On this page of StockholderLetter.com we present the latest annual shareholder letter from Kentucky First Federal Bancorp — ticker symbol KFFB. Reading current and past KFFB letters to shareholders can bring important insights into the investment thesis.

 •  10/16/2025 Letter Continued (Full PDF)
 •  10/17/2024 KFFB Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  KFFB Benford's Law Stock Score = 67

KFFB Shareholder/Stockholder Letter Transcript:

KENTUCKY FIRST FEDERAL BANCORP
Kentucky First Federal Bancorp (   Kentucky First Federal    or the    Company   ) was formed under federal law
in March 2005 and is the holding company for First Federal Savings and Loan Association of Hazard, Hazard,
Kentucky (   First Federal of Hazard   ) and First Federal Savings Bank of Kentucky, Frankfort, Kentucky (   First
Federal of Kentucky   ) (collectively, the    Banks   ). Kentucky First Federal   s operations consist primarily of operating
the Banks as two independent, community-oriented savings institutions.
First Federal of Hazard is a federally chartered savings and loan association offering traditional financial
services to consumers in Perry and surrounding counties in eastern Kentucky. First Federal of Hazard engages
primarily in the business of attracting deposits from the general public and using such funds to originate, when
available, loans secured by first mortgages on owner-occupied, residential real estate and, occasionally, other loans
secured by real estate. To the extent there is insufficient loan demand in its market area, and where appropriate under
its investment policies, First Federal of Hazard has historically invested in mortgage-backed and other securities,
although since formation of the Company in 2005, First Federal of Hazard has been purchasing whole loans and
participations in loans originated at First Federal of Kentucky.
First Federal of Kentucky is a federally chartered savings bank which is primarily engaged in the business of
attracting deposits from the general public and the origination primarily of adjustable-rate loans secured by first
mortgages on owner-occupied and non-owner-occupied one-to four-family residences in Franklin, Boyle, Garrard and
surrounding counties in Kentucky. First Federal of Kentucky also originates, to a lesser extent, home equity loans,
loans secured by churches, multi-family properties, professional office buildings and other types of property, as well
as consumer loans and commercial and industrial loans.
MARKET INFORMATION
The Company   s common stock began trading under the symbol    KFFB    on the Nasdaq National Market on
March 3, 2005. There are currently 8,086,715 shares of common stock outstanding and approximately 500 holders of
record of the common stock. Following are the high and low closing prices, by fiscal quarter, as reported on the Nasdaq
National Market during the periods indicated, as well as dividends declared on the common stock during each quarter.
Fiscal 2025
First quarter
Second quarter
Third quarter
Fourth quarter
Dividends
High
Low
Per Share
3.50 $
2.51 $
3.62
2.50
3.49
2.75
3.07 $
1.96

Fiscal 2024
First quarter
Second quarter
Third quarter
Fourth quarter
Dividends
High
Low
Per Share
6.56 $
4.96 $
0.10
5.50
3.76
0.10
4.43
3.79
3.90
3.12
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TABLE OF CONTENTS
Kentucky First Federal Bancorp
Market Information
Letter to Shareholders
Selected Consolidated Financial and Other Data
Management   s Discussion and Analysis of Financial Condition and Results of Operations
Consolidated Financial Statements
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1
2
4
26


Dear Shareholder:
We are pleased to present the 2025 Annual Report for Kentucky First Federal Bancorp. We encourage you to read
both the Annual Report and Proxy Statement. We encourage you to vote and, if possible, to attend our annual meeting
on November 18, 2025, as we return to The Challenger Center on the campus of Hazard Community and Technical
College for this year   s meeting. The location is One Community College Drive in Hazard, KY.
After a very challenging year in 2024, in the current year we have begun to see some improvement in net income.
While our earnings for the year were very low, almost all of the year   s $181,000 in net income were the result of the
$175,000 of net income recorded in the fourth quarter ending June 30, 2024. Our assets have continued to reprice
favorably, and after nearly two years of increasing costs, our cost of funds began to decline in the fourth quarter. The
recent and expected rate cuts in 2025 and beyond are expected to provide further benefit to our results of operations.
We essentially doubled our non-interest income year-to-year as we experienced some success in originating loans for
sale in the secondary market. Lower market interest rates should help this trend continue in the next year.
We have continued to work with the Office of the Comptroller of the Currency, the primary regulator of First Federal
of Kentucky, to respond to the formal agreement entered into by the bank on August 13, 2024. Ultimately, our response
to the agreement, and part of our earnings plan for both banks, will be to continue to reduce reliance on non-core
funding, to diversify our income streams, to shift more of our lending into the secondary market to reduce interest rate
risk and increase non-interest income, and to equip the banks to compete in broader banking areas to include
commercial lending, commercial deposits, and public deposits.
The Kentucky First Board, the Board of First Federal of Hazard, and the Hazard community suffered a big loss in
December of last year when Bill Gorman, Jr., passed away. Billy had served our boards ably since 2010 and he will
certainly be missed.
As always, we request that our shareholders remember that our banks would appreciate consideration for all of your
loan and deposit needs.
Sincerely,
Don Jennings
President and Chief Executive Officer
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1

SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
Selected Financial Condition Data
At June 30,
(Dollars in thousands)
2025
2024
2023
2022
2021
Total assets
$ 371,211 $ 374,968 $ 349,022 $ 328,080 $ 338,063
Cash and cash equivalents
19,480
18,287
8,167
25,823
21,648
Time deposits
247
Securities held to maturity
171
213
274
339
462
Securities available for sale
9,757
9,648
12,080
10,477
33
Loans, net
327,248
333,025
313,807
274,583
297,902
Deposits
277,563
256,139
226,309
239,857
226,843
Federal Home Loan Bank advances
42,760
68,988
70,087
34,066
56,873
Shareholders    equity
48,369
47,997
50,711
52,025
52,296
Allowance for credit losses
2,170
2,127
1,634
1,529
1,622
Nonperforming loans (90 days delinquent and
nonaccrual)
3,865
3,896
4,701
5,819
6,655
Selected Financial Condition Data
(Dollars in thousands, except share data)
Total interest income
Total interest expense
Net interest income
Credit loss expense (benefit)
Net interest income after provision for losses
on loans
Total non-interest income
Goodwill impairment
Total non-interest expenses
Income (loss) before income taxes
Income taxes (benefit)
Net income (loss)
Year Ended June 30,
2025
2024
2023
2022
2021
$ 19,237 $ 16,277 $ 12,758 $ 10,914 $ 12,152
10,896
9,283
3,902
1,754
2,141
8,341
6,994
8,856
9,160
10,011
39
24
113
(60)
192

8,302
500
8,564
238
57
181 $
6,970
251
947
8,234
(1,960)
(239)
(1,721) $
8,743
302
7,818
1,227
294
933 $
9,220
515
7,668
2,067
477
1,590 $
9,819
595
8,242
2,172
352
1,820

0.02 $
(0.21) $
0.11 $
0.19 $
0.22
Cash dividends declared per common share $

0.20 $
0.40 $
0.40 $
0.40
Net earnings (loss) per share-basic and
diluted
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 10/16/2025 Letter Continued (Full PDF)