Kentucky First Federal Bancorp (KFFB) announced second-quarter net earnings of $927,000 or $0.12 earnings per share, compared to net earnings of $388,000 or $0.05 earnings per share in the year ago quarter.
The increase in net earnings for the latest-quarter was primarily attributable to a $958,000 bargain purchase gain recorded on December 31, 2012, when the Company completed its acquisition of CKF Bancorp, Inc. the parent company for Central Kentucky Federal Savings Bank pursuant to the provisions of the Agreement of Merger dated as of November 3, 2011, and amended as of September 28, 2012. The acquisition was accounted for using the acquisition method of accounting. Because the acquisition occurred on December 31, 2012, there are no results of operations of CKF Bancorp included in the Company's reported earnings.
Net interest income before provision for loan loss decreased $1,000 for the second-quarter ended December 31, 2012, remaining at $2.0 million for the December 31, 2012 and 2011 quarterly periods.
Noninterest income totaled $1.0 million for the latest-quarter, an increase of $986,000 from the same period in 2011, primarily due to the bargain purchase gain noted previously. Noninterest expense increased $19,000 or 1.3% to $1.4 million for the recent period due primarily to higher retirement expense.
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