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Condensed Financial Statements of Kentucky First Federal Bancorp (Tables) | 12 Months Ended
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Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract] |
Schedule of Balance Sheets |
|  | 2020 |  |  | 2019 |
ASSETS |  |  |  |  |  |
Interest-bearing deposits in First Federal of Hazard |  | $ | 1,282 |  |  | $ | 1,168 |
Interest-bearing deposits in First Federal of Kentucky |  |  | 167 |  |  |  | 1,057 |
Other interest-bearing deposits |  |  | 34 |  |  |  | 30 |
Investment in First Federal of Hazard |  |  | 18,314 |  |  |  | 18,366 |
Investment in Frankfort First |  |  | 31,257 |  |  |  | 44,740 |
Prepaid expenses and other assets |  |  | 883 |  |  |  | 939 |
Total assets |  | $ | 51,937 |  |  | $ | 66,300 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 26 |  |  | $ | 22 |
Total liabilities |  |  | 26 |  |  |  | 22 |
Shareholders’ equity |  |  | 51,911 |  |  |  | 66,278 |
Total liabilities and shareholders’ equity |  | $ | 51,937 |  |  | $ | 66,300 |
Schedule of Statements of Income |
|  | 2020 |  |  | 2019 |
Income |  |  |  |  |  |
Interest income |  | $ | 42 |  |  | $ | 54 |
Dividends from First Federal of Hazard |  |  | 607 |  |  |  | 740 |
Equity in undistributed (excess distributed) earnings of First Federal of Hazard |  |  | (47 | ) |  |  | (224 | )
Dividends from Frankfort First |  |  | 576 |  |  |  | 2,499 |
Equity in undistributed (excess distributed) earnings of Frankfort First |  |  | (13,459 | ) |  |  | (1,981 | )
Total income |  |  | (12,281 | ) |  |  | 1,815 |
Non-interest expenses |  |  | 325 |  |  |  | 382 |
(Loss) earnings before income taxes |  |  | (12,606 | ) |  |  | 941 |
Federal income tax expense (benefit) |  |  | (59 | ) |  |  | (106 | )
Net (loss) income |  |  | (12,547 | ) |  |  | 812 |
Other comprehensive (loss) income, 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 $1 in 2020 and 2019, respectively |  |  | (2 | ) |  |  | 4 |
Comprehensive (loss) income |  | $ | (12,549 | ) |  | $ | 816 |
Schedule of Statements of Cash Flows |
|  | 2020 |  |  | 2019 |
Cash flows from operating activities: |  |  |  |  |  |
Net (loss) earnings for the year |  | $ | (12,547 | ) |  | $ | 812 |
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |  |  |  |
Excess (deficit) distributions over earnings (undistributed earnings) from consolidated subsidiaries |  |  | 13,509 |  |  |  | 2,205 |
Noncash compensation expense |  |  | 112 |  |  |  | 1,588 |
Depreciation |  |  | 12 |  |  |  | 11 |
Increase (decrease) in cash due to changes in: |  |  |  |  |  |  |  |
Prepaid expenses and other assets |  |  | 68 |  |  |  | (206 | )
Other liabilities |  |  | 4 |  |  |  | (10 | )
Net cash provided by operating activities |  |  | 1,158 |  |  |  | 2,970 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Additions to premises and equipment, net |  |  | -- |  |  |  | -- |
Net cash used in investing activities |  |  | -- |  |  |  | -- |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Treasury stock purchases |  |  | (542 | ) |  |  | (904 | )
Dividends paid on common stock |  |  | (1,388 | ) |  |  | (1,436 | )
Net cash used in financing activities |  |  | (1,930 | ) |  |  | (2,340 | )
Net increase (decrease) in cash and cash equivalents |  |  | (772 | ) |  |  | 630 |
Cash and cash equivalents at beginning of year |  |  | 2,255 |  |  |  | 1,625 |
Cash and cash equivalents at end of year |  | $ | 1,483 |  |  | $ | 2,255 |

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