Kentucky First Federal Bancorp Announces Initiation of New Stock Repurchase Plan
Kentucky First Federal Bancorp (KFFB) has nearly finished its stock repurchase program initiated on December 19, 2018. The Board of Directors has now approved a new program allowing for the purchase of up to 150,000 shares, which will be held as treasury stock. Repurchases will occur through open market purchases or private transactions, depending on market conditions. As of December 31, 2020, approximately 8,236,715 shares were outstanding, with 57.4% held by First Federal MHC.
- Completion of the previous stock repurchase program enhances shareholder value.
- New authorization for repurchase of 150,000 shares may support stock price.
- Shares will be held as treasury stock, potentially increasing earnings per share.
- Stock repurchase program's dependency on market conditions introduces uncertainty.
- No guarantee regarding the exact number of shares to be repurchased.
HAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq: KFFB) the holding company for First Federal Savings and Loan Association of Hazard, Kentucky and First Federal Savings Bank of Kentucky, Frankfort, Kentucky, announced that the Company has substantially completed the stock repurchase program which was initiated December 19, 2018, and that the Board of Directors has authorized the purchase of up to 150,000 shares in a new stock repurchase program. The shares repurchased through the new program will be held as treasury stock. Repurchases will be effected through open market purchases or unsolicited privately negotiated transactions. The stock repurchase program will be dependent on market conditions and there is no guarantee as to the exact number of shares that the Company will repurchase.
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company, changes in the securities markets and the Risk Factors described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2020. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.
Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association of Hazard, which operates one banking office in Hazard, Kentucky and First Federal Savings Bank of Kentucky, which operates three banking offices in Frankfort, Kentucky, two banking offices in Danville, Kentucky and one banking office in Lancaster, Kentucky. Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB. At December 31, 2020, the Company had approximately 8,236,715 shares outstanding of which approximately
Contact:
Kentucky First Federal Bancorp
Don Jennings, President
Clay Hulette, Vice President
(502) 223-1638
FAQ
What is the new stock repurchase program announced by KFFB?
When was the previous stock repurchase program initiated?
How will the new shares be acquired by KFFB?
What impact might the stock repurchase have on KFFB's stock price?
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