August 19, 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 FISCAL YEAR AND THREE
MONTHS ENDED JUNE 30, 2003
CYNTHIANA, KENTUCKY - Kentucky First Bancorp, Inc. (AMEX: KYF), the holding
company for First Federal Savings Bank, Cynthiana, Kentucky, reported net
earnings of $872,000, or $.97 per diluted share, for the fiscal year ended June
30, 2003, a decrease of $75,000, or 7.9%, compared to fiscal 2002.
The decrease in net earnings resulted primarily from a $91,000 decrease in net
interest income and a $105,000 increase in general, administrative and other
expense, which were partially offset by an $89,000 decrease in the provision for
losses on loans.
Net earnings for the three months ended June 30, 2003, totaled $162,000, or $.18
diluted earnings per share, a decrease of $94,000, or 36.7%, compared to the
$256,000, or $.28 diluted earnings per share, for the three months ended June
30, 2002. The decrease in net earnings was due primarily to a $143,000 decrease
in net interest income, partially offset by a $49,000 decrease in the provision
for federal income taxes.
As of June 30, 2003, Kentucky First Bancorp, Inc. reported total assets of $74.5
million, total liabilities of $61.3 million, including deposits of $53.0
million, and shareholders' equity of $13.2 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)
JUNE 30, JUNE 30,
ASSETS 2003 2002
Cash and cash equivalents $ 6,878 $ 3,679
Investment securities 15,655 11,105
Mortgage-backed securities 15,287 22,204
Loans receivable 33,932 39,355
Other assets 2,763 3,329
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Total assets $ 74,515 $ 79,672
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 52,963 $ 54,119
Advances from the Federal Home Loan Bank 7,676 11,794
Other liabilities 637 609
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Total liabilities 61,276 66,522
Shareholders' equity 13,239 13,150
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Total liabilities and shareholders' equity $ 74,515 $79,672
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KENTUCKY FIRST BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
FISCAL YEAR ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
2003 2002 2003 2002
Total interest income $ 4,451 $ 5,184 $ 958 $ 1,252
Total interest expense 1,748 2,390 373 524
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Net interest income 2,703 2,794 585 728
Provision for (recoveries of) losses on loans (50) 39 0 9
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Net interest income after provision
for (recoveries of) losses on loans 2,753 2,755 585 719
Other income 200 192 57 37
General, administrative and other expense 1,705 1,600 417 388
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Earnings before income taxes 1,248 1,347 225 368
Federal income taxes 376 400 63 112
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NET EARNINGS $ 872 $ 947 $ 162 $ 256
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EARNINGS PER SHARE
Basic $ 1.02 $ 1.07 $ .19 $ .29
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Diluted $ .97 $ 1.03 $ .18 $ .28
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WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic 850,787 885,152 845,962 879,518
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Diluted 901,910 920,952 903,890 920,954
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