What changed in this filing

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Item 1. Financial Statements

2025-11-14 compared with 2025-05-15 · 273 added, 282 removed, 770 unchanged (42% of the section changed)

3 unchanged sentences

(In thousands, except share data)

September 30,

Cash and due from financial institutions

3 unchanged sentences

Securities available-for-sale- at fair value

Securities held-to-maturity, at amortized cost-approximate fair value of $ 174 and $ 203 at March 31, 2025 and June 30, 2024, respectively

Securities held-to-maturity, at amortized cost-approximate fair value of $ 159 and $ 167 at September 30, 2025 and June 30, 2025, respectively

Loans held for sale

Loans, net of allowance for credit losses of $ 2,161 and $ 2,127 at March 31, 2025 and June 30, 2024, respectively

Real estate acquired through foreclosure

Loans, net of allowance for credit losses of $ 2,166 and $ 2,170 at September 30, 2025 and June 30, 2025, respectively

Office premises and equipment - at depreciated cost

2 unchanged sentences

Bank-owned life insurance

Prepaid income taxes

Prepaid expenses and other assets

5 unchanged sentences

Accrued interest payable

Accrued Income Taxes

Deferred income taxes

8 unchanged sentences

Retained earnings - restricted

Treasury shares at cost, 509,349 common shares at March 31, 2025 and June 30, 2024, respectively

Treasury shares at cost, 509,349 common shares at September 30, 2025 and June 30, 2025, respectively

Accumulated other comprehensive loss

6 unchanged sentences

(Dollars in thousands, except per share data)

Nine months ended

Three months ended

September 30,

Interest income

13 unchanged sentences

Net gain on sales of loans

Net gain on sales of real estate owned

Total non-interest income

21 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

INCOME (LOSS)

(In thousands)

Nine months ended

Three months ended

September 30,

Net income (loss)

Other comprehensive income (loss), net of tax:

Unrealized holding gains (losses) on securities designated as available-for-sale,

net of taxes of $( 50 ), $( 11 ), $( 30 ) and $ 21 during the respective periods

Comprehensive income (loss)

Other comprehensive income, net of tax:

Unrealized gains on securities designated as available-for-sale, net of taxes of $ 22 and $ 80 during the respective periods

Comprehensive income

See accompanying notes to condensed consolidated

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’

For the nine months ended

For the three months ended

(Dollar amounts in thousands, except per share

March 31, 2025

September 30, 2025

comprehensive

income (loss)

Balance at June 30, 2025

Other comprehensive income

Balance at March 31, 2025

March 31, 2024

Other comprehensive income, net of tax

Balance at September 30, 2025

September 30, 2024

comprehensive

income (loss)

Balance at June 30, 2024

Cumulative impact of adoption of ASC 326

Balance at July 1, 2023

Other comprehensive income

Cash dividends of $ 0.20 per common share

Balance at March 31, 2024

See accompanying notes to condensed consolidated

financial statements.

Kentucky First Federal Bancorp

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’

For the three months ended

(Dollar amounts in thousands, except per share

March 31, 2025

comprehensive

income (loss)

Balance at December 31, 2024

Net income (loss)

Other comprehensive income (loss)

Balance at March 31, 2025

March 31, 2024

comprehensive

Balance at December 31, 2023

Other comprehensive loss

Balance at March 31, 2024

Other comprehensive income, net of tax

Balance at September 30, 2024

See accompanying notes to condensed consolidated

3 unchanged sentences

(In thousands)

Nine months ended

Three months ended

September 30,

Cash flows from operating activities:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash from operating activities

Adjustments to reconcile net loss to net cash from operating activities

Accretion of purchased loan credit discount

Amortization of deferred loan origination costs (fees), net

Amortization of deferred loan origination fees

Amortization of premiums on investment securities

Net gain on sale of loans

Net gain on sale of real estate owned

Earnings on bank-owned life insurance

Provision for (recovery of) credit losses

Provision for credit losses

Origination of loans held for sale

1 unchanged sentence

Deferred income taxes

Accrued income taxes

Increase (decrease) in cash, due to changes in:

3 unchanged sentences

Other liabilities

Net cash used in operating activities

Net cash provided by (used in) operating activities

Cash flows from investing activities:

Purchase of investments-AFS

Securities maturities, prepayments and calls:

1 unchanged sentence

Available for sale

Proceeds from sale of FHLB stock

Proceeds from redemption of FHLB stock

Purchase of FHLB Stock

Loans originated for investment, net of principal collected

Proceeds from sale of real estate owned

Additions to premises and equipment, net

1 unchanged sentence

Cash flows from financing activities:

Net increase in deposits

Net decrease in deposits

Payments by borrowers for taxes and insurance, net

1 unchanged sentence

Repayments on Federal Home Loan Bank advances

Dividends paid on common stock

Net cash provided by financing activities

Net increase in cash and cash equivalents

Net cash provided by (used in) financing activities

Net decrease in cash and cash equivalents

Beginning cash and cash equivalents

5 unchanged sentences

(In thousands)

Nine months ended

Three months ended

September 30,

Supplemental disclosure of cash flow information:

5 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

The Kentucky First Federal Bancorp (“Kentucky

6 unchanged sentences

are Kentucky First’s primary operations, which consist of operating the Banks as two independent, community-oriented savings institutions.

In December 2012, the Company acquired CKF Bancorp,

Inc., a savings and loan holding company which operated three banking locations in Boyle and Garrard Counties in Kentucky.

In accounting

for the transaction, the assets and liabilities of CKF Bancorp were recorded on the books of First Federal of Kentucky in accordance with

accounting standard ASC 805, Business Combinations.

Basis of Presentation

The accompanying unaudited condensed consolidated

financial statements, which represent the condensed consolidated balance sheets and results of operations of the Company, were prepared

in accordance with the instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation

of financial position, results of operations and cash flows in conformity with U.S.

The accompanying unaudited condensed consolidated financial statements,

which represent the condensed consolidated balance sheets and results of operations of the Company, were prepared in accordance with the

instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation of financial

position, results of operations and cash flows in conformity with U.S.

generally accepted accounting principles.

in the opinion of management, all adjustments (consisting of only normal recurring adjustments) which are necessary for a fair presentation

of the condensed consolidated financial statements have been included.

The results of operations for the nine-month period ended March

31, 2025, are not necessarily indicative of the results which may be expected for an entire fiscal year.

The condensed consolidated balance

sheet as of June 30, 2024, has been derived from the audited consolidated balance sheet as of that date.

Certain information and note

disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S.

generally accepted accounting

principles have been condensed or omitted.

However, in the opinion

of management, all adjustments (consisting of only normal recurring adjustments) which are necessary for a fair presentation of the condensed

consolidated financial statements have been included.

The results of operations for the three-month period ended September 30, 2025, are

not necessarily indicative of the results which may be expected for an entire fiscal year.

The condensed consolidated balance sheet as

of June 30, 2025, has been derived from the audited consolidated balance sheet as of that date.

Certain information and note disclosures

normally included in the Company’s annual financial statements prepared in accordance with U.S.

generally accepted accounting principles

have been condensed or omitted.

These condensed consolidated financial statements should be read in conjunction with the consolidated

30 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Basis of Presentation (continued)

Critical Accounting Policies and Estimates

Critical Accounting Policies and Estimates (continued)

Allowance for Credit Losses – We

23 unchanged sentences

differences between carrying amounts and tax bases of assets and liabilities, using enacted tax rates.

New Accounting Standards

FASB ASC 326 - In June 2016, the

Financial Accounting Standards Board (“FASB”) issued ASU No.

2016-13, Financial Instruments – Credit Losses (Topic 326):

Measurement of Credit Losses on Financial Instruments.

This standard requires credit losses on most financial assets and certain

other instruments to be measured using an expected loss model, which is referred to as the current expected credit loss (CECL) model.

Under this model entities estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments,

but not expected extensions or modifications) from the date of initial recognition of that instrument.

The ASU replaces the current accounting

model for purchased credit impaired and debt securities.

The allowance for credit losses for purchased financial assets with a more-than-insignificant

amount of credit deterioration since origination (referred to as “PCD assets”), should be determined in a similar manner to

other financial assets measured on an amortized cost basis.

However, upon initial recognition, the allowance for credit losses is added

to the purchase price to determine the initial amortized cost basis.

The subsequent accounting for PCD financial assets is the same expected

loss model described herein.

Recently Issued Accounting Pronouncements

Not Yet Effective

In October 2023, the Financial Accounting Standards

Board (FASB) issued ASU 2023-06 Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and

Simplification Initiative (ASU 2023-06).

The amendments in this ASU are the result of FASB’s decision to incorporate into the Accounting

Standards Codification certain disclosure requirements, referred by the SEC, for incremental information to US GAAP.

Topics in the ASU

that have applicability to the Company are (1) Statement of Cash Flows which requires an accounting policy disclosure in annual periods

of where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows,

(2) Debt which requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest

rate on outstanding short-term borrowings, and (3) Derivatives and Hedging which adds cross-reference to disclosure requirements related

to where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows.

The effective date for each amendment will be

the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early

adoption prohibited.

If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the

pending content of the related amendment will be removed from the Accounting Standards Codification and will not become effective for

Management is reviewing the provisions of ASU 2023-06, and does not expect the adoption of the ASU to have a material effect

on the Company’s financial statements.

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Basis of Presentation (continued)

New Accounting Standards (continued)

The Company will now use forward-looking information

to enhance its credit loss estimates.

The amendment requires enhanced disclosures to aid investors and other users of financial statements

to better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting

standards of our portfolio.

The largest impact to the Company was on its allowance for loan and lease losses, although the ASU also amends

the accounting for credit losses on available-for-sale debt securities, held-to-maturity securities, and purchased financial assets with

credit deterioration.

ASU 2016-13 was applied through a cumulative effect adjustment to retained earnings (modified-retrospective approach).

In addition, ASC 326 made changes to the accounting

for available-for-sale (“AFS”) debt securities.

One such change requires credit losses to be presented as an allowance rather

than as a write-down on AFS securities.

Management does not intend to sell or believes that it is more likely than not that they will

be required to sell.

We adopted ASC 326 effective July 1, 2023, using

the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet (“OBS”) credit

Upon adoption of the ASU we recorded an increase

in the allowance for credit loss (“ACL”) for loans which represented a $ 497,000 increase from the Allowance for Loan Losses

(“ALLL”) at June 30, 2023.

This transaction further resulted in an increase of $ 54,000 to the ACL for unfunded commitments,

a decrease of $ 414,000 to retained earnings and a deferred tax asset of $ 137,000 at July 1, 2023.

A liability of $ 59,000 is in place at March 31,

2025 to account for off-balance sheet unfunded commitments compared to $ 57,000 at March 31, 2024.

Management considers contractual commitments,

most of which are commitments to complete construction projects or the balance of unfunded lines of credit.

These totaled approximately

$ 26.4 million at March 31, 2025 and $ 21.8 million at March 31, 2024.

To calculate the liability, management applied a loss criteria similar

to that used for funded loans to calculate the ACL.

The following table illustrates the impact of

ASC 326 at July 1, 2023:

(Dollars in thousands)

Residential real estate:

One-to-four-family

Nonresidential real estate

Commercial and industrial

Consumer and other:

Loans on deposits

Allowance for credit losses on loans

Allowance for credit losses on unfunded credit exposures

Recently Issued Accounting Pronouncements

Not Yet Effective (continued)

In November 2024, FASB issued ASU 2024-03 Income

Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40).

The amendments in this update

require disclosure, in the notes to financial statements, of specified information about certain costs and expenses.

The amendments require

that at each interim and annual reporting period (1) the Company disclose the amounts of (a) employee compensation, (b) depreciation,

and (c) intangible asset amortization included in each relevant expense caption presented on the face of the income statement within continuing

operations that contains any of the expense categories listed;

(2) include certain amounts that are already required to be disclosed under

current generally accepted accounting principles in the same disclosure as the other disaggregation requirements;

(3) disclose a qualitative

description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively;

(4) disclose the

total amount of selling expenses and, in annual reporting periods, the Company’s definition of selling expenses.

The amendments

in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after

December 15, 2027.

Early adoption is permitted.

The amendments in this update should be applied either (1) prospectively to financial

statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented

in the financial statements.

Management is currently evaluating the update and does not expect adoption of the update to have a material

effect on the Company’s financial position or results of operations.

Accounting Pronouncements Adopted in Fiscal

In November 2023, FASB issued ASU 2023-07 Segment Reporting (ASU 2023-07).

The amendments in ASU 2023-07 apply to all public entities

that are required to report segment information in accordance with FASB ASC Topic 280, Segment Reporting.

The amendments in ASU 2023-07

are intended to improve reportable segment disclosure requirements primarily through requiring enhanced disclosures about significant

segment expenses.

The amendments require that a public entity disclose, on an annual and interim basis, significant segment expenses that

are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss.

Public entities are required to

disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition.

In addition, public entities must provide all annual disclosures about a reportable segment’s profit or loss and assets currently

required by FASB ASC Topic 280, Segment Reporting in interim periods.

The amendments clarify that if the CODM uses more than one measure

of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report

one or more of those additional measures of segment profit.

However, at least one of the reported segment profit or loss measures (or

the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used

in measuring the corresponding amounts in the public entity’s consolidated financial statements.

The amendments require that a public

entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or

loss in assessing segment performance and deciding how to allocate resources.

Finally, the amendments require that a public entity that

has a single reportable segment provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures

in ASC Topic 280.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years

beginning after December 15, 2024.

A public entity that adopts ASU 2023-07 is required to apply the amendments retrospectively to all

prior periods presented in the financial statements.

Upon adoption of ASU 2023-07, the segment expense categories and amounts disclosed

in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption.

The Company adopted ASU 2023-07 on January 1, 2025 with little impact as currently the Company's financial service operations are aggregated

into one reportable operating segment.

In December 2023, FASB issued ASU No.

Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (ASU 2023-09).

FASB issued ASU 2023-09 to address investor requests for

more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation

and income taxes paid information.

ASU 2023-09 is to be applied on a prospective basis and is effective for annual periods beginning after

December 15, 2024 with early adoption permitted.

ASU 2023-09 will impact income tax disclosures, and the Company does not expect a material

impact to the Company’s consolidated financial statements.

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Basis of Presentation (continued)

New Accounting Standards (continued)

ASU 2019-05, Financial Instruments-Credit Losses,

Targeted Transition Relief, allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments

that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20, if the instruments are eligible for the

fair value option under ASC 825-10.

The fair value option election does not apply to held-to-maturity debt securities.

Entities are required

to make this election on an instrument-by-instrument basis.

ASU 2019-05 has the same effective date as ASU 2016-13.

We adopted ASU 2019-05

on July 1, 2023, and did not elect the fair value option on any financial instruments.

2022-02, Financial Instruments –

Credit Losses (Topic 326):

Troubled Debt Restructurings and Vintage Disclosures, eliminates the accounting guidance for troubled debt

restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, for entities

that have adopted the current expected credit loss model introduced by ASU 2016-13, Financial Instruments – Credit Losses (Topic

Measurement of Credit Losses on Financial Instruments.

ASU 2022-02 also requires disclosure by public business entities of

current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic

326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost.

The Company adopted the standard on July 1, 2023.

Other accounting standards that have been issued

or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial

position, results of operations or cash flows.

Accounting Pronouncements Adopted in Fiscal

Year 2025 (continued)

In November 2023, the FASB issued ASU 2023-07,

Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The amendments in this update require annual and interim

disclosures on significant segment expenses that are regularly provided to the chief operating decision maker and require annual and interim

disclosures on “other segment items”, where the other segment items category is the difference between segment revenue less

segment expense compared to the reported measure of segment profit or loss.

In addition, the amendments require all annual disclosures

that are currently required to be reported on an interim basis and require the disclosure of the title and position of the chief operating

decision maker and how that position uses the information to assess segment performance and the allocation of resources.

While the Company

only has one reportable segment, the update requires public entities with a single segment to provide all segment disclosures under ASC

The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within the fiscal years beginning

after December 15, 2024.

The Company adopted ASU 2023-07 in the fiscal year ended June 30, 2025, and the adoption of this guidance did

not have a material impact on the Company’s consolidated financial statements.

Earnings Per Share

3 unchanged sentences

The factors used in the basic and diluted earnings per share computations follow:

Nine months ended

Three months ended

September 30,

Net income (loss) allocated to common shareholders, basic and diluted

$ ( 643,000 )

$ ( 107,000 )

Earnings (loss) per share, basic and diluted

1 unchanged sentence

There were no stock option shares outstanding

for the nine- or three-month periods ended March 31, 2025 and 2024.

for the three-month periods ended September 30, 2025 and 2024.

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Investment Securities

The following table summarizes the amortized cost

and fair value of securities available-for-sale and securities held-to-maturity at March 31, 2025 and June 30, 2024, the corresponding

and fair value of securities available-for-sale and securities held-to-maturity at September 30, 2025 and June 30, 2025, the corresponding

amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:

March 31, 2025

September 30, 2025

(in thousands)

9 unchanged sentences

Agency mortgage-backed:

At March 31, 2025 and June 30, 2024 the Company’s

At September 30, 2025 and June 30, 2025 the Company’s

debt securities consisted of mortgage-backed securities, which do not have a single maturity date.

1 unchanged sentence

maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

There were no pledged securities for both March

There were no pledged securities at both September

30, 2025 and June 30, 2025.

In addition, at both March 31, 2025 and June 30, 2024, there were no pledged overnight deposits.

In addition, at both September 30, 2025 and June 30, 2025, there were no pledged overnight deposits.

We evaluated securities in unrealized loss positions

for evidence of credit loss, considering duration, severity, financial condition of the issuer, our intention to sell or requirement to

for evidence of credit loss, considering duration, severity, financial condition of the issuer, our intention to sell or requirement

Those securities were agency mortgage-backed securities, which carry a very limited amount of risk.

Also, we have no intention to

sell nor feel that we will be compelled to sell such securities before maturity.

Based on our evaluation, no reserve for credit loss was

considered necessary.

Debt securities in an unrealized loss position as a percent of total debt securities were 99.9 % and 100 % at March

31, 2025 and June 30, 2024, respectively.

The following table provides the amortized cost, gross unrealized losses, fair value, and length

of time the individual securities have been in a continuous unrealized loss position as of March 31, 2025.

March 31, 2025

Also, we have no intention

to sell nor feel that we will be compelled to sell such securities before maturity.

Based on our evaluation, no reserve for credit loss

was considered necessary.

Debt securities in an unrealized loss position as a percent of total debt securities were 70.7 % and 88.8 % at

September 30, 2025 and June 30, 2025, respectively.

The following table provides the amortized cost, gross unrealized losses, fair value,

and length of time the individual securities have been in a continuous unrealized loss position as of September 30, 2025.

September 30, 2025

Available-for-Sale

4 unchanged sentences

Agency mortgage-backed securities

Total temporarily impaired AFS securities

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Investment Securities (continued)

5 unchanged sentences

Agency mortgage-backed securities

Total temporarily impaired HTM securities

June 30, 2025

5 unchanged sentences

Agency mortgage-backed securities

Total temporarily impaired AFS securities

Held to Maturity

4 unchanged sentences

Agency mortgage-backed securities

Total temporarily impaired HTM securities

Loans receivable

18 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

6 unchanged sentences

The composition of the loan portfolio was as follows:

September 30,

(in thousands)

7 unchanged sentences

The amounts above include net deferred loan costs

of $ 183,000 and $ 288,000 as of March 31, 2025 and June 30, 2024, respectively.

of $ 122,000 and $ 144,000 as of September 30, 2025 and June 30, 2025, respectively.

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

42 unchanged sentences

Management monitors the adequacy of the ACL on an ongoing basis and reports its adequacy quarterly to the Board of Directors.

believes the ACL at March 31, 2025 is adequate.

believes the ACL at September 30, 2025 is adequate.

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

52 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

59 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

The following table presents the activity in the

ACL by portfolio segment for the nine months ended March 31, 2025.

March 31, 2025:

ACL by portfolio segment for the three months ended September 30, 2025.

September 30, 2025:

(in thousands)

5 unchanged sentences

Consumer and other

The following table presents the activity in the

ACL by portfolio segment for the nine months ended March 31, 2024, after restatement of beginning balance for adoption of ASC 326:

March 31, 2024:

(in thousands)

(recovery of)

credit losses

Credit Losses for Unfunded

Residential real estate

One- to four-family

Nonresidential real estate

Commercial and industrial

Consumer and other

Loans on deposits

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Loans receivable (continued)

The following table presents the activity in the

ACL by portfolio segment for the three months ended March 31, 2025:

March 31, 2025:

ACL by portfolio segment for the three months ended September 30, 2024.

September 30, 2024:

(in thousands)

5 unchanged sentences

Consumer and other

The following table presents the activity in the

ACL by portfolio segment for the three months ended March 31, 2024:

March 31, 2024:

(in thousands)

(recovery of) credit

Residential real estate:

One- to four-family

Nonresidential real estate

Commercial nonmortgage

Consumer and other:

Loans on deposits

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

The following table presents the amortized cost

basis of collateral-dependent loans by portfolio class as of March 31, 2025.

basis of collateral-dependent loans by portfolio class as of September 30, 2025.

The recorded investment in loans excludes accrued interest

receivable due to immateriality.

March 31, 2025:

September 30, 2025:

(in thousands)

19 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

The following table presents the recorded investment

in nonaccrual and loans past due over 89 days still on accrual by class of loans as of March 31, 2025, and June 30, 2024:

March 31, 2025

The following tables present the amortized cost

basis of loans on nonaccrual status and loans past due over 89 days still accruing as of September 30, 2025 and June 30, 2025:

September 30, 2025

June 30, 2025

3 unchanged sentences

Nonresidential real estate

Commercial and Industrial

Consumer and other

Nonaccrual loans had no related allowance for

credit losses based on individual evaluation at March 31, 2025 or June 30, 2024.

credit losses based on individual evaluation at September 30, 2025 or June 30, 2025.

One- to four-family loans in process of foreclosure

totaled $ 154,000 and $ 926,000 at March 31, 2025 and June 30, 2024, respectively.

There were no loans modified during the nine months

ended March 31, 2025 to borrowers experiencing financial difficulties.

totaled $ 210,000 and $ 213,000 at September 30, 2025 and June 30, 2025, respectively.

There were no loans modified during the three

months ended September 30, 2025 to borrowers experiencing financial difficulties.

The following table presents the aging of the

principal balance outstanding in past due loans as of March 31, 2025, by class of loans:

March 31, 2025:

principal balance outstanding in past due loans as of September 30, 2025, by class of loans:

September 30, 2025:

(in thousands)

7 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

The following tables present the aging of the

principal balance outstanding in past due loans as of June 30, 2024, by class of loans:

The following table present the aging of the principal balance outstanding

in past due loans as of June 30, 2025, by class of loans:

June 30, 2025:

31 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

4 unchanged sentences

See the aging of past due loan

As of March 31, 2025, and based on the most recent analysis performed, the risk category of loans by class of loans is as

As of September 30, 2025, and based on the most recent analysis performed, the risk category of loans by class of loans is

(in thousands)

Term Loans Amortized Cost by Origination Fiscal Year

As of March 31, 2025

As of September 30, 2025

Residential real estate:

8 unchanged sentences

Current period gross charge offs

Special mention

Current period gross charge offs

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

1 unchanged sentence

Term Loans Amortized Cost by Origination Fiscal Year

As of March 31, 2025

Special mention

Current period gross charge offs

As of September 30, 2025

Nonresidential real estate

6 unchanged sentences

Current period gross charge offs

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Loans receivable (continued)

(in thousands)

Term Loans Amortized Cost by Origination Fiscal Year

As of March 31, 2025

Special mention

6 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

14 unchanged sentences

Current period gross charge offs

Special mention

Current period gross charge offs

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

2 unchanged sentences

As of June 30, 2025

Special mention

Current period gross charge offs

Nonresidential real estate

6 unchanged sentences

Current period gross charge offs

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Loans receivable (continued)

(in thousands)

Term Loans Amortized Cost by Origination Fiscal Year

As of June 30, 2024

Special mention

6 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Loans receivable (continued)

At March 31, 2025, the risk category of loans

At September 30, 2025, the risk category of loans

by class of loans was as follows:

15 unchanged sentences

Loans on deposits

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

Loans receivable (continued)

Purchased Credit Impaired Loans:

3 unchanged sentences

The carrying amount of those loans, net of a purchase credit discount

of $ 25,000 and $ 25,000 at March 31, 2025 and June 30, 2024, respectively, is as follows:

of $ 25,000 and $ 25,000 at September 30, 2025 and June 30, 2025, respectively, is as follows:

(in thousands)

September 30,

One- to four-family residential real estate

2 unchanged sentences

(in thousands)

September 30,

Twelve months

3 unchanged sentences

For those purchased loans disclosed above, the

Company made no increase in allowance for credit losses for the year ended June 30, 2024, or for the nine-month period ended March 31,

Company made no increase in allowance for credit losses for the year ended June 30, 2025, nor for the three-month period ended September

Neither were any allowance for credit losses reversed during those periods.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Disclosures About Fair Value of Assets

28 unchanged sentences

Quoted Prices

September 30, 2025

Agency mortgage-backed:

2 unchanged sentences

There were no assets or liabilities which were

measured at fair value on a nonrecurring basis at March 31, 2025, and June 30, 2024.

measured at fair value on a nonrecurring basis at September 30, 2025, and June 30, 2025.

The following is a disclosure of the fair value

9 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Disclosures About Fair Value of Assets

1 unchanged sentence

Based on the foregoing methods and assumptions,

the carrying value and fair value of the Company’s financial instruments at March 31, 2025 and June 30, 2024 are as follows:

the carrying value and fair value of the Company’s financial instruments at September 30, 2025 and June 30, 2025 are as follows:

Fair Value Measurements at

March 31, 2025 Using

September 30, 2025 Using

(in thousands)

26 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

September 30, 2025

Other Comprehensive Income (Loss)

4 unchanged sentences

(in thousands)

Balance at beginning of period

Current period change

Balance at end of period

September 30,

Beginning balance

Current year change

Ending balance

Other comprehensive income (loss) components and

related tax effects for the periods indicated were as follows:

Nine months ended

Three months ended

September 30,

(in thousands)

Unrealized holding gains (losses) on available-for-sale securities

Net-of-tax amount

Formal Written Agreement

On August 13, 2024, First Federal of Kentucky

entered into a formal written agreement (the “Agreement”) with the OCC, which became effective as of the same date.

The Agreement

will remain effective until it is amended by First Federal of Kentucky and the OCC, or the OCC modifies, waives or terminates the Agreement.

As a result of the Agreement, pursuant to 12 C.F.R.

§ 5.51(c)(7)(ii), First Federal of Kentucky is in “troubled condition,”

and is not an “eligible savings association” for purposes of 12 C.F.R.

§ 5.3, unless otherwise informed in writing by

In addition to the Agreement, the OCC has also imposed individual minimum capital requirements (“IMCRs”) on First

Federal of Kentucky.

The IMCRs require First Federal 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 %.

Under the terms of the Agreement, First Federal

of Kentucky is required to take the following actions within the time frames specified in the Agreement:

create a compliance committee composed of at least three of First Federal of Kentucky’s directors to monitor and oversee First Federal of Kentucky’s compliance with the provisions of the Agreement and submit quarterly evaluation reports to First Federal of Kentucky’s board of directors regarding actions First Federal of Kentucky has taken to comply with the Agreement and the results and status of such actions;

submit to the OCC, adopt and implement an acceptable revised written three-year strategic plan establishing objectives for First Federal of Kentucky’s overall risk profile, balance sheet mix, funding structure, interest rate risk, liquidity and capital adequacy, earnings performance, and asset and core deposit growth, together with strategies to achieve those objectives;

submit to the OCC, adopt and implement an acceptable revised written succession plan for First Federal of Kentucky that is designed to promote adequate staffing and continuity of capable management;

adopt a revised written liquidity risk management program for First Federal of Kentucky that provides for the identification, measurement, monitoring, and control of First Federal of Kentucky’s liquidity risk exposure, and that emphasizes the importance of cash flow projections, diversified funding sources, a cushion of highly liquid assets, robust liquidity stress testing scenario analyses, and a formal, well-developed contingency funding plan as primary tools for measuring and managing liquidity risk;

adopt a revised written interest rate risk program that includes risk management systems to identify, measure, monitor, and control interest rate risk.

The Agreement requires First Federal of Kentucky’s

Board to (i) ensure that First Federal of Kentucky timely adopts and implements all corrective actions required by the Agreement and (ii)

verify that First Federal of Kentucky adheres to the corrective actions and that they are effective in addressing First Federal of Kentucky’s

deficiencies that resulted in the Agreement.

First Federal of Kentucky’s Board and management are committed to fully addressing

the provisions of the Agreement within the required time frames.

As of the date of this filing, First Federal of Kentucky’s Board

and management believe that First Federal of Kentucky has made progress toward addressing the deficiencies that resulted in the Agreement

and intends to satisfy the Agreement’s requirements as expeditiously as possible.

For additional information, see Exhibit 10.1

to the Company Current Report on Form 8-K filed with the Securities and Exchange Commission on August 15, 2024 and Item 1A, “Risk

Factors - We are required to comply with the terms of a formal written agreement and IMCRs issued by the OCC, and lack of compliance

could result in monetary penalties and /or additional regulatory actions ” and Note K - Stockholders’ Equity and Regulatory

Capital of the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K filed with

the Securities and Exchange Commission on October 1, 2025.

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 1. Financial Statements