Kentucky First Federal Bancorp - KFFB STOCK NEWS

Kentucky First Federal Bancorp (Nasdaq: KFFB) reported a net loss of $1.7 million or ($0.21) per share for the fiscal year ended June 30, 2024, compared to net earnings of $933,000 or $0.11 per share in the previous year. The results were significantly impacted by a $947,000 goodwill impairment charge, representing 100% of remaining goodwill. Net interest income declined by 21% to $7.0 million, with interest income up 27.6% but interest expense surging 137.9%. The company's assets grew 7.4% to $374.9 million, while total liabilities increased 9.6% to $327.0 million. Despite challenges, management noted improving net interest income trends and expects continued improvement to lead the company back to profitability.

Kentucky First Federal Bancorp (Nasdaq: KFFB) has announced significant changes to its board of directors. R. Clay Hulette has been appointed to the company's board, serving until the annual meeting on November 14, 2024, where he will run for a two-year term. Hulette, a long-time member of First Federal Savings Bank of Kentucky's board since 2012, has an extensive history with the company, including roles as Vice President, Treasurer, President, and CFO before retiring on January 1, 2024.

Additionally, Walter G. Ecton, Jr. has been elected as the new Chairman of the Board for Kentucky First Federal Bancorp. Ecton has been a director of the company since its inception in 2005 and also serves as a director for First Federal Savings and Loan of Hazard. These appointments represent significant leadership changes for KFFB, potentially impacting the company's future direction and governance.

Kentucky First Federal Bancorp (Nasdaq: KFFB) announced the retirement of Tony D. Whitaker as Chairman of the Board, effective August 1, 2024. Whitaker, 78, has served as Chairman since the company's inception in 2005 and was CEO from 2005 to 2012. His banking career spans over 50 years, including roles at First Federal Savings and Loan of Hazard and other institutions.

Don D. Jennings, President and CEO of Kentucky First Federal Bancorp, expressed mixed emotions about Whitaker's retirement, acknowledging his significant contributions to the company and the banking industry. Whitaker will also step down as Chairman of the Board of First Federal Savings Bank of Kentucky, a subsidiary of the company.

Kentucky First Federal Bancorp reported a net loss of $107,000 for the three months ended March 31, 2024, compared to net earnings of $144,000 for the same period in 2023. The net loss for the nine months ended March 31, 2024, was $643,000, a significant decrease from net earnings of $891,000 for the nine months ended March 31, 2023. The decrease in net earnings was primarily due to lower net interest income, with interest expense increasing more than interest income.

Kentucky First Federal Bancorp (Nasdaq: KFFB) reported a net loss for the three and six months ended December 31, 2023, due to a decrease in net interest income and an increase in non-interest expenses. The company's net earnings saw a significant decline compared to the same periods in 2022, primarily attributed to interest rate increases affecting funding sources more than assets. Despite higher interest income, higher interest expenses led to the net loss. The company's Chief Executive Officer, Don Jennings, highlighted the challenges faced in the current market environment and the impact on liabilities and assets. Additionally, the adoption of a new accounting standard for credit loss calculation resulted in adjustments to the allowance for credit losses and shareholders' equity. Overall, the company's financial performance has been affected by various factors, including interest rate changes and accounting adjustments.

Kentucky First Federal Bancorp (Nasdaq: KFFB) has announced the indefinite suspension of the quarterly cash dividend on the Company's common stock due to historical increases in short-term market interest rates and a persistent inversion of the yield curve, resulting in compressed net interest margins and lower earnings at the bank level. The Board of Directors emphasized that the Banks are well-capitalized and that asset quality remains good. The President and CEO stated that future dividend payments will depend on the Banks' ability to generate positive retained earnings and enhanced liquidity, with the intention to re-evaluate the payment of a quarterly dividend in the future as soon as possible.

Kentucky First Federal Bancorp (Nasdaq: KFFB) Announces Net Loss and Factors Affecting Financial Performance

Kentucky First Federal Bancorp announces cash dividend payment and reduction in future dividends due to decline in earnings.

Kentucky First Federal Bancorp announces net income of $933,000 for the year ended June 30, 2023, a decrease of 41.3% compared to the previous year. Net interest income decreased by 3.3% and non-interest income decreased by 41.4%. Total assets increased by 6.4% to $349.0 million. Deposits decreased by 5.6% to $226.3 million. The Community Bank Leverage Ratio for the Company was 15.0%.