Exhibit 99
CKF Bancorp, Inc. Announces Earnings for the Three Months Ended September 30,
2004
DANVILLE, Ky.--(BUSINESS WIRE)--Oct. 13, 2004--CKF Bancorp, Inc.
(NASDAQ:CKFB), parent company of Central Kentucky Federal Savings
Bank, reported consolidated net earnings of $489,136 for the three
months ended September 30, 2004 compared to $402,137 for the three
months ended September 30, 2003, an increase of 21.6%. Diluted
earnings per share were $.35 for the three months ended September 30,
2004 compared to $.29 diluted earnings per share for the three months
ended September 30, 2003.
Consolidated net earnings for the nine months ending September 30,
2004 were $1,357,364 compared to $1,076,712 for the nine months ended
September 30, 2003. Diluted earnings per share were $.97 for the nine
months ended September 30, 2004 compared to $.79 diluted earnings per
share for the nine months ended September 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 September 30, 2004 were $153.0 million compared to
$145.0 million at December 31, 2003. Deposits were $118.8 million at
September 30, 2004 compared to $121.7 million at December 31, 2003.
Stockholders' equity was $16.1 million at September 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
September 30, December 31,
ASSETS 2004 2003
------------- -------------
Cash and cash equivalents $3,254,481 $3,792,790
Investment securities 10,123,788 10,263,830
Federal Home Loan Bank stock 1,786,300 1,732,900
Loans receivable 134,511,772 125,774,932
Allowance for Loan Losses (644,250) (615,089)
Other assets 4,009,406 4,034,605
------------- -------------
Total assets $153,041,497 $144,983,968
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $118,788,311 $121,689,009
Advances from the Federal Home Loan Bank 16,667,502 6,899,835
Other liabilities 1,533,399 1,327,345
------------- -------------
Total liabilities 136,989,212 129,916,189
Shareholders' equity 16,052,285 15,067,779
------------- -------------
Total liabilities and shareholders'
equity $153,041,497 $144,983,968
============= =============
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Nine months ended Three months ended
September 30, September 30,
2004 2003 2004 2003
----------- ----------- ----------- -----------
Total interest income $6,356,275 $6,106,203 $2,169,291 $2,004,537
Total interest expense 2,519,303 2,973,125 858,956 916,936
----------- ----------- ----------- -----------
Net interest income 3,836,972 3,133,078 1,310,335 1,087,601
Provision for losses on
loans 45,000 75,000 15,000 15,000
----------- ----------- ----------- -----------
Net interest income
after provision for
losses on loans 3,791,972 3,058,078 1,295,335 1,072,601
Other income 157,982 149,815 57,621 49,660
General, administrative
and other expense 1,897,814 1,624,085 612,248 528,055
----------- ----------- ----------- -----------
Earnings before
income taxes 2,052,140 1,583,808 740,708 594,206
Federal income taxes 694,776 507,096 251,572 192,069
----------- ----------- ----------- -----------
NET EARNINGS $1,357,364 $1,076,712 $489,136 $402,137
=========== =========== =========== ===========
EARNINGS PER SHARE
Basic $0.99 $0.80 $0.35 $0.30
=========== =========== =========== ===========
Diluted $0.97 $0.79 $0.35 $0.29
=========== =========== =========== ===========
DIVIDENDS DECLARED
PER SHARE $0.54 $0.44 $0.30 $0.24
=========== =========== =========== ===========
WEIGHTED-AVERAGE SHARES
OUTSTANDING
Basic 1,372,040 1,346,564 1,384,322 1,358,818
=========== =========== =========== ===========
Diluted 1,392,169 1,368,556 1,405,711 1,384,306
=========== =========== =========== ===========
CONTACT: CKF Bancorp, Inc., Danville
John Stigall, 859-236-4181
Fax: 859-236-4363