and for disclosures relating to
securitization transactions and collateral for fiscal years ending after
December 15, 2000. Management adopted SFAS No. 140 effective April 1, 2001,
as required, without material effect on the Corporation's financial
position or results of operations.
8
KENTUCKY FIRST BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the three months ended September 30, 2001 and 2000
4. Effects of Recent Accounting Pronouncements (continued)
-------------------------------------------
In June 2001, the FASB issued SFAS No. 141 "Business Combinations," which
requires that all business combinations initiated after June 30, 2001 be
accounted for using the purchase method. The pooling-of-interests method of
accounting is prohibited except for combinations initiated before June 30,
2001. The remaining provisions of SFAS No. 141 relating to business
combinations accounted for by the purchase method, including identification
of intangible assets, accounting for negative goodwill, financial statement
presentation and disclosure, are effective for combinations completed after
June 30, 2001. Management adopted SFAS No. 141 effective June 30, 2001,
without material effect on the Corporation's financial position or results
of operations.
In June 2001, the FASB issued SFAS No. 142 "Goodwill and Intangible
Assets," which prescribes accounting for all purchased goodwill and
intangible assets. Pursuant to SFAS No. 142, acquired goodwill is not
amortized, but is tested for impairment at the reporting unit level
annually and whenever an impairment indicator arises. All goodwill should
be assigned to reporting units that are expected to benefit from the
goodwill. When an entity reorganizes its reporting structure, goodwill
should be reallocated to reporting units based on the relative fair values
of the units. Goodwill impairment should be tested with a two-step
approach. First, the fair value of the reporting unit should be compared to
its carrying value, including goodwill. If the reporting unit's carrying
value exceeds its fair value, then any goodwill impairment should be
measured as the excess of goodwill's carrying value over its implied fair
value. The implied fair value of goodwill should be calculated in the same
manner as goodwill is calculated for a business combination, using the
reporting unit's fair value as the "purchase price." Therefore, goodwill's
implied fair value will be the excess of the "purchase price" over the
amounts allocated to assets, including unrecognized intangible assets, and
liabilities of the reporting unit. Goodwill impairment losses should be
reported in the income statement as a separate line item within operations,
except for such losses included in the calculation of a gain or loss from
discontinued operations.
An acquired intangible asset, other than goodwill, should be amortized over
its useful economic life. The useful life of an intangible asset is
indefinite if it extends beyond the foreseeable horizon. If an asset's life
is indefinite, the asset should not be amortized until the life is
determined to be finite. Intangible assets being amortized should be tested
for impairment in accordance with SFAS No. 121. Intangible assets not being
amortized should be tested for impairment, annually and whenever there are
indicators of impairment, by comparing the asset's fair value to its
carrying amount.
SFAS No. 142 is effective for fiscal years beginning after December 15,
2001. SFAS No. 142 is not expected to have a material effect on the
Corporation's financial position or results of operations.
The foregoing discussion of the effects of recent accounting pronouncements
contains forward-looking statements that involve risks and uncertainties.
Changes in economic circumstances could cause the effects of the accounting
pronouncements to differ from management's foregoing assessment.
9
KENTUCKY FIRST BANCORP, INC.
ITEM II MANAGEMENT'S DISCUSSION AND ANALYSIS
OR PLAN OF OPERATION
Forward-Looking Statements
- --------------------------
In addition to historical information contained herein, the following discussion
contains forward-looking statements that involve risks and uncertainties.
Economic circumstances, the Corporation's operations and the Corporation's
actual results could differ significantly from those discussed in the
forward-looking statements. Some of the factors that could cause or contribute
to such differences are discussed herein but also include changes in the economy
and interest rates in the nation and the Corporation's market area generally.
Some of the forward-looking statements included herein are the statements
regarding management's determination of the amount and adequacy of the allowance
for losses on loans and the effect of recent accounting pronouncements.
Discussion of Financial Condition Changes from June 30, 2001 to September 30,
- --------------------------------------------------------------------------------
2001
- ----
At September 30, 2001, the Corporation's consolidated total assets amounted to
$78.5 million, an increase of $4.3 million, or 5.8%, over the total at June 30,
2001. The increase in assets was funded primarily from an increase of $735,000
in deposits and an increase in advances from the Federal Home Loan Bank of $3.0
million.
Liquid assets (i.e. cash, interest-bearing deposits and investment securities)
decreased by $2.2 million, or 20.0%, during the three month period, to a total
of $8.6 million at September 30, 2001. Mortgage-backed securities totaled $20.4
million at September 30, 2001, an increase of $5.7 million, or 39.2%, over June
30, 2000 levels. The increase in mortgage-backed securities resulted primarily
from purchases totaling $6.1 million, which were partially offset by principal
repayments of $674,000.
Loans receivable increased by $644,000, or 1.4%, during the three month period,
to a total of $46.4 million at September 30, 2001. Loan disbursements and loan
purchases amounted to $3.5 million and were partially offset by principal
repayments of $2.9 million. The allowance for loan losses totaled $483,000 at
September 30, 2001, compared to $480,000 at June 30, 2001. Nonperforming loans
totaled $275,000 at September 30, 2001, compared to $286,000 at June 30, 2001.
The allowance for loan losses represented 175.6% of nonperforming loans as of
September 30, 2001 and 167.8% at June 30, 2001. Although management believes
that its allowance for loan losses at September 30, 2001 is adequate based upon
the available facts and circumstances, there can be no assurance that additions
to such allowance will not be necessary in future periods, which could adversely
affect the Corporation's results of operations.
Deposits totaled $53.2 million at September 30, 2001, an increase of $735,000,
or 1.4%, over June 30, 2001 levels. The increase in deposits was due to
managements' continuing marketing efforts. Borrowed funds totaled $11.8 million
at September 30, 2001, an increase of $3.0 million, or 34.0%, over the total at
June 30, 2001. Proceeds from borrowings and growth in deposits were generally
used to fund new loan originations and purchases of mortgage-backed securities.
The Corporation's shareholders' equity amounted to $12.9 million at September
30, 2001, an increase of $345,000, or 2.8%, over June 30, 2001 levels. The
increase resulted primarily from net earnings during the three months ended
September 30, 2001 of $205,000 and an increase in unrealized gains on available
for sale securities of $269,000, which were partially offset by dividends paid
on common stock totaling $129,000.
10
KENTUCKY FIRST BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OR PLAN OF OPERATION (CONTINUED)
Discussion of Financial Condition Changes from June 30, 2001 to September 30,
- -----------------------------------------------------------------------------
2001 (continued)
- ----------------
The Savings Bank is required to meet each of three minimum capital standards
promulgated by the Office of Thrift Supervision ("OTS"), hereinafter described
as the tangible capital requirement, the core capital requirement and the
risk-based capital requirement. The tangible capital requirement mandates
maintenance of shareholders' equity less all intangible assets equal to 1.5% of
adjusted total assets. The core capital requirement provides for the maintenance
of tangible capital plus certain forms of supervisory goodwill generally equal
to 4% of adjusted total assets, except for those associations with the highest
examination rating and acceptable levels of risk. The risk-based capital
requirement mandates maintenance of core capital plus general loan loss
allowances equal to 8% of risk-weighted assets as defined by OTS regulations.
At September 30, 2001, the Savings Bank's tangible and core capital totaled
$11.2 million, or 14.4%, of adjusted total assets, which exceeded the minimum
tangible and core capital requirements of $1.2 million and $3.1 million by $10.0
million and $8.1 million, respectively. The Savings Bank's risk-based capital of
$11.5 million, or 27.2% of risk-weighted assets, exceeded the 8% of
risk-weighted assets requirement by $8.1 million.
Comparison of Operating Results for the Three Month Periods Ended September 30,
- --------------------------------------------------------------------------------
2001 and 2000
- -------------
General
- -------
Net earnings amounted to $205,000 for the three months ended September 30, 2001,
an increase of $7,000, or 3.5%, over the $198,000 of net earnings reported for
the three months ended September 30, 2000. The increase in net earnings was due
to a $9,000 decrease in the provision for losses on loans and a $22,000 decrease
in general administrative and other expense, which were partially offset by an
$11,000 decrease in net interest income, an $8,000 decrease in other income and
a $5,000 increase in the provision for federal income taxes.
Net Interest Income
- -------------------
Total interest income amounted to $1.3 million for the three months ended
September 30, 2001, a decrease of $10,000, or .8%, compared to the same quarter
in 2000, due to a decrease in the average yield on interest-earning assets, from
7.48% to 7.24%, offset by a $1.9 million, or 2.6%, increase in the
weighted-average balance of interest-earning assets outstanding year to year.
Interest income on loans increased by $27,000, or 3.0%, due to a $1.7 million,
or 3.8%, increase in the weighted-average balance of loans outstanding year to
year, offset by a decrease in the average yield on loans, from 8.05% to 7.99%
Interest income on mortgage-backed securities decreased by $25,000, or 9.9%, due
to a decrease in the average yield on mortgage-backed securities, from 6.88% in
the 2000 quarter to 6.23% in the 2001 quarter. Interest income on investment
securities and interest-bearing deposits decreased by $12,000, or 7.3%, due to a
decrease in yield year to year.
Total interest expense amounted to $673,000 for the three months ended September
30, 2001, an increase of $1,000, or .1%, over the 2000 quarter, due to a $2.3
million, or 3.9%, increase in the weighted-average balance of interest-bearing
liabilities outstanding year to year, offset by a decrease in the average cost
of funds, from 4.56% in 2001 to 4.40% in 2000. Interest expense on deposits
decreased by $4,000, or .7%, due to a 6 basis point decrease in the average cost
of deposits, partially offset by a $430,000, or .8%, increase in the
weighted-average balance of deposits outstanding year to year. Interest expense
on borrowings increased by $5,000, or 4.7%, due to a $1.9 million, or 26.7%,
increase in the weighted-average balance of borrowed funds outstanding year to
year, which was partially offset by a decrease in the average cost of borrowed
funds, from 6.01% to 4.96%.
11
KENTUCKY FIRST BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OR PLAN OF OPERATION (CONTINUED)
Comparison of Operating Results for the Three Month Periods Ended September 30,
- -------------------------------------------------------------------------------
2001 and 2000 (continued)
- -------------------------
Net Interest Income (continued)
- -------------------------------
As a result of the foregoing changes in interest income and interest expense,
net interest income decreased by $11,000, or 1.7%, to a total of $640,000 for
the three months ended September 30, 2001, compared to a total of $651,000 for
the three months ended September 30, 2000. The interest rate spread amounted to
approximately 2.84% and 2.93% during the three month periods ended September 30,
2001 and 2000, respectively, while the net interest margin amounted to
approximately 3.53% and 3.68% during the three month periods ended September 30,
2001 and 2000, respectively.
Provision for Losses on Loans
- -----------------------------
A provision for losses on loans is charged to earnings to bring the total
allowance for loan losses to a level considered appropriate by management based
on historical experience, the volume and type of lending conducted by the
Savings Bank, the status of past due principal and interest payments, general
economic conditions, particularly as such conditions relate to the Savings
Bank's market area, and other factors related to the collectibility of the
Savings Bank's loan portfolio. As a result of such analysis, management recorded
a $3,000 and $12,000 provision for losses on loans during the three month
periods ended September 30, 2001 and 2000, respectively. The provision in the
current period was predicated upon growth in the loan portfolio, integrated with
an analysis of the Bank's nonperforming loans. There can be no assurance that
the loan loss allowance of the Savings Bank will be adequate to cover losses on
nonperforming assets in the future.
Other Income
- ------------
Other income decreased by $8,000, or 13.3%, for the three months ended September
30, 2001, compared to the three months ended September 30, 2000, primarily due
to a $6,000, or 13.6%, decrease in service charges on deposit accounts and due
to a $3,000 gain on investment securities transactions recorded during the 2000
period.
General, Administrative and Other Expense
- -----------------------------------------
General, administrative and other expense decreased by $22,000, or 5.2%, during
the three months ended September 30, 2001, compared to the three months ended
September 30, 2000. The decrease in general, administrative and other expense
resulted primarily from a $23,000, or 9.2%, decrease in employee compensation
and benefits due primarily to the expiration of a stock benefit plan effective
April 2001.
Federal Income Taxes
- --------------------
The provision for federal income taxes increased by $5,000, or 6.4%, for the
three months ended September 30, 2001, compared to the three months ended
September 30, 2000. The increase resulted primarily from the increase in net
earnings before taxes of $12,000, or 4.3%. The effective tax rates were 28.8%
and 28.3% for the three month periods ended September 30, 2001 and 2000,
respectively.
12
KENTUCKY FIRST BANCORP, INC.
PART II
ITEM 1. Legal Proceedings
-----------------
The Savings Bank is party to a lawsuit captioned Family Bank, FSB and First
----------------------------
Federal Savings Bank v. Oscar S. Blankenship a/k/a O. Sam Blankenship and Jenny
- --------------------------------------------------------------------------------
Blankenship filed in the Johnson Circuit Court, Division No. II, Commonwealth of
- ----------
Kentucky. The lawsuit is a collection action seeking recovery of three loans of
which the Savings Bank has an interest in two. The suit also asks for the court
to sell the property securing the loans with the proceeds to be used to repay
all amounts owed. The defendants filed an answer on February 3, 2000 making
various counterclaims alleging breach of contract, breach of fiduciary duty and
unspecified violations of the federal banking laws. The defendants are seeking
money damages (including punitive damages) of an unspecified amount. Certain of
the counterclaims relate only to the one loan in which the Savings Bank does not
have any interest. While the Savings Bank does not believe there is any merit in
the counterclaims, it is preparing an appropriate defense to them. A hearing on
a Motion for Partial Summary Judgment is scheduled for November 16, 2001. The
case is currently in the discovery stage of litigation and settlement
discussions are ongoing.
ITEM 2. Changes in Securities and Use of Proceeds
-----------------------------------------
Not applicable
ITEM 3. Defaults Upon Senior Securities
-------------------------------
Not applicable
ITEM 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
None
ITEM 5. Other Information
-----------------
None
ITEM 6. Exhibits and Reports on Form 8-K
--------------------------------
Reports on Form 8-K: None.
Exhibits: None.
13
KENTUCKY FIRST BANCORP, INC.
SIGNATURES
----------
In accordance with the requirements of the Exchange Act, the registrant has
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
Date: November 12, 2001 By: /s/ Betty J. Long
----------------- ------------------------------------
Betty J. Long
President and Chief
Executive Officer
Date: November 12, 2001 By: /s/ Russell M. Brooks
----------------- ------------------------------------
Russell M. Brooks
Executive Vice President and
Financial Officer
14