Exhibit 1
CKF Bancorp, Inc. Announces Earnings for the Three Months Ended June
30, 2003
DANVILLE, Ky.--(BUSINESS WIRE)--July 15, 2003--CKF Bancorp, Inc.
(CKFB) (Nasdaq:CKFB), parent company of Central Kentucky Federal
Savings Bank, reported consolidated net earnings of $339,901 for the
three months ended June 30, 2003 compared to $336,368 for the three
months ended June 30, 2002. Basic earnings per share were $.51 and
diluted earnings per share were $.50 for the three months ended June
30, 2003 compared to $.52 basic earnings per share and $.50 diluted
earnings per share for the three months ended June 30, 2002.
Consolidated net income for the six months ending June 30, 2003
was $674,574 compared to $652,339 for the six months ended June 30,
2002. Basic earnings per share were $1.01 and diluted earnings per
share were $.99 for the six months ended June 30, 2003 compared to
$1.00 basic earnings per share and $.98 diluted earnings per share for
the six months ended June 30, 2002.
Total assets at June 30, 2003 were $141.3 million compared to
$142.4 million at December 31, 2002. Deposits were $119.7 million at
June 30, 2003 compared to $120.3 million at December 31, 2002.
Stockholders' equity was $14.3 million at June 30, 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
June 30, December 31,
ASSETS 2003 2002
------------- -------------
Cash and cash equivalents $13,279,765 $13,717,142
Investment securities 8,204,058 3,562,498
Federal Home Loan Bank stock 1,698,600 1,665,500
Loans receivable 114,444,133 119,687,711
Allowance for Loan Losses (584,320) (570,701)
Other assets 4,280,699 4,293,662
------------- -------------
Total assets $141,322,935 $142,355,812
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $119,733,671 $120,253,479
Advances from the Federal Home
Loan Bank 5,980,588 6,680,403
Other liabilities 1,285,836 1,508,296
------------- -------------
Total liabilities 127,000,095 128,442,178
Shareholders' equity 14,322,840 13,913,634
------------- -------------
Total liabilities and
shareholders' equity $141,322,935 $142,355,812
============= =============
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Six months ended Three months ended
June 30, June 30,
2003 2002 2003 2002
----------- ----------- ----------- ----------
Total interest income $4,101,666 $4,719,005 $1,995,575 $2,350,634
Total interest expense 2,056,189 2,699,240 978,735 1,320,903
----------- ----------- ----------- ----------
Net interest income 2,045,477 2,019,765 1,016,840 1,029,731
Provision for losses on
loans 60,000 60,000 30,000 30,000
----------- ----------- ----------- ----------
Net interest income
after provision for
losses on loans 1,985,477 1,959,765 986,840 999,731
Other income 100,155 101,137 52,339 54,405
General, administrative
and other expense 1,096,030 1,072,509 554,568 544,487
----------- ----------- ----------- ----------
Earnings before
income taxes 989,602 988,393 484,611 509,649
Federal income taxes 315,027 336,054 144,709 173,281
----------- ----------- ----------- ----------
NET EARNINGS $674,575 $652,339 $339,902 $336,368
=========== =========== =========== ==========
EARNINGS PER SHARE
Basic $1.01 $1.00 $0.51 $0.52
=========== =========== =========== ==========
Diluted $0.99 $0.98 $0.50 $0.50
=========== =========== =========== ==========
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic 670,168 653,807 672,235 655,462
=========== =========== =========== ==========
Diluted 684,354 663,518 687,976 666,626
=========== =========== =========== ==========
CONTACT: CKF Bancorp, Inc., Danville
John Stigall, 859-236-4181
Fax: 859-236-4363
www.centralkyfsb.com