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Condensed Financial Statements of Kentucky First Federal Bancorp | 12 Months Ended
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Jun. 30, 2018
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, 2018 and 2017, and the results of its operations and its cash flows for the fiscal years ended June 30, 2018 and 2017. KENTUCKY FIRST FEDERAL BANCORP BALANCE SHEETS June 30, 2018 and 2017 (In thousands)
|  | 2018 |  |  | 2017 |
ASSETS |  |  |  |  |  |
Interest-bearing deposits in First Federal of Hazard |  | $ | 794 |  |  | $ | 692 |
Interest-bearing deposits in First Federal of Kentucky |  |  | 808 |  |  |  | 1,292 |
Other interest-bearing deposits |  |  | 23 |  |  |  | 20 |
Investment in First Federal of Hazard |  |  | 18,342 |  |  |  | 18,165 |
Investment in Frankfort First |  |  | 46,526 |  |  |  | 46,315 |
Prepaid expenses and other assets |  |  | 742 |  |  |  | 702 |
Total assets |  | $ | 67,235 |  |  | $ | 67,186 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 32 |  |  | $ | 40 |
Total liabilities |  |  | 32 |  |  |  | 40 |
Shareholders’ equity |  |  | 67,203 |  |  |  | 67,146 |
Total liabilities and shareholders’ equity |  | $ | 67,235 |  |  | $ | 67,186 |
KENTUCKY FIRST FEDERAL BANCORP STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years ended June 30, 2018 and 2017 (Dollar amounts in thousands)
|  | 2018 |  |  | 2017 |
Income |  |  |  |  |  |
Interest income |  | $ | 68 |  |  | $ | 79 |
Dividends from First Federal of Hazard |  |  | 133 |  |  |  | -- |
Equity in undistributed earnings of First Federal of Hazard |  |  | 172 |  |  |  | 133 |
Dividends from Frankfort First |  |  | 1,070 |  |  |  | 1,564 |
Equity in undistributed (excess distributed) earnings of Frankfort First |  |  | 185 |  |  |  | (494 | )
Total income |  |  | 1,628 |  |  |  | 1,282 |
Non-interest expenses |  |  | 402 |  |  |  | 414 |
Earnings before income taxes |  |  | 1,226 |  |  |  | 868 |
Federal income tax expense (benefit) |  |  | (97 | ) |  |  | (67 | )
Net income |  |  | 1,323 |  |  |  | 935 |
Other comprehensive income (loss), net of tax-related effects: |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on securities designated as available for sale during the year, net of taxes (benefits) of $(1) and $6 in 2018 and 2017, respectively |  |  | (1 | ) |  |  | 12 |
Less: Reclassification adjustment for gains included in net income, net of tax benefits of $0 and $22 in 2018 and 2017, respectively |  |  | -- |  |  |  | (42 | )
Total other comprehensive income |  |  | (1 | ) |  |  | (30 | )
Comprehensive income |  | $ | 1,322 |  |  | $ | 905 |
KENTUCKY FIRST FEDERAL BANCORP STATEMENTS OF CASH FLOWS For Years ended June 30, 2018 and 2017 (Dollar amounts in thousands)
|  | 2018 |  |  | 2017 |
Cash flows from operating activities: |  |  |  |  |  |
Net earnings for the year |  | $ | 1,323 |  |  | $ | 935 |
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |  |  |  |
Excess (deficit) distributions over earnings (undistributed earnings) from consolidated subsidiaries |  |  | (357 | ) |  |  | 361 |
Noncash compensation expense |  |  | 188 |  |  |  | 382 |
Increase (decrease) in cash due to changes in: |  |  |  |  |  |  |  |
Prepaid expenses and other assets |  |  | (23 | ) |  |  | (138 | )
Other liabilities |  |  | (8 | ) |  |  | 3 |
Net cash provided by operating activities |  |  | 1,123 |  |  |  | 1,543 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Additions to premises and equipment, net |  |  | (49 | ) |  |  | -- |
Net cash used in investing activities |  |  | (49 | ) |  |  | -- |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Dividends paid on common stock |  |  | (1,453 | ) |  |  | (1,487 | )
Net cash used in financing activities |  |  | (1,453 | ) |  |  | (1,487 | )
Net increase (decrease) in cash and cash equivalents |  |  | (379 | ) |  |  | 56 |
Cash and cash equivalents at beginning of year |  |  | 2,004 |  |  |  | 1,948 |
Cash and cash equivalents at end of year |  | $ | 1,625 |  |  | $ | 2,004 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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