Exhibit 99
CKF Bancorp, Inc. Announces Earnings for the Three Months Ended June
30, 2004
DANVILLE, Ky.--(BUSINESS WIRE)--July 14, 2004--CKF Bancorp, Inc.
(NASDAQ: CKFB), parent company of Central Kentucky Federal Savings
Bank, reported consolidated net earnings of $452,442 for the three
months ended June 30, 2004 compared to $339,902 for the three months
ended June 30, 2003, an increase of 33.1%. Diluted earnings per share
were $.32 for the three months ended June 30, 2004 compared to $.25
diluted earnings per share for the three months ended June 30, 2003.
Consolidated net earnings for the six months ending June 30, 2004
were $868,228 compared to $674,575 for the six months ended June 30,
2003. Diluted earnings per share were $.62 for the six months ended
June 30, 2004 compared to $.50 diluted earnings per share for the six
months ended June 30, 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 June 30, 2004 were $151.9 million compared to
$145.0 million at December 31, 2003. Deposits were $120.9 million at
June 30, 2004 compared to $121.7 million at December 31, 2003.
Stockholders' equity was $15.8 million at June 30, 2004 and $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
June 30, December 31,
ASSETS 2004 2003
------------ ------------
Cash and cash equivalents $ 2,816,573 $ 3,792,790
Investment securities 10,342,641 10,263,830
Federal Home Loan Bank stock 1,767,500 1,732,900
Loans receivable 133,544,561 125,774,932
Allowance for Loan Losses (629,573) (615,089)
Other assets 4,019,921 4,034,605
------------ ------------
Total assets $151,861,623 $144,983,968
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $120,943,583 $121,689,009
Advances from the Federal Home Loan Bank 13,701,046 6,899,835
Other liabilities 1,439,418 1,327,345
------------ ------------
Total liabilities 136,084,047 129,916,189
Shareholders' equity 15,777,576 15,067,779
------------ ------------
Total liabilities and shareholders'
equity $151,861,623 $144,983,968
============ ============
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Six months ended Three months ended
June 30, June 30,
2004 2003 2004 2003
---------- ---------- ---------- ----------
Total interest income $4,186,984 $4,101,666 $2,114,995 $1,995,575
Total interest expense 1,660,347 2,056,189 821,640 978,735
---------- ---------- ---------- ----------
Net interest income 2,526,637 2,045,477 1,293,355 1,016,840
Provision for losses on
loans 30,000 60,000 15,000 30,000
---------- ---------- ---------- ----------
Net interest income
after provision for
losses on loans 2,496,637 1,985,477 1,278,355 986,840
Other income 100,361 100,155 49,191 52,339
General, administrative
and other expense 1,285,566 1,096,030 644,263 554,568
---------- ---------- ---------- ----------
Earnings before
income taxes 1,311,432 989,602 683,283 484,611
Federal income taxes 443,204 315,027 230,841 144,709
---------- ---------- ---------- ----------
NET EARNINGS $ 868,228 $ 674,575 $ 452,442 $ 339,902
========== ========== ========== ==========
EARNINGS PER SHARE
Basic $ 0.64 $ 0.50 $ 0.34 $ 0.25
========== ========== ========== ==========
Diluted $ 0.62 $ 0.50 $ 0.32 $ 0.25
========== ========== ========== ==========
WEIGHTED-AVERAGE
SHARES OUTSTANDING
Basic 1,365,832 1,340,336 1,366,668 1,344,470
========== ========== ========== ==========
Diluted 1,399,199 1,361,894 1,399,728 1,369,968
========== ========== ========== ==========
CONTACT: CKF Bancorp Inc., Danville
John Stigall, 859-236-4181
Fax: 859-236-4363