Kentucky First Federal Bancorp (KFFB) has reported a 37.13 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $0.25 million, or $0.03 a share in the quarter, compared with $0.40 million, or $0.05 a share for the same period last year. Revenue during the quarter dropped 9.93 percent to $2.49 million from $2.77 million in the previous year period. Net interest income for the quarter dropped 6.55 percent over the prior year period to $2.47 million. Non-interest income for the quarter fell 39.68 percent over the last year period to $0.08 million.
chief executive officer Don D. Jennings commented that “after several years, we are finally beginning to see some vitality in our central Kentucky markets. During the three- and six-month periods ended December 31, 2016, our loan portfolio repriced downward due to the historically low interest rate environment that has prevailed for so many years. However, we are encouraged by the recent growth in our loan portfolio and the current direction of interest rates in general. Our loan portfolio at December 31, 2016, increased by $8.8 million or 3.7% compared to June 30, 2016. Increased loan demand and the prospect of decreased regulatory burden gives us reason to feel optimistic.”
Assets, liabilities remain almost stable
Total assets stood at $305.85 million as on Dec. 31, 2016, down 0.32 percent compared with $306.84 million on Dec. 31, 2015. On the other hand, total liabilities stood at $238.38 million as on Dec. 31, 2016, down 0.36 percent from $239.25 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $247.26 million as on Dec. 31, 2016, up 1.35 percent compared with $243.97 million on Dec. 31, 2015. Deposits stood at $183.10 million as on Dec. 31, 2016, down 4.88 percent compared with $192.48 million on Dec. 31, 2015. Investments stood at $9.46 million as on Dec. 31, 2016, down 41.06 percent or $6.59 million from year-ago. Shareholders equity stood at $67.46 million as on Dec. 31, 2016, down 0.19 percent or $0.13 million from year-ago.
Book value per share was $7.95 for the quarter.
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