CKF Bancorp, Inc. Announces Earnings for Three Months Ended June 30, 2010

DANVILLE, Ky.--([ BUSINESS WIRE ])--CKF Bancorp, Inc. (OTCBB:CKFB), parent company of Central Kentucky Federal Savings Bank, reported consolidated net earnings of $55,555 for the three months ended June 30, 2010 compared to $4,054 for the three months ended June 30, 2009. Diluted earnings per share were $.05 for the three months ended June 30, 2010 compared to $.01 diluted earnings per share for the three months ended June 30, 2009. Earnings for the three months ended June 30, 2009 were affected by a one-time special assessment of Federal Deposit Insurance Corporation premiums.

Consolidated net earnings for the six months ending June 30, 2010 were $159,460 compared to $144,228 for the six months ended June 30, 2009. Diluted earnings per share were $.13 for the six months ended June 30, 2010 compared to $.12 diluted earnings per share for the six months ended June 30, 2009.

Total assets at June 30, 2010 were $131.7 million compared to $130.8 million at December 31, 2009. Loans receivable at June 30, 2010 were $110.5 million and were also $110.5 million at December 31, 2009. Deposits were $98.2 million at June 30, 2010 and were $95.5 million at December 31, 2009.

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.

CKF BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	June 30,			December 31,
ASSETS	2010			2009

Cash and cash equivalents	$	3,821,213		$	2,057,909
Investment securities		10,724,897			11,387,758
Federal Home Loan Bank stock		2,091,000			2,091,000
Loans receivable		110,479,576			110,461,589
Allowance for Loan Losses		(1,511,138	)		(1,354,740	)
Repossessed Real Estate		1,666,553			1,546,046
Other assets		4,392,984			4,562,047
Total assets	$	131,665,085		$	130,751,609

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits	$	98,234,904		$	95,549,301
Advances from the Federal Home Loan Bank		19,000,000			21,000,000
Other liabilities		549,404			449,160
Total liabilities		117,784,308			116,998,461
Shareholders' equity		13,880,777			13,753,148
Total liabilities and shareholders' equity	$	131,665,085		$	130,751,609

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

	Six months ended					Three months ended
	June 30,					June 30,
	2010		2009			2010			2009

Total interest income	$	3,403,526	$	3,910,187		$	1,713,661		$	1,915,801

Total interest expense		1,259,377		1,878,328			614,809			895,240
Net interest income		2,144,149		2,031,859			1,098,852			1,020,561
Provision for losses on loans		360,000		150,000			180,000			75,000

Net interest income after provision for losses on loans		1,784,149		1,881,859			918,852			945,561

Other income		1,615		(19,905	)		(66,900	)		(75,460	)

General, administrative and other expense		1,543,530		1,647,791			767,391			865,455

Earnings before income taxes		242,234		214,163			84,561			4,646

Federal income taxes		82,774		69,935			29,006			592

NET EARNINGS	$	159,460	$	144,228		$	55,555		$	4,054

EARNINGS PER SHARE

Basic	$	.13	$	.12		$	.05		$	.01

Diluted	$	.13	$	.12		$	.05		$	.01

DIVIDENDS DECLARED PER SHARE	$	.01	$	.20		$	--		$	--

WEIGHTED-AVERAGE SHARES OUTSTANDING

Basic		1,225,783		1,245,680			1,225,783			1,239,460

Diluted		1,225,783		1,245,680			1,225,783			1,239,460

Contributing Sources

Market Wire

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CKF Bancorp, Inc. Announces Earnings for Three Months Ended June 30, 2010