April 25, 2003
FOR IMMEDIATE RELEASE:
CONTACT:
Betty J. Long, President
Kentucky First Bancorp, Inc.
308 North Main Street
Cynthiana, Kentucky 41031
KENTUCKY FIRST BANCORP, INC. REPORTS NET EARNINGS FOR THE NINE AND THREE MONTHS
ENDED MARCH 31, 2003
CYNTHIANA, KENTUCKY - Kentucky First Bancorp, Inc. (AMEX: KYF), the holding
company for First Federal Savings Bank, Cynthiana, Kentucky, reported net
earnings of $710,000, or $.79 diluted earnings per share, for the nine months
ended March 31, 2003, an increase of $19,000, or 2.7%, compared to the $691,000,
or $.75 diluted earnings per share, reported for the nine months ended March 31,
2002. The increase in net earnings was due primarily to $52,000, or 2.5%,
increase in net interest income and an $80,000 decrease in the provision for
losses on loans, which were partially offset by a $76,000, or 6.3%, increase in
general, administrative and other expense and a $25,000 increase in federal
income taxes.
Net earnings for the three months ended March 31, 2003, totaled $206,000, or
$.23 diluted earnings per share, compared to $261,000, or $.28 diluted earnings
per share, for the three months ended March 31, 2002. The decrease in net
earnings for the three months ended March 31, 2003, was due primarily to a
$41,000 decrease in net interest income and a $38,000 increase in general,
administrative and other expense, which were partially offset by a $24,000
decrease in federal income taxes.
Kentucky First Bancorp, Inc. reported total assets of $75.8 million, total
liabilities of $62.8 million, including deposits of $53.8 million, and
shareholders' equity of $13.1 million.
First Federal Savings Bank has served the Cynthiana area since 1888 and
currently has two office locations in Cynthiana.
KENTUCKY FIRST BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
MARCH 31, JUNE 30,
ASSETS 2003 2002
Cash and cash equivalents $ 5,097 $ 3,679
Investment securities 14,461 11,105
Mortgage-backed securities 19,145 22,204
Loans receivable 34,461 39,355
Other assets 2,683 3,329
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Total assets $75,847 $79,672
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $53,806 $54,119
Advances from the Federal Home Loan Bank 8,181 11,794
Other liabilities 798 609
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Total liabilities 62,785 66,522
Shareholders' equity 13,062 13,150
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Total liabilities and shareholders' equity $75,847 $79,672
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KENTUCKY FIRST BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
NINE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, MARCH 31,
2003 2002 2003 2002
Total interest income $3,493 $3,932 $1,097 $1,285
Total interest expense 1,375 1,866 410 557
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Net interest income 2,118 2,066 687 728
Provision for (recoveries of) losses on loans (50) 30 -- 9
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Net interest income after provision
for (recoveries of) losses on loans 2,168 2,036 687 719
Other income 143 155 43 51
General, administrative and other expense 1,288 1,212 435 397
------ ------ ------ ------
Earnings before income taxes 1,023 979 295 373
Federal income taxes 313 288 89 112
------ ------ ------ ------
NET EARNINGS $ 710 $ 691 $ 206 $ 261
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EARNINGS PER SHARE
Basic $ .83 $ .78 $ .24 $ .30
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Diluted $ .79 $ .75 $ .23 $ .28
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WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic 852,390 887,023 843,824 880,362
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Diluted 900,758 920,806 897,696 915,128
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