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KFFB Nasdaq· Kentucky First Federal Ban Corporation
Earnings report Q4 2023

Kentucky First Federal Bancorp Reports Decrease in Non-interest Income and Increase in Non-interest Expense in Latest Quarter

Segments of revenue

In the recently ended quarter, Kentucky First Federal Bancorp reported a decrease in non-interest income by $23,000 or 33.3% to $46,000. This decrease was primarily due to a decline in other non-interest income, which includes bank-related fees and services.

Strengths

Despite the decrease in non-interest income, Kentucky First Federal Bancorp demonstrated strength in its net interest income. Net interest income decreased by $791,000 or 32.3% to $1.7 million. This decrease was primarily attributed to a larger increase in interest expense compared to interest income. The company's management should focus on managing interest expenses to improve net interest income in future quarters.

Challenges

Kentucky First Federal Bancorp faced challenges in its non-interest expense, which increased by $119,000 or 5.9% to $2.1 million. This increase was mainly driven by higher FDIC insurance premiums and various other bank expenses. The company's management should closely monitor and control these expenses to improve profitability.

Noteworthy

It is noteworthy that Kentucky First Federal Bancorp reported a net loss of $361,000 or ($0.05) diluted earnings per share for the quarter ended December 31, 2023. This represents a decrease of $735,000 or 196.5% compared to the same period in the previous year. The decrease in net earnings was primarily due to lower net interest income and higher non-interest expenses. However, the company did experience a decrease in income taxes, which partially offset the negative impact on net earnings.

Summary

Kentucky First Federal Bancorp faced challenges in its non-interest income and non-interest expense in the latest quarter. The decrease in non-interest income was primarily driven by a decline in other non-interest income. The increase in non-interest expense was mainly due to higher FDIC insurance premiums and various bank expenses. Despite these challenges, the company demonstrated strength in its net interest income. However, the net loss reported for the quarter highlights the need for the company's management to focus on improving profitability by managing expenses and optimizing interest income.

Source documents

Form 10-Q  filed on Feb 14, 2024
90 pages scanned

Reference data

Company financials Q4 revenue 1.7M
Analyst estimates Q4 EPS missed by NaN%
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