| 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, 2022 and 2021, and the results of its operations and
its cash flows for the fiscal years ended June 30, 2022 and 2021.
| | |
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 | |
| | |
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 | |
| | |
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 | |
|