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Kentucky First Federal Bancorp (KFFB+2.69%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing shows a decrease in total assets to $374.2 million from $374.9 million as of June 30, 2024. The decrease is attributed to a reduction in loans and securities available-for-sale.
Cash and cash equivalents increased to $21.0 million, primarily due to an increase in fed funds sold, which rose to $6.9 million.
The company's securities portfolio decreased by $1.0 million, totaling $8.8 million, consisting mainly of mortgage-backed securities.
Loans, net and loans held-for-sale, decreased by $2.8 million, with loans receivable, net, totaling $330.2 million.
Non-performing loans were reported at $3.0 million, representing 0.9% of total loans, down from $3.9 million or 1.2% at the end of the previous fiscal year.
The allowance for credit losses (ACL) remained at $2.1 million, representing 70.9% of non-performing loans.
Total liabilities decreased by $818,000, mainly due to a reduction in Federal Home Loan Bank advances.
Shareholders' equity increased slightly to $48.1 million, with accumulated other comprehensive loss decreasing by $60,000.
The company reported a net loss of $2,000 for the six months ended December 31, 2024, compared to a net loss of $536,000 in the same period the previous year.
Net interest income increased by 17.4% to $3.9 million, driven by a rise in interest income from loans.
Non-interest income increased by 154.5% to $308,000, mainly due to gains from the sale of loans.
Non-interest expense rose by 2.0% to $4.22 million, primarily due to increased legal expenses.
The company suspended its quarterly dividends indefinitely, citing regulatory requirements and strategic considerations.
First Federal Savings Bank of Kentucky is subject to a formal agreement with the OCC, requiring specific capital and operational improvements.
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 February 14, 2025. To report an error, please email earnings@qz.com.