PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: John Stigall
Phone: (859) 236-4181
Fax: (859) 236-4363
CKF BANCORP, INC. ANNOUNCES EARNINGS FOR THE
THREE MONTHS ENDED MARCH 31, 2003
Danville, Kentucky, April 15, 2003 - CKF Bancorp, Inc. (CKFB), parent company of
Central Kentucky Federal Savings Bank, reported consolidated net earnings of
$344,673 for the three months ended March 31. 2003 compared to $315,971 for the
three months ended March 31, 2002, an increase of 9.1%. Basic earnings per share
were $.50 and diluted earnings per share were $.49 for the three months ended
March 31, 2003 compared to $.48 earnings per share on both a basic and a diluted
basis for the three months ended March 31, 2002.
Total assets at March 31, 2003 were $142.0 million compared to $142.4 million at
December 31, 2002. Deposits were $120.6 million at March 31, 2003 compared to
$120.3 million at December 31, 2002. Stockholders' equity was $13.9 million at
both March 31, 2003 and December 31, 2002.
Central Kentucky Federal Savings Bank's main office is located at 340 W. Main
Street, Danville, Kentucky. The Bank also operates two full service branch
offices, located in Danville and Lancaster, Kentucky and a loan production
office in Nicholasville, Kentucky.
CKF BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
MARCH 31, DECEMBER 31,
ASSETS 2003 2002
------------ ------------
Cash and cash equivalents $ 19,982,922 $ 13,717,142
Investment securities 3,352,770 3,562,498
Federal Home Loan Bank stock 1,681,900 1,665,500
Loan receivable, net 112,785,520 119,117,010
Other assets 4,234,045 4,293,662
------------ ------------
Total assets $142,037,157 $142,355,812
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $120,546,156 $120,253,479
Advances from the Federal Home Loan Bank 6,015,146 6,680,403
Other Liabilities 1,563,003 1,508,296
------------ ------------
Total liabilities 128,124,305 128,442,178
Shareholders' equity 13,912,852 13,913,634
------------ ------------
Total liabilities and shareholders' equity $142,037,157 $142,355,812
============ ============
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS ENDED
MARCH 31,
2003 2002
---------- ----------
Total interest income $2,106,091 $2,368,371
Total interest expense 1,077,454 1,378,337
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Net interest income 1,028,637 990,034
Provision for losses on loans 30,000 30,000
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Net interest income after provision
for losses on loans 998,637 960,034
Other income 47,816 46,732
General, administrative and other expense 541,462 528,022
---------- ----------
Earnings before income taxes 504,991 478,744
Federal income taxes 170,318 162,773
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NET EARNINGS $ 334,673 $ 315,971
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EARNINGS PER SHARE
Basic $ .50 $ .48
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Diluted $ .49 $ .48
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WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic 668,079 652,134
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Diluted 682,707 659,760
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