Business Wire | 38 days 13 hours 21 minutes ago
CKF Bancorp, Inc. Announces Earnings for the Three Months Ended September 30, 2009
Oct 16, 2009 8:50 AM CDT
DANVILLE, Ky.-- (BUSINESS WIRE) -- CKF Bancorp, Inc. (OTCBB:CKFB), parent company of Central Kentucky Federal Savings Bank, reported consolidated net earnings of $117,221 for the three months ended September 30, 2009 compared to a loss of $915,143 for the three months ended September 30, 2008. Diluted earnings per share were $.09 for the three months ended September 30, 2009 compared to a diluted loss per share of $.72 for the three months ended September 30, 2008. The three months ended September 30, 2008 included a one-time after-tax loss of $1,050,124, or $.82 diluted loss per share, related to an other-than-temporary impairment of the subsidiary Bank’s investment in common stock of the Federal Home Loan Mortgage Corporation, which in September 2008 was placed in conservatorship. Without the one-time after-tax loss, CKF Bancorp, Inc. would have reported earnings for the three months ended September 30, 2008 of $134,981, or $.10 diluted earnings per share.
Consolidated net earnings for the nine months ending September 30, 2009 were $261,449 compared to a loss of $636,481 for the nine months ended September 30, 2008. Diluted earnings per share were $.21 for the nine months ended September 30, 2009 compared to a diluted loss per share of .50 for the nine months ended September 30, 2008. The nine months ended September 30, 2008 included a one-time after-tax loss of $1,050,124, or $.82 diluted earnings per share, related to the aforementioned other-than-temporary impairment of the subsidiary Bank’s investment in common stock of the Federal Home Loan Mortgage Corporation.
Total assets at September 30, 2009 were $131.6 million compared to $140.9 million at December 31, 2008. Loans receivable at September 30, 2009 were $112.1 million compared to $119.5 million at December 31, 2008. Deposits were $96.5 million at September 30, 2009 and were $98.7 million at December 31, 2008.
Central Kentucky Federal Savings Bank's main office is located at 340 W. Main Street, Danville, Kentucky. The Bank also operates two full service branch offices, located in Danville and Lancaster, Kentucky. The Company’s stock trades over the counter as CKFB.OB.
| CKF BANCORP, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||
| September 30, | December 31, | |||||||
| ASSETS | 2009 | 2008 | ||||||
| Cash and cash equivalents | $ | 1,533,623 | $ | 2,905,056 | ||||
| Investment securities | 11,672,172 | 11,761,535 | ||||||
| Federal Home Loan Bank stock | 2,091,000 | 2,091,000 | ||||||
| Loans receivable | 112,109,625 | 119,463,185 | ||||||
| Allowance for Loan Losses | (1,141,770 | ) | (1,244,855 | ) | ||||
| Repossessed Real Estate | 1,576,628 | 2,054,398 | ||||||
| Other assets | 3,788,538 | 3,917,486 | ||||||
| Total assets | $ | 131,629,816 | $ | 140,947,805 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Deposits | $ | 96,539,146 | $ | 98,734,311 | ||||
| Advances from the Federal Home Loan Bank | 20,500,000 | 27,500,000 | ||||||
| Other liabilities | 716,382 | 546,395 | ||||||
| Total liabilities | 117,755,528 | 126,780,706 | ||||||
| Shareholders' equity | 13,874,288 | 14,167,099 | ||||||
| Total liabilities and shareholders' equity | $ | 131,629,816 | $ | 140,947,805 | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||
| Nine months ended | Three months ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||
| Total interest income | $ | 5,722,797 | $ | 6,695,798 | $ | 1,812,610 | $ | 2,123,728 | ||||||
| Total interest expense | 2,654,978 | 3,831,074 | 776,650 | 1,171,561 | ||||||||||
| Net interest income | 3,067,819 | 2,864,724 | 1,035,960 | 952,167 | ||||||||||
| Provision for losses on loans | 270,000 | 120,000 | 120,000 | 60,000 | ||||||||||
|
Net interest income after provision for losses on loans |
2,797,819 | 2,744,724 | 915,960 | 892,167 | ||||||||||
| Other income | 31,920 | (1,423,573 | ) | 51,825 | (1,516,732 | ) | ||||||||
| General, administrative and other expense | 2,437,665 | 2,279,032 | 789,874 | 756,804 | ||||||||||
| Earnings before income taxes | 392,074 | (957,881 | ) | 177,911 | (1,381,369 | ) | ||||||||
| Federal income taxes | 130,625 | (321,400 | ) | 60,690 | (466,226 | ) | ||||||||
| NET EARNINGS | $ | 261,449 | $ | (636,481 | ) | $ | 117,221 | $ | (915,143 | ) | ||||
| EARNINGS PER SHARE | ||||||||||||||
| Basic | $ | 0.21 | $ | (0.50 | ) | $ | 0.09 | $ | (0.72 | ) | ||||
| Diluted | $ | 0.21 | $ | (0.50 | ) | $ | 0.09 | $ | (0.72 | ) | ||||
| DIVIDENDS DECLARED PER SHARE | $ | 0.30 | $ | 0.56 | $ | 0.10 | $ | 0.20 | ||||||
| WEIGHTED-AVERAGE SHARES OUTSTANDING | ||||||||||||||
| Basic | 1,240,404 | 1,281,651 | 1,230,023 | 1,270,876 | ||||||||||
| Diluted | 1,240,404 | 1,286,284 | 1,230,023 | 1,274,968 | ||||||||||
CKF Bancorp, Inc.
Russell M. Brooks, 859-236-4181
Fax:
859-236-4363
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