Kentucky First Bancorp, Inc. Reports Net Earnings for The Nine and Three Months Ended March 31, 2001

Apr 10, 2001, 01:00 ET from Kentucky First Bancorp, Inc.

    CYNTHIANA, Ky., April 10 /PRNewswire/ --
     Kentucky First Bancorp, Inc. (Amex:   KYF), the holding company for First
 Federal Savings Bank, Cynthiana, Kentucky, reported net earnings for the nine
 months ended March 31, 2001 of $543,000, or $.57 diluted earnings per share,
 compared to $634,000, or $.58 diluted earnings per share, for the nine months
 ended March 31, 2000.
     Net earnings for the three months ended March 31, 2001, totaled $166,000,
 or $.18 diluted earnings per share compared to $207,000, or $.19 diluted
 earnings per share, for the three months ended March 31, 2000.
     During the nine months and three months ended March 31, 2001, Kentucky
 First Bancorp, Inc. purchased 117,028 and 8,455 treasury shares, respectively.
 Due to purchases of treasury shares, the weighted-average number of shares
 deemed outstanding for diluted earnings purposes decreased for the nine month
 and three month periods ended March 31, 2001 compared to the same periods
 ended March 31, 2000 by 135,993 and 149,316 shares, respectively.
     Kentucky First Bancorp, Inc. reported total assets of $73.6 million, total
 liabilities of $61.3 million, including deposits of $51.8 million, and
 shareholders' equity of $12.3 million.
     First Federal Savings Bank has served the Cynthiana area since 1888 and
 currently has two office locations in Cynthiana.
 
                          Kentucky First Bancorp, Inc.
            CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                 (in thousands)
 
                                                     March 31,       June 30,
     ASSETS                                              2001           2000
 
     Cash and cash equivalents                       $  1,777       $  1,601
     Investment securities                              9,267          9,018
     Mortgage-backed securities                        13,606         14,623
     Loan receivable                                   45,735         44,920
     Other assets                                       3,210          3,699
      Total assets                                   $ 73,595       $ 73,861
 
      LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Deposits                                        $ 51,821       $ 53,284
     Advances from the Federal Home Loan Bank           8,815          6,827
     Other Liabilities                                    665            767
      Total liabilities                                61,301         60,878
     Shareholders' equity                              12,294         12,983
      Total liabilities and shareholders' equity     $ 73,595       $ 73,861
 
 
 
                          Kentucky First Bancorp, Inc.
                 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                       (in thousands, except share data)
 
                                      Nine months ended      Three months ended
                                            March 31,              March 31,
                                      2001        2000        2001         2000
 
     Total interest income         $ 3,971     $ 4,030     $ 1,329      $ 1,339
     Total interest expense          2,064       1,969         707          656
      Net interest income            1,907       2,061         622          683
     Provision for losses on loans      30          27           9            9
      Net interest income after
       provision for losses
       on loans                      1,877       2,034         613          674
     Other income                      159         157          50           53
     General, administrative and
      other expense                  1,283       1,306         435          439
      Earnings before income taxes     753         885         228          288
     Federal income taxes              210         251          62           81
 
      NET EARNINGS                   $ 543       $ 634       $ 166        $ 207
 
      EARNINGS PER SHARE
       Basic                         $ .58       $ .59       $ .19        $ .20
       Diluted                       $ .57       $ .58       $ .18        $ .19
 
     WEIGHTED-AVERAGE SHARES
      OUTSTANDING
       Basic                       941,251   1,073,529     887,712    1,045,286
       Diluted                     951,321   1,087,314     901,998    1,051,314
 
 

SOURCE Kentucky First Bancorp, Inc.
    CYNTHIANA, Ky., April 10 /PRNewswire/ --
     Kentucky First Bancorp, Inc. (Amex:   KYF), the holding company for First
 Federal Savings Bank, Cynthiana, Kentucky, reported net earnings for the nine
 months ended March 31, 2001 of $543,000, or $.57 diluted earnings per share,
 compared to $634,000, or $.58 diluted earnings per share, for the nine months
 ended March 31, 2000.
     Net earnings for the three months ended March 31, 2001, totaled $166,000,
 or $.18 diluted earnings per share compared to $207,000, or $.19 diluted
 earnings per share, for the three months ended March 31, 2000.
     During the nine months and three months ended March 31, 2001, Kentucky
 First Bancorp, Inc. purchased 117,028 and 8,455 treasury shares, respectively.
 Due to purchases of treasury shares, the weighted-average number of shares
 deemed outstanding for diluted earnings purposes decreased for the nine month
 and three month periods ended March 31, 2001 compared to the same periods
 ended March 31, 2000 by 135,993 and 149,316 shares, respectively.
     Kentucky First Bancorp, Inc. reported total assets of $73.6 million, total
 liabilities of $61.3 million, including deposits of $51.8 million, and
 shareholders' equity of $12.3 million.
     First Federal Savings Bank has served the Cynthiana area since 1888 and
 currently has two office locations in Cynthiana.
 
                          Kentucky First Bancorp, Inc.
            CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                 (in thousands)
 
                                                     March 31,       June 30,
     ASSETS                                              2001           2000
 
     Cash and cash equivalents                       $  1,777       $  1,601
     Investment securities                              9,267          9,018
     Mortgage-backed securities                        13,606         14,623
     Loan receivable                                   45,735         44,920
     Other assets                                       3,210          3,699
      Total assets                                   $ 73,595       $ 73,861
 
      LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Deposits                                        $ 51,821       $ 53,284
     Advances from the Federal Home Loan Bank           8,815          6,827
     Other Liabilities                                    665            767
      Total liabilities                                61,301         60,878
     Shareholders' equity                              12,294         12,983
      Total liabilities and shareholders' equity     $ 73,595       $ 73,861
 
 
 
                          Kentucky First Bancorp, Inc.
                 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                       (in thousands, except share data)
 
                                      Nine months ended      Three months ended
                                            March 31,              March 31,
                                      2001        2000        2001         2000
 
     Total interest income         $ 3,971     $ 4,030     $ 1,329      $ 1,339
     Total interest expense          2,064       1,969         707          656
      Net interest income            1,907       2,061         622          683
     Provision for losses on loans      30          27           9            9
      Net interest income after
       provision for losses
       on loans                      1,877       2,034         613          674
     Other income                      159         157          50           53
     General, administrative and
      other expense                  1,283       1,306         435          439
      Earnings before income taxes     753         885         228          288
     Federal income taxes              210         251          62           81
 
      NET EARNINGS                   $ 543       $ 634       $ 166        $ 207
 
      EARNINGS PER SHARE
       Basic                         $ .58       $ .59       $ .19        $ .20
       Diluted                       $ .57       $ .58       $ .18        $ .19
 
     WEIGHTED-AVERAGE SHARES
      OUTSTANDING
       Basic                       941,251   1,073,529     887,712    1,045,286
       Diluted                     951,321   1,087,314     901,998    1,051,314
 
 SOURCE  Kentucky First Bancorp, Inc.