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CKF Bancorp, Inc. Announces a Loss for the Three Months Ended December 31, 2008

^{Published on 2009-02-12 10:03:09, Last Modified on 2009-02-12 10:04:29 - Market Wire}
 

DANVILLE, Ky.--([ BUSINESS WIRE ])--CKF Bancorp, Inc. (OTCBB:CKFB), parent company of Central Kentucky Federal Savings Bank, reported a consolidated net loss of $203,812 for the three months ended December 31, 2008 compared to a loss of $44,218 for the three months ended December 31, 2007. The diluted loss per share was $.16 for the three months ended December 31, 2008 compared to a diluted loss per share of $.03 for the three months ended December 31, 2007. The losses in each of the three month periods ended December 31, 2008 and 2007 were related to larger than usual provisions for loan losses.

CKF Bancorp, Inc.'s consolidated net loss for the twelve months ending December 31, 2008 was $839,993 compared to net earnings of $727,941 for the twelve months ended December 31, 2007. The diluted loss per share was $.66 for the twelve months ended December 31, 2008 compared to diluted earnings per share of $.56 for the twelve months ended December 31, 2007. The twelve months ended December 31, 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 by the federal government. Without the one-time after-tax loss, CKF Bancorp, Inc. would have reported earnings for the twelve months ended December 31, 2008 of $210,131, or $.16 diluted earning per share.

The subsidiary Bank's core capital at December 31, 2008 was $11.8 million, which exceeds the regulatory requirement to be considered well-capitalized by $3.4 million. Total assets of CKF Bancorp, Inc. at December 31, 2008 were $140.9 million compared to $149.6 million at December 31, 2007. Loans receivable at December 31, 2008 were $119.5 million compared to $132.9 million at December 31, 2007. Deposits were $98.7 million at December 31, 2008 and were $106.9 million at December 31, 2007.

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 in Lancaster, Kentucky.