HAZARD, Ky. and FRANKFORT, Ky., Aug. 17, 2012 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq:KFFB) (the "Company"), the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Frankfort, Kentucky, announced net income of $1.7 million or $0.23 diluted earnings per share for the year ended June 30, 2012, which represents a $41,000 or 2.3% decrease from the year ended June 30, 2011. The decrease in earnings year over year was due primarily to higher income tax expense. Although net income before taxes increased $695,000 or 37.4% to $2.6 million for the year ended June 30, 2012, compared to the prior year period, income tax expense increased a disproportional $736,000 to $840,000 for the recently ended year. Effective income tax rates for the years ended June 30, 2012 and 2011, were 32.9% and 5.6%, respectively, due to recognition of a $403,000 tax refund in the prior year. Net interest income after provision for loan losses increased $938,000 or 13.6% to $7.8 million for the 2012 year because of higher net interest income before provision for loan loss expense and lower provision expense as well. Net interest income before loss provision increased $409,000 or 5.4% to $8.0 million for the twelve months ended June 30, 2012, while provision for loan losses decreased $529,000 or 79.2% to $139,000 for the recently ended year.
The Company reported net income of $378,000 or $0.05 diluted earnings per share for the three months ended June 30, 2012, compared to $555,000 or $0.07 per share for the three months ended June 30, 2011. The decrease in net profit of $177,000, or 31.9%, was due primarily to a decrease in net interest income and an increase in provision for loan losses. Net interest income decreased $73,000 or 3.6% for the three month period ended June 30, 2012 to $1.9 million, compared to $2.0 million in the prior-year quarter, while the provision for loan losses for the recently-ended quarterly period was $57,000 compared to no provision for the same period a year ago. Income tax expense increased $75,000 or 68.8% to $184,000 for the three months ended June 30, 2012.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV