Business & Finance
Business and Finance
Business and Finance
Mon, October 25, 2010 CKF Bancorp, Inc. Announces Earnings for Three Months Ended September 30, 2010
DANVILLE, Ky.--([ BUSINESS WIRE ])--CKF Bancorp, Inc. (OTCBB:CKFB), parent company of Central Kentucky Federal Savings Bank, reported consolidated net earnings of $82,095 for the three months ended September 30, 2010 compared to $117,221 for the three months ended September 30, 2009. Diluted earnings per share were $.07 for the three months ended September 30, 2010 compared to $.09 diluted earnings per share for the three months ended September 30, 2009.
Consolidated net earnings for the nine months ending September 30, 2010 were $241,555 compared to $261,449 for the nine months ended September 30, 2009. Diluted earnings per share were $.20 for the nine months ended September 30, 2010 compared to $.21 diluted earnings per share for the nine months ended September 30, 2009.
Total assets at September 30, 2010 were $132.9 million compared to $130.8 million at December 31, 2009. Loans receivable at September 30, 2010 were $109.8 million and were $110.5 million at December 31, 2009. Deposits were $100.3 million at September 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 | |||||||||||||
| September 30, | December 31, | ||||||||||||
| ASSETS | 2010 | 2009 | |||||||||||
| Cash and cash equivalents | $ | 6,316,235 | $ | 2,057,909 | |||||||||
| Investment securities | 10,370,636 | 11,387,758 | |||||||||||
| Federal Home Loan Bank stock | 2,091,000 | 2,091,000 | |||||||||||
| Loans receivable | 109,761,339 | 110,461,589 | |||||||||||
| Allowance for Loan Losses | (1,578,996) | (1,354,740 | ) | ||||||||||
| Repossessed Real Estate | 1,575,400 | 1,546,046 | |||||||||||
| Other assets | 4,346,955 | 4,562,047 | |||||||||||
| Total assets | $ | 132,882,569 | $ | 130,751,609 | |||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
| Deposits | $ | 100,257,356 | $ | 95,549,301 | |||||||||
| Advances from the Federal Home Loan Bank | 18,000,000 | 21,000,000 | |||||||||||
| Other liabilities | 682,172 | 449,160 | |||||||||||
| Total liabilities | 118,939,528 | 116,998,461 | |||||||||||
| Shareholders' equity | 13,943,041 | 13,753,148 | |||||||||||
| Total liabilities and shareholders' equity | $ | 132,882,569 | $ | 130,751,609 | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||
| Nine months ended | Three months ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2010 | 2009 | 2010 | 2009 | ||||||||||
| Total interest income | $ | 5,100,920 | $ | 5,722,797 | $ | 1,697,394 | $ | 1,812,610 | |||||
| Total interest expense | 1,835,183 | 2,654,978 | 575,806 | 776,650 | |||||||||
| Net interest income | 3,265,737 | 3,067,819 | 1,121,588 | 1,035,960 | |||||||||
| Provision for losses on loans | 600,000 | 270,000 | 240,000 | 120,000 | |||||||||
Net interest income after provision for losses on loans | 2,665,737 | 2,797,819 | 881,588 | 915,960 | |||||||||
| Other income | 16,728 | 31,920 | 15,113 | 51,825 | |||||||||
| General, administrative and other expense | 2,315,532 | 2,437,665 | 772,002 | 789,874 | |||||||||
| Earnings before income taxes | 366,933 | 392,074 | 124,699 | 177,911 | |||||||||
| Federal income taxes | 125,378 | 130,625 | 42,604 | 60,690 | |||||||||
| NET EARNINGS | $ | 241,555 | $ | 261,449 | $ | 82,095 | $ | 117,221 | |||||
| EARNINGS PER SHARE | |||||||||||||
| Basic | $ | .20 | $ | .21 | $ | .07 | $ | .09 | |||||
| Diluted | $ | .20 | $ | .21 | $ | .07 | $ | .09 | |||||
| DIVIDENDS DECLARED PER SHARE | $ | .02 | $ | .30 | $ | .01 | $ | .10 | |||||
| WEIGHTED-AVERAGE SHARES OUTSTANDING | |||||||||||||
| Basic | 1,225,592 | 1,240,404 | 1,225,217 | 1,230,023 | |||||||||
| Diluted | 1,225,592 | 1,240,404 | 1,225,217 | 1,230,023 | |||||||||
