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Kentucky First Federal Bancorp (KFFB+2.69%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, showing an increase in total assets to $375.7 million, up by $682,000 from June 30, 2024. This increase is attributed to a rise in loans held for sale and an increase in cash and due from financial institutions.
Cash and cash equivalents decreased by $1.0 million to $17.3 million, primarily held in interest-bearing demand deposits. The securities portfolio, consisting of mortgage-backed securities, decreased by $246,000 to $9.6 million.
Loans, net and loans held-for-sale increased by $1.5 million, totaling $333.2 million and $1.5 million, respectively. The company continues to focus on originating high-quality loans.
Non-performing loans totaled approximately $4.3 million, representing 1.3% of total loans, compared to $3.9 million or 1.2% at June 30, 2024. The allowance for credit losses was $2.1 million, covering 50.2% of non-performing loans.
Total liabilities increased by $456,000 to $327.4 million, with Federal Home Loan Bank advances rising by $1.1 million. Certificates of deposit decreased by $350,000, while demand deposit accounts fell by $753,000.
Shareholders' equity increased by $226,000 to $48.2 million, primarily due to a decrease in accumulated other comprehensive loss.
Net loss for the quarter was $15,000, an improvement from a net loss of $175,000 in the prior year. This was due to increased net interest income and higher non-interest income.
Net interest income rose by $200,000 to $1.9 million, driven by a 23.7% increase in interest income. The average rate earned on interest-earning assets increased to 5.05%.
Non-interest income increased by $63,000 to $137,000, mainly due to higher net gains on loan sales. Non-interest expenses rose by $31,000, largely due to increased data processing costs and FDIC insurance premiums.
Income tax benefit decreased to $6,000, with an effective tax rate of 28.6% for the quarter.
The filing also discusses regulatory developments, including a formal agreement with the OCC requiring First Federal of Kentucky to meet specific capital requirements and implement various strategic and risk management plans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kentucky First Federal Bancorp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.