Frankfort First Bancorp, Inc. Releases Earnings

Apr 16, 2001, 01:00 ET from Frankfort First Bancorp, Inc.

    FRANKFORT, Ky., April 16 /PRNewswire/ --
     Frankfort First Bancorp, Inc. (Nasdaq:   FKKY), the holding company for
 First Federal Savings Bank of Frankfort, Kentucky, announced net earnings of
 $395,000 or $0.31 diluted earnings per share for the three month period ended
 March 31, 2001, compared to $393,000 or $0.29 diluted earnings per share for
 the three month period ended March 31, 2000.  This represents a 6.9% increase
 in diluted earnings per share for the quarter.  Net earnings for the nine
 month period ended March 31, 2001 was $1,185,000 or diluted earnings per share
 of $0.93 compared to net earnings of $1,189,000 or diluted earnings per share
 of $0.82 for the nine month period ended March 31, 2000.
     The Company's earnings are primarily derived from net interest income,
 which has remained relatively stable during the three and nine month periods
 ended March 31, 2001.  The increase in earnings per share is largely a result
 of the Company's stock repurchase efforts.
     At March 31, 2001 the Company reported its book value per share as $14.51
 compared to $14.26 at June 30, 2000.
     In addition to historical information, the preceding discussion may
 contain forward-looking statements that involve risk and uncertainties.
 Economic circumstances, the Company's operations, and the Company's actual
 results could differ significantly from those discussed in the forward-looking
 statements.
     First Federal Savings Bank of Frankfort operates three offices in
 Frankfort, Kentucky.  Frankfort First Bancorp, Inc. shares are traded on the
 Nasdaq National Market under the symbol FKKY.  At March 31, 2001, the Company
 had approximately 1,246,000 shares outstanding.
 
     SUMMARY OF FINANCIAL HIGHLIGHTS
 
     Condensed Consolidated Statements of Financial Condition
     (Unaudited)
                                    March 31,    June 30,
                                        2001        2000
                            (In thousands, except per share data)
 
     Assets
     Cash and Cash Equivalents      $  3,450    $    978
     Investment Securities             2,091       2,079
      Loans Receivable, net          137,873     137,792
      Other Assets                     4,605       4,605
       Total Assets                 $148,019    $145,454
 
     Liabilities
      Deposits                      $ 80,853    $ 82,502
      FHLB Advances                   47,484      42,108
      Other Liabilities                1,604       2,020
       Total Liabilities             129,941     126,630
 
     Shareholders' Equity             18,078      18,824
 
     Total Liabilities and Equity   $148,019    $145,454
 
     Book Value Per Share           $  14.51    $  14.26
 
 
    Condensed Consolidated Statements of Earnings
     (Unaudited)
 
                       Nine Months Ended March 31, Three Months Ended March 31,
                               2001          2000         2001          2000
                                    (In thousands, except per share data)
 
     Interest Income         $8,208        $7,468       $2,777         2,537
     Interest Expense         5,168         4,408        1,750         1,503
     Net Interest Income      3,040         3,060        1,027         1,034
     Provision for Losses
      on Loans                   --             1           --             1
     Other Operating Income      35            32           10             9
     General, Administrative,
      and Other Expense       1,280         1,289          438           446
 
     Earnings Before Federal
      Income Taxes            1,795         1,802          599           596
     Federal Income Taxes       610           613          204           203
     Net Earnings            $1,185        $1,189        $ 395         $ 393
 
     Basic Earnings
      Per Share              $ 0.93        $ 0.83        $0.31         $0.29
     Diluted Earnings
      Per Share              $ 0.93        $ 0.82        $0.31         $0.29
     Dividends Per Share     $ 0.78        $ 0.72        $0.26         $0.24
 
 

SOURCE Frankfort First Bancorp, Inc.
    FRANKFORT, Ky., April 16 /PRNewswire/ --
     Frankfort First Bancorp, Inc. (Nasdaq:   FKKY), the holding company for
 First Federal Savings Bank of Frankfort, Kentucky, announced net earnings of
 $395,000 or $0.31 diluted earnings per share for the three month period ended
 March 31, 2001, compared to $393,000 or $0.29 diluted earnings per share for
 the three month period ended March 31, 2000.  This represents a 6.9% increase
 in diluted earnings per share for the quarter.  Net earnings for the nine
 month period ended March 31, 2001 was $1,185,000 or diluted earnings per share
 of $0.93 compared to net earnings of $1,189,000 or diluted earnings per share
 of $0.82 for the nine month period ended March 31, 2000.
     The Company's earnings are primarily derived from net interest income,
 which has remained relatively stable during the three and nine month periods
 ended March 31, 2001.  The increase in earnings per share is largely a result
 of the Company's stock repurchase efforts.
     At March 31, 2001 the Company reported its book value per share as $14.51
 compared to $14.26 at June 30, 2000.
     In addition to historical information, the preceding discussion may
 contain forward-looking statements that involve risk and uncertainties.
 Economic circumstances, the Company's operations, and the Company's actual
 results could differ significantly from those discussed in the forward-looking
 statements.
     First Federal Savings Bank of Frankfort operates three offices in
 Frankfort, Kentucky.  Frankfort First Bancorp, Inc. shares are traded on the
 Nasdaq National Market under the symbol FKKY.  At March 31, 2001, the Company
 had approximately 1,246,000 shares outstanding.
 
     SUMMARY OF FINANCIAL HIGHLIGHTS
 
     Condensed Consolidated Statements of Financial Condition
     (Unaudited)
                                    March 31,    June 30,
                                        2001        2000
                            (In thousands, except per share data)
 
     Assets
     Cash and Cash Equivalents      $  3,450    $    978
     Investment Securities             2,091       2,079
      Loans Receivable, net          137,873     137,792
      Other Assets                     4,605       4,605
       Total Assets                 $148,019    $145,454
 
     Liabilities
      Deposits                      $ 80,853    $ 82,502
      FHLB Advances                   47,484      42,108
      Other Liabilities                1,604       2,020
       Total Liabilities             129,941     126,630
 
     Shareholders' Equity             18,078      18,824
 
     Total Liabilities and Equity   $148,019    $145,454
 
     Book Value Per Share           $  14.51    $  14.26
 
 
    Condensed Consolidated Statements of Earnings
     (Unaudited)
 
                       Nine Months Ended March 31, Three Months Ended March 31,
                               2001          2000         2001          2000
                                    (In thousands, except per share data)
 
     Interest Income         $8,208        $7,468       $2,777         2,537
     Interest Expense         5,168         4,408        1,750         1,503
     Net Interest Income      3,040         3,060        1,027         1,034
     Provision for Losses
      on Loans                   --             1           --             1
     Other Operating Income      35            32           10             9
     General, Administrative,
      and Other Expense       1,280         1,289          438           446
 
     Earnings Before Federal
      Income Taxes            1,795         1,802          599           596
     Federal Income Taxes       610           613          204           203
     Net Earnings            $1,185        $1,189        $ 395         $ 393
 
     Basic Earnings
      Per Share              $ 0.93        $ 0.83        $0.31         $0.29
     Diluted Earnings
      Per Share              $ 0.93        $ 0.82        $0.31         $0.29
     Dividends Per Share     $ 0.78        $ 0.72        $0.26         $0.24
 
 SOURCE  Frankfort First Bancorp, Inc.