CKF Bancorp, Inc. Announces Earnings for the Three Months Ended March 31, 2004
DANVILLE, Ky.--(BUSINESS WIRE)--April 13, 2004--CKF Bancorp, Inc. (NASDAQ:
CKFB), parent company of Central Kentucky Federal Savings Bank, reported
consolidated net earnings of $415,786 for the three months ended March 31, 2004
compared to $344,673 for the three months ended March 31, 2003, an increase of
24.2%. Diluted earnings per share were $.30 for the three months ended March 31,
2004 compared to $.25 diluted earnings per share for the three months ended
March 31, 2003.
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 March 31, 2004 were $147.3 million compared to $145.0
million at December 31, 2003. Deposits were $122.8 million at March 31, 2004
compared to $121.7 million at December 31, 2003, and stockholders' equity was
$15.2 million at March 31, 2004 compared to $15.1 million at December 31, 2003.
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 2004 2003
------------ ------------
Cash and cash equivalents $ 4,920,070 $ 3,792,790
Investment securities 9,623,018 10,263,830
Federal Home Loan Bank stock 1,750,100 1,732,900
Loans receivable, net 127,617,642 125,774,932
Allowance for Loan Losses (618,623) (615,089)
Other assets 3,997,508 4,034,605
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Total assets $147,289,715 $144,983,968
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $122,793,689 $121,689,009
Advances from the Federal Home Loan Bank 7,734,159 6,899,835
Other liabilities 1,569,111 1,327,345
------------ ------------
Total liabilities 132,096,959 129,916,189
Shareholders' equity 15,192,756 15,067,779
------------ ------------
Total liabilities and shareholders'
equity $147,289,715 $144,983,968
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Three months ended
March 31,
2004 2003
------------ ------------
Total interest income $ 2,071,989 $ 2,106,091
Total interest expense 838,707 1,077,454
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Net interest income 1,233,282 1,028,637
Provision for losses on loans 15,000 30,000
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Net interest income after provision
for losses on loans 1,218,282 998,637
Other income 51,170 47,816
General, administrative and other expense 641,304 541,462
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Earnings before income taxes 628,148 504,991
Federal income taxes 212,362 170,318
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NET EARNINGS $ 415,786 $ 334,673
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EARNINGS PER SHARE
Basic $ .30 $ .25
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Diluted $ .30 $ .25
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WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic 1,364,996 1,336,156
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Diluted 1,398,644 1,357,918
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CONTACT: CKF Bancorp Inc., Danville
John Stigall, 859-236-4181
Fax: 859-236-4363