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Condensed Financial Statements of Kentucky First Federal Bancorp

12 Months Ended

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

X

- References

No definition available.

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X

- 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

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