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Condensed Financial Statements of Kentucky First Federal Bancorp (Tables) | 12 Months Ended
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Jun. 30, 2021
Condensed Financial Information Disclosure [Abstract] |
Schedule of balance sheets |
|  | 2021 |  |  | 2020 |
ASSETS |  |  |  |  |  |
Interest-bearing deposits in First Federal of Hazard |  | $ | 933 |  |  | $ | 1,282 |
Interest-bearing deposits in First Federal of Kentucky |  |  | 1,070 |  |  |  | 167 |
Other interest-bearing deposits |  |  | 9 |  |  |  | 34 |
Investment in First Federal of Hazard |  |  | 18,407 |  |  |  | 18,314 |
Investment in Frankfort First |  |  | 31,646 |  |  |  | 31,257 |
Prepaid expenses and other assets |  |  | 458 |  |  |  | 883 |
Total assets |  | $ | 52,523 |  |  | $ | 51,937 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 227 |  |  | $ | 26 |
Total liabilities |  |  | 227 |  |  |  | 26 |
Shareholders’ equity |  |  | 52,296 |  |  |  | 51,911 |
Total liabilities and shareholders’ equity |  | $ | 52,523 |  |  | $ | 51,937 |
Schedule of statements of income |
|  | 2021 |  |  | 2020 |
Income |  |  |  |  |  |
Interest income |  | $ | 27 |  |  | $ | 42 |
Non-interest income |  |  | 15 |  |  |  | -- |
Dividends from First Federal of Hazard |  |  | 590 |  |  |  | 607 |
Equity in undistributed (excess distributed) earnings of First Federal of Hazard |  |  | 101 |  |  |  | (47 | )
Dividends from Frankfort First |  |  | 826 |  |  |  | 576 |
Equity in undistributed (excess distributed) earnings of Frankfort First |  |  | 434 |  |  |  | (13,459 | )
Total income |  |  | 1,993 |  |  |  | (12,281 | )
Non-interest expenses |  |  | 330 |  |  |  | 325 |
Earnings (loss) before income taxes |  |  | 1,663 |  |  |  | (12,606 | )
Income tax expense (benefit) |  |  | (157 | ) |  |  | (59 | )
Net income (loss) |  |  | 1,820 |  |  |  | (12,547 | )
Other comprehensive (loss) income, net of tax-related effects: |  |  |  |  |  |  |  |
Unrealized holding losses on securities designated as available for sale during the year, net of taxes (benefits) of $(1) and $(1) in 2021 and 2020, respectively |  |  | (2 | ) |  |  | (2 | )
Comprehensive income (loss) |  | $ | 1,818 |  |  | $ | (12,549 | )
Schedule of statements of cash flows |
|  | 2021 |  |  | 2020 |
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net (loss) earnings for the year |  | $ | 1,820 |  |  | $ | (12,547 | )
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |  |  |  |
Excess (deficit) distributions over earnings (undistributed earnings) from consolidated subsidiaries |  |  | (535 | ) |  |  | 13,509 |
Noncash compensation expense |  |  | 122 |  |  |  | 112 |
Gain on sale of automobile |  |  | 16 |  |  |  | -- |
Depreciation |  |  | 11 |  |  |  | 12 |
Increase (decrease) in cash due to changes in: |  |  |  |  |  |  |  |
Prepaid expenses and other assets |  |  | 449 |  |  |  | 68 |
Other liabilities |  |  | 201 |  |  |  | 4 |
Net cash provided by operating activities |  |  | 2,084 |  |  |  | 1,158 |
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 |  |  | (167 | ) |  |  | (542 | )
Dividends paid on common stock |  |  | (1,388 | ) |  |  | (1,388 | )
Net cash used in financing activities |  |  | (1,555 | ) |  |  | (1,930 | )
Net increase (decrease) in cash and cash equivalents |  |  | 529 |  |  |  | (772 | )
Cash and cash equivalents at beginning of year |  |  | 1,483 |  |  |  | 2,255 |
Cash and cash equivalents at end of year |  | $ | 2,012 |  |  | $ | 1,483 |

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