UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31,
2024
OR
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE EXCHANGE ACT
For the transition period from ____________ to
_______________
Commission File Number: 0-51176
KENTUCKY FIRST FEDERAL BANCORP
(Exact name of registrant as specified in its charter)
| United States of America | | 61-1484858 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification No.) |
| 655 Main Street, Hazard, Kentucky 41702 |
(Address of principal executive offices)(Zip Code)
(502) 223-1638
(Registrant’s telephone number, including
area code)
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class | | Trading symbol(s) | | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | | KFFB | | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements
for the past 90 days: Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒
No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.
See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-Accelerated filer | ☒ | Smaller Reporting Company | ☒ |
| | | Emerging Growth Company | ☐ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each
of the issuer’s classes of common stock, as of the latest practicable date: At February 14, 2025, the latest practicable date, the
Corporation had 8,086,715 shares of $.01 par value common stock outstanding (including 4,727,938 shares held by First Federal MHC).
INDEX
PART I – FINANCIAL INFORMATION
ITEM 1: Financial Statements
Kentucky First Federal Bancorp
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
| | |
December 31,
2024 | | |
June 30,
2024 | |
| | |
Unaudited | | |
| |
| ASSETS | |
| | |
| |
| Cash and due from financial institutions | |
$ | 4,744 | | |
$ | 1,913 | |
| Fed funds sold | |
| 6,928 | | |
| 703 | |
| Interest-bearing demand deposits | |
| 9,304 | | |
| 15,671 | |
| Cash and cash equivalents | |
| 20,976 | | |
| 18,287 | |
| Securities available-for-sale- at fair value | |
| 8,628 | | |
| 9,648 | |
| | |
| | | |
| | |
| Securities held-to-maturity, at amortized cost-approximate fair value of $180 and $203 at December 31, 2024 and June 30, 2024, respectively | |
| 190 | | |
| 213 | |
| Loans held for sale | |
| 116 | | |
| 110 | |
| Loans, net of allowance for credit losses of $2,141 and $2,127 at December 31, 2024 and June 30, 2024, respectively | |
| 330,234 | | |
| 333,025 | |
| Real estate acquired through foreclosure | |
| 10 | | |
| 10 | |
| Office premises and equipment - at depreciated cost | |
| 4,247 | | |
| 4,267 | |
| Federal Home Loan Bank stock - at cost | |
| 4,439 | | |
| 4,230 | |
| Accrued interest receivable | |
| 1,264 | | |
| 1,169 | |
| Bank-owned life insurance | |
| 2,958 | | |
| 2,915 | |
| Prepaid income taxes | |
| 204 | | |
| 219 | |
| Prepaid expenses and other assets | |
| 942 | | |
| 875 | |
| Total assets | |
$ | 374,208 | | |
$ | 374,968 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Savings | |
$ | 49,004 | | |
$ | 47,390 | |
| Certificates of deposit | |
| 186,920 | | |
| 176,572 | |
| Demand deposit accounts | |
| 27,131 | | |
| 32,177 | |
| Deposits | |
| 263,055 | | |
| 256,139 | |
| Federal Home Loan Bank advances | |
| 61,792 | | |
| 68,988 | |
| Advances by borrowers for taxes and insurance | |
| 206 | | |
| 909 | |
| Accrued interest payable | |
| 478 | | |
| 176 | |
| Deferred income taxes | |
| 108 | | |
| 113 | |
| Other liabilities | |
| 514 | | |
| 646 | |
| Total liabilities | |
| 326,153 | | |
| 326,971 | |
| | |
| | | |
| | |
| Shareholders’ equity | |
| | | |
| | |
| Preferred stock, 500,000 shares authorized, $.01 par value; no shares issued | |
| - | | |
| - | |
| Common stock, 20,000,000 shares authorized, $.01 par value; 8,596,064 shares issued | |
| 86 | | |
| 86 | |
| Additional paid-in capital | |
| 34,891 | | |
| 34,891 | |
| Retained earnings - restricted | |
| 17,323 | | |
| 17,325 | |
| Treasury shares at cost, 509,349 common shares at December 31, 2024 and June 30, 2024, respectively | |
| (3,969 | ) | |
| (3,969 | ) |
| Accumulated other comprehensive loss | |
| (276 | ) | |
| (336 | ) |
| Total shareholders’ equity | |
| 48,055 | | |
| 47,997 | |
| Total liabilities and shareholders’ equity | |
$ | 374,208 | | |
$ | 374,968 | |
See accompanying notes to condensed consolidated
financial statements.
Kentucky First Federal Bancorp
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share data)
| | |
Six months ended
December 31, | | |
Three months ended
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Interest income | |
| | |
| | |
| | |
| |
| Loans, including fees | |
$ | 8,702 | | |
$ | 7,087 | | |
$ | 4,437 | | |
$ | 3,628 | |
| Mortgage-backed securities | |
| 157 | | |
| 191 | | |
| 76 | | |
| 92 | |
| Interest-bearing deposits and other | |
| 544 | | |
| 383 | | |
| 271 | | |
| 207 | |
| Total interest income | |
| 9,403 | | |
| 7,661 | | |
| 4,784 | | |
| 3,927 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing demand deposits | |
| 18 | | |
| 16 | | |
| 9 | | |
| 8 | |
| Savings | |
| 100 | | |
| 112 | | |
| 50 | | |
| 55 | |
| Certificates of Deposit | |
| 3,812 | | |
| 2,595 | | |
| 1,936 | | |
| 1,445 | |
| Deposits | |
| 3,930 | | |
| 2,723 | | |
| 1,995 | | |
| 1,508 | |
| Borrowings | |
| 1,566 | | |
| 1,610 | | |
| 751 | | |
| 762 | |
| Total interest expense | |
| 5,496 | | |
| 4,333 | | |
| 2,746 | | |
| 2,270 | |
| Net interest income | |
| 3,907 | | |
| 3,328 | | |
| 2,038 | | |
| 1,657 | |
| Provision for credit losses | |
| 15 | | |
| 15 | | |
| - | | |
| 9 | |
| Net interest income after provision for credit losses | |
| 3,892 | | |
| 3,313 | | |
| 2,038 | | |
| 1,648 | |
| | |
| | | |
| | | |
| | | |
| | |
| Non-interest income | |
| | | |
| | | |
| | | |
| | |
| Earnings on bank-owned life insurance | |
| 43 | | |
| 42 | | |
| 22 | | |
| 21 | |
| Net gain on sales of loans | |
| 141 | | |
| 6 | | |
| 81 | | |
| 7 | |
| Net gain on sales of real estate owned | |
| 5 | | |
| 4 | | |
| 5 | | |
| - | |
| Other | |
| 119 | | |
| 69 | | |
| 63 | | |
| 18 | |
| Total non-interest income | |
| 308 | | |
| 121 | | |
| 171 | | |
| 46 | |
| | |
| | | |
| | | |
| | | |
| | |
| Non-interest expense | |
| | | |
| | | |
| | | |
| | |
| Employee compensation and benefits | |
| 2,396 | | |
| 2,515 | | |
| 1,211 | | |
| 1,273 | |
| Data processing | |
| 271 | | |
| 280 | | |
| 107 | | |
| 147 | |
| Occupancy and equipment | |
| 273 | | |
| 289 | | |
| 136 | | |
| 147 | |
| FDIC insurance premiums | |
| 138 | | |
| 107 | | |
| 75 | | |
| 72 | |
| Voice and data communications | |
| 66 | | |
| 57 | | |
| 32 | | |
| 19 | |
| Advertising | |
| 91 | | |
| 88 | | |
| 49 | | |
| 49 | |
| Outside service fees | |
| 225 | | |
| 213 | | |
| 155 | | |
| 135 | |
| Auditing and accounting | |
| 167 | | |
| 172 | | |
| 86 | | |
| 107 | |
| Regulatory assessments | |
| 46 | | |
| 32 | | |
| 23 | | |
| 15 | |
| Foreclosure and real estate owned expenses (net) | |
| 41 | | |
| 43 | | |
| 19 | | |
| 20 | |
| Franchise and other taxes | |
| 70 | | |
| 53 | | |
| 42 | | |
| 20 | |
| Other | |
| 431 | | |
| 283 | | |
| 268 | | |
| 145 | |
| Total non-interest expense | |
| 4,215 | | |
| 4,132 | | |
| 2,203 | | |
| 2,149 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income (loss) before income taxes | |
| (15 | ) | |
| (698 | ) | |
| 6 | | |
| (455 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income tax (benefit) | |
| (13 | ) | |
| (162 | ) | |
| (7 | ) | |
| (94 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| NET INCOME (LOSS) | |
$ | (2 | ) | |
$ | (536 | ) | |
$ | 13 | | |
$ | (361 | ) |
| EARNINGS PER SHARE | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
$ | (0.00 | ) | |
$ | (0.07 | ) | |
$ | 0 | | |
$ | (0.05 | ) |
| DIVIDENDS PER SHARE | |
$ | 0.00 | | |
$ | 0.10 | | |
$ | 0.00 | | |
$ | 0.10 | |
See accompanying notes to condensed consolidated
financial statements.
Kentucky First Federal Bancorp
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME (LOSS)
(Unaudited)
(In thousands)
| | |
Six months ended
December 31, | | |
Three months ended
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Net income (loss) | |
$ | (2 | ) | |
$ | (536 | ) | |
$ | 13 | | |
$ | (361 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive income (loss), net of tax: | |
| | | |
| | | |
| | | |
| | |
| Unrealized holding gains (losses) on securities designated as available-for-sale, net of taxes of $20, $31, $(60) and $77 during the respective periods | |
| 60 | | |
| 93 | | |
| (181 | ) | |
| 231 | |
| Comprehensive income (loss) | |
$ | 58 | | |
$ | (443 | ) | |
$ | (168 | ) | |
$ | (130 | ) |
See accompanying notes to condensed consolidated
financial statements.
Kentucky First Federal Bancorp
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’
EQUITY
For the six months ended
(Unaudited)
(Dollar amounts in thousands, except per share
data)
December 31, 2024
| | |
Common
stock | | |
Additional
paid-in
capital | | |
Retained
earnings | | |
Treasury
shares | | |
Accumulated
other
comprehensive
income (loss) | | |
Total | |
| Balance at June 30, 2024 | |
$ | 86 | | |
$ | 34,891 | | |
$ | 17,325 | | |
$ | (3,969 | ) | |
$ | (336 | ) | |
$ | 47,997 | |
| Net income (loss) | |
| – | | |
| – | | |
| (2 | ) | |
| – | | |
| – | | |
| (2 | ) |
| Other comprehensive income | |
| – | | |
| – | | |
| – | | |
| – | | |
| 60 | | |
| 60 | |
| Balance at December 31, 2024 | |
$ | 86 | | |
$ | 34,891 | | |
$ | 17,323 | | |
$ | (3,969 | ) | |
$ | (276 | ) | |
$ | 48,055 | |
December 31, 2023
| | |
Common
stock | | |
Additional
paid-in
capital | | |
Retained
earnings | | |
Treasury
shares | | |
Accumulated
other
comprehensive
income (loss) | | |
Total | |
| Balance at June 30, 2023 | |
$ | 86 | | |
$ | 34,891 | | |
$ | 20,130 | | |
$ | (3,969 | ) | |
$ | (427 | ) | |
$ | 50,711 | |
| Cumulative impact of adoption of ASC 326 | |
| – | | |
| – | | |
| (414 | ) | |
| – | | |
| – | | |
| (414 | ) |
| Balance at July 1, 2023 | |
| 86 | | |
| 34,891 | | |
| 19,716 | | |
| (3,969 | ) | |
| (427 | ) | |
| 50,297 | |
| Net income (loss) | |
| – | | |
| – | | |
| (536 | ) | |
| – | | |
| – | | |
| (536 | ) |
| Other comprehensive income | |
| – | | |
| – | | |
| – | | |
| – | | |
| 93 | | |
| 93 | |
| Cash dividends of $0.20 per common share | |
| – | | |
| – | | |
| (671 | ) | |
| – | | |
| – | | |
| (671 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2023 | |
$ | 86 | | |
$ | 34,891 | | |
$ | 18,509 | | |
$ | (3,969 | ) | |
$ | (334 | ) | |
$ | 49,183 | |
See accompanying notes to condensed consolidated
financial statements.
Kentucky First Federal Bancorp
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’
EQUITY
For the three months ended
(Dollar amounts in thousands, except per share
data)
December 31, 2024
| | |
Common
stock | | |
Additional
paid-in
capital | | |
Retained
earnings | | |
Treasury
shares | | |
Accumulated
other
comprehensive
income (loss) | | |
Total | |
| Balance at September 30, 2024 | |
$ | 86 | | |
$ | 34,891 | | |
$ | 17,310 | | |
$ | (3,969 | ) | |
$ | (95 | ) | |
$ | 48,223 | |
| Net income (loss) | |
| – | | |
| – | | |
| 13 | | |
| – | | |
| – | | |
| 13 | |
| Other comprehensive income (loss) | |
| – | | |
| – | | |
| – | | |
| – | | |
| (181 | ) | |
| (181 | ) |
| Balance at December 31, 2024 | |
$ | 86 | | |
$ | 34,891 | | |
$ | 17,323 | | |
$ | (3,969 | ) | |
$ | (276 | ) | |
$ | 48,055 | |
December 31, 2023
| | |
Common
stock | | |
Additional
paid-in
capital | | |
Retained
earnings | | |
Treasury
shares | | |
Accumulated
other
comprehensive
income | | |
Total | |
| Balance at September 30, 2023 | |
$ | 86 | | |
$ | 34,891 | | |
$ | 19,206 | | |
$ | (3,969 | ) | |
$ | (565 | ) | |
$ | 49,649 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) | |
| – | | |
| – | | |
| (361 | ) | |
| – | | |
| – | | |
| (361 | ) |
| Other comprehensive income (loss) | |
| | | |
| | | |
| | | |
| | | |
| 231 | | |
| 231 | |
| Cash dividends of $0.10 per common share | |
| – | | |
| – | | |
| (336 | ) | |
| – | | |
| – | | |
| (336 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2023 | |
$ | 86 | | |
$ | 34,891 | | |
$ | 18,509 | | |
$ | (3,969 | ) | |
$ | (334 | ) | |
$ | 49,183 | |
See accompanying notes to condensed consolidated
financial statements.
Kentucky First Federal Bancorp
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
| | |
Six months ended
December 31, | |
| | |
2024 | | |
2023 | |
| Cash flows from operating activities: | |
| | |
| |
| Net loss | |
$ | (2 | ) | |
$ | (536 | ) |
| Adjustments to reconcile net loss to net cash from operating activities | |
| | | |
| | |
| Depreciation | |
| 103 | | |
| 119 | |
| Accretion of purchased loan credit discount | |
| – | | |
| (11 | ) |
| Amortization of deferred loan origination costs (fees), net | |
| (13 | ) | |
| 1 | |
| Amortization of premiums on investment securities | |
| (10 | ) | |
| (11 | ) |
| Net gain on sale of loans | |
| (141 | ) | |
| (6 | ) |
| Net (gain) loss on sale of real estate owned | |
| – | | |
| (4 | ) |
| Earnings on bank-owned life insurance | |
| (43 | ) | |
| (42 | ) |
| Provision for credit losses | |
| 15 | | |
| 15 | |
| Origination of loans held for sale | |
| (3,656 | ) | |
| (782 | ) |
| Proceeds from loans held for sale | |
| 3,791 | | |
| 518 | |
| Deferred Income Taxes | |
| 30 | | |
| (192 | ) |
| Increase (decrease) in cash, due to changes in: | |
| | | |
| | |
| Accrued interest receivable | |
| (95 | ) | |
| (176 | ) |
| Prepaid expenses and other assets | |
| (52 | ) | |
| (195 | ) |
| Accrued interest payable | |
| 302 | | |
| 97 | |
| Other liabilities | |
| (189 | ) | |
| 113 | |
| Net cash provided by (used in) operating activities | |
| 40 | | |
| (1,092 | ) |
| | |
| | | |
| | |
| Cash flows from investing activities: | |
| | | |
| | |
| Securities maturities, prepayments and calls: | |
| | | |
| | |
| Held to maturity | |
| 22 | | |
| 37 | |
| Available for sale | |
| 1,111 | | |
| 1,301 | |
| Proceeds from sale of FHLB stock | |
| 133 | | |
| 532 | |
| Purchase of FHLB stock | |
| (342 | ) | |
| (152 | ) |
| Loans originated for investment, net of principal collected | |
| 2,791 | | |
| (12,338 | ) |
| Proceeds from sale of real estate owned | |
| – | | |
| 64 | |
| Additions to premises and equipment, net | |
| (83 | ) | |
| (45 | ) |
| Net cash provided by (used in) investing activities | |
| 3,632 | | |
| (10,601 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Net increase in deposits | |
| 6,916 | | |
| 18,320 | |
| Payments by borrowers for taxes and insurance, net | |
| (703 | ) | |
| (459 | ) |
| Proceeds from Federal Home Loan Bank advances | |
| 14,446 | | |
| 48,800 | |
| Repayments on Federal Home Loan Bank advances | |
| (21,642 | ) | |
| (47,879 | ) |
| Dividends paid on common stock | |
| – | | |
| (671 | ) |
| Net cash provided by (used in) financing activities | |
| (983 | ) | |
| 18,111 | |
| | |
| | | |
| | |
| Net increase in cash and cash equivalents | |
| 2,689 | | |
| 6,418 | |
| | |
| | | |
| | |
| Beginning cash and cash equivalents | |
| 18,287 | | |
| 8,167 | |
| | |
| | | |
| | |
| Ending cash and cash equivalents | |
$ | 20,976 | | |
$ | 14,584 | |
See accompanying notes to condensed consolidated
financial statements.
Kentucky First Federal Bancorp
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONTINUED)
(Unaudited)
(In thousands)
| |
|
Six months ended
December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Cash paid during the period for: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Income taxes |
|
$ |
- |
|
|
$ |
125 |
|
| |
|
|
|
|
|
|
|
|
| Interest on deposits and borrowings |
|
$ |
5,194 |
|
|
$ |
4,236 |
|
See accompanying notes to condensed consolidated
financial statements.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2024
(unaudited)
The Kentucky First Federal Bancorp (“Kentucky
First” or the “Company”) was incorporated under federal law in March 2005 and is the mid-tier holding company for First
Federal Savings and Loan Association of Hazard, Hazard, Kentucky (“First Federal of Hazard”) and Frankfort First Bancorp,
Inc. (“Frankfort First”). Frankfort First is the holding company for First Federal Savings Bank of Kentucky, Frankfort, Kentucky
(“First Federal of Kentucky”). First Federal of Hazard and First Federal of Kentucky (hereinafter collectively the “Banks”)
are Kentucky First’s primary operations, which consist of operating the Banks as two independent, community-oriented savings institutions.
In December 2012, the Company acquired CKF Bancorp,
Inc., a savings and loan holding company which operated three banking locations in Boyle and Garrard Counties in Kentucky. In accounting
for the transaction, the assets and liabilities of CKF Bancorp were recorded on the books of First Federal of Kentucky in accordance with
accounting standard ASC 805, Business Combinations.
Note 1. Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements, which represent the condensed consolidated balance sheets and results of operations of the Company, were prepared
in accordance with the instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation
of financial position, results of operations and cash flows in conformity with U.S. generally accepted accounting principles. However,
in the opinion of management, all adjustments (consisting of only normal recurring adjustments) which are necessary for a fair presentation
of the condensed consolidated financial statements have been included. The results of operations for the six-month period ended December
31, 2024, are not necessarily indicative of the results which may be expected for an entire fiscal year. The condensed consolidated balance
sheet as of June 30, 2024, has been derived from the audited consolidated balance sheet as of that date. Certain information and note
disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. generally accepted accounting
principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated
financial statements and notes thereto included in the Company’s Form 10-K annual report for 2024 filed with the Securities and
Exchange Commission.
Principles of Consolidation - The
consolidated financial statements include the accounts of the Company, Frankfort First, and its wholly-owned banking subsidiaries, First
Federal of Hazard and First Federal of Kentucky (collectively hereinafter “the Banks”). All intercompany transactions and
balances have been eliminated in consolidation. The Company is a majority-owned subsidiary of First Federal MHC. The accounts of First
Federal MHC are not consolidated in the accompanying consolidated financial statements of the Company.
Critical Accounting Policies and Estimates
Investments – Management determines
the classification of debt securities at purchase as held-to-maturity, trading, or available-for-sale. Held-to-maturity securities are
those we have both the intent and ability to hold to maturity and are reported at amortized cost. Securities that are not considered held-to-maturity
are considered either trading or available-for-sale securities in accordance with Financial Accounting Standards Board Accounting Standards
Codification (“ASC”) 320, Investments – Debt Securities, and are reported at fair value in the statement of financial
position. We have no trading securities. The adjustment to fair value for available-for-sale securities for unrealized gains and losses
is included as a separate component of shareholders’ equity, net of tax.
Loans – Loans for which we have the
ability and intent to hold until maturity and/or payoff are reported at the carrying value of the unpaid principal reduced by unearned
interest, an allowance for credit losses and unamortized deferred fees and costs and premiums. Interest income is accrued on a level yield
basis. In circumstances where management believes that collection of interest income is uncollectible on specific loans, after considering
economic and business conditions, collateral value and collection efforts, interest accrual is discontinued. Interest income may be recognized
on the cash basis when received unless a determination has been made by management to apply all of the payment against principal.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 1. Basis of Presentation (continued)
Critical Accounting Policies and Estimates
(continued)
Allowance for Credit Losses – We
account for the allowance for credit losses under ASC 326, Measurement of Credit Losses on Financial Instruments, which is commonly known
as CECL. We measure expected credit losses of financial assets on a weighted average remaining maturity (WARM) basis.
We maintain an allowance for credit losses (“ACL”)
at a level that is appropriate to cover estimated credit losses on individually evaluated loans, as well as estimated credit losses inherent
in the estimated life of the loan portfolio. Credit losses are charged to and recoveries are credited to the ACL.
Loans with similar risk characteristics are evaluated on a collective
basis within homogeneous loan pools under ASC 326. Our homogeneous loan pools are primarily determined by loan purpose and collateral
type. Pools include residential real estate (composed of one-to-four-family, multi-family, and construction), land, farm, nonresidential
real estate, commercial and industrial, and consumer loans (composed of Loans on deposit, home equity, automobile, and unsecured). Credits
that are nonaccrual status are subject to individual evaluation.
Historical loss rates for loans are adjusted for
significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. Qualitative
factors used to derive our ACL include delinquency trends, current economic conditions and trends, strength of supervision and administration
of the loan portfolio, levels of underperforming loans, trends in loan losses and underwriting exceptions. Reasonable and supportable
economic forecasts that may offset collectibility are also included as factors in our ACL model. Management continually reevaluates the
other subjective factors included in its ACL analysis.
Income Taxes – Income tax expense
is based on the taxes due on the consolidated tax return plus deferred taxes on the expected future tax benefits and consequences of temporary
differences between carrying amounts and tax bases of assets and liabilities, using enacted tax rates.
New Accounting Standards
FASB ASC 326 - In June 2016, the
Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments. This standard requires credit losses on most financial assets and certain
other instruments to be measured using an expected loss model, which is referred to as the current expected credit loss (CECL) model.
Under this model entities estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments,
but not expected extensions or modifications) from the date of initial recognition of that instrument. The ASU replaces the current accounting
model for purchased credit impaired and debt securities. The allowance for credit losses for purchased financial assets with a more-than-insignificant
amount of credit deterioration since origination (referred to as “PCD assets”), should be determined in a similar manner to
other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added
to the purchase price to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected
loss model described herein.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 1. Basis of Presentation (continued)
New Accounting Standards (continued)
The Company will now use forward-looking information
to enhance its credit loss estimates. The amendment requires enhanced disclosures to aid investors and other users of financial statements
to better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting
standards of our portfolio. The largest impact to the Company was on its allowance for loan and lease losses, although the ASU also amends
the accounting for credit losses on available-for-sale debt securities, held-to-maturity securities, and purchased financial assets with
credit deterioration. ASU 2016-13 was applied through a cumulative effect adjustment to retained earnings (modified-retrospective approach).
In addition, ASC 326 made changes to the accounting
for available-for-sale (“AFS”) debt securities. One such change requires credit losses to be presented as an allowance rather
than as a write-down on AFS securities. Management does not intend to sell or believes that it is more likely than not that they will
be required to sell.
We adopted ASC 326 effective July 1, 2023, using
the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet (“OBS”) credit
exposures.
Upon adoption of the ASU we recorded an increase in the allowance for
credit loss (“ACL”) for loans which represented a $497,000 increase from the Allowance for Loan Losses (“ALLL”)
at June 30, 2023. This transaction further resulted in an increase of $54,000 to the ACL for unfunded commitments, a decrease of $414,000
to retained earnings and a deferred tax asset of $137,000 at July 1, 2023.
A liability of $57,000 is in place at December
31, 2024 to account for off-balance sheet unfunded commitments compared to $58,000 at December 31, 2023. Management considers contractual
commitments, most of which are commitments to complete construction projects or the balance of unfunded lines of credit. These totaled
approximately $24.2 million at December 31, 2024 and $24.6 million at December 31, 2023. To calculate the liability, management applied
a loss criteria similar to that used for funded loans to calculate the ACL.
The following table illustrates the impact of
ASC 326 at July 1, 2023:
| | |
As Reported | | |
Pre-ASC | | |
Impact of | |
| | |
Under | | |
326 | | |
ASC 326 | |
| (Dollars in thousands) | |
ASC 326 | | |
Adoption | | |
Adoption | |
| | |
| | |
| | |
| |
| Assets: | |
| | |
| | |
| |
| Loans | |
| | |
| | |
| |
| Residential real estate: | |
| | |
| | |
| |
One-to-four-family | |
$ | 1,597 | | |
$ | 857 | | |
$ | 740 | |
| Multi-family | |
| 133 | | |
| 278 | | |
| (145 | ) |
| Construction | |
| 138 | | |
| 41 | | |
| 97 | |
| Land | |
| 15 | | |
| 1 | | |
| 14 | |
| Farm | |
| 6 | | |
| 4 | | |
| 2 | |
| | |
| | | |
| | | |
| | |
| Nonresidential real estate | |
| 184 | | |
| 405 | | |
| (221 | ) |
| Commercial and industrial | |
| 5 | | |
| 23 | | |
| (18 | ) |
| Consumer and other: | |
| | | |
| | | |
| - | |
| Loans on deposits | |
| - | | |
| 1 | | |
| (1 | ) |
| Home equity | |
| 51 | | |
| 23 | | |
| 28 | |
| Automobile | |
| 1 | | |
| - | | |
| 1 | |
| Unsecured | |
| 1 | | |
| 1 | | |
| - | |
| Allowance for credit losses on loans | |
$ | 2,131 | | |
| 1,634 | | |
| 497 | |
| | |
| | | |
| | | |
| | |
| Liabilities: | |
| | | |
| | | |
| | |
| Allowance for credit losses on unfunded credit exposures | |
$ | 54 | | |
| - | | |
| 54 | |
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 1. Basis of Presentation (continued)
New Accounting Standards (continued)
ASU 2019-05, Financial Instruments-Credit Losses,
Targeted Transition Relief, allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments
that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20, if the instruments are eligible for the
fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required
to make this election on an instrument-by-instrument basis. ASU 2019-05 has the same effective date as ASU 2016-13. We adopted ASU 2019-05
on July 1, 2023, and did not elect the fair value option on any financial instruments.
ASU No. 2022-02, Financial Instruments –
Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, eliminates the accounting guidance for troubled debt
restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, for entities
that have adopted the current expected credit loss model introduced by ASU 2016-13, Financial Instruments – Credit Losses (Topic
326): Measurement of Credit Losses on Financial Instruments. ASU 2022-02 also requires disclosure by public business entities of
current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic
326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost. The Company adopted the standard on July 1, 2023.
Other accounting standards that have been issued
or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial
position, results of operations or cash flows.
Note 2. Earnings Per Share
Diluted earnings per share is computed taking
into consideration common shares outstanding and dilutive potential common shares to be issued or released under the Company’s share-based
compensation plans. The factors used in the basic and diluted earnings per share computations follow:
| | |
Six months ended
December 31, | | |
Three months ended
December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Net income (loss) allocated to common shareholders, basic and diluted | |
$ | (2 | ) | |
$ | (536 | ) | |
$ | 13 | | |
$ | (361 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings (loss) per share, basic and diluted | |
$ | (0.00 | ) | |
$ | (0.07 | ) | |
$ | 0.00 | | |
$ | (0.05 | ) |
| Weighted average common shares outstanding, basic and diluted | |
| 8,098,715 | | |
| 8,098,715 | | |
| 8,098,715 | | |
| 8,098,715 | |
There were no stock option shares outstanding
for the six- or three-month periods ended December 31, 2024 and 2023.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 3. Investment Securities
The following table summarizes the amortized cost
and fair value of securities available-for-sale and securities held-to-maturity at December 31, 2024 and June 30, 2024, the corresponding
amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:
| | |
December 31, 2024 | |
| (in thousands) | |
Amortized
cost | | |
Gross
unrealized
gains | | |
Gross
unrealized
losses | | |
Estimated
fair value | |
| Available-for-sale Securities | |
| | |
| | |
| | |
| |
| Agency mortgage-backed: residential | |
$ | 8,996 | | |
$ | 1 | | |
$ | 369 | | |
$ | 8,628 | |
| | |
| | | |
| | | |
| | | |
| | |
| Held-to-maturity Securities | |
| | | |
| | | |
| | | |
| | |
| Agency mortgage-backed: residential | |
$ | 190 | | |
$ | - | | |
$ | 10 | | |
$ | 180 | |
| | |
June 30, 2024 | |
| (in thousands) | |
Amortized
cost | | |
Gross
unrealized
gains | | |
Gross
unrealized
losses | | |
Estimated
fair value | |
| Available-for-sale Securities | |
| | |
| | |
| | |
| |
| Agency mortgage-backed: residential | |
$ | 10,096 | | |
$ | - | | |
$ | 448 | | |
$ | 9,648 | |
| | |
| | | |
| | | |
| | | |
| | |
| Held-to-maturity Securities | |
| | | |
| | | |
| | | |
| | |
| Agency mortgage-backed: residential | |
$ | 213 | | |
$ | - | | |
$ | 10 | | |
$ | 203 | |
At December 31, 2024 and June 30, 2024 the Company’s
debt securities consisted of mortgage-backed securities, which do not have a single maturity date. Actual maturities may differ from contractual
maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
There were no pledged securities for both December
31, 2024 and June 30, 2024. In addition, at both December 31, 2024 and June 30, 2024, there were no pledged overnight deposits.
We evaluated securities in unrealized loss positions
for evidence of credit loss, considering duration, severity, financial condition of the issuer, our intention to sell or requirement to
sell. Those securities were agency mortgage-backed securities, which carry a very limited amount of risk. Also, we have no intention to
sell nor feel that we will be compelled to sell such securities before maturity. Based on our evaluation, no reserve for credit loss was
considered necessary. Debt securities in an unrealized loss position as a percent of total debt securities were 99.9% and 100% at December
31, 2024 and June 30, 2024, respectively. The following table provides the amortized cost, gross unrealized losses, fair value, and length
of time the individual securities have been in a continuous unrealized loss position as of December 31, 2024.
December 31, 2024
Available-for-Sale
| (in thousands) | |
Amortized
Cost | | |
Gross
Unrealized
losses | | |
Fair Value | |
| Less Than 12 Months | |
| | |
| | |
| |
| Agency mortgage-backed securities | |
$ | 1,153 | | |
$ | 32 | | |
$ | 1,121 | |
| 12 Months or More | |
| | | |
| | | |
| | |
| Agency mortgage-backed securities | |
| 7,833 | | |
| 337 | | |
| 7,496 | |
| Total | |
$ | 8,986 | | |
$ | 369 | | |
$ | 8,617 | |
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 3. Investment Securities (continued)
Held to Maturity
| (in thousands) | |
Amortized
Cost | | |
Gross
Unrealized
losses | | |
Fair Value | |
| Less Than 12 Months | |
| | |
| | |
| |
| Agency mortgage-backed securities | |
$ | 65 | | |
$ | 1 | | |
$ | 64 | |
| 12 Months or More | |
| | | |
| | | |
| | |
| Agency mortgage-backed securities | |
| 125 | | |
| 9 | | |
| 116 | |
| Total | |
$ | 190 | | |
$ | 10 | | |
$ | 180 | |
June 30, 2024
Available-for-Sale
| (in thousands) | |
Amortized
Cost | | |
Gross
Unrealized
losses | | |
Fair Value | |
| Less Than 12 Months | |
| | |
| | |
| |
| Agency mortgage-backed securities | |
$ | 12,649 | | |
$ | 569 | | |
$ | 12,080 | |
| 12 Months or More | |
| | | |
| | | |
| | |
| Agency mortgage-backed securities | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 12,649 | | |
$ | 569 | | |
$ | 12,080 | |
Held to Maturity
| (in thousands) | |
Amortized
Cost | | |
Gross
Unrealized
Losses | | |
Fair Value | |
| Less Than 12 Months | |
| | |
| | |
| |
| Agency mortgage-backed securities | |
$ | - | | |
$ | - | | |
$ | - | |
| 12 Months or More | |
| | | |
| | | |
| | |
| Agency mortgage-backed securities | |
| 274 | | |
| 15 | | |
| 259 | |
| Total | |
$ | 274 | | |
$ | 15 | | |
$ | 259 | |
Note 4. Loans receivable
Loans that management has the intent and ability to hold for the foreseeable
future or until maturity or payoff are reported at the principal amount outstanding, adjusted for deferred loan origination costs, net,
discounts on purchased loans, and the allowance for credit losses. Interest income is accrued on the unpaid principal balance unless the
collectability of the loan is in doubt. Loan origination fees, net of certain direct origination costs, are deferred and recognized in
interest income using the level-yield method without anticipating prepayments. Interest income on one-to-four-family residential loans
is generally discontinued at the time a loan is 180 days delinquent and on other loans at the time a loan is 90 days delinquent. All other
loans are moved to non-accrual status in accordance with the Company’s policy, typically 90 days after the loan becomes delinquent.
Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier
date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include
both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
All interest accrued but not received for loans
placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery
method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually
due are brought current and future payments are reasonably assured.
The composition of the loan portfolio was as follows:
| | |
December 31, | | |
June 30, | |
| (in thousands) | |
2024 | | |
2024 | |
| Residential real estate: | |
| | | |
| | |
| One-to-four-family | |
$ | 255,723 | | |
$ | 256,216 | |
| Multi-family | |
| 15,792 | | |
| 15,815 | |
| Construction | |
| 7,987 | | |
| 13,815 | |
| Land | |
| 1,420 | | |
| 964 | |
| Farm | |
| 3,283 | | |
| 1,169 | |
| Nonresidential real estate | |
| 32,508 | | |
| 34,308 | |
| Commercial and industrial | |
| 779 | | |
| 700 | |
| Consumer and other: | |
| | | |
| | |
| Loans on deposits | |
| 824 | | |
| 819 | |
| Home equity | |
| 13,194 | | |
| 10,644 | |
| Automobile | |
| 102 | | |
| 117 | |
| Unsecured | |
| 763 | | |
| 585 | |
| | |
| 332,375 | | |
| 335,152 | |
| Allowance for credit losses | |
| (2,141 | ) | |
| (2,127 | ) |
| | |
$ | 330,234 | | |
$ | 333,025 | |
The amounts above include net deferred loan costs
of $221,000 and $288,000 as of December 31, 2024 and June 30, 2024, respectively.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
The allowance for credit losses is a valuation
allowance that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected for the loans.
Loan losses are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent
recoveries, if any, are credited to the allowance.
Management estimates the allowance balance required
using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and
supportable forecasts. Historical credit loss experience, derived from the Company’s data, provides the basis for estimation of
expected credit losses, although management also compares the Company’s data with peer group data. Adjustments to historical loss
information may be made for differences in: lending policy, procedures and practice; economic conditions; the nature and volume of the
loan portfolio; volume delinquent and problem loans; the current and anticipated economic conditions in the primary lending area; and
other external factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan
that, in management’s judgment, should be charged off.
Loans that do not share risk characteristics are
evaluated on an individual basis. Loans evaluated individually are not included in the pool evaluation. When management determines that
foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be
provided substantially through the sale of the collateral, the expected credit losses are based on the fair value of the collateral at
the reporting date, less any discounts and selling costs.
Management monitors loan performance on a monthly
basis and performs a quarterly evaluation of the adequacy of the ACL. The Banks begin enhanced monitoring of all loans rated 5-Watch or
worse and obtain a new appraisal or asset valuation for most loans placed on nonaccrual status. New appraisals are usually not obtained
on loans with outstanding principal amounts of $50,000 or less. Management, at its discretion, may determine that additional adjustments
to the appraisal or valuation are required. Valuation adjustments will be made as necessary based on factors, including, but not limited
to: the economy, deferred maintenance, industry, type of collateral, age of the appraisal, etc., and the knowledge Management has about
a particular situation. In addition, the cost to sell or liquidate the collateral is also estimated and deducted from the valuation in
order to determine the net realizable value to the Banks. When determining the ACL, certain factors involved in the evaluation are inherently
subjective and require material estimates that may be susceptible to significant change, including the amounts and timing of future cash
flows. Management monitors the adequacy of the ACL on an ongoing basis and reports its adequacy quarterly to the Board of Directors. Management
believes the ACL at December 31, 2024 is adequate.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
Expected credit losses are estimated over the
contractual term of the loans, adjusted for expected prepayments, when appropriate. The contractual term excludes expected extensions,
renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that
a modification will be executed with an individual borrower or the extension or renewal options are included in the original or modified
contract at the reporting date and are not unconditionally cancellable by the Banks.
The Banks categorize loans into risk categories
based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical
payment experience, credit documentation, and current economic trends, among other factors. Management utilizes a risk rating scale ranging
from 1-Highest Pass to 9-Loss to evaluate loan quality. Consumer purpose loans are identified as either performing or nonperforming based
on the payment status of the loans. Nonperforming consumer loans are loans that are nonaccrual or 90 days or more past due and still accruing.
Our portfolio segments include residential real
estate, nonresidential real estate, farm, land, commercial and industrial, and consumer and other loans. Risk factors associated with
our portfolio segments are as follows:
Residential Real Estate
Our primary lending activity is the origination of mortgage loans,
which enable a borrower to purchase or refinance existing homes in the Banks’ respective market areas. We further classify our residential
real estate loans as one-to-four-family (owner-occupied vs nonowner-occupied), multi-family or construction. We believe that our first
mortgage position on loans secured by residential real estate presents lower risk than our other loans, with the exception of loans secured
by deposits.
We offer a mix of adjustable-rate and fixed-rate
mortgage loans with terms up to 30 years for owner-occupied properties. For these properties a borrower may be able to borrow up to 97%
of the value with private mortgage insurance. Alternatively, the borrower may be able to borrow up to 90% of the value through other programs
offered by the bank.
We offer loans on one-to-four-family rental properties at a maximum
of 80% loan-to-value (“LTV”) ratio and we generally charge a slightly higher interest rate on such loans.
We also originate loans to individuals to finance
the construction of residential dwellings for personal use or for use as rental property. We occasionally lend to builders for construction
of speculative or custom residential properties for resale, but on a limited basis. Construction loans are generally less than one year
in length, do not exceed 80% of the appraised value, and provide for the payment of interest only during the construction phase. Funds
are disbursed as progress is made toward completion of the construction.
Multi-family Loans
We offer mortgage loans secured by residential
multi-family (five or more units). Generally, these loans are originated for 25 years or less and do not exceed 80% of the appraised value.
Loans secured by multi-family generally have larger balances and involve a greater degree of risk than one-to-four-family residential
mortgage loans. These loans depend on the borrower’s creditworthiness and the feasibility and cash flow potential of the project.
Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment
on such loans may be subject to a greater extent to adverse conditions in the real estate market or economy than owner-occupied residential
loans.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
Nonresidential Loans
We offer mortgage loans secured by nonresidential
real estate comprised generally of commercial office buildings, churches and properties used for other purposes. Generally, these loans
are originated for 25 years or less and do not exceed 80% of the appraised value. As with multi-family loans, commercial real estate loans
generally have larger balances and involve a greater degree of risk than one-to-four-family residential mortgage loans and these loans
depend on the borrower’s creditworthiness, as well as the feasibility and cash flow potential of the project. Payments on loans
secured by nonresidential properties often depend on successful operation and management of the properties. As a result, repayment on
such loans may be subject to a greater extent to adverse conditions in the real estate market or economy than owner-occupied residential
loans.
Consumer lending
Our consumer loans include home equity lines of
credit, loans secured by savings deposits, automobile loans, and unsecured loans. Home equity loans are generally second mortgage loans
subordinate only to first mortgages also held by the bank and do not exceed 80% of the estimated value of the property. We do offer home
equity loans up to 90% of the estimated value to qualified borrowers and these loans carry a premium interest rate. Loans secured by savings
are originated up to 90% of the depositor’s savings account balance and bear interest at a rate higher than the rate paid on the
deposit account. Because the deposit account must be pledged as collateral to secure the loan, the inherent risk of this type of loan
is minimal. Loans secured by automobiles are made directly to consumers (there are no relationships with dealers) and are based on the
value of the vehicle and the borrower’s creditworthiness. Vehicle loans present a higher level of risk because of the natural decline
in the value of the property as well as its mobility. Unsecured loans are based entirely on the borrower’s creditworthiness and
present the highest level of risk to the bank.
Impaired loans
The Banks choose the most appropriate method for
accounting for impaired loans. For secured loans, which make up the vast majority of the loans in the Banks’ portfolio, this method
involves determining the fair value of the collateral, reduced by estimated selling costs. Where appropriate, the Banks would account
for impaired loans by determining the present value of expected future cash flows discounted at the loan’s effective interest rate.
A loan is considered impaired when, based on current
information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of
the loan agreement. Although most of our loans are secured by collateral, we rely heavily on the capacity of our borrowers to generate
sufficient cash flow to service their debt. As a result, our loans do not become collateral-dependent until there is deterioration in
the borrower’s cash flow and financial condition, which makes it necessary for us to look to the collateral for our sole source
of repayment. Collateral-dependent loans which are more than ninety days delinquent are considered to constitute more than a minimum delay
in repayment and are evaluated for impairment under the policy at that time.
We utilize updated independent appraisals to determine
fair value for collateral-dependent loans, adjusted for estimated selling costs, in determining our specific reserve. In some situations,
management does not secure an updated independent appraisal. These situations may involve small loan amounts or loans that, in management’s
opinion, have an abnormally low loan-to-value ratio.
With respect to the Banks’ investment in
troubled debt restructurings, multi-family and nonresidential loans, and the evaluation of impairment thereof, such loans are nonhomogenous
and, as such, may be deemed to be collateral-dependent when they become more than 90 days delinquent. We obtain updated independent appraisals
in these situations or when we suspect that the previous appraisal may no longer be reflective of the property’s current fair value.
This process varies from loan to loan, borrower to borrower, and also varies based on the nature of the collateral.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
The following table presents the activity in the
ACL by portfolio segment for the six months ended December 31, 2024.
December 31, 2024:
| (in thousands) | |
Balance at
June 30,
2024 | | |
Provision
for (recovery of) credit losses on loans | | |
Loans
charged off | | |
Recoveries | | |
Credit
Losses for
Unfunded
Liabilities | | |
Ending
balance | |
| Residential real estate: | |
| | |
| | |
| | |
| | |
| | |
| |
| One-to-four-family | |
$ | 1,661 | | |
$ | (43 | ) | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 1,618 | |
| Multi-family | |
| 100 | | |
| (2 | ) | |
| - | | |
| - | | |
| - | | |
| 98 | |
| Construction | |
| 122 | | |
| (33 | ) | |
| - | | |
| - | | |
| (2 | ) | |
| 87 | |
| Land | |
| 28 | | |
| 4 | | |
| - | | |
| - | | |
| - | | |
| 32 | |
| Farm | |
| 4 | | |
| 12 | | |
| - | | |
| - | | |
| - | | |
| 16 | |
| Nonresidential real estate | |
| 192 | | |
| (18 | ) | |
| - | | |
| - | | |
| - | | |
| 174 | |
| Commercial and industrial | |
| 3 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3 | |
| Consumer and other: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Home equity | |
| 14 | | |
| 96 | | |
| - | | |
| 1 | | |
| - | | |
| 111 | |
| Unsecured | |
| 3 | | |
| (1 | ) | |
| - | | |
| - | | |
| - | | |
| 2 | |
| | |
$ | 2,127 | | |
$ | 15 | | |
$ | - | | |
$ | 1 | | |
| (2 | ) | |
$ | 2,141 | |
The following table presents the activity in the
ACL by portfolio segment for the six months ended December 31, 2023, after restatement of beginning balance for adoption of ASC 326:
December 31, 2023:
| (in thousands) | |
Pre-ASC
326
Adoption | | |
Impact of
ASC 326
Adoption | | |
As
Reported
Under
ASC 326 | | |
Provision
for (recovery of) credit losses on loans | | |
Loans
charged
off | | |
Recoveries | | |
Credit Losses for Unfunded
Liabilities | | |
Ending
balance | |
| Residential real estate: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| One-to-four-family | |
$ | 857 | | |
$ | 740 | | |
$ | 1,597 | | |
$ | (1 | ) | |
$ | (9 | ) | |
$ | - | | |
| - | | |
$ | 1,587 | |
| Multi-family | |
| 278 | | |
| (145 | ) | |
| 133 | | |
| (3 | ) | |
| - | | |
| - | | |
| - | | |
| 130 | |
| Construction | |
| 41 | | |
| 97 | | |
| 138 | | |
| (11 | ) | |
| - | | |
| - | | |
| (3 | ) | |
| 124 | |
| Land | |
| 1 | | |
| 14 | | |
| 15 | | |
| 7 | | |
| - | | |
| - | | |
| - | | |
| 22 | |
| Farm | |
| 4 | | |
| 2 | | |
| 6 | | |
| (1 | ) | |
| - | | |
| - | | |
| - | | |
| 5 | |
| Nonresidential real estate | |
| 405 | | |
| (221 | ) | |
| 184 | | |
| 14 | | |
| - | | |
| - | | |
| - | | |
| 198 | |
| Commercial and industrial | |
| 23 | | |
| (18 | ) | |
| 5 | | |
| 1 | | |
| - | | |
| - | | |
| - | | |
| 6 | |
| Consumer and other: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans on deposits | |
| 1 | | |
| (1 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Home equity | |
| 23 | | |
| 28 | | |
| 51 | | |
| 10 | | |
| - | | |
| - | | |
| (2 | ) | |
| 59 | |
| Automobile | |
| - | | |
| 1 | | |
| 1 | | |
| (1 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
| Unsecured | |
| 1 | | |
| - | | |
| 1 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1 | |
| | |
$ | 1,634 | | |
$ | 497 | | |
$ | 2,131 | | |
$ | 15 | | |
$ | (9 | ) | |
$ | - | | |
| (5 | ) | |
$ | 2,132 | |
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
The following table presents the activity in
the ACL by portfolio segment for the three months ended December 31, 2024:
December 31, 2024:
| (in thousands) | |
Balance at September 30, 2024 | | |
Provision
for (recovery of) credit losses on loans | | |
Loans
charged off | | |
Recoveries | | |
Credit
Losses for
Unfunded
Liabilities | | |
Ending
balance | |
| Residential real estate: | |
| | |
| | |
| | |
| | |
| | |
| |
| One-to-four-family | |
$ | 1,627 | | |
$ | (9 | ) | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 1,618 | |
| Multi-family | |
| 97 | | |
| 1 | | |
| - | | |
| - | | |
| - | | |
| 98 | |
| Construction | |
| 119 | | |
| (32 | ) | |
| - | | |
| - | | |
| - | | |
| 87 | |
| Land | |
| 27 | | |
| 5 | | |
| - | | |
| - | | |
| - | | |
| 32 | |
| Farm | |
| 4 | | |
| 12 | | |
| - | | |
| - | | |
| - | | |
| 16 | |
| Nonresidential real estate | |
| 199 | | |
| (25 | ) | |
| - | | |
| - | | |
| - | | |
| 174 | |
| Commercial and industrial | |
| 3 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3 | |
| Consumer and other: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Home equity | |
| 63 | | |
| 48 | | |
| - | | |
| - | | |
| - | | |
| 111 | |
| Unsecured | |
| 2 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2 | |
| | |
$ | 2,141 | | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | | |
$ | 2,141 | |
The following table presents the activity in the ACL by portfolio segment
for the three months ended December 31, 2023:
December 31, 2023:
| (in thousands) | |
Balance at September 30, 2023 | | |
Provision
for (recovery of) credit losses on loans | | |
Loans
charged off | | |
Recoveries | | |
Credit
Losses for
Unfunded
Liabilities | | |
Ending
balance | |
| Residential real estate: | |
| | |
| | |
| | |
| | |
| | |
| |
| One-to-four-family | |
$ | 1612 | | |
$ | (25 | ) | |
$ | – | | |
$ | – | | |
$ | | | |
$ | 1,587 | |
| Multi-family | |
| 130 | | |
| – | | |
| – | | |
| – | | |
| | | |
| 130 | |
| Construction | |
| 128 | | |
| (2 | ) | |
| – | | |
| – | | |
| (2 | ) | |
| 124 | |
| Land | |
| 14 | | |
| 8 | | |
| – | | |
| – | | |
| | | |
| 22 | |
| Farm | |
| 5 | | |
| – | | |
| – | | |
| – | | |
| | | |
| 5 | |
| Nonresidential real estate | |
| 179 | | |
| 19 | | |
| – | | |
| – | | |
| | | |
| 198 | |
| Commercial nonmortgage | |
| 5 | | |
| 1 | | |
| – | | |
| – | | |
| | | |
| 6 | |
| Consumer and other: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Home equity | |
| 52 | | |
| 8 | | |
| – | | |
| – | | |
| (1 | ) | |
| 59 | |
| Unsecured | |
| 1 | | |
| – | | |
| – | | |
| – | | |
| | | |
| 1 | |
| Totals | |
$ | 2,126 | | |
$ | 9 | | |
$ | – | | |
$ | – | | |
| (3 | ) | |
$ | 2,132 | |
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
The following table presents the amortized cost
basis of collateral-dependent loans by portfolio class as of December 31, 2024. The recorded investment in loans excludes accrued interest
receivable due to immateriality.
December 31, 2024:
| (in thousands) | |
Amortized Cost
Basis | | |
Ending
allowance on
collateral-
dependent
loans | |
| Loans individually evaluated for impairment: | |
| | |
| |
| Residential real estate: | |
| | |
| |
One-to-four-family | |
$ | 1,449 | | |
$ | – | |
| Nonresidential real estate | |
| 947 | | |
| – | |
| | |
$ | 2,396 | | |
$ | – | |
Real estate stands as collateral for loans individually
evaluated for impairment.
The following table presents the amortized cost
basis of collateral-dependent loans by portfolio class as of June 30, 2024. The recorded investment in loans excludes accrued interest
receivable due to immateriality.
June 30, 2024:
| (in thousands) | |
Amortized Cost
Basis | | |
Ending
allowance on
collateral-
dependent
loans | |
| Loans individually evaluated for impairment: | |
| | |
| |
| Residential real estate: | |
| | |
| |
| One-to-four-family | |
$ | 2,674 | | |
$ | – | |
| Nonresidential real estate | |
| 1,925 | | |
| – | |
| | |
$ | 4,599 | | |
$ | – | |
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
The following table presents the recorded investment
in nonaccrual and loans past due over 89 days still on accrual by class of loans as of December 31, 2024, and June 30, 2024:
| | |
December 31, 2024 | | |
June 30, 2024 | |
| (in thousands) | |
Nonaccrual | | |
Loans
Past Due
Over 89
Days Still
Accruing | | |
Nonaccrual | | |
Loans
Past Due
Over 89
Days Still
Accruing | |
| Residential real estate: | |
| | |
| | |
| | |
| |
| One-to-four-family | |
$ | 1,730 | | |
$ | 175 | | |
$ | 2,678 | | |
$ | 221 | |
| Nonresidential real estate | |
| 947 | | |
| - | | |
| 969 | | |
| - | |
| Consumer and other: | |
| | | |
| | | |
| | | |
| | |
| Unsecured | |
| 140 | | |
| 27 | | |
| - | | |
| 28 | |
| | |
$ | 2,817 | | |
$ | 202 | | |
$ | 3,647 | | |
$ | 249 | |
Nonaccrual loans had no related allowance for
credit losses based on individual evaluation at December 31, 2024 or June 30, 2024.
One-to-four-family loans in process of foreclosure totaled $165,000
and $926,000 at December 31, 2024 and June 30, 2024, respectively.
There were no loans modified during the six months
ended December 31, 2024 to borrowers experiencing financial difficulties.
The following table presents the aging of the
principal balance outstanding in past due loans as of December 31, 2024, by class of loans:
December 31, 2024:
| (in thousands) | |
30-59 Days
Past Due | | |
60-89 Days
Past Due | | |
90 Days
or Greater | | |
Total Past
Due | | |
Loans Not
Past Due | | |
Total | |
| Residential real estate: | |
| | |
| | |
| | |
| | |
| | |
| |
One-to-four-family | |
$ | 4,944 | | |
$ | 923 | | |
$ | 307 | | |
$ | 6,174 | | |
$ | 249,549 | | |
$ | 255,723 | |
| Multi-family | |
| 499 | | |
| - | | |
| - | | |
| 499 | | |
| 15,293 | | |
| 15,792 | |
| Construction | |
| 291 | | |
| 60 | | |
| - | | |
| 351 | | |
| 7,636 | | |
| 7,987 | |
| Land | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,420 | | |
| 1,420 | |
| Farm | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,283 | | |
| 3,283 | |
| Nonresidential real estate | |
| 2,337 | | |
| 24 | | |
| 267 | | |
| 2,628 | | |
| 29,880 | | |
| 32,508 | |
| Commercial and industrial | |
| 5 | | |
| 6 | | |
| - | | |
| 11 | | |
| 768 | | |
| 779 | |
| Consumer and other: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans on deposits | |
| - | | |
| - | | |
| - | | |
| - | | |
| 824 | | |
| 824 | |
| Home equity | |
| - | | |
| - | | |
| - | | |
| - | | |
| 13,194 | | |
| 13,194 | |
| Automobile | |
| - | | |
| - | | |
| - | | |
| - | | |
| 102 | | |
| 102 | |
| Unsecured | |
| 12 | | |
| | | |
| 27 | | |
| 39 | | |
| 724 | | |
| 763 | |
| | |
$ | 8,088 | | |
$ | 1,013 | | |
$ | 601 | | |
$ | 9,702 | | |
$ | 322,673 | | |
$ | 332,375 | |
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
The following tables present the aging of the
principal balance outstanding in past due loans as of June 30, 2024, by class of loans:
June 30, 2024:
| (in thousands) | |
30-59 Days
Past Due | | |
60-89 Days
Past Due | | |
90 Days
or Greater | | |
Total Past
Due | | |
Loans Not
Past Due | | |
Total | |
| Residential real estate: | |
| | |
| | |
| | |
| | |
| | |
| |
One-to-four-family | |
$ | 4,517 | | |
$ | 847 | | |
$ | 1,080 | | |
$ | 6,444 | | |
$ | 249,772 | | |
$ | 256,216 | |
| Multi-family | |
| - | | |
| - | | |
| - | | |
| - | | |
| 15,815 | | |
| 15,815 | |
| Construction | |
| 1,085 | | |
| 60 | | |
| - | | |
| 1,145 | | |
| 12,670 | | |
| 13,815 | |
| Land | |
| 55 | | |
| - | | |
| - | | |
| 55 | | |
| 909 | | |
| 964 | |
| Farm | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,169 | | |
| 1,169 | |
| Nonresidential real estate | |
| 840 | | |
| - | | |
| - | | |
| 840 | | |
| 33,468 | | |
| 34,308 | |
| Commercial and industrial | |
| 4 | | |
| - | | |
| - | | |
| 4 | | |
| 696 | | |
| 700 | |
| Consumer and other: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans on deposits | |
| - | | |
| - | | |
| - | | |
| - | | |
| 819 | | |
| 819 | |
| Home equity | |
| - | | |
| - | | |
| 28 | | |
| 28 | | |
| 10,616 | | |
| 10,644 | |
| Automobile | |
| - | | |
| - | | |
| - | | |
| - | | |
| 117 | | |
| 117 | |
| Unsecured | |
| 14 | | |
| | | |
| - | | |
| 14 | | |
| 571 | | |
| 585 | |
| | |
$ | 6,515 | | |
$ | 907 | | |
$ | 1,108 | | |
$ | 8,530 | | |
$ | 326,622 | | |
$ | 335,152 | |
Credit Quality Indicators:
The Company categorizes loans into risk categories
based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical
payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans
individually by classifying the loans as to credit risk. This analysis is performed on an annual basis. The Company uses the following
definitions for risk ratings:
Special Mention. Loans classified
as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses
may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.
Substandard. Loans classified
as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if
any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized
by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful. Loans classified as
doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection
or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
Loans not meeting the criteria above that are
analyzed individually as part of the above-described process are considered to be pass rated loans. Loans listed that are not rated are
included in groups of homogeneous loans and are evaluated for credit quality based on performing status. See the aging of past due loan
table above. As of December 31, 2024, and based on the most recent analysis performed, the risk category of loans by class of loans is
as follows:
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Revolving | | |
| |
| (in thousands) | |
Term
Loans Amortized Cost by Origination Fiscal Year | | |
Loans
Amortized | | |
| |
| As of December 31, 2024 | |
2025 | | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
Prior | | |
Cost
Basis | | |
Total | |
| Residential real estate: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
One-to-four-family | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Risk Rating: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Pass | |
$ | 17,520 | | |
$ | 31,180 | | |
$ | 48,397 | | |
$ | 46,599 | | |
$ | 42,981 | | |
$ | 64,879 | | |
$ | - | | |
$ | 251,556 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 112 | | |
| - | | |
| 112 | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| 80 | | |
| 3,975 | | |
| - | | |
| 4,055 | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 17,520 | | |
$ | 31,180 | | |
$ | 48,397 | | |
$ | 46,599 | | |
$ | 43,061 | | |
$ | 68,966 | | |
$ | - | | |
$ | 255,723 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Multi-family | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 1,194 | | |
$ | 398 | | |
$ | 5,959 | | |
$ | 5,301 | | |
$ | 1,221 | | |
$ | 1,719 | | |
$ | - | | |
$ | 15,792 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 1,194 | | |
$ | 398 | | |
$ | 5,959 | | |
$ | 5,301 | | |
$ | 1,221 | | |
$ | 1,719 | | |
$ | - | | |
$ | 15,792 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Construction | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 877 | | |
$ | 4,214 | | |
$ | 2,575 | | |
$ | - | | |
$ | - | | |
$ | 321 | | |
$ | - | | |
$ | 7,987 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 877 | | |
$ | 4,214 | | |
$ | 2,575 | | |
$ | - | | |
$ | 321 | | |
$ | - | | |
$ | - | | |
$ | 7,987 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Land | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 561 | | |
$ | 491 | | |
$ | 210 | | |
$ | 53 | | |
$ | - | | |
$ | 77 | | |
$ | - | | |
$ | 1,392 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 28 | | |
| - | | |
| 28 | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 561 | | |
$ | 491 | | |
$ | 210 | | |
$ | 53 | | |
$ | - | | |
$ | 105 | | |
$ | - | | |
$ | 1,420 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Farm | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 2,242 | | |
$ | - | | |
$ | - | | |
$ | 216 | | |
$ | - | | |
$ | 825 | | |
$ | - | | |
$ | 3,283 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 2,242 | | |
$ | - | | |
$ | - | | |
$ | 216 | | |
$ | - | | |
$ | 825 | | |
$ | - | | |
$ | 3,283 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Nonresidential real estate | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 1,064 | | |
$ | 7,712 | | |
$ | 1,422 | | |
$ | 2,564 | | |
$ | 3,347 | | |
$ | 14,868 | | |
$ | - | | |
$ | 30,977 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 584 | | |
| - | | |
| 584 | |
| Substandard | |
| - | | |
| - | | |
| 745 | | |
| - | | |
| - | | |
| 202 | | |
| - | | |
| 947 | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 1,064 | | |
$ | 7,712 | | |
$ | 2,167 | | |
$ | 2,564 | | |
$ | 3,347 | | |
$ | 15,654 | | |
$ | - | | |
$ | 32,508 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial and industrial | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 335 | | |
$ | 304 | | |
$ | 139 | | |
$ | - | | |
$ | - | | |
$ | 1 | | |
$ | - | | |
$ | 779 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 335 | | |
$ | 304 | | |
$ | 139 | | |
$ | - | | |
$ | - | | |
$ | 1 | | |
$ | - | | |
$ | 779 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share Loans | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 132 | | |
$ | 72 | | |
$ | 90 | | |
$ | - | | |
$ | 6 | | |
$ | 524 | | |
$ | - | | |
$ | 824 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 132 | | |
$ | 72 | | |
$ | 90 | | |
$ | - | | |
$ | 6 | | |
$ | 524 | | |
$ | - | | |
$ | 824 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Home Equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 13,194 | | |
$ | 13,194 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 13,194 | | |
$ | 13,194 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Auto | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 9 | | |
$ | 59 | | |
$ | 3 | | |
$ | 24 | | |
$ | 2 | | |
$ | 5 | | |
$ | - | | |
$ | 102 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 9 | | |
$ | 59 | | |
$ | 3 | | |
$ | 24 | | |
$ | 2 | | |
$ | 5 | | |
$ | - | | |
$ | 102 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Unsecured | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 121 | | |
$ | 152 | | |
$ | 21 | | |
$ | 20 | | |
$ | - | | |
$ | 309 | | |
$ | - | | |
$ | 623 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| 140 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 140 | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 261 | | |
$ | 152 | | |
$ | 21 | | |
$ | 20 | | |
$ | - | | |
$ | 309 | | |
$ | - | | |
$ | 763 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
As of June 30, 2024, and based on the most recent
analysis performed, the risk category of loans by class of loans is as follows:
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Revolving | | |
| |
| (in thousands) | |
Term
Loans Amortized Cost by Origination Fiscal Year | | |
Loans
Amortized | | |
| |
| As of June 30, 2024 | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
2020 | | |
Prior | | |
Cost Basis | | |
Total | |
| Residential real estate: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
One-to-four-family | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Risk Rating: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Pass | |
$ | 29,792 | | |
$ | 50,814 | | |
$ | 47,346 | | |
$ | 42,943 | | |
$ | 26,794 | | |
$ | 52,796 | | |
$ | - | | |
$ | 250,485 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 667 | | |
| - | | |
| 667 | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| 81 | | |
| 110 | | |
| 4,873 | | |
| - | | |
| 5,064 | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 29,792 | | |
$ | 50,814 | | |
$ | 47,346 | | |
$ | 43,024 | | |
$ | 26,904 | | |
$ | 58,336 | | |
$ | - | | |
$ | 256,216 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 16 | | |
$ | - | | |
$ | 16 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Multi-family | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 400 | | |
$ | 6,076 | | |
$ | 5,907 | | |
$ | 1,239 | | |
$ | - | | |
$ | 2,193 | | |
$ | - | | |
$ | 15,815 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 400 | | |
$ | 6,076 | | |
$ | 5,907 | | |
$ | 1,239 | | |
$ | - | | |
$ | 2,193 | | |
$ | - | | |
$ | 15,815 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Construction | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 8,230 | | |
$ | 5,562 | | |
$ | 23 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 13,815 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 8,230 | | |
$ | 5,562 | | |
$ | 23 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 13,815 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | 6 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 6 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Land | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 401 | | |
$ | 252 | | |
$ | 213 | | |
$ | - | | |
$ | - | | |
$ | 70 | | |
$ | - | | |
$ | 936 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 28 | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 401 | | |
$ | 252 | | |
$ | 213 | | |
$ | - | | |
$ | - | | |
$ | 98 | | |
$ | - | | |
$ | 964 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Farm | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | - | | |
$ | - | | |
$ | 221 | | |
$ | - | | |
$ | - | | |
$ | 948 | | |
$ | - | | |
$ | 1,169 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | - | | |
$ | - | | |
$ | 221 | | |
$ | - | | |
$ | - | | |
$ | 948 | | |
$ | - | | |
$ | 1,169 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Nonresidential real estate | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 7,828 | | |
$ | 1,561 | | |
$ | 3,099 | | |
$ | 3,406 | | |
$ | 5,711 | | |
$ | 10,648 | | |
$ | - | | |
$ | 32,253 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 130 | | |
| - | | |
| 130 | |
| Substandard | |
| - | | |
| 1,017 | | |
| - | | |
| - | | |
| - | | |
| 908 | | |
| - | | |
| 1,925 | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 7,828 | | |
$ | 2,578 | | |
$ | 3,099 | | |
$ | 3,406 | | |
$ | 5,711 | | |
$ | 11,686 | | |
$ | - | | |
$ | 34,308 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial and industrial | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 482 | | |
$ | 214 | | |
$ | - | | |
$ | 4 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 700 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 482 | | |
$ | 214 | | |
$ | - | | |
$ | 4 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 700 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share Loans | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 116 | | |
$ | 113 | | |
$ | 20 | | |
$ | 15 | | |
$ | 176 | | |
$ | 379 | | |
$ | - | | |
$ | 819 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 116 | | |
$ | 113 | | |
$ | 20 | | |
$ | 15 | | |
$ | 176 | | |
$ | 379 | | |
$ | - | | |
$ | 819 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Home Equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 10,490 | | |
$ | 10,490 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 154 | | |
| 154 | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 10,644 | | |
$ | 10,644 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Auto | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 68 | | |
$ | 9 | | |
$ | 30 | | |
$ | 3 | | |
$ | 2 | | |
$ | 5 | | |
$ | - | | |
$ | 117 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 68 | | |
$ | 9 | | |
$ | 30 | | |
$ | 3 | | |
$ | 2 | | |
$ | 5 | | |
$ | - | | |
$ | 117 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Unsecured | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Risk Rating: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pass | |
$ | 285 | | |
$ | 34 | | |
$ | 24 | | |
$ | 174 | | |
$ | 13 | | |
$ | 55 | | |
$ | - | | |
$ | 585 | |
| Special mention | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Substandard | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Doubtful | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total | |
$ | 285 | | |
$ | 34 | | |
$ | 24 | | |
$ | 174 | | |
$ | 13 | | |
$ | 55 | | |
$ | - | | |
$ | 585 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Current period
gross charge offs | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 4. Loans receivable (continued)
At December 31, 2024, the risk category of loans
by class of loans was as follows:
| (in thousands) | |
Pass | | |
Special
Mention | | |
Substandard | | |
Doubtful | |
| Residential real estate: | |
| | |
| | |
| | |
| |
One-to-four-family | |
$ | 251,556 | | |
$ | 112 | | |
$ | 4,055 | | |
$ | - | |
| Multi-family | |
| 15,792 | | |
| - | | |
| - | | |
| - | |
| Construction | |
| 7,987 | | |
| - | | |
| - | | |
| - | |
| Land | |
| 1,392 | | |
| - | | |
| 28 | | |
| - | |
| Farm | |
| 3,283 | | |
| - | | |
| - | | |
| - | |
| Nonresidential real estate | |
| 30,977 | | |
| 584 | | |
| 947 | | |
| - | |
| Commercial and industrial | |
| 779 | | |
| - | | |
| - | | |
| - | |
| Consumer and other: | |
| | | |
| | | |
| | | |
| | |
| Loans on deposits | |
| 824 | | |
| - | | |
| - | | |
| - | |
| Home equity | |
| 13,194 | | |
| - | | |
| - | | |
| - | |
| Automobile | |
| 102 | | |
| - | | |
| - | | |
| - | |
| Unsecured | |
| 623 | | |
| - | | |
| 140 | | |
| - | |
| | |
$ | 326,509 | | |
$ | 696 | | |
$ | 5,170 | | |
$ | - | |
At June 30, 2024, the risk category of loans by
class of loans was as follows:
| (in thousands) | |
Pass | | |
Special
Mention | | |
Substandard | | |
Doubtful | |
| Residential real estate: | |
| | |
| | |
| | |
| |
One-to-four-family | |
$ | 250,485 | | |
$ | 667 | | |
$ | 5,064 | | |
$ | - | |
| Multi-family | |
| 15,815 | | |
| - | | |
| - | | |
| - | |
| Construction | |
| 13,815 | | |
| - | | |
| - | | |
| - | |
| Land | |
| 936 | | |
| - | | |
| 28 | | |
| - | |
| Farm | |
| 1,169 | | |
| - | | |
| - | | |
| - | |
| Nonresidential real estate | |
| 32,253 | | |
| 130 | | |
| 1,925 | | |
| - | |
| Commercial and industrial | |
| 700 | | |
| - | | |
| - | | |
| - | |
| Consumer and other: | |
| | | |
| | | |
| | | |
| | |
| Loans on deposits | |
| 819 | | |
| - | | |
| - | | |
| - | |
| Home equity | |
| 10,490 | | |
| - | | |
| 154 | | |
| - | |
| Automobile | |
| 117 | | |
| - | | |
| - | | |
| - | |
| Unsecured | |
| 585 | | |
| - | | |
| - | | |
| - | |
| | |
$ | 327,184 | | |
$ | 797 | | |
$ | 7,171 | | |
$ | - | |
Purchased Credit Impaired Loans:
The Company purchased loans during fiscal year
2013 for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition,
that all contractually required payments would not be collected. The carrying amount of those loans, net of a purchase credit discount
of $25,000 and $25,000 at December 31, 2024 and June 30, 2024, respectively, is as follows:
| (in thousands) | |
December 31,
2024 | | |
June 30,
2024 | |
One-to-four-family residential real estate | |
$ | 138 | | |
$ | 175 | |
Accretable yield, or income expected to be collected,
is as follows:
| (in thousands) | |
Six months
ended
December 31,
2024 | | |
Twelve months
ended
June 30,
2024 | |
| Balance at beginning of period | |
$ | 260 | | |
$ | 294 | |
| Accretion of income | |
| (17 | ) | |
| (34 | ) |
| Balance at end of period | |
$ | 243 | | |
$ | 260 | |
For those purchased loans disclosed above, the Company made no increase
in allowance for credit losses for the year ended June 30, 2024, or for the six-month period ended December 31, 2024. Neither were any
allowance for credit losses reversed during those periods.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 5. Disclosures About Fair Value of Assets
and Liabilities
ASC topic 820 defines fair value as the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (exit price)
at the measurement date. ASC topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable
inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes six levels of inputs that may be
used to measure fair value:
Level 1 – Quoted prices
in active markets for identical assets or liabilities.
Level 2 – Observable inputs
other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active;
or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or
liabilities.
Level 3 – Unobservable
inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Following is a description of the valuation methodologies
used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.
Securities
Where quoted market prices are available in an
active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair
values are estimated by using pricing models, quoted prices of securities with similar characteristics. Level 2 securities include agency
mortgage-backed securities and agency bonds.
Financial assets measured at fair value on a recurring
basis are summarized below:
| | |
Fair Value Measurements Using | |
| (in thousands) | |
Fair Value | | |
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | |
Significant
Other
Observable
Inputs
(Level 2) | | |
Significant
Unobservable
Inputs
(Level 3) | |
| December 31, 2024 | |
| | |
| | |
| | |
| |
| Agency mortgage-backed: residential | |
$ | 8,628 | | |
$ | – | | |
$ | 8,628 | | |
$ | – | |
| | |
| | | |
| | | |
| | | |
| | |
| June 30, 2024 | |
| | | |
| | | |
| | | |
| | |
| Agency mortgage-backed: residential | |
$ | 9,648 | | |
$ | – | | |
$ | 9,648 | | |
$ | – | |
There were no assets or liabilities which were
measured at fair value on a nonrecurring basis at December 31, 2024, and June 30, 2024.
The following is a disclosure of the fair value
of financial instruments, both assets and liabilities, whether or not recognized in the consolidated balance sheet, for which it is practicable
to estimate that value. For financial instruments where quoted market prices are not available, fair values are based on estimates using
present value and other valuation methods.
The methods used are greatly affected by the assumptions
applied, including the discount rate and estimates of future cash flows. Therefore, the fair values presented may not represent amounts
that could be realized in an exchange for certain financial instruments.
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 5. Disclosures About Fair Value of Assets
and Liabilities (continued)
Based on the foregoing methods and assumptions,
the carrying value and fair value of the Company’s financial instruments at December 31, 2024 and June 30, 2024 are as follows:
| | |
| | |
Fair Value Measurements at | |
| | |
Carrying | | |
December 31, 2024 Using | |
| (in thousands) | |
Value | | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Financial assets | |
| | |
| | |
| | |
| | |
| |
| Cash and cash equivalents | |
$ | 20,976 | | |
$ | 20,976 | | |
| | | |
| | | |
$ | 20,976 | |
| Available-for-sale securities | |
| 8,628 | | |
| | | |
$ | 8,628 | | |
| | | |
| 8,628 | |
| Held-to-maturity securities | |
| 190 | | |
| | | |
| 180 | | |
| | | |
| 180 | |
| Loans receivable – net | |
| 330,234 | | |
| | | |
| | | |
$ | 317,845 | | |
| 317,845 | |
| Federal Home Loan Bank stock | |
| 4,439 | | |
| | | |
| | | |
| | | |
| n/a | |
| Accrued interest receivable | |
| 1,264 | | |
| | | |
| 1,264 | | |
| | | |
| 1,264 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Financial liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deposits | |
$ | 263,055 | | |
$ | 76,135 | | |
$ | 187,110 | | |
| | | |
| 263,245 | |
| Federal Home Loan Bank advances | |
| 61,792 | | |
| | | |
| 61,753 | | |
| | | |
| 61,753 | |
| Advances by borrowers for taxes and insurance | |
| 206 | | |
| | | |
| 206 | | |
| | | |
| 206 | |
| Accrued interest payable | |
| 478 | | |
| | | |
| 478 | | |
| | | |
| 478 | |
| | |
| | |
Fair Value Measurements at | |
| | |
Carrying | | |
June 30, 2024 Using | |
| (in thousands) | |
Value | | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Financial assets | |
| | |
| | |
| | |
| | |
| |
| Cash and cash equivalents | |
$ | 18,287 | | |
$ | 18,287 | | |
| | | |
| | | |
$ | 18,287 | |
| Available-for-sale securities | |
| 9,648 | | |
| | | |
$ | 9,648 | | |
| | | |
| 9,648 | |
| Held-to-maturity securities | |
| 213 | | |
| | | |
| 203 | | |
| | | |
| 203 | |
| Loans receivable - net | |
| 333,025 | | |
| | | |
| | | |
$ | 318,867 | | |
| 318,867 | |
| Federal Home Loan Bank stock | |
| 4,230 | | |
| | | |
| | | |
| | | |
| n/a | |
| Accrued interest receivable | |
| 1,169 | | |
| | | |
| 1,169 | | |
| | | |
| 1,169 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Financial liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deposits | |
$ | 256,139 | | |
$ | 79,567 | | |
$ | 176,272 | | |
| | | |
$ | 255,839 | |
| Federal Home Loan Bank advances | |
| 68,988 | | |
| | | |
| 68,122 | | |
| | | |
| 68,122 | |
| Advances by borrowers for taxes and insurance | |
| 909 | | |
| | | |
| 909 | | |
| | | |
| 909 | |
| Accrued interest payable | |
| 176 | | |
| | | |
| 176 | | |
| | | |
| 176 | |
Kentucky First Federal Bancorp
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
December 31, 2024
(unaudited)
Note 6. Other Comprehensive Income (Loss)
The Company’s other comprehensive income
(loss) is comprised solely of unrealized gains and losses on available-for-sale securities. The following is a summary of the accumulated
other comprehensive income balances, net of tax:
| (in thousands) | |
Six months
ended
December 31,
2024 | | |
Three months
ended
December 31,
2024 | |
| Balance at beginning of period | |
$ | (336 | ) | |
$ | (95 | ) |
| Current period change | |
| 60 | | |
| (181 | ) |
| Balance at end of period | |
$ | (276 | ) | |
$ | (276 | ) |
Other comprehensive income (loss) components and
related tax effects for the periods indicated were as follows:
| | |
Six months ended | | |
Three months ended | |
| | |
December 31, | | |
December 31, | |
| (in thousands) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Unrealized holding gains (losses) on available-for-sale securities | |
$ | 80 | | |
$ | 124 | | |
$ | (241 | ) | |
$ | 308 | |
| Tax effect | |
| (20 | ) | |
| (31 | ) | |
| 60 | | |
| (77 | ) |
| | |
$ | 60 | | |
$ | 93 | | |
$ | (181 | ) | |
$ | 231 | |
Kentucky First Federal Bancorp
ITEM 2: MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-Looking Statements
Certain statements contained in this report, as
well as other periodic reports filed with the Securities and Exchange Commission, that are not historical facts are considered “forward-looking
statements” under the Private Securities Litigation Reform Act of 1995, that are subject to certain risks and uncertainties. These
forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,”
“plan,” “estimate,” “intend” and “potential,” or words of similar meaning, or future or
conditional verbs such as “should,” “could,” or “may.” Forward-looking statements include statements
of our goals, intentions and expectations; statements regarding our ability to fully and timely address the deficiencies that resulted
in the Agreement that First Federal Savings Bank of Kentucky has entered into with the Office of the Comptroller of the Currency (“OCC”);
First Federal Savings Bank of Kentucky’s ability to satisfy the Individual Minimum Capital Requirements imposed by the OCC; statements
regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment
portfolios; and estimates of our risks and future costs and benefits. Kentucky First Federal Bancorp’s actual results, performance
or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that
could cause or contribute to such material differences include, but are not limited to, general economic conditions; prices for real estate
in the Company’s market areas; the interest rate environment and the impact of the interest rate environment on our business, financial
condition and results of operations; our ability to successfully execute our strategy to increase earnings, increase core deposits, reduce
reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning loans; our ability to pay future dividends
and if so at what level; our ability to receive any required regulatory approval or non-objection to pay dividends to shareholder; our
ability to pay dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky to the Company
in order for the Company to pay dividends to shareholders; the ability of First Federal MHC to receive approval of its members to waive
the payment of any Company dividends to First Federal MHC; competitive conditions in the financial services industry; changes in the level
of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit
losses may be higher than currently expected; competitive pressures among financial services companies; the ability to attract, develop
and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the outcome
of pending or threatened litigation, or of matters before regulatory agencies; changes in law, governmental policies and regulations,
rapidly changing technology affecting financial services, and the other matters mentioned in Item 1A of the Company’s Annual Report
on Form 10-K for the year ended June 30, 2024 and in this Form 10-Q. Except as required by applicable law or regulation, the Company does
not undertake the responsibility, and specifically disclaims any obligation, to release publicly the result of any revisions that may
be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence
of anticipated or unanticipated events.
General
The
Company was incorporated as a mid-tier holding company under the laws of the United States on March 2, 2005, upon the completion of the
reorganization of First Federal of Hazard into a federal mutual holding company form of organization (the “Reorganization”).
On that date, Kentucky First Federal also completed its minority stock offering and its concurrent acquisition of Frankfort First Bancorp,
Inc. (“Frankfort First Bancorp”) and its wholly owned subsidiary, First Federal of Kentucky, Frankfort Kentucky (“First
Federal of Kentucky”) (the “Merger”). Following the Reorganization and Merger, the Company has operated First Federal
of Hazard and First Federal of Kentucky (collectively, the “Banks”) as two independent, community-oriented savings institutions.
On
December 31, 2012, the Company acquired CKF Bancorp, Inc., a savings and loan holding company which operated three banking locations in
Boyle and Garrard Counties in Kentucky. In accounting for the transaction, the assets and liabilities of CKF Bancorp were recorded on
the books of First Federal of Kentucky in accordance with accounting standard ASC 805, Business Combinations.
Our
results of operations are dependent primarily on net interest income, which is the difference between the income earned on our loans and
securities and our cost of funds, consisting of the interest paid on deposits and borrowings. Results of operations are also affected
by the provision for losses on loans and service charges and fees collected on our deposit accounts. Our general, administrative, and
other expense primarily consists of employee compensation and benefits expense, occupancy and equipment expense, data processing expense,
other operating expenses and state and federal income taxes. Results of operations are also significantly affected by general economic
and competitive conditions, particularly changes in interest rates, government policies and actions of regulatory authorities.
Kentucky First Federal
Bancorp
Regulatory Developments
Regarding First Federal of Kentucky
On
August 13, 2024, First Federal of Kentucky entered into a formal written agreement (the “Agreement”) with the OCC, which became
effective as of the same date. The Agreement will remain effective until it is amended by First Federal of Kentucky and the OCC, or the
OCC modifies, waives or terminates the Agreement. As a result of the Agreement, pursuant to 12 C.F.R. § 5.51(c)(7)(ii), First Federal
of Kentucky is in “troubled condition,” and is not an “eligible savings association” for purposes of 12 C.F.R.
§ 5.3, unless otherwise informed in writing by the OCC. In addition to the Agreement, the OCC has also imposed individual minimum
capital requirements (“IMCRs”) on First Federal of Kentucky. The IMCRs require First Federal of Kentucky to maintain a common
equity tier 1 capital ratio of at least 9.0%, a tier 1 capital ratio of at least 11.0%, a total capital ratio of at least 12.0%, and a
leverage ratio of at least 9.0%.
Under
the terms of the Agreement, First Federal of Kentucky is required to take the following actions within the time frames specified in the Agreement:
| |
● |
create a compliance committee composed of at least three of First Federal of Kentucky’s directors to monitor and oversee First Federal of Kentucky’s compliance with the provisions of the Agreement and submit quarterly evaluation reports to First Federal of Kentucky’s board of directors regarding actions First Federal of Kentucky has taken to comply with the Agreement and the results and status of such actions; |
| |
|
|
| |
● |
submit to the OCC, adopt and implement an acceptable revised written three-year strategic plan establishing objectives for First Federal of Kentucky’s overall risk profile, balance sheet mix, funding structure, interest rate risk, liquidity and capital adequacy, earnings performance, and asset and core deposit growth, together with strategies to achieve those objectives; |
| |
|
|
| |
● |
submit to the OCC, adopt and implement an acceptable revised written succession plan for First Federal of Kentucky that is designed to promote adequate staffing and continuity of capable management; |
| |
|
|
| |
● |
adopt a revised written liquidity risk management program for First Federal of Kentucky that provides for the identification, measurement, monitoring, and control of First Federal of Kentucky’s liquidity risk exposure, and that emphasizes the importance of cash flow projections, diversified funding sources, a cushion of highly liquid assets, robust liquidity stress testing scenario analyses, and a formal, well-developed contingency funding plan as primary tools for measuring and managing liquidity risk; and |
| |
|
|
| |
● |
adopt a revised written interest rate risk program that includes risk management systems to identify, measure, monitor, and control interest rate risk. |
The Agreement requires First Federal of Kentucky’s
Board to (i) ensure that First Federal of Kentucky timely adopts and implements all corrective actions required by the Agreement and (ii)
verify that First Federal of Kentucky adheres to the corrective actions and that they are effective in addressing First Federal of Kentucky’s
deficiencies that resulted in the Agreement. First Federal of Kentucky’s Board and management are committed to fully addressing
the provisions of the Agreement within the required time frames. As of the date of this filing, First Federal of Kentucky’s Board
and management believe that First Federal of Kentucky has made progress toward addressing the deficiencies that resulted in the Agreement
and intends to satisfy the Agreement’s requirements as expeditiously as possible. For additional information, see Exhibit 10.1
to the Company Current Report on Form 8-K filed with the Securities and Exchange Commission on August 15, 2024 and Item 1A, “Risk
Factors - We are required to comply with the terms of a formal written agreement and IMCRs issued by the OCC, and lack of compliance
could result in monetary penalties and /or additional regulatory actions” and Note K - Stockholders’ Equity and Regulatory
Capital of the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K filed with
the Securities and Exchange Commission on October 3, 2024.
Asset/Liability Management
Management and the boards of the subsidiary Banks
are responsible for the asset/liability management issues that affect the individual Banks. Either Bank may work with its sister Bank
to mitigate potential asset/liability risks to the Banks and to the Company as a whole. Management utilizes a third-party to perform
interest rate risk (“IRR”) calculations for each of the Banks. Management monitors and considers methods of managing the
rate sensitivity and repricing characteristics of each of the Bank’s balance sheet components to maintain acceptable levels of
change in the economic value of equity (“EVE”) as well as evaluating the impact on earnings in the event of changes in prevailing
market interest rates. Interest rate sensitivity analysis is used to measure our interest rate risk by computing estimated changes in
EVE that are a result of changes in the net present value of its cash flows from assets, liabilities, and off-balance sheet items. These
changes in cash flow are estimated based on hypothetical instantaneous and permanent increases and decreases in market interest rates.
General market participants believe that the FOMC
will now continue interest rate decreases. Our December 31, 2024 EVE is anticipated to increase by approximately 6.4% and 4.8% under sudden
and sustained decrease in prevailing market interest rates of 100 basis points and 200 basis points, respectively. The company continues
to strive for acceptable EVE in both increasing and decreasing interest rate environments. Computations or prospective effects of hypothetical
interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments, and deposit
run-offs. These computations should not be relied upon as indicative of actual results. Further, the computations do not contemplate any
actions the Banks may undertake in response to changes in interest rates. Certain shortcomings are inherent in this method of computing
EVE. For example, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in differing
degrees to changes in market interest rates. The interest rates on certain types of assets and liabilities may fluctuate in advance of
changes in market interest rates, while interest rates on other types may lag behind changes in market rates.
Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Average Balance Sheets
The following table represents the average balance
sheets for the six-month periods ended December 31, 2024 and 2023, along with the related calculations of tax-equivalent net interest
income, net interest margin and net interest spread for the related periods.
| |
|
Six Months Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
Average
Balance |
|
|
Interest
And
Dividends |
|
|
Yield/
Cost |
|
|
Average
Balance |
|
|
Interest
And
Dividends |
|
|
Yield/
Cost |
|
| |
|
(Dollars in thousands) |
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans 1 |
|
$ |
334,634 |
|
|
$ |
8,702 |
|
|
|
5.20 |
% |
|
$ |
321,103 |
|
|
$ |
7,087 |
|
|
|
4.41 |
% |
| Mortgage-backed securities |
|
|
9,422 |
|
|
|
157 |
|
|
|
3.33 |
|
|
|
11,572 |
|
|
|
191 |
|
|
|
3.30 |
|
| Other interest-earning assets |
|
|
19,630 |
|
|
|
544 |
|
|
|
5.54 |
|
|
|
13,424 |
|
|
|
383 |
|
|
|
5.71 |
|
| Total interest-earning assets |
|
|
363,686 |
|
|
|
9,403 |
|
|
|
5.17 |
|
|
|
346,099 |
|
|
|
7,661 |
|
|
|
4.43 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less: Allowance for credit losses |
|
|
(2,134 |
) |
|
|
|
|
|
|
|
|
|
|
(1,840 |
) |
|
|
|
|
|
|
|
|
| Non-interest-earning assets |
|
|
13,168 |
|
|
|
|
|
|
|
|
|
|
|
12,341 |
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
374,720 |
|
|
|
|
|
|
|
|
|
|
$ |
356,600 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits |
|
$ |
15,624 |
|
|
$ |
18 |
|
|
|
0.23 |
% |
|
$ |
17,430 |
|
|
$ |
16 |
|
|
|
0.18 |
% |
| Savings |
|
|
49,117 |
|
|
|
100 |
|
|
|
0.41 |
|
|
|
55,427 |
|
|
|
112 |
|
|
|
0.40 |
|
| Certificates of deposit |
|
|
179,256 |
|
|
|
3,812 |
|
|
|
4.25 |
|
|
|
155,122 |
|
|
|
2,595 |
|
|
|
3.35 |
|
| Total deposits |
|
|
243,997 |
|
|
|
3,930 |
|
|
|
3.22 |
|
|
|
227,979 |
|
|
|
2,723 |
|
|
|
2.39 |
|
| Borrowings |
|
|
66,369 |
|
|
|
1,566 |
|
|
|
4.72 |
|
|
|
62,310 |
|
|
|
1,610 |
|
|
|
5.17 |
|
| Total interest-bearing liabilities |
|
|
310,366 |
|
|
|
5,496 |
|
|
|
3.54 |
|
|
|
290,289 |
|
|
|
4,333 |
|
|
|
2.99 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing demand deposits |
|
|
14,437 |
|
|
|
|
|
|
|
|
|
|
|
14,634 |
|
|
|
|
|
|
|
|
|
| Noninterest-bearing liabilities |
|
|
1,891 |
|
|
|
|
|
|
|
|
|
|
|
1,851 |
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
326,694 |
|
|
|
|
|
|
|
|
|
|
|
306,774 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ equity |
|
|
48,026 |
|
|
|
|
|
|
|
|
|
|
|
49,826 |
|
|
|
|
|
|
|
|
|
| Total liabilities and shareholders’ equity |
|
$ |
374,720 |
|
|
|
|
|
|
|
|
|
|
$ |
356,600 |
|
|
|
|
|
|
|
|
|
| Net interest spread |
|
|
|
|
|
$ |
3,907 |
|
|
|
1.63 |
% |
|
|
|
|
|
$ |
3,328 |
|
|
|
1.44 |
% |
| Net interest margin |
|
|
|
|
|
|
|
|
|
|
2.15 |
% |
|
|
|
|
|
|
|
|
|
|
1.92 |
% |
| Average interest-earning assets to average interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
117.18 |
% |
|
|
|
|
|
|
|
|
|
|
119.23 |
% |
| 1 |
Includes loan fees, immaterial in amount, in both interest income and the calculation of yield on loans. Also includes loans on nonaccrual status. |
Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Average Balance Sheets
(continued)
The following table represents the average balance
sheets for the three-month periods ended December 31, 2024 and 2023, along with the related calculations of tax-equivalent net interest
income, net interest margin and net interest spread for the related periods.
| | |
Three Months Ended December 31, | |
| | |
2024 | | |
2023 | |
| | |
Average
Balance | | |
Interest
And
Dividends | | |
Yield/
Cost | | |
Average
Balance | | |
Interest
And
Dividends | | |
Yield/
Cost | |
| | |
(Dollars in thousands) | |
| Interest-earning assets: | |
| | |
| | |
| | |
| | |
| | |
| |
| Loans 1 | |
$ | 333,761 | | |
$ | 4,437 | | |
| 5.32 | % | |
$ | 324,221 | | |
$ | 3,628 | | |
| 4.48 | % |
| Mortgage-backed securities | |
| 9,178 | | |
| 76 | | |
| 3.31 | | |
| 11,541 | | |
| 92 | | |
| 3.19 | |
| Other securities | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
| Other interest-earning assets | |
| 19,376 | | |
| 271 | | |
| 5.60 | | |
| 15,009 | | |
| 207 | | |
| 5.52 | |
| Total interest-earning assets | |
| 362,315 | | |
| 4,784 | | |
| 5.28 | | |
| 350,771 | | |
| 3,927 | | |
| 4.48 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Less: Allowance for credit losses | |
| (2,140 | ) | |
| | | |
| | | |
| (2,023 | ) | |
| | | |
| | |
| Non-interest-earning assets | |
| 13,828 | | |
| | | |
| | | |
| 12,136 | | |
| | | |
| | |
| Total assets | |
$ | 374,003 | | |
| | | |
| | | |
$ | 360,884 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest-bearing liabilities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Demand deposits | |
$ | 15,305 | | |
| 9 | | |
| 0.24 | | |
$ | 16,848 | | |
$ | 8 | | |
| 0.19 | % |
| Savings | |
| 49,832 | | |
$ | 50 | | |
| 0.40 | % | |
| 54,757 | | |
| 55 | | |
| 0.40 | |
| Certificates of deposit | |
| 181,207 | | |
| 1,936 | | |
| 4.27 | | |
| 153,964 | | |
| 1445 | | |
| 3.75 | |
| Total deposits | |
| 246,344 | | |
| 1,995 | | |
| 3.24 | | |
| 225,569 | | |
| 1,508 | | |
| 2.67 | |
| Borrowings | |
| 64,761 | | |
| 751 | | |
| 4.64 | | |
| 68,242 | | |
| 762 | | |
| 4.47 | |
| Total interest-bearing liabilities | |
| 311,105 | | |
| 2,746 | | |
| 3.53 | | |
| 293,811 | | |
| 2,270 | | |
| 3.09 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Noninterest-bearing demand deposits | |
| 13,243 | | |
| | | |
| | | |
| 16,110 | | |
| | | |
| | |
| Noninterest-bearing liabilities | |
| 1,592 | | |
| | | |
| | | |
| 1,575 | | |
| | | |
| | |
| Total liabilities | |
| 325,940 | | |
| | | |
| | | |
| 311,496 | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Shareholders’ equity | |
| 48,063 | | |
| | | |
| | | |
| 49,388 | | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
$ | 374,003 | | |
| | | |
| | | |
$ | 360,884 | | |
| | | |
| | |
| Net interest spread | |
| | | |
$ | 2,038 | | |
| 1.75 | % | |
| | | |
$ | 1,657 | | |
| 1.39 | % |
| Net interest margin | |
| | | |
| | | |
| 2.25 | % | |
| | | |
| | | |
| 1.89 | % |
| Average interest-earning assets to average interest-bearing liabilities | |
| | | |
| | | |
| 116.46 | % | |
| | | |
| | | |
| 119.39 | % |
| 1 |
Includes loan fees, immaterial in amount, in both interest income and the calculation of yield on loans. Also includes loans on nonaccrual status. |
Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Discussion of Financial Condition Changes from
June 30, 2024 to December 31, 2024
Financial Position and Results of Operations
At December 31, 2024 the Company and the Banks
were considered well-capitalized with capital ratios in excess of regulatory requirements. However, an extended economic recession could
adversely impact the Company’s and the Banks’ capital position and Company in its Current Report on Form 8-K filed on August
15, 2024, in addition to the formal written Agreement, the OCC has also imposed individual minimum capital requirements (“IMCRs”)
on First Federal Savings Bank of Kentucky. The IMCRs require First Federal Savings Bank of Kentucky to maintain a common equity tier 1
capital ratio of at least 9.0%, a tier 1 capital ratio of at least 11.0%, a total capital ratio of at least 12.0%, and a leverage ratio
of at least 9.0%. As of December 31, 2024, First Federal Savings Bank of Kentucky’s common equity tier 1 capital ratio was
16.92%, its tier 1 capital ratio was 16.92%, its total capital ratio was 16.92%, and its leverage ratio was 10.13%.
Assets: At December 31, 2024, the
Company’s assets totaled $374.2 million, a decrease of $760,000, or 0.2%, from total assets at June 30, 2024, due primarily to the
decrease in loans, as well as a decrease in securities available-for-sale of $1.0 million or 10.6%.
Cash and cash equivalents: Cash
and cash equivalents overall increased $2.7 million or 14.7% to $21.0 million at December 31, 2024. Most of the company’s cash
and cash equivalents are held in interest-bearing demand deposits, although the company began utilizing fed funds sold more in the quarter
ended December 31, 2024. Fed funds sold totaled $6.9 million at December 31, 2024, an increase of $6.2 million or 885.5%, compared to
June 30, 2024.
Investment securities: At December
31, 2024, our securities portfolio, which consisted of mortgage-backed securities, decreased $1.0 million or 10.6% and totaled $8.8 million,
compared to June 30, 2024.
Loans: Loans, net and loans
held-for-sale in the aggregate decreased $2.8 million or 0.8% and totaled $330.2 million and $116,000, respectively at December 31, 2024.
Loans receivable, net, decreased by $2.8 million or 0.7% to $330.2 million at December 31, 2024. Loans held-for-sale increased to $116,000
at December 31, 2024. Management continues to look for high-quality loans to add to its portfolio and will continue to emphasize loan
originations to the extent that it is profitable, prudent and consistent with our interest rate risk strategies. Because market interest
rates have become more favorable, the Company has had more success in selling mortgages into the secondary market, which has led to an
increase in loans held-for-sale.
Non-Performing and Classified Loans: At
December 31, 2024, the Company had non-performing loans (loans 90 or more days past due or on nonaccrual status) of approximately $3.0
million, or 0.9% of total loans compared to $3.9 million or 1.2%, of total loans at June 30, 2024. The Company’s ACL totaled $2.1
million at December 31, 2024 and the ACL totaled $2.1 million at June 30, 2024, respectively. The ACL at December 31, 2024, represented
70.9% of nonperforming loans and 0.6% of total loans, while at June 30, 2024, ALLL represented 54.6% of nonperforming loans and 0.6% of
total loans.
The Company had $5.2 million in assets classified
as substandard for regulatory purposes at December 31, 2024, including real estate owned (“REO”) of $10,000. Classified loans
as a percentage of total loans (including loans acquired) was 1.6% and 2.1% at December 31, 2024 and June 30, 2024, respectively. Of substandard
loans, 100.0% were secured by real estate on which the Banks have priority lien position.
The table below shows the aggregate amounts of
our assets classified for regulatory purposes at the dates indicated:
| (dollars in thousands) | |
December 31,
2024 | | |
June 30,
2024 | |
| Substandard assets | |
$ | 5,170 | | |
$ | 7,171 | |
| Doubtful assets | |
| – | | |
| – | |
| Loss assets | |
| – | | |
| – | |
| REO | |
| 10 | | |
| 10 | |
| Total classified assets | |
$ | 5,180 | | |
$ | 7,181 | |
At December 31, 2024, the Company’s real estate acquired through
foreclosure represented 0.2% of substandard assets compared to 0.1% at June 30, 2024. During the period presented the Company made no
loans to facilitate the purchase of its other real estate owned by qualified buyers. Loans to facilitate the sale of other real estate
owned, which were included in substandard loans, totaled $0 at December 31, 2024 and June 30, 2024, respectively.
Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Discussion of Financial Condition Changes from
June 30, 2024 to December 31, 2024 (continued)
The following table presents the aggregate carrying
value of REO at the dates indicated:
| | |
December 31, 2024 | | |
June 30, 2024 | |
| | |
Number of
Properties | | |
Net
Carrying
Value | | |
Number of
Properties | | |
Net
Carrying
Value | |
One-to-four-family | |
| 1 | | |
$ | 10 | | |
| 1 | | |
$ | 10 | |
| Building lot | |
| – | | |
| – | | |
| – | | |
| – | |
| Total REO | |
| 1 | | |
$ | 10 | | |
| 1 | | |
$ | 10 | |
At December 31, 2024 and June 30, 2024, the Company
had $696,000 and $797,000 of loans classified as special mention, respectively. This category includes assets which do not currently expose
us to a sufficient degree of risk to warrant classification, but does possess credit deficiencies or potential weaknesses deserving our
close attention.
Liabilities: Total liabilities decreased
$818,000, or 0.3% to $326.2 million at December 31, 2024, as Federal Home Loan Bank advances decreased $7.2 million or 10.4% to $61.8
million and advances to borrowers for taxes and insurance decreased $703,000 or 77.3%.
Certificates of deposit increased $10.3 million
or 5.9% and totaled $186.9 million at December 31, 2024, of which $44.0 million were brokered deposits. Demand deposit accounts decreased
$5.0 million or 15.7% and totaled $27.1 million at quarter end. Savings accounts increased $1.6 million or 3.4% and totaled $49.0 million
at the end of the current period. Total deposits increased $6.9 million as the Company attempts to reduce reliance on FHLB advances.
Shareholders’ Equity: At December
31, 2024, the Company’s shareholders’ equity totaled $48.1 million, an increase of $58,000 or 0.1% from June 30, 2024. The
increase in shareholders’ equity was primarily associated with accumulated other comprehensive loss decreasing $60,000 or 17.9%
from a loss of $336,000 at June 30, 2024 to a loss of $276,000 at December 31, 2024.
On January 16, 2024, the Company announced the
suspension of quarterly dividends indefinitely. Holders of our common stock are only entitled to receive such dividends as our Board of
Directors may declare out of funds available for such payments under applicable law and regulatory guidance. We cannot predict when or
whether the Company will be able to pay future common stock dividends and if so, the amount of any such common stock dividends. Our ability
to pay future dividends and if so at what level will also be dependent on numerous factors, including: our ability to receive any required
regulatory approval or non-objection to pay dividends or for the payment of dividends from First Federal Savings and Loan Association
of Hazard and First Federal Savings Bank of Kentucky to the Company or from the Company to shareholders; our ability to fully and timely
address the deficiencies that resulted in the Agreement that First Federal Savings Bank of Kentucky has entered into with the OCC; First
Federal Savings Bank of Kentucky’s ability to satisfy the IMCR’s imposed by the OCC; the ability of First Federal MHC to receive
approval of its members to waive the payment of any Company dividends to First Federal MHC; and our ability to successfully execute our
strategy to increase earnings and core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards
higher-earning loans. See “Risk Factors” in Part II, Item 1A, of the Company’s Annual Report on Form 10-K for the year
ended June 30, 2024 for additional discussion regarding dividends.
Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Comparison of Operating Results for the Six-month
Periods Ended December 31, 2024 and 2023
General
Net loss totaled $2,000 or ($0.00) diluted earnings
per share for the six months ended December 31, 2024, an increase of $534,000 or 99.6% from net loss of $536,000 or ($0.07) diluted earnings
per share for the same period in 2023. The increase in net earnings for the six-months ended December 31, 2024, was primarily attributable
to increased net interest income, and higher non-interest income, which were partially offset by lower income tax benefit.
Net Interest Income
Net interest income increased $579,000 or 17.4%
to $3.9 million due primarily to interest income increasing more than interest expense increased period to period. Interest income increased
$1.7 million or 22.7%, while interest expense increased $1.2 million or 26.8% to $5.5 million for the six-months recently ended. Over
the last two years, the repricing of many of our assets has been slowed by contractual limits on rate changes, whereas the cost of most
liabilities did not have this constraint. As market rates have steadied and even fallen slightly, the increase in cost of liabilities
has slowed while we have begun to see our increase in interest income be greater than our increase in interest expense.
The average rate earned on interest-earning assets
increased 74 basis points to 5.17% and was the primary reason for the increase in interest income, although average interest-earning assets
also increased $17.6 million or 5.1% to $363.7 million for the recently-ended six months. The increase in interest income was due primarily
to an increase of $1.6 million or 22.8% in interest income from loans, which totaled $8.7 million for the period.
The increase in interest income from loans period-to-period
was due to increases in both the average balance of loans and the average rate earned on those loans. The average balance of loans increased
$13.5 million or 4.2% to $334.6 million for the six months ended December 31, 2024, while the average rate increased 79 basis points to
5.20%.
Although the average balance of interest-bearing
liabilities increased $20.1 million or 6.9% to $310.4 million for the six months just ended, the average rate paid increased 56 basis
points to 3.54%. The cost of liabilities increased rapidly due to higher costs of both wholesale and retail funding. The recent
decrease in interest rates have allowed our liabilities to decline as well.
Net interest spread increased from 1.44% for the
prior year six-month period to 1.63% for the six-month period ended December 31, 2024.
Provision for Credit Losses
Management determined that a $15,000 provision
for credit loss was prudent during the recently-ended six-month period.
Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Comparison of Operating Results for the Six-month
Periods Ended December 31, 2024 and 2023 (continued)
Non-interest Income
Non-interest income increased $187,000 or 154.5%
to $308,000 for the six-months ended December 31, 2024 compared to the prior year period, primarily because of an increase in net gains
from sale of loans of $135,000 or 2250.0%. Recently, the market has become more conducive to the sale of fixed rate mortgages to the secondary
market.
Non-interest Expense
Non-interest expense increased $83,000 or 2.0%
to $4.22 million for the six months ended December 31, 2024, primarily due to higher other non-interest expense due mostly to increased
legal expenses.
Income Tax
Income tax benefit decreased $149,000 or 92.0%
to an income tax benefit of $2,000 for the six months ended December 31, 2024, compared to the prior year period due to decreased losses.
The effective tax rates for the six-month periods ended December 31, 2024 and 2023 were 86.7% and 23.2%, respectively. Included in net
income is earnings of $43,000 on bank-owned life insurance which is non-taxable.
Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Comparison of Operating Results for the Three-month
Periods Ended December 31, 2024 and 2023
General
Net income totaled $13,000 or $0.00 diluted earnings per share for
the three months ended December 31, 2024, an increase of $374,000 or 103.6% from net loss of $361,000 or $(0.05) diluted earnings per
share for the same period in 2023. The increase in net earnings for the quarter ended December 31, 2024, was primarily attributable to
higher net interest income, and higher non-interest income, which were partially offset by lower income taxes.
Net Interest Income
Net interest income increased $381,000 or 23.0%
to $2.0 million due primarily to interest income increasing more than interest expense increased period to period. Interest income increased
$857,000 or 21.8%, while interest expense increased $476,000 or 21.0% to $2.7 million for the recently-ended quarter. During the unprecedented
interest rate increases seen in the market starting March 2022, our funding sources repriced more quickly than our assets repriced, due
to being liability sensitive and restrictions on maximum asset repricing amounts. As rates have begun to plateau or even decrease, our
assets have started to reprice more quickly than our liabilities.
The average rate earned on interest-earning assets
increased 80 basis points to 5.28% and was the primary reason for the increase in interest income, although average interest-earning assets
also increased $11.5 million or 3.3% to $362.3 million for the recently-ended quarterly period. The increase in interest income was due
primarily to an increase of $809,000 or 22.3% in interest income from loans, which totaled $4.4 million for the period.
The increase in interest income from loans period-to-period
was due to increases in both the average balance of loans and the average rate earned on those loans. The average balance of loans increased
$9.5 million or 2.9% to $333.8 million for the three months ended December 31, 2024, while the average rate increased 84 basis points
to 5.32%.
The average balance of interest-bearing liabilities
increased $17.3 million or 5.9% to $311.1 million for the quarter just ended, and the average rate paid increased 44 basis points to 3.53%.
The cost of liabilities increased rapidly due to higher costs of both wholesale and retail funding.
Net interest spread increased from 1.39% for the
prior year quarterly period to 1.75% for the three-month period ended December 31, 2024.
Provision for Credit Losses
Management determined that no provision for credit
loss was prudent due to our current expected credit loss analysis performed during the recently-ended quarter.
Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Comparison of Operating Results for the Three-month
Periods Ended December 31, 2024 and 2023 (continued)
Non-interest Income
Non-interest income increased $125,000 or 271.7%
to $171,000 for the recently ended quarter primarily due to increased net gain of sale on loans, increasing $74,000 or 1057.1% for the
three months recently ended. Recently, the market has become more conducive to the sale of fixed rate mortgages to the secondary market.
Non-interest Expense
Non-interest expense increased $54,000 or 2.5%
and totaled $2.2 million for the three months ended December 31, 2024, primarily due to increased other non-interest expense increasing
$123,000 due to increased legal expense.
Income Tax
Income taxes benefit decreased $87,000 or 92.6% from a benefit of $94,000
for the three months ended December 31, 2023, to a benefit of $7,000 for the recently-ended period. The effective tax rates for the three-month
periods ended December 31, 2024 and 2023, were -116.7% and 20.7%, respectively. Included in net income is earnings of $22,000 on bank-owned
life insurance which is non-taxable.
Kentucky First Federal Bancorp
ITEM 3: Quantitative and Qualitative Disclosures
About Market Risk
This item is not applicable as the Company is
a smaller reporting company.
ITEM 4: Controls and Procedures
The Company’s Chief Executive Officer and
Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined under Rules
13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report, and have
concluded that the Company’s disclosure controls and procedures were effective for the purpose of ensuring that the information
required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission
(the “SEC”) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules
and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal
financial officers, as appropriate to allow timely decisions regarding required disclosure.
Based upon their evaluation, the Company’s
Chief Executive Officer and Chief Financial Officer have also concluded that there were no significant changes during the quarter ended
December 31, 2024 in the Company’s internal control over financial reporting or in other factors that have materially affected,
or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Kentucky First Federal Bancorp
PART II – OTHER INFORMATION
ITEM 1. Legal Proceedings
None.
ITEM 1A. Risk Factors
Please see “Item 1A. Risk Factors”
of the Company’s Annual Report on Form 10-K for the year ended June 30, 2024 for information regarding risk factors that could materially
affect the Company’s business, financial condition, or future results of operations. Other than as set forth below, there have been
changes with regard to the risk factors disclosed in “Item 1A. Risk Factors” of the Company’s Annual Report on Form
10-K for the year ended June 30, 2024.
Kentucky First Federal Bancorp
On January 16, 2024, we announced that the
Board had determined to suspend the payment of dividends indefinitely. Our ability to pay future dividends, and the amount that may be
paid, is subject to a number of factors, including our ability to fully and timely address the deficiencies that resulted in the formal
Agreement that First Federal Savings Bank of Kentucky has entered into with the OCC and the satisfaction of individual minimum capital
ratio requirements imposed by the OCC. Our ability to pay future dividends is also subject to our ability to receive any required regulatory
approval or non-objection to pay dividends to our shareholders, the ability of First Federal of Hazard and First Federal of Kentucky to
make capital distributions to Kentucky First Federal in order for Kentucky First Federal to declare and pay dividends to its shareholders.
On
January 16, 2024, the Company announced the suspension of quarterly dividends indefinitely. Holders of our common stock are only entitled
to receive such dividends as our Board of Directors may declare out of funds available for such payments under applicable law and regulatory
guidance. We cannot predict when or whether the Company will be able to pay future common stock dividends and if so, the amount of any
such common stock dividends. Our ability to pay future dividends and if so at what level will also be dependent on numerous factors, including:
our ability to receive any required regulatory approval or non-objection to pay dividends to our shareholders; our ability to receive
regulatory approval or non-objection to pay dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings
Bank of Kentucky to the Company in order for the Company to pay dividends to shareholders; our ability to fully and timely address the
deficiencies that resulted in the formal Agreement that First Federal Savings Bank of Kentucky entered into with the OCC on August 13,
2024, or any other deficiencies identified by the OCC or the Federal Reserve Bank of Cleveland; our ability to successfully execute our
strategy to increase earnings and core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards
higher-earning loans; and First Federal Savings Bank of Kentucky’s ability to satisfy the IMCR’s imposed by the OCC, which
require First Federal Savings Bank of Kentucky to maintain a common equity tier 1 capital ratio of at least 9.0%, a tier 1 capital
ratio of at least 11.0%, a total capital ratio of at least 12.0%, and a leverage ratio of at least 9.0%. As of December 31, 2024, the
Bank’s common equity tier 1 capital ratio was _______%, its tier 1 capital ratio was _______%, its total capital ratio was _______%,
and its leverage ratio was ______%. For additional information on the formal Agreement that First Federal Savings Bank of Kentucky has
entered into with the OCC and the IMCR’s imposed on First Federal Savings Bank of Kentucky by the OCC, please see “Management’s
Discussion and Analysis—Regulatory Developments Regarding First Federal of Kentucky.”
As the mutual holding company and majority
shareholder of Kentucky First Federal Bancorp, First Federal MHC must receive the approval of the Federal Reserve Board and the members
of First Federal MHC in order to waive the receipt of any dividends declared and paid by Kentucky First Federal Bancorp to its shareholders.
While Kentucky First Federal has previously received such approvals, those approvals have expired. The inability to receive those approvals
in the future would adversely impact Kentucky First Federal’s ability to pay dividends to its shareholders in the future.
In previous years, First Federal MHC has received
Federal Reserve Board approval to waive quarterly dividends otherwise payable by the Company totaling $0.40 per share annually beginning
with the dividend paid on September 28, 2012 and continuing through the dividend payable in the third quarter of 2024. However, First
Federal MHC did not seek to obtain regulatory approval to waive dividends for periods after the third quarter of 2024, and the prior Federal
Reserve Boad approval to waive the payment of quarterly dividends that would otherwise be payable to First Federal MHC has expired. To
the extent the Company resumes the payment of dividends in future periods, it is expected that First Federal MHC will again waive future
dividends, except to the extent dividends are needed to fund First Federal MHC’s continuing operations, subject to the ability of
First Federal MHC to obtain regulatory approval of its requests to waive dividends and to its ability to obtain member approval of dividend
waivers. We cannot predict whether members will continue to approve annual dividend waiver requests or whether the Federal Reserve Board
will grant future dividend waiver requests and, if granted, there can be no assurance as to the conditions, if any, the Federal Reserve
Board will place on future dividend waiver requests by grandfathered mutual holding companies such as First Federal MHC. If First Federal
MHC is unable to waive the receipt of dividends, the Company’s ability to pay dividends to our stockholders may be substantially
impaired and the amounts of any such dividends may be significantly reduced.
Kentucky First Federal Bancorp
ITEM 2. Unregistered Sales of Equity Securities
and Use of Proceeds
(c) The following table sets forth information
regarding Company’s repurchases of its common stock during the quarter ended December 31, 2024.
| Period | |
Total # of
shares
purchased | | |
Average
price paid
per share
(including
commissions) | | |
Total # of
shares
purchased
as part of
publicly
announced
plans or
programs | | |
Maximum #
of shares
that may
yet be
purchased
under the
plans or
programs | |
| October 1-31, 2024 | |
| – | | |
$ | – | | |
| – | | |
| – | |
| November 1-30, 2024 | |
| – | | |
$ | – | | |
| – | | |
| – | |
| December 1-31, 2024 | |
| – | | |
$ | – | | |
| – | | |
| – | |
| (1) |
On May 18, 2023, the Company announced that it had substantially completed its program to repurchase up to 150,000 shares of its Common Stock, which was initiated on February 3, 2021. |
ITEM 3. Defaults Upon Senior Securities
Not applicable.
ITEM 4. Mine Safety Disclosures.
Not applicable.
ITEM 5. Other Information
During the fiscal quarter ended December 31, 2024,
none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement or “non-Rule
10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.
Kentucky First Federal Bancorp
ITEM 6. Exhibits
| (1) |
Incorporated herein by reference to the Company’s Registration Statement on Form S-1 (File No. 333-119041). |
| |
|
| (2) |
Incorporated herein by reference to the Company’s Annual Report on Form 10-K for the Year Ended June 30, 2012 (File No. 0-51176). |
| |
|
| (3) |
Incorporated herein by reference to the Company’s Current Report on Form 8-K filed August 25, 2017 (File No. 0-51176). |
| |
|
| (4) |
Incorporated herein by reference to the Company’s Current Report on Form 8-K filed September 28, 2020 (File No. 0-51176). |
| |
|
| (5) |
Incorporated herein by reference to the Company’s Current Report on Form 8-K filed February 2, 2022 (File No. 51176). |
Kentucky First Federal Bancorp
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| |
|
KENTUCKY FIRST FEDERAL BANCORP |
| |
|
|
|
| Date: |
February 14, 2025 |
|
By: |
/s/ Don D. Jennings |
| |
|
|
Don D. Jennings |
| |
|
|
Chief Executive Officer |
| |
|
|
|
| Date: |
February 14, 2025 |
|
By: |
/s/ Tyler W. Eades |
| |
|
|
Tyler W. Eades |
| |
|
|
Vice President and Chief Financial Officer |
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