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Condensed Financial Statements of Kentucky First Federal Bancorp
 12 Months Ended
Jun. 30, 2017
Condensed Financial Statements of Kentucky First Federal Bancorp [Abstract]  
CONDENSED FINANCIAL STATEMENTS OF KENTUCKY FIRST FEDERAL BANCORP

NOTE K - CONDENSED FINANCIAL STATEMENTS OF KENTUCKY FIRST FEDERAL BANCORP

 

The following condensed financial statements summarize the financial position of Kentucky First Federal Bancorp as of June 30, 2017 and 2016, and the results of its operations and its cash flows for the fiscal years ended June 30, 2017 and 2016.

 

KENTUCKY FIRST FEDERAL BANCORP

BALANCE SHEETS

June 30, 2017 and 2016

(In thousands)

 

  2017  2016 
ASSETS      
Interest-bearing deposits in First Federal of Hazard $692  $539 
Interest-bearing deposits in First Federal of Kentucky  1,292   1,391 
Other interest-bearing deposits  20   18 
Investment in First Federal of Hazard  18,165   18,216 
Investment in Frankfort First  46,315   46,824 
Prepaid expenses and other assets  702   564 
         
Total assets $67,186  $67,552 
         
LIABILITIES AND SHAREHOLDERS’ EQUITY        
Accounts payable and other liabilities $40  $37 
         
Total liabilities  40   37 
         
Shareholders’ equity        
Common stock  86   86 
Additional paid-in capital  35,084   34,639 
Retained earnings  34,180   34,732 
Unearned employee stock ownership plan (ESOP)  (850)  (1,036)
Treasury shares at cost, 151,549 and 112,563 common shares at June 30, 2017 and 2016  (1,355)  (937)
Accumulated other comprehensive income  1   31 
Total shareholders’ equity  67,146   67,515 
         
Total liabilities and shareholders’ equity $67,186  $67,552 

 

KENTUCKY FIRST FEDERAL BANCORP

STATEMENTS OF INCOME

Years ended June 30, 2017 and 2016

(Dollar amounts in thousands)

  

  2017  2016 
Income      
Interest income $79  $86 
Dividends from First Federal of Hazard  --   -- 
Equity in undistributed (excess distributed) earnings of First Federal of Hazard  133   186 
Dividends from Frankfort First  1,564   2,057 
Equity in undistributed (excess distributed) earnings of        
Frankfort First        
   (494)  (493)
Total income  1,282   1,836 
         
Non-interest expenses  414   462 
         
Earnings before income taxes  868   1,374 
         
Federal income tax expense (benefit)  (67)  (127)
         
NET INCOME $935  $1,501 

  

KENTUCKY FIRST FEDERAL BANCORP

STATEMENTS OF CASH FLOWS

For Years ended June 30, 2017 and 2016

(Dollar amounts in thousands)

 

  2017  2016 
      
Cash flows from operating activities:      
Net earnings for the year $935  $1,501 
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Excess (deficit) distributions over earnings (undistributed earnings) from consolidated subsidiaries  361   307 
Noncash compensation expense  382   188 
Increase (decrease) in cash due to changes in:        
Prepaid expenses and other assets  (138)  (4)
Other liabilities  3   (136)
Net cash provided by operating activities  1,543   1,856 
         
Cash flows from financing activities:        
Dividends paid on common stock  (1,487)  (1,480)
Net cash used in financing activities  (1,487)  (1,480)
         
Net increase in cash and cash equivalents  56   376 
         
Cash and cash equivalents at beginning of year  1,948   1,572 
         
Cash and cash equivalents at end of year $2,004  $1,948