Kentucky First Federal Bancorp (KFFB) Bundle
A Brief History of Kentucky First Federal Bancorp (KFFB)
Formation and Initial Public Offering
Kentucky First Federal Bancorp was established in 1997 as a savings and loan holding company. It was formed to provide a structure for the existing Kentucky First Federal Savings Bank.
The company went public on November 9, 1998, trading under the ticker symbol KFFB on the NASDAQ exchange. The initial public offering raised approximately $6.8 million.
Acquisition of Assets
In 2001, KFFB acquired certain assets and liabilities of First Federal Savings Bank of Kentucky. The acquisition significantly expanded KFFB's asset base and market presence.
At the time of acquisition, the total assets of KFFB reached around $210 million, and the company had a deposit portfolio of approximately $190 million.
Financial Performance
In the fiscal year ending December 31, 2022, KFFB reported a net income of $1.5 million, which marked a significant increase from the previous year.
The company's total assets stood at approximately $250 million, while total equity amounted to $23 million.
Investment Strategy and Community Involvement
KFFB has consistently focused on local community investments. As of 2023, the company allocated about $2 million towards local community development projects.
- Investment in affordable housing initiatives: $500,000
- Support for local businesses: $1 million
- Education and scholarship programs: $500,000
Recent Developments
In 2023, Kentucky First Federal Bancorp announced a strategic partnership with a fintech company to enhance digital banking services. This partnership is expected to improve customer experience and increase accessibility.
The company also reported a 5% growth in deposits from the previous year, totaling approximately $220 million as of Q1 2023.
Key Financial Ratios
| Financial Metric | Value |
|---|---|
| Return on Assets (ROA) | 0.6% |
| Return on Equity (ROE) | 6.5% |
| Net Interest Margin | 3.1% |
| Efficiency Ratio | 70% |
Stock Performance
As of October 2023, KFFB's stock price is approximately $8.50, maintaining a market capitalization of around $30 million.
The company has a P/E ratio of 20, reflecting stable investor confidence and growth potential in the financial sector.
Outlook
Looking forward, KFFB aims to expand its footprint in Kentucky while enhancing its digital capabilities. The company is focusing on increasing operational efficiencies and continuing its commitment to the community.
A Who Owns Kentucky First Federal Bancorp (KFFB)
Ownership Structure
Ownership Structure
The ownership of Kentucky First Federal Bancorp (KFFB) is characterized by a mix of institutional and individual shareholders. As of the latest available data, the ownership is distributed among various categories.
| Ownership Type | Percentage Owned | Number of Shares |
|---|---|---|
| Institutional Investors | 37.8% | 1,158,000 |
| Insiders | 5.2% | 160,000 |
| Retail Investors | 57.0% | 1,724,000 |
Major Shareholders
Key shareholders play a significant role in the governance and decision-making processes of KFFB. Here are the notable shareholders:
| Shareholder Name | Ownership Percentage | Shares Held |
|---|---|---|
| BlackRock, Inc. | 10.5% | 318,000 |
| Vanguard Group, Inc. | 9.8% | 294,000 |
| Directors and Executive Officers | 5.2% | 160,000 |
Recent Shareholder Activity
Recent activity among shareholders has shown trends in trading volume and changes in ownership percentages.
| Activity Type | Shares Traded | Percentage Change |
|---|---|---|
| Shares Bought | 200,000 | 1.5% |
| Shares Sold | 150,000 | 1.1% |
| Dividend Payouts | N/A | $0.15 per share |
Market Capitalization
The current market capitalization of Kentucky First Federal Bancorp is approximately:
| Metric | Value |
|---|---|
| Market Cap | $30 million |
| Current Stock Price | $9.00 |
Performance Metrics
KFFB’s performance metrics indicate strong financial health and operational efficiency:
| Metric | Value |
|---|---|
| Return on Assets (ROA) | 1.02% |
| Return on Equity (ROE) | 8.5% |
| Net Interest Margin | 3.8% |
Kentucky First Federal Bancorp (KFFB) Mission Statement
Company Overview
Kentucky First Federal Bancorp (KFFB) is a federal savings bank based in the United States, primarily serving Kentucky. The institution is dedicated to providing quality financial services while supporting the communities in which it operates. As of the latest financial reports, KFFB holds assets totaling approximately $318 million.
Core Values
- Integrity: KFFB emphasizes ethical practices in all its interactions.
- Community Engagement: The organization actively participates in local community initiatives.
- Customer Focus: Providing personalized banking experiences is central to their mission.
- Innovation: KFFB seeks to adopt new technologies that enhance customer convenience.
Financial Performance
As of December 31, 2022, KFFB reported a net income of approximately $3.5 million. The bank's total equity was around $34 million, reflecting a strong capital position. The return on assets (ROA) stood at 1.05%, while the return on equity (ROE) was reported at 10.29%.
| Financial Metric | 2022 Amount | 2021 Amount |
|---|---|---|
| Total Assets | $318 million | $305 million |
| Net Income | $3.5 million | $3.2 million |
| Total Equity | $34 million | $31 million |
| Return on Assets (ROA) | 1.05% | 1.04% |
| Return on Equity (ROE) | 10.29% | 10.10% |
Community Involvement
KFFB invests in the local community through various initiatives. The bank has contributed approximately $150,000 to local charities and community programs in 2022. These contributions focus on education, housing, and health services.
Customer Service Commitment
KFFB strives to enhance the customer experience through various channels. The bank has increased its digital banking services, which saw over 10,000 active users in 2022, up from 8,000 users in 2021. Customer satisfaction ratings have reached an impressive 92% in recent surveys.
Future Goals
KFFB aims to expand its services across Kentucky, targeting a growth in customer base by 15% over the next two years. The bank plans to invest in technology enhancements worth $500,000 to improve service delivery and security.
Conclusion
The mission statement of KFFB reflects its commitment to delivering exceptional financial services while maintaining a focus on community engagement and customer satisfaction. The metrics and goals outlined demonstrate KFFB’s dedication to sustainable growth.
How Kentucky First Federal Bancorp (KFFB) Works
Business Overview
Kentucky First Federal Bancorp (KFFB) operates as a bank holding company in Kentucky. It provides a range of financial services primarily through its subsidiary, First Federal Savings Bank. As of 2023, KFFB had total assets of approximately $313.2 million, and total deposits amounting to $239.1 million.
Financial Performance
In the second quarter of 2023, KFFB reported net income of $1.1 million, with a year-to-date net income of $2.3 million. The earnings per share (EPS) stood at $0.28 for the quarter.
Key Financial Metrics
| Metric | Value |
|---|---|
| Total Assets | $313.2 million |
| Total Deposits | $239.1 million |
| Net Income (Q2 2023) | $1.1 million |
| Year-to-Date Net Income | $2.3 million |
| Earnings per Share (EPS) | $0.28 |
| Return on Assets (ROA) | 0.83% |
| Return on Equity (ROE) | 8.14% |
Loan Portfolio
The loan portfolio of KFFB comprises primarily real estate loans, which accounted for approximately 78% of total loans as of mid-2023. This includes single-family residential mortgages and commercial real estate loans. The total loan amount reported was $146.9 million.
Investment Strategy
KFFB invests in various securities including U.S. government and agency securities, state and municipal securities, and corporate bonds. As of the end of the second quarter of 2023, the investment securities portfolio totaled $79.5 million.
Market Presence
KFFB operates multiple branches across Kentucky, primarily in the geographical location of Monticello. The bank focuses on community banking and has established strong relationships with local customers.
Regulatory Environment
As a federally chartered savings bank, KFFB is subject to stringent regulations from the Office of Thrift Supervision and other regulatory bodies. The bank maintains compliance with the capital requirements defined by regulations, with a total capital ratio of 13.2%.
Recent Developments
KFFB has recently engaged in community outreach programs and expanded its digital banking services to enhance customer experience and meet changing consumer preferences. The bank is also exploring new lending products to diversify its portfolio.
Customer Base
- Residential Customers
- Small to Medium Enterprises (SMEs)
- Non-profit Organizations
Conclusion
As of 2023, KFFB continues to evolve its business model by focusing on community-oriented banking and enhancing financial service offerings. The bank’s strong financial standing and commitment to its customers solidify its position within the local banking sector.
How Kentucky First Federal Bancorp (KFFB) Makes Money
Interest Income
Interest Income
Kentucky First Federal Bancorp generates income primarily through interest earned on loans and securities. The significant categories include:
- Residential mortgage loans
- Commercial real estate loans
- Consumer loans
- Securities investments
As of the fiscal year 2023, KFFB reported:
| Income Source | Amount ($ million) |
|---|---|
| Residential mortgage loans | 17.5 |
| Commercial real estate loans | 10.2 |
| Consumer loans | 3.8 |
| Securities investments | 4.5 |
| Total Interest Income | 36.0 |
Non-Interest Income
KFFB also earns non-interest income from various sources including:
- Service charges on deposits
- Loan fees
- Investment advisory services
- Other income sources
In the fiscal year 2023, the reported non-interest income was as follows:
| Non-Interest Income Source | Amount ($ million) |
|---|---|
| Service charges on deposits | 2.3 |
| Loan fees | 1.1 |
| Investment advisory services | 0.5 |
| Other income sources | 0.9 |
| Total Non-Interest Income | 5.8 |
Expense Management
Effective management of expenses is crucial to KFFB's profitability. Major expense categories include:
- Interest expense on deposits
- Operating expenses
- Loan loss provisions
The breakdown of expenses for the fiscal year 2023 is as follows:
| Expense Category | Amount ($ million) |
|---|---|
| Interest expense on deposits | 11.0 |
| Operating expenses | 15.5 |
| Loan loss provisions | 1.2 |
| Total Expenses | 27.7 |
Profitability Metrics
For the fiscal year 2023, KFFB's profitability can be summarized with the following key metrics:
| Metric | Value ($ million) |
|---|---|
| Total Interest Income | 36.0 |
| Total Non-Interest Income | 5.8 |
| Total Expenses | 27.7 |
| Net Income | 14.1 |
Conclusion of Operations
Kentucky First Federal Bancorp's earnings largely stem from a combination of interest and non-interest income, effectively managed expenses, and strategic loan offerings. With a total net income of $14.1 million for the fiscal year 2023, KFFB demonstrates a solid financial foundation.
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