CKF Bancorp, Inc. Announces Earnings for the Three Months Ended June 30, 2006 and an Increase in Its Semi-Annual Cash Dividends.DANVILLE Danville. 1 City (1990 pop. 33,828), seat of Vermilion co., E Ill., on the Vermilion River at the Ind. line; inc. 1839. It is a commercial and industrial center in a dairy, farm, and coal area. , Ky. -- CKF CKF Canadian Kendo Federation (Stouffville, Ontario, Canada) CKF Chronic Kidney Failure Bancorp, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CKFB), parent company of Central Kentucky Central Kentucky is sometimes considered the Central and Southern part of the Bluegrass region, the Far Upper Western Eastern Mountain Coal Fields, and the Far Upper Eastern Pennyroyal regions. Its major cities include Lexington and Frankfort. Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , reported consolidated net earnings of $397,943 for the three months ended June June: see month. 30, 2006 compared to $987,759 for the three months ended June 30, 2005. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $.29 for the three months ended June 30, 2006 compared to $.71 diluted earnings per share for the three months ended June 30, 2005. The three months ended June 30, 2005 included a non-recurring after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain of $536,895, or $.39 diluted earnings per share, related to the acquisition by Harland Harland is an English name that can be used as both a surname or a first name. The name Harland is thought to have French origins. It can be traced back to the Midlands as one of the earliest recorded surnames in the UK. Financial Solutions of the common stock of Intrieve, Incorporated, a company in which CKF Bancorp, Inc.'s wholly owned second tier subsidiary was a stockholder. Consolidated net earnings for the six months ending June 30, 2006 were $784,494 compared to $1,427,277 for the six months ended June 30, 2005. Diluted earnings per share were $.58 for the six months ended June 30, 2006 compared to $1.02 diluted earnings per share for the six months ended June 30, 2005. The six months ended June 30, 2005 included a non-recurring after-tax gain of $536,895, or $.39 diluted earnings per share, related to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. acquisition of Intrieve, Incorporated. Total assets at June 30, 2006 were $163.8 million compared to $159.8 million at December December: see month. 31, 2005. Loans receivable at June 30, 2006 were $146.5 million compared to $142.9 million at December 31, 2005. Deposits were $112.6 million at June 30, 2006 and were $111.9 million at December 31, 2005. CKF Bancorp, Inc. also announces that its Board of Directors has declared a semi-annual cash dividend of $.36 per share, payable as of August 10, 2006, to shareholders of record as of July July: see month. 28, 2006. This is a $.02, or 5.9%, increase over the $.34 per share that was paid the previous semi-annual dividend period. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack 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 Company's capital position and financial condition. Central Kentucky Federal Savings Bank's main office is located at 340 W. Main Street, Danville, Kentucky Danville is a city in Boyle County, Kentucky, United States. As of 2005, the U.S. Census Bureau gave the city an estimated population of 15,409. It is the county seat of Boyle CountyGR6. . The Bank also operates two full service branch offices, located in Danville and Lancaster, Kentucky Lancaster is a city in Garrard County, Kentucky, in the United States. As of the 2000 census, the city population was 3,734. It is the county seat of Garrard CountyGR6. and a loan production office in Nicholasville, Kentucky Nicholasville is the 14th largest city in Kentucky and the county seat of Jessamine County, Kentucky. As of 2004, the city had an estimated population of 22,878. It is the county seat of Jessamine CountyGR6 .
CKF BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
June 30, December 31,
ASSETS 2006 2005
------------- -------------
Cash and cash equivalents $ 2,621,388 $ 2,340,171
Investment securities 9,308,816 9,111,130
Federal Home Loan Bank stock 1,951,500 1,897,200
Loans receivable 146,490,869 142,943,185
Allowance for Loan Losses (729,262) (687,429)
Other assets 4,177,918 4,229,345
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Total assets $163,821,229 $ 159,833,602
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $112,610,103 $ 111,864,753
Advances from the Federal Home Loan Bank 33,000,000 29,500,000
Other liabilities 1,455,629 1,368,077
------------- -------------
Total liabilities 147,065,732 142,732,830
Shareholders' equity 16,755,497 17,100,772
------------- -------------
Total liabilities and
shareholders' equity $163,821,229 $ 159,833,602
============= =============
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Six months ended Three months ended
June 30, June 30,
2006 2005 2006 2005
---------- ---------- ---------- ----------
Total interest
income $4,978,823 $4,423,486 $2,530,064 $2,238,550
Total interest
expense 2,590,384 1,911,021 1,348,957 979,170
---------- ---------- ---------- ----------
Net interest
income 2,388,439 2,512,465 1,181,107 1,259,380
Provision for
losses on loans 48,000 30,000 24,000 15,000
---------- ---------- ---------- ----------
Net interest
income after
provision for
losses on loans 2,340,439 2,482,465 1,157,107 1,244,380
Other income 205,635 1,013,523 134,791 942,894
General,
administrative and
other expense 1,348,998 1,282,656 683,692 636,024
---------- ---------- ---------- ----------
Earnings before
income taxes 1,197,076 2,213,332 608,206 1,551,250
Income taxes 412,582 786,055 210,263 563,491
---------- ---------- ---------- ----------
NET EARNINGS $ 784,494 $1,427,277 $ 397,943 $ 987,759
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EARNINGS PER SHARE
Basic $ 0.59 $ 1.03 $ 0.30 $ 0.72
========== ========== ========== ==========
Diluted $ 0.58 $ 1.02 $ 0.29 $ 0.71
========== ========== ========== ==========
DIVIDENDS
DECLARED PER
SHARE $ 0.34 $ 0.30 $ - $ -
========== ========== ========== ==========
WEIGHTED-AVERAGE
SHARES OUTSTANDING
Basic 1,332,726 1,391,214 1,322,105 1,383,143
========== ========== ========== ==========
Diluted 1,345,750 1,403,448 1,335,205 1,395,425
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