KENTUCKY FIRST FEDERAL BANCORP : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSOF OPERATIONS (form 10-Q)

Published: 2022-05-16 11:21:05 ET KFFB

Forward-Looking Statements

1 Includes loan fees, immaterial in amount, in both interest income and the

Discussion of Financial Condition Changes from June 30, 2021 to March 31, 2022

Business Continuity, Processes and Controls

Discussion of Financial Condition Changes from June 30, 2021 to March 31, 2022 (continued)

Financial Position and Results of Operations

Lending Operations and Credit Risk

Discussion of Financial Condition Changes from June 30, 2021 to March 31, 2022 (continued)

Assets: At March 31, 2022, the Company's assets totaled $333.9 million, a decrease of $4.2 million, or 1.2%, from total assets at June 30, 2021. This increase was attributed primarily to an increase in cash and cash equivalents.

The table below shows the aggregate amounts of our assets classified for regulatory purposes at the dates indicated:

Discussion of Financial Condition Changes from June 30, 2021 to March 31, 2022 (continued)

Shareholders' Equity: At March 31, 2022, the Company's shareholders' equity totaled $52.6 million, an increase of $350,000 or 0.7% from the June 30, 2021 total. The change in shareholders' equity was primarily associated with net profits for the period less dividends paid on common stock.

Comparison of Operating Results for the Nine-month Periods Ended March 31, 2022 and 2021

Net interest spread decreased from 2.93% for the prior year nine month period to 2.71% for the nine-month period ended March 31, 2022.

Comparison of Operating Results for the Nine-month Periods Ended March 31, 2022 and 2021 (continued)

Non-interest expense decreased $385,000 or 6.3% and totaled $5.7 million for the nine months ended March 31, 2022.

Comparison of Operating Results for the Three-month Periods Ended March 31, 2022 and 2021 (continued)

Net interest spread decreased 41 basis points from 2.92% for the prior year quarterly period to 2.51% for the three-month period ended March 31, 2022.

Provision for Losses on Loans

Comparison of Operating Results for the Three-month Periods Ended March 31, 2022 and 2021 (continued)