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Condensed Financial Statements of Kentucky First Federal Bancorp
 12 Months Ended
Jun. 30, 2023
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, 2023 and 2022, and the results of its operations and its cash flows for the fiscal years ended June 30, 2023 and 2022.

 

(in thousands)  2023   2022 
ASSETS        
Interest-bearing deposits in First Federal of Hazard  $473   $1,185 
Interest-bearing deposits in First Federal of Kentucky   657    703 
Other interest-bearing deposits   
-
    9 
Investment in First Federal of Hazard   18,035    18,433 
Investment in Frankfort First   30,610    31,139 
Prepaid expenses and other assets   988    602 
Total assets  $50,763   $52,071 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Accounts payable and other liabilities  $52   $46 
    52    46 
Shareholders’ equity   50,711    52,025 
Total liabilities and shareholders’ equity  $50,763   $52,071 

  

(in thousands)  2023   2022 
Income        
Interest income  $4   $14 
Non-interest income   
-
    
-
 
Dividends from First Federal of Hazard   935    846 
Equity in undistributed (excess distributed) earnings of First Federal of Hazard   (218)   32 
Dividends from Frankfort First   681    1,480 
Equity in undistributed (excess distributed) earnings of Frankfort First   (267)   (475)
Total income   1,135    1,897 
Non-interest expenses   382    384 
Earnings before income taxes   753    1,513 
Income tax expense (benefit)   (180)   (77)
Net income (loss)   933    1,590 
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 $142 and $0 in 2023 and 2022, respectively		   (427)   
-
 
   $506   $1,590 

 

(in thousands)  2023   2022 
Cash flows from operating activities:        
Net earnings for the year  $933   $1,590 
Adjustments to reconcile net earnings to net cash provided by operating activities:          
Excess (deficit) distributions over earnings (undistributed earnings from consolidated subsidiaries   485    443 
Noncash compensation expense   4    73 
Increase (decrease) in cash due to changes in:          
Prepaid expenses and other assets   (371)   (106)
Other liabilities   6    (181)
Net cash provided by operating activities   1,057    1,819 
           
Cash flows from financing activities:          
Treasury stock purchases   (461)   (540)
Dividends paid on common stock   (1,363)   (1,394)
Net cash used in financing activities   (1,824)   (1,934)
Net increase (decrease) in cash and cash equivalents   (767)   (115)
Cash and cash equivalents at beginning of year   1,897    2,012 
Cash and cash equivalents at end of year  $1,130   $1,897