Business & Finance
Business and Finance
Business and Finance
Mon, July 18, 2011
Sun, July 17, 2011
Sat, July 16, 2011
Fri, July 15, 2011 CKF Bancorp, Inc. Announces Earnings for Three Months Ended June 30, 2011 and Payment of a Semi-Annual Cash Dividend
DANVILLE, Ky.--([ BUSINESS WIRE ])--CKF Bancorp, Inc. (OTCBB:CKFB), parent company of Central Kentucky Federal Savings Bank, reported consolidated net earnings of $70,734 for the three months ended June 30, 2011 compared to $55,555 for the three months ended June 30, 2010. Diluted earnings per share were $.06 for the three months ended June 30, 2011 compared to $.05 diluted earnings per share for the three months ended June 30, 2010.
Consolidated net earnings for the six months ending June 30, 2011 were $123,398 compared to $159,460 for the six months ended June 30, 2010. Diluted earnings per share were $.10 for the six months ended June 30, 2011 compared to $.13 diluted earnings per share for the six months ended June 30, 2010.
Total assets at June 30, 2011 were $131.0 million compared to $130.5 million at December 31, 2010. Loans receivable at June 30, 2011 were $109.9 million compared to $108.5 million at December 31, 2010. Deposits were $103.3 million at June 30, 2011 and were $101.1 million at December 31, 2010.
Also, CKF Bancorp, Inc.a™s Board of Directors has declared a semi-annual cash dividend of $ .05 per share, payable on August 10, 2011, to stockholders of record as of July 28, 2011. The cash dividend is an increase from the $.01 per share dividend paid the previous semi-annual period.
William H. Johnson, President and Chief Executive Officer of the Company, stated that the Board of Directors determined that the payment of this dividend was appropriate in light of the Companya™s capital position and financial condition. Though the Company remains well capitalized as defined by regulation, the Board deems it prudent given the banking industrya™s current economic condition to preserve capital by continuing to pay a modest dividend.
Central Kentucky Federal Savings Banka™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 | 2011 | 2010 | ||||||||||||||||
| Cash and cash equivalents | $ | 3,093,369 | $ | 5,167,995 | ||||||||||||||
| Investment securities | 12,420,146 | 10,911,623 | ||||||||||||||||
| Federal Home Loan Bank stock | 2,091,000 | 2,091,000 | ||||||||||||||||
| Loans receivable | 109,893,726 | 108,489,854 | ||||||||||||||||
| Allowance for loan losses | (1,903,300 | ) | (1,699,292 | ) | ||||||||||||||
| Repossessed real estate | 1,188,478 | 1,205,084 | ||||||||||||||||
| Other assets | 4,191,341 | 4,308,504 | ||||||||||||||||
| Total assets | $ | 130,974,760 | $ | 130,474,768 | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
| Deposits | $ | 103,327,736 | $ | 101,086,844 | ||||||||||||||
| Advances from the Federal Home Loan Bank | 13,000,000 | 15,000,000 | ||||||||||||||||
| Other liabilities | 577,158 | 430,058 | ||||||||||||||||
| Total liabilities | 116,904,894 | 116,516,902 | ||||||||||||||||
| Shareholders' equity | 14,069,866 | 13,957,866 | ||||||||||||||||
| Total liabilities and shareholders' equity | $ | 130,974,760 | $ | 130,474,768 | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||||
| Six months ended | Three months ended | |||||||||||||||||
| June 30, | June 30, | |||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||
| Total interest income | $ | 3,153,475 | $ | 3,403,526 | $ | 1,589,246 | $ | 1,713,661 | ||||||||||
| Total interest expense | 1,034,092 | 1,259,377 | 509,816 | 614,809 | ||||||||||||||
| Net interest income | 2,119,383 | 2,144,149 | 1,079,430 | 1,098,852 | ||||||||||||||
| Provision for losses on loans | 450,000 | 360,000 | 225,000 | 180,000 | ||||||||||||||
Net interest income after provision for losses on loans | 1,669,383 | 1,784,149 | 854,430 | 918,852 | ||||||||||||||
| Other income | 101,033 | 1,615 | 38,413 | (66,900 | ) | |||||||||||||
| General, administrative and other expense | 1,581,785 | 1,543,530 | 784,209 | 767,391 | ||||||||||||||
| Earnings before income taxes | 188,631 | 242,234 | 108,634 | 84,561 | ||||||||||||||
| Federal income taxes | 65,233 | 82,774 | 37,900 | 29,006 | ||||||||||||||
| NET EARNINGS | $ | 123,398 | $ | 159,460 | $ | 70,734 | $ | 55,555 | ||||||||||
| EARNINGS PER SHARE | ||||||||||||||||||
| Basic | $ | .10 | $ | .13 | $ | .06 | $ | .05 | ||||||||||
| Diluted | $ | .10 | $ | .13 | $ | .06 | $ | .05 | ||||||||||
| DIVIDENDS DECLARED PER SHARE | $ | .01 | $ | .01 | $ | -- | $ | -- | ||||||||||
| WEIGHTED-AVERAGE SHARES OUTSTANDING | ||||||||||||||||||
| Basic | 1,224,853 | 1,225,783 | 1,244,853 | 1,225,783 | ||||||||||||||
| Diluted | 1,224,853 | 1,225,783 | 1,224,853 | 1,225,783 | ||||||||||||||
