Business & Finance
Wed, February 22, 2012 
DANVILLE, Ky.--([ BUSINESS WIRE ])--CKF Bancorp, Inc. (OTCBB:CKFB), parent company of Central Kentucky Federal Savings Bank, reported a consolidated net loss of $1,087,934 for the three months ended December 31, 2011 compared to net earnings of $14,421 for the three months ended December 31, 2010. Diluted losses per share were $.89 for the three months ended December 31, 2011 compared to $.01 diluted earnings per share for the three months ended December 31, 2010.
Consolidated net losses for the twelve months ending December 31, 2011 were $896,141 compared to net earnings of $255,976 for the twelve months ended December 31, 2010. Diluted losses per share were $.73 for the twelve months ended December 31, 2011 compared to $.21 diluted earnings per share for the twelve months ended December 31, 2010.
Consolidated net losses for the three months and twelve months ended December 31, 2011 were impacted by a non-cash charge of $1,099,588, or .90 per share, related to the impairment of the Companyas Goodwill. The impairment charge had no effect on the subsidiary Bankas regulatory capital. Regulatory core capital was $12,678,489, or 9.99% of total assets, at December 31, 2011 compared to $12,276,604, or 9.49% of total assets, at December 31, 2010
Total assets at December 31, 2011 were $127.0 million compared to $130.5 million at December 31, 2010. Loans receivable at December 31 2011 were $108.8 million and were $108.5 million at December 31, 2010. Deposits were $100.6 at December 31, 2011 and were $101.1 million at December 31, 2010.
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 | |||||||||||
| December 31, | December 31, | ||||||||||
| ASSETS | 2011 | 2010 | |||||||||
| Cash and cash equivalents | $ | 2,370,440 | $ | 5,167,995 | |||||||
| Investment securities | 11,401,104 | 10,911,623 | |||||||||
| Federal Home Loan Bank stock | 2,091,000 | 2,091,000 | |||||||||
| Loans receivable | 108,763,181 | 108,489,854 | |||||||||
| Allowance for loan losses | (1,847,723 | ) | (1,699,292 | ) | |||||||
| Repossessed real estate | 1,075,526 | 1,205,084 | |||||||||
| Goodwill | - | 1,099,588 | |||||||||
| Other assets | 3,122,177 | 3,208,916 | |||||||||
| Total assets | $ | 126,975,705 | $ | 130,474,768 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| Deposits | $ | 100,604,944 | $ | 101,086,844 | |||||||
| Advances from the Federal Home Loan Bank | 13,000,000 | 15,000,000 | |||||||||
| Other liabilities | 385,917 | 430,058 | |||||||||
| Total liabilities | 113,990,861 | 116,516,902 | |||||||||
| Shareholders' equity | 12,984,844 | 13,957,866 | |||||||||
| Total liabilities and shareholders' equity | $ | 126,975,705 | $ | 130,474,768 | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||||||
| Twelve months ended |
| Three months ended | |||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||
| Total interest income | $ | 6,315,084 | $ | 6,733,539 | $ | 1,574,001 | $ | 1,632,619 | |||||||||||||
| Total interest expense | 1,987,200 | 2,397,910 | 457,576 | 562,727 | |||||||||||||||||
| Net interest income | 4,327,884 | 4,335,629 | 1,116,425 | 1,069,892 | |||||||||||||||||
| Provision for losses on loans | 725,000 | 780,000 | 125,000 | 180,000 | |||||||||||||||||
Net interest income after provision for losses on loans | 3,602,884 | 3,555,629 | 991,425 | 889,892 | |||||||||||||||||
| Other income | 139,331 | (47,666 | ) | 18,117 | (64,394 | ) | |||||||||||||||
| General, administrative and other expense | 4,531,429 | 3,118,758 | 2,091,226 | 803,226 | |||||||||||||||||
| Earnings before income taxes | (789,214 | ) | 389,205 | (1,081,684 | ) | 22,272 | |||||||||||||||
| Federal income taxes | 106,927 | 133,229 | 6,250 | 7,851 | |||||||||||||||||
| NET EARNINGS | $ | (896,141 | ) | $ | 255,976 | $ | (1,087,934 | ) | $ | 14,421 | |||||||||||
| EARNINGS PER SHARE | |||||||||||||||||||||
| Basic | $ | (.73 | ) | $ | .21 | $ | (.89 | ) | $ | .01 | |||||||||||
| Diluted | $ | (.73 | ) | $ | .21 | $ | (.89 | ) | $ | .01 | |||||||||||
| DIVIDENDS DECLARED PER SHARE | $ | .06 | $ | .02 | $ | -- | $ | -- | |||||||||||||
| WEIGHTED-AVERAGE SHARES OUTSTANDING | |||||||||||||||||||||
| Basic | 1,224,786 | 1,225,406 | 1,224,602 | 1,224,853 | |||||||||||||||||
| Diluted | 1,224,786 | 1,225,406 | 1,224,602 | 1,224,853 | |||||||||||||||||
