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Condensed Financial Statements of Kentucky First Federal Bancorp (Tables) | 12 Months Ended
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Jun. 30, 2022
Condensed Financial Information Disclosure [Abstract] |
Schedule of balance sheets |
|  | 2022 |  |  | 2021 |
ASSETS |  |  |  |  |  |
Interest-bearing deposits in First Federal of Hazard |  | $ | 1,185 |  |  | $ | 933 |
Interest-bearing deposits in First Federal of Kentucky |  |  | 703 |  |  |  | 1,070 |
Other interest-bearing deposits |  |  | 9 |  |  |  | 9 |
Cash and cash equivalents |  |  | 1,897 |  |  |  | 2,012 |
Investment in First Federal of Hazard |  |  | 18,433 |  |  |  | 18,407 |
Investment in Frankfort First |  |  | 31,139 |  |  |  | 31,646 |
Prepaid expenses and other assets |  |  | 602 |  |  |  | 458 |
Total assets |  | $ | 52,071 |  |  | $ | 52,523 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 46 |  |  | $ | 227 |
|  |  | 46 |  |  |  | 227 |
Shareholders’ equity |  |  | 52,025 |  |  |  | 52,296 |
Total liabilities and shareholders’ equity |  | $ | 52,071 |  |  | $ | 52,523 |
Schedule of statements of income |
|  | 2022 |  |  | 2021 |
Income |  |  |  |  |  |
Interest income |  | $ | 14 |  |  | $ | 27 |
Non-interest income |  |  | - |  |  |  | 15 |
Dividends from First Federal of Hazard |  |  | 846 |  |  |  | 590 |
Equity in undistributed (excess distributed) earnings of First Federal of Hazard |  |  | 32 |  |  |  | 101 |
Dividends from Frankfort First |  |  | 1,480 |  |  |  | 826 |
Equity in undistributed (excess distributed) earnings of Frankfort First |  |  | (475 | ) |  |  | 434 |
Total income |  |  | 1,897 |  |  |  | 1,993 |
Non-interest expenses |  |  | 384 |  |  |  | 330 |
Earnings before income taxes |  |  | 1,513 |  |  |  | 1,663 |
Income tax benefit |  |  | (77 | ) |  |  | (157 | )
Net income |  |  | 1,590 |  |  |  | 1,820 |
Other comprehensive (loss) income, net of tax-related effects: |  |  |  |  |  |  |  |
Unrealized holding losses on securities designated as available-for-sale during the year, net of tax benefits of $0 and $(1) in 2022 and 2021, respectively |  |  | - |  |  |  | (2 | )
|  | $ | 1,590 |  |  | $ | 1,818 |
Schedule of statements of cash flows |
|  | 2022 |  |  | 2021 |
Cash flows from operating activities: |  |  |  |  |  |
Net earnings for the year |  | $ | 1,590 |  |  | $ | 1,820 |
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |  |  |  |
Excess (deficit) distributions over earnings (undistributed earnings from consolidated subsidiaries |  |  | 443 |  |  |  | (535 | )
Noncash compensation expense |  |  | 73 |  |  |  | 122 |
Gain on sale of automobile |  |  | - |  |  |  | 15 |
Depreciation |  |  | - |  |  |  | 11 |
Increase (decrease) in cash due to changes in: |  |  |  |  |  |  |  |
Prepaid expenses and other assets |  |  | (106 | ) |  |  | 449 |
Other liabilities |  |  | (181 | ) |  |  | 201 |
Net cash provided by operating activities |  |  | 1,819 |  |  |  | 2,084 |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Treasury stock purchases |  |  | (540 | ) |  |  | (167 | )
Dividends paid on common stock |  |  | (1,394 | ) |  |  | (1,388 | )
Net cash used in financing activities |  |  | (1,934 | ) |  |  | (1,555 | )
Net increase (decrease) in cash and cash equivalents |  |  | (115 | ) |  |  | 529 |
Cash and cash equivalents at beginning of year |  |  | 2,012 |  |  |  | 1,483 |
Cash and cash equivalents at end of year |  | $ | 1,897 |  |  | $ | 2,012 |

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