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Condensed Financial Statements of Kentucky First Federal Bancorp (Tables) | 12 Months Ended
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Jun. 30, 2018
Condensed Financial Statements of Kentucky First Federal Bancorp [Abstract] |
Schedule of Balance Sheets |
|  | 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 |
Schedule of Statements of Income |
|  | 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 |
Schedule of Statements of Cash Flows |
|  | 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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