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 DECEMBER 31, 2003
Danville, Kentucky, January 13, 2004 - CKF Bancorp, Inc. (CKFB), parent
company of Central Kentucky Federal Savings Bank, reported consolidated net
earnings of $403,774 for the three months ended December 31, 2003 compared to
$327,754 for the three months ended December 31, 2002. Basic earnings per share
were $.30 and diluted earnings per share were $.29 for the three months ended
December 31, 2003 compared to $.25 basic earnings per share and $.25 diluted
earnings per share for the three months ended December 31, 2002.
Consolidated net income for the twelve months ending December 31, 2003 was
$1,480,486 compared to $1,328,174 for the twelve months ended December 31, 2002.
Basic earnings per share were $1.10 and diluted earnings per share were $1.08
for the twelve months ended December 31, 2003 compared to $1.01 basic earnings
per share and $1.00 diluted earnings per share for the twelve months ended
December 31, 2002.
Earnings per share reported are reflective of the Company's two-for-one
stock split in the form of a 100% stock dividend, which was payable on December
11, 2003.
Total assets at December 31, 2003 were $145.0 million compared to $142.4
million at December 31, 2002. Deposits were $121.7 million at December 31, 2003
compared to $120.3 million at December 31, 2002. Stockholders' equity was $15.1
million at December 31, 2003 and $13.9 million at 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
December 31, December 31,
ASSETS 2003 2002
------------- -------------
Cash and cash equivalents $3,792,790 $13,717,142
Investment securities 10,263,830 3,562,498
Federal Home Loan Bank stock 1,732,900 1,665,500
Loans receivable 125,774,932 119,687,711
Allowance for Loan Losses (615,089) (570,701)
Other assets 4,034,605 4,293,662
------------ ------------
Total assets $144,983,968 $142,355,812
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $121,689,009 $120,253,479
Advances from the Federal Home Loan Bank 6,899,835 6,680,403
Other liabilities 1,327,345 1,508,296
------------ ------------
Total liabilities 129,916,189 128,442,178
Shareholders' equity 15,067,779 13,913,634
------------ ------------
Total liabilities and shareholders'
equity $144,983,968 $142,355,812
============ ============
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Twelve months ended Three months ended
December 31, December 31,
2003 2002 2003 2002
----------- ----------- ----------- -----------
Total interest income $8,143,289 $9,182,803 $2,037,086 $2,181,667
Total interest expense 3,842,691 5,116,902 869,566 1,180,604
---------- ---------- ---------- ----------
Net interest income 4,300,598 4,065,901 1,167,520 1,001,063
Provision for losses on
loans 90,000 120,000 15,000 30,000
---------- ---------- ---------- ----------
Net interest income
after provision for
losses on loans 4,210,598 3,945,901 1,152,520 971,063
Other income 199,506 200,464 49,691 50,723
General, administrative
and other expense 2,220,049 2,133,980 595,964 525,189
---------- ---------- ---------- ----------
Earnings before
income taxes 2,190,055 2,012,385 606,247 496,597
Federal income taxes 709,569 684,211 202,473 168,843
---------- ---------- ---------- ----------
NET EARNINGS $1,480,486 $1,328,174 $403,774 $327,754
========== ========== ========== ==========
EARNINGS PER SHARE
Basic $1.10 $1.01 $0.30 $0.25
========== ========== ========== ==========
Diluted $1.08 $1.00 $0.29 $0.25
========== ========== ========== ==========
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic 1,350,594 1,315,076 1,362,552 1,325,266
========== ========== ========== ==========
Diluted 1,374,747 1,332,780 1,393,674 1,343,133
========== ========== ========== ==========
Contact:
CKF Bancorp, Inc., Danville
John Stigall, 859-236-4181
Fax: 859-236-4363