For Immediate Release - July 27, 1998
Contact: B. Keith Johnson
President and C.E.O.
FIRST FEDERAL FINANCIAL CORPORATION OF KENTUCKY
ANNOUNCES RECORD ANNUAL EARNINGS
AND OPENING OF THREE NEW BRANCHES
ELIZABETHTOWN, Kentucky (July 27, 1998) - First Federal Financial
Corporation of Kentucky (NASDAQ symbol "FFKY") today reported
record annual earnings of $6.3 million or $1.53 per share for the
year ended June 30, 1998. Earnings per share increased by 9%
over the June 30, 1997, fiscal year amount which was $5.8 million
or $1.40 per share (as adjusted to exclude the one-time FDIC
special assessment on September 30,1996).
Further, First Federal reported the completion of its three-
branch acquisition in Meade County, Kentucky as of the close of
business on July 24, 1998. Customer deposits in the amount of
$70 million were included in the acquisition, bring the total
bank deposits to $377 million, an increase of 23%. Total assets
have grown from $410 million at June 30, 1998, to approximately
$460 million on July 24, 1998.
B. Keith Johnson, President and Chief Executive Officer, stated,
"We are pleased to once again report record annual earnings. We
are also very excited about our future opportunities in Meade
County with the existing excellent team of associates and a 50%
customer market share."
First Federal Financial Corporation of Kentucky is a $460 million
family financial services holding company serving central
Kentucky and is the parent of First Federal Savings Bank of
Elizabethtown which operates eleven full service offices in the
central Kentucky towns of Elizabethtown, Radcliff, Bardstown,
Munfordville, Shepherdsville, Mt. Washington, Brandenburg, and
Flaherty.
The common stock of First Federal Financial Corporation is traded
on the NASDAQ system under the symbol "FFKY." Market makers for
the stock are Capital Resources, Inc., and J.J.B. Hilliard, W.L.
Lyons, Inc.
CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except net income per share)
(Unaudited)
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Three Months For Twelve Months
Ended June 30, Ended June 30,
1998 1997 1998 1997
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Interest Income $8,078 $7,447 $31,182 $28,782
Interest Expenses 4,190 3,715 16,059 14,375
Net Interest Income 3,888 3,732 15,123 14,407
Other Income 795 544 2,860 2,468
Provisions for Loan
Losses (145) 0 (265) (200)
Other Expenses (2,072) (1,958) (8,082) (9,472)
Income Taxes (837) (745) (3,302) (2,429)
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Net Income $1,629 $1,573 $6,334 $4,774
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Net Income Per Share $0.39 $0.38 $1.53 $1.14
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Weighted average
shares outstanding 4,130,412 4,163,516 4,145,039 4,182,060
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(Net income for the twelve month period ended, June 30,1997
includes the after-tax expense of $1.1 million for the special
FDIC/SAIF assessment.)
CONDENSED BALANCE SHEETS
(Dollars in thousands, except per share data)
(Unaudited at June 30, 1998)
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June 30, June 30,
1998 1997
Assets:
Cash and Interest Bearing Deposits $ 9,150 $ 9,176
Investment Securities 26,811 22,677
Loans Receivable, net 355,306 327,791
Other Assets 18,384 17,736
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Total Assets $409,651 $377,380
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Liabilities and Shareholders' Equity:
Savings Deposits $306,703 $281,342
Federal Home Loan Bank Advances 43,249 41,514
Other Liabilities 5,011 2,808
Shareholders' Equity 54,688 51,716
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Total Liabilities and
Shareholders' Equity $409,651 $377,380
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Book Value Per Share $13.24 $12.40
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