What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2025-02-14 compared with 2024-11-14 · 42 added, 40 removed, 23 unchanged (78% of the section changed)

1 unchanged sentence

Risk Factors”

of the Company’s Annual Report on Form 10-K for the year ended June 30, 2024 for information regarding risk factors that could

materially affect the Company’s business, financial condition, or future results of operations.

Other than as set forth below,

there have been changes with regard to the risk factors disclosed in “Item 1A.

Risk Factors” of the Company’s Annual

Report on Form 10-K for the year ended June 30, 2024.

Kentucky First Federal

of the Company’s Annual Report on Form 10-K for the year ended June 30, 2024 for information regarding risk factors that could materially

affect the Company’s business, financial condition, or future results of operations.

Other than as set forth below, there have been

changes with regard to the risk factors disclosed in “Item 1A.

Risk Factors” of the Company’s Annual Report on Form

10-K for the year ended June 30, 2024.

Kentucky First Federal Bancorp

On January 16, 2024, we announced that the

4 unchanged sentences

ratio requirements imposed by the OCC.

Our ability to pay future dividends is also subject to the ability of First Federal of Hazard and

First Federal of Kentucky to make capital distributions to Kentucky First Federal, and for First Federal MHC to received regulatory and

member approval of the waiver of the receipt of dividends by First Federal MHC.

On January 16, 2024, the Company announced the

suspension of quarterly dividends indefinitely.

Holders of our common stock are only entitled to receive such dividends as our Board of

Directors may declare out of funds available for such payments under applicable law and regulatory guidance.

We cannot predict when or

whether the Company will be able to pay future common stock dividends and if so, the amount of any such common stock dividends.

to pay future dividends and if so at what level will also be dependent on numerous factors, including:

our ability to receive any required

regulatory approval or non-objection for the payment of dividends from First Federal Savings and Loan Association of Hazard and First

Federal Savings Bank of Kentucky to the Company or from the Company to shareholders;

our ability to fully and timely address the deficiencies

that resulted in the formal Agreement that First Federal Savings Bank of Kentucky has entered into with the OCC;

First Federal Savings

Bank of Kentucky’s ability to satisfy the IMCR’s imposed by the OCC;

the ability of First Federal MHC to receive approval

of its members to waive the payment of any Company dividends to First Federal MHC;

and our ability to successfully execute our strategy

to increase earnings and core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning

For additional information on the formal Agreement that First Federal Savings Bank of Kentucky has entered into with the OCC and

the IMCR’s imposed on First Federal Savings Bank of Kentucky’s by the OCC, please see “Management’s Discussion

and Analysis—Regulatory Developments Regarding First Federal of Kentucky.”

Additionally, to address concerns with respect

to the conflict of interest created by dividend waivers, Regulation MM requires the board of directors of a mutual holding company, such

as First Federal MHC, adopt a resolution that describes the conflict of interest that exists because of a director’s ownership of

stock in the subsidiary declaring the dividends and any actions the mutual holding company board have taken to eliminate the conflict

of interest, such as the directors’ waiving their right to receive dividends.

Also, the resolution must contain an affirmation that

a majority of the mutual members eligible to vote have, within the 12 months prior to the declaration date of the dividend, voted to approve

the waiver of dividends.

Our ability to pay future dividends is also subject to our ability to receive any required regulatory

approval or non-objection to pay dividends to our shareholders, the ability of First Federal of Hazard and First Federal of Kentucky to

make capital distributions to Kentucky First Federal in order for Kentucky First Federal to declare and pay dividends to its shareholders.

January 16, 2024, the Company announced the suspension of quarterly dividends indefinitely.

Holders of our common stock are only entitled

to receive such dividends as our Board of Directors may declare out of funds available for such payments under applicable law and regulatory

We cannot predict when or whether the Company will be able to pay future common stock dividends and if so, the amount of any

such common stock dividends.

Our ability to pay future dividends and if so at what level will also be dependent on numerous factors, including:

our ability to receive any required regulatory approval or non-objection to pay dividends to our shareholders;

our ability to receive

regulatory approval or non-objection to pay dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings

Bank of Kentucky to the Company in order for the Company to pay dividends to shareholders;

our ability to fully and timely address the

deficiencies that resulted in the formal Agreement that First Federal Savings Bank of Kentucky entered into with the OCC on August 13,

2024, or any other deficiencies identified by the OCC or the Federal Reserve Bank of Cleveland;

our ability to successfully execute our

strategy to increase earnings and core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards

higher-earning loans;

and First Federal Savings Bank of Kentucky’s ability to satisfy the IMCR’s imposed by the OCC, which

require First Federal Savings Bank of Kentucky to maintain a common equity tier 1 capital ratio of at least 9.0%, a tier 1 capital

ratio of at least 11.0%, a total capital ratio of at least 12.0%, and a leverage ratio of at least 9.0%.

As of December 31, 2024, the

Bank’s common equity tier 1 capital ratio was _______%, its tier 1 capital ratio was _______%, its total capital ratio was _______%,

and its leverage ratio was ______%.

For additional information on the formal Agreement that First Federal Savings Bank of Kentucky has

entered into with the OCC and the IMCR’s imposed on First Federal Savings Bank of Kentucky by the OCC, please see “Management’s

Discussion and Analysis—Regulatory Developments Regarding First Federal of Kentucky.”

As the mutual holding company and majority

shareholder of Kentucky First Federal Bancorp, First Federal MHC must receive the approval of the Federal Reserve Board and the members

of First Federal MHC in order to waive the receipt of any dividends declared and paid by Kentucky First Federal Bancorp to its shareholders.

While Kentucky First Federal has previously received such approvals, those approvals have expired.

The inability to receive those approvals

in the future would adversely impact Kentucky First Federal’s ability to pay dividends to its shareholders in the future.

In previous years, First Federal MHC has received

13 unchanged sentences

impaired and the amounts of any such dividends may be significantly reduced.

Kentucky First Federal

Kentucky First Federal Bancorp

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors