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CKF Bancorp, Inc. Announces Earnings for Three Months Ended September 30, 2012

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DANVILLE, Ky.--(BUSINESS WIRE)--

CKF Bancorp, Inc. (OTCBB:CKFB), parent company of Central Kentucky Federal Savings Bank, reported consolidated net earnings of $36,608 for the three months ended September 30, 2012 compared to $68,395 for the three months ended September 30, 2011. Diluted earnings per share were $.03 for the three months ended September 30, 2012 compared to $.06 diluted earnings per share for the three months ended September 30, 2011.

Consolidated net earnings for the nine months ending September 30, 2012 were $92,243 compared to $191,793 for the nine months ended September 30, 2011. Diluted earnings per share were $.08 for the nine months ended September 30, 2012 compared to $.16 diluted earnings per share for the nine months ended September 30, 2011.

Total assets at September 30, 2012 were $124.7 million compared to $127.0 million at December 31, 2011. Loans receivable at September 30, 2012 were $100.4 million and were $108.8 million at December 31, 2011. Deposits were $101.8 million at September 30, 2012 and were $100.6 million at December 31, 2011.

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
       
September 30 December 31,
ASSETS 2012   2011  
 
Cash and cash equivalents $ 7,917,186 $ 2,370,440
Investment securities 11,211,131 11,401,104
Federal Home Loan Bank stock 2,091,000 2,091,000
Loans receivable 100,449,580 108,763,181
Allowance for loan losses (1,791,585 ) (1,847,723 )
Repossessed real estate 1,617,431 1,075,526
Other assets   2,848,399     3,122,177  
Total assets $ 124,343,142   $ 126,975,705  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Deposits $ 101,822,487 $ 100,604,944
Advances from the Federal Home Loan Bank 9,000,000 13,000,000
Other liabilities   503,857     385,917  
Total liabilities 111,326,344 113,990,861
Shareholders' equity   13,016,798     12,984,844  
Total liabilities and shareholders' equity $ 124,343,142   $ 126,975,705  
 
 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
 
Nine months ended Three months ended
September 30, September 30,
2012 2011 2012   2011  
 
Total interest income $ 4,434,717 $ 4,741,083 $ 1,421,698 $ 1,587,608
 
Total interest expense   1,194,728   1,529,624   381,227     495,532  
Net interest income 3,239,989 3,211,459 1,040,471 1,092,076
Provision for losses on loans   450,000   600,000   150,000     150,000  
 

Net interest income after provision for losses on loans

2,789,989 2,611,459 890,471 942,076
 
Other income 35,664 121,214 70,395 20,181
 
General, administrative and other expense   2,635,829   2,440,203   855,813     858,418  
 
Earnings before income taxes 189,824 292,470 105,053 103,839
 
Federal income taxes   97,581   100,677   68,445     35,444  
 
NET EARNINGS $ 92,243 $ 191,793 $ 36,608   $ 68,395  
 
EARNINGS PER SHARE
 
Basic $ .08 $ .16 $ .03   $ .06  
 
Diluted $ .08 $ .16 $ .03   $ .06  
 
DIVIDENDS DECLARED PER SHARE $ .05 $ .06 $ --   $ .05  
 
WEIGHTED-AVERAGE SHARES OUTSTANDING
 
Basic   1,224,602   1,224,848   1,224,602     1,224,839  
 
Diluted   1,224,602   1,224,848   1,224,602     1,224,839  

CKF Bancorp, Inc.
Russell M. Brooks, 859-236-4181
Fax: 859-236-4363

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