# EDGAR Filing Document

**Accession Number:** 0001297341
**File Stem:** 0001213900-23-009239
**Filing Date:** 2023-2
**Character Count:** 14985
**Document Hash:** 8ae5cf1e23bb4e08421b57f60ad97b5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-009239.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001213900-23-009239

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230207

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kentucky First Federal Bancorp
- **CENTRAL INDEX KEY:** 0001297341
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **IRS NUMBER:** 611484858
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51176
- **FILM NUMBER:** 23598514

**BUSINESS ADDRESS:**
- **STREET 1:** 479 MAIN STREET
- **CITY:** HAZARD
- **STATE:** KY
- **ZIP:** 41702
- **BUSINESS PHONE:** (606) 436-3860

**MAIL ADDRESS:**
- **STREET 1:** 479 MAIN STREET
- **CITY:** HAZARD
- **STATE:** KY
- **ZIP:** 41702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kentucky First Federal Bancorp Inc
- **DATE OF NAME CHANGE:** 20040715

?xml version="1.0" encoding="utf-8"?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **<u>February 7, 2023</u>**

**<u>KENTUCKY FIRST FEDERAL BANCORP</u>**

(Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **United States** | **0-51176** | **61-1484858** |
| (State or other jurisdiction of | (Commission File Number) | (IRS Employer |
| incorporation or organization) |  | Identification No.) |

---

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| | |
|:---|:---|
| **655 Main Street, Hazard, Kentucky** | **41702** |
| (Address of principal executive offices) | (Zip Code) |

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**<u>(502) 223-1638</u>**

(Registrant's telephone number, including area code)

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value per share KFFB | The NASDAQ Stock Market LLC |

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| | |
|:---|:---|
| **Item 2.02** | **<u>Results of Operations and Financial Condition</u>** |

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On February 7, 2023, Kentucky First Federal Bancorp (the "Company") announced its unaudited financial results for the six and three months ended December 31, 2022. For more information, see the Company's press release dated February 7, 2023, which is filed as Exhibit 99.1 hereto and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item** **9.01** | **<u>Financial Statements and Exhibits</u>** |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable

The following exhibit is filed herewith:

99.1 [Press Release dated February 7, 2023](ea172978ex99-1_kentucky.htm) <br> 104 Cover Page Interactive Data File (formatted as Inline XBRL)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | KENTUCKY FIRST FEDERAL BANCORP | KENTUCKY FIRST FEDERAL BANCORP |
| Date: February 8, 2023 | By: | /s/ R. Clay Hulette |
|  |  | R. Clay Hulette |
|  |  | Vice President and Chief Finance Officer |

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## Exhibit 99.1

**EXHIBIT 99.1**

Kentucky First Federal Bancorp

Hazard, Kentucky, Frankfort, Kentucky, Danville, Kentucky and Lancaster, Kentucky

For Immediate Release February 7, 2023

Contact: Don Jennings, President, or Clay Hulette, Vice President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502) 223-1638

216 West Main Street

P.O. Box 535

Frankfort, KY 40602

**Kentucky First Federal Bancorp Releases Earnings**

Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company (the "Company") for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, Frankfort, Kentucky, announced net earnings of $374,000 or $0.04 diluted earnings per share for the three months ended December 31, 2022, compared to net earnings of $482,000 or $0.06 diluted earnings per share for the three months ended December 31, 2021, a decrease of $108,000 or 22.4%. Net earnings were $747,000 or $0.09 diluted earnings per share for the six months ended December 31, 2022, compared to net earnings of $1.1 million or $0.13 diluted earnings per share for the six months ended December 31, 2021, a decrease of $303,000 or 28.9%.

The decrease in net earnings for the quarter ended December 31, 2022 was primarily attributable to higher non-interest expense, higher income taxes, and lower non-interest income, which were partially offset by increased net interest income. Non-interest expense increased $136,000 or 7.2% to $2.0 million for the quarter ended December 31, 2022, due primarily to higher employee compensation and benefits, as well as higher auditing and accounting costs. Employee compensation and benefits costs increased quarter to quarter chiefly due to general salary increases as well as lower expense in the prior year quarter related to the defined benefit pension plan. Income taxes increased $56,000 to $113,000 for the quarter just ended, which had an effective income tax rate of 23.2%. Non-interest income decreased $31,000 or 31.0% to $69,000 for the recently ended quarter due primarily to decreased net gains on sales of loans. Interest rates have risen significantly since March 2022, which has resulted in a reduced demand for long-term fixed rate loans, which the Company routinely sells to the FHLB of Cincinnati after they are originated. Net interest income increased $115,000 or 4.9% to $2.4 million for the quarter just ended compared to the prior year quarter, as interest income increased at a faster pace than interest expense. Interest income increased $350,000 or 12.6% to $3.1 million, while interest expense increased $235,000 or 52.5% and totaled $683,000 for the three months ended December 31, 2022. The increase in interest income period-to-period was due primarily to increased average rate earned on interest-earning assets, as the average rate earned increased 49 basis points to 3.88% for the period. Interest expense increased period-to-period due primarily to increased average rate paid on funding sources as the average rate paid increased 36 basis points to 1.02% for the three-month period ended December 31, 2022.

The decrease in net earnings on a six-month basis was primarily attributable to lower non-interest income, increased provision for loan losses, and higher non-interest expense, which were partially offset by increased net interest income and lower income taxes. Non-interest income decreased $161,000 or 49.1% and totaled $167,000 for the recently-ended six month period, primarily due to decreased net gains on sales of loans. The Company recorded provision for loan losses of $113,000 for the six-month period ended December 31, 2022, compared to no provision for the prior year period. Management determined that a $113,000 provision for loan loss was prudent in light of the relatively large increase in the loan portfolio during the period. Loans, net, increased $24.4 million or 8.9% and totaled $299.0 million at December 31, 2022, compared to $274.6 million at June 30, 2022. Non-interest expense increased $83,000 or 2.1% to $4.0 million for the six months ended December 31, 2022. Net interest income increased $42,000 or 0.9% to $4.9 million, as interest income increased at a faster pace than interest expense for the six months just ended. Interest income increased $261,000 or 4.5% to $6.0 million for the semi-annual period just ended, while interest expense increased $219,000 or 23.9% and totaled $1.1 million for the six months ended December 31, 2022. The increase in interest income period-to-period was due primarily to increased average rate earned on interest-earning assets, as the average rate earned increased 27 basis points to 3.77% for the period. Interest expense increased period-to-period due primarily to increased average rate paid on funding sources as the average rate paid increased 19 basis points to 0.87% for the six-month period ended December 31, 2022.

At December 31, 2022, assets totaled $335.4 million, an increase of $7.3 million or 2.2%, compared to $328.1 million at June 30, 2022. The increase in assets was attributed primarily to increases in loans, net and investment securities. Loans, net increased $24.4 million or 8.9%, and totaled $299.0 million at December 31, 2022, while investment securities increased $3.0 million or 28.0% and totaled $13.8 million. Cash and cash equivalents decreased $18.2 million or 70.4% to $7.7 million at December 31, 2022. Liabilities increased $7.7 million or 2.8% and totaled $283.7 million at December 31, 2022 due to an increase in advances, which totaled $73.2 million at December 31, 2022, an increase of $39.2 million or 115.0% compared to June 30, 2022. Advances were used to offset a decrease in deposits, which totaled $209.4 million at December 31, 2022, a decrease of $30.5 million or 12.7% at the end of the period.

At December 31, 2022, the Company reported its book value per share as $6.34. The change in shareholders' equity was primarily associated with net profits for the period, less dividends paid on common stock and common stock repurchased for treasury purposes less unrealized loss on available-for-sale investments, net of income tax effect.

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, 2022. 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, 2022, the Company had approximately 8,139,695 shares outstanding of which approximately 58.1% was held by First Federal MHC.

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| | | |
|:---|:---|:---|
| **SUMMARY OF FINANCIAL HIGHLIGHTS** | **SUMMARY OF FINANCIAL HIGHLIGHTS** | **SUMMARY OF FINANCIAL HIGHLIGHTS** |
| **Condensed Consolidated Balance Sheets** | | |
| (In thousands, except share data) | December 31, | June 30, |
|  | 2022 | 2022 |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $7654 | $25823 |
| &nbsp;&nbsp;&nbsp;Investment Securities | 13843 | 10816 |
| &nbsp;&nbsp;&nbsp;Loans available-for sale |  | 152 |
| &nbsp;&nbsp;&nbsp;Loans, net | 298964 | 274583 |
| &nbsp;&nbsp;&nbsp;Real estate acquired through foreclosure | 10 | 10 |
| &nbsp;&nbsp;&nbsp;Goodwill | 947 | 947 |
| &nbsp;&nbsp;&nbsp;Other Assets | 13959 | 15749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $335377 | $328080 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $209383 | $239857 |
| &nbsp;&nbsp;&nbsp;FHLB Advances | 73228 | 34066 |
| &nbsp;&nbsp;&nbsp;Other Liabilities | 1125 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 283736 | 276055 |
| Shareholders' Equity | 51641 | 52025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $335377 | $328080 |
| Book value per share | $6.34 | $6.38 |
| Tangible book value per share | $6.23 | $6.26 |
| Outstanding shares | 8139695 | 8154695 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | | | |
| (In thousands, except share data) |  |  |  |  |
|  | Six months ended<br> December 31, | Six months ended<br> December 31, | Three months ended<br> December 31, | Three months ended<br> December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| Interest Income | $6016 | $5755 | $3131 | $2781 |
| Interest Expense | 1136 | 917 | 683 | 448 |
| Net Interest Income | 4880 | 4838 | 2448 | 2333 |
| Provision for Losses on Loans | 113 |  |  |  |
| Non-interest Income | 167 | 328 | 69 | 100 |
| Non-interest Expense | 3958 | 3875 | 2030 | 1894 |
| Income Before Income Taxes | 976 | 1291 | 487 | 539 |
| Income Taxes | 229 | 241 | 113 | 57 |
| Net Income | $747 | $1050 | $374 | $482 |
| Earnings per share: |  |  |  |  |
| Basic and Diluted | $0.09 | $0.13 | $0.04 | $0.06 |
| Weighted average outstanding shares: |  |  |  |  |
| Basic and Diluted | 8152477 | 8216836 | 8150718 | 8217207 |

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