Condensed Financial Statements of Kentucky First Federal Bancorp (Tables)

12 Months Ended

Jun. 30, 2017

	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

	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 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

	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