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Condensed Financial Statements of Kentucky First Federal Bancorp | 12 Months Ended
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Jun. 30, 2021
Condensed Financial Information Disclosure [Abstract] |
CONDENSED FINANCIAL STATEMENTS OF KENTUCKY FIRST FEDERAL BANCORP | NOTE L - 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, 2021 and 2020, and the results of its operations and its cash flows for the fiscal years ended June 30, 2021 and 2020.
|  | 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 |
|  | 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 | )
|  | 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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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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