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News Article | May 8, 2017
Site: globenewswire.com

HAZARD, FRANKFORT, DANVILLE, and LANCASTER, Ky., May 08, 2017 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq:KFFB), the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, announced net earnings of $168,000 or $0.02 diluted earnings per share for the three months ended March 31, 2017, compared to net earnings of $178,000 or $0.02 diluted earnings per share for the three months ended March 31, 2016, a decrease of $10,000 or 5.6%.   Net earnings were $719,000 or $0.09 diluted earnings per share for the nine months ended March 31, 2017, compared to net earnings of $1.1 million or $0.13 diluted earnings per share for the nine months ended March 31, 2016, a decrease of $401,000 or 35.8%. The decrease in net earnings on a quarter-to-quarter basis was primarily attributable to higher provision for loan losses and higher interest expense, while being somewhat offset by higher non-interest income and lower non-interest expense. Net interest income before provision for loan losses decreased $31,000 or 1.2% to $2.5 million for the quarter ended March 31, 2017 compared to the prior year quarter, primarily because of higher interest expense on borrowed funds.  Interest expense on borrowings increased $35,000 or 41.7% to $119,000 for the recently ended quarter primarily due to a higher level of outstanding FHLB Advances, which increased $20.6 million or 62.1% to $53.8 million at March 31, 2017, compared to June 30, 2016.  Provision for loan losses totaled $166,000 for the just-ended quarter compared to no provision for the prior year period due chiefly to loan charge-offs.  Non-interest income increased $109,000 to $90,000 for the quarter ended March 31, 2017, compared to the prior year quarter, primarily because of gain recognized on the sale of investments and decreased charges associated with REO.  The Company sold its investment in Federal Home Loan Mortgage Company (“Freddie Mac”) stock during the recently ended quarter and recognized a gain of $64,000, while valuation adjustments on REO decreased $53,000 or 47.7% to $58,000 for the recently-ended quarterly period.  Non-interest expense decreased $91,000 or 4.1% to $2.1 million for the quarter ended March 31, 2017 primarily due to lower employee compensation and benefits costs, legal fees and FDIC insurance premiums. Chief Executive Officer Don D. Jennings commented that “the quarter just ended was one of the Company’s best ever for generating loans to hold in our portfolio.  Although our loan portfolio repriced downward during the three- and nine-month periods ended March 31, 2017, we remain encouraged by the recent growth in our loan portfolio and the current direction of interest rates in general.  Our loan portfolio at March 31, 2017, increased by $14.7 million or 6.2% compared to June 30, 2016.” The decrease in net earnings on a nine-month basis was primarily attributable to lower interest income and higher provision for loan losses while being somewhat offset by higher non-interest income and lower non-interest expense. Interest income decreased $364,000 or 4.1% to $8.5 million for the nine-month period ended March 31, 2017 compared to the prior year period, primarily because of lower yield on the Company’s loan portfolio.  Provision for loan losses totaled $222,000 for the nine-month period just-ended compared to $11,000 for the prior year period due chiefly to loan charge-offs.  Non-interest income increased $113,000 or 51.1% to $334,000 for the nine months just ended due chiefly to the gain on Freddie Mac stock mentioned herein and lower REO expenses.  Valuation adjustments on REO decreased $67,000 or 44.7% to $83,000 for the nine-month period ended March 31, 2017.  Non-interest expense decreased $56,000 or 0.9% to $6.4 million for the nine-month period recently ended, due primarily to lower FDIC insurance premiums, employee compensation and benefits as well as legal fees. At March 31, 2017 assets increased $13.4 million or 4.6% to $305.3 million compared to $291.9 million at June 30, 2016.  This increase is attributable primarily to an increase in loans.  Total liabilities increased $13.7 million or 6.1% to $238.0 million at March 31, 2017, as FHLB advances increased $20.6 million or 62.1% to $53.8 million and deposits decreased $7.0 million or 3.7% to $181.6 million at March 31, 2017. At March 31, 2017, the Company reported its book value per share as $7.96. This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases.  The Company intends that such forward-looking statements be subject to the safe harbors created thereby.  All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company, changes in the securities markets and the Risk Factors described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2016.  Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved. Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association, which operates one banking office in Hazard, Kentucky, and First Federal Savings Bank, which operates six banking offices in Kentucky, including three in Frankfort, two in Danville, and one in Lancaster.  Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB.  At March 31, 2017, the Company had approximately 8,444,515 shares outstanding of which approximately 56.0% was held by First Federal MHC.


CHRISTIANSTED, U.S. Virgin Islands, May 09, 2017 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE MKT:AAMC) today announced financial and operating results for the first quarter of 2017. “We are proud of the substantial growth of RESI’s single-family rental portfolio under our management.  We are continuing to build RESI’s acquisition channels, deliver strong rental operating metrics and guide RESI’s divestiture of legacy loan and REO assets in favor of high-yielding single-family rental properties,” stated Chief Executive Officer, George Ellison. “These continued achievements on behalf of RESI are important in delivering long-term value for AAMC’s shareholders.” _____________________________ 1 Second closing is scheduled to occur in the second quarter of 2017 and is subject to continuing due diligence, inspection of homes and finalization of pricing. 2 Closing is scheduled to occur in May 2017, subject to execution of definitive purchase agreement and completion of final due diligence.  Certain loans may not be sold in the closing due to their conversion to REO or diligence findings; therefore, the total number of sold loans will be less than 2,384. AAMC’s net loss for the first quarter of 2017 totaled $1.3 million, or $0.89 per diluted share, compared to a net loss of $0.9 million, or $0.50 per diluted share, for the first quarter of 2016. AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles. Additional information is available at www.altisourceamc.com. This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management’s beliefs and expectations. Forward-looking statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: AAMC’s ability to implement its business plan; AAMC's ability to leverage strategic relationships on an efficient and cost-effective basis; AAMC's and RESI's ability to compete; AAMC’s ability to implement RESI’s business plan; general economic and market conditions; governmental regulations, taxes and policies; AAMC's ability to generate adequate and timely sources of liquidity and financing for itself or RESI; RESI’s ability to sell residential mortgage assets on favorable terms or at all; AAMC's ability to identify and acquire assets for RESI’s portfolio; RESI’s ability to complete potential transactions in accordance with anticipated terms and on a timely basis or at all; Altisource Portfolio Solutions S.A. and its affiliates’ ability to effectively perform its obligations under various agreements with RESI; the failure of Main Street Renewal, LLC to effectively perform under its property management agreement with RESI; and other risks and uncertainties detailed in the “Risk Factors” and other sections described from time to time in the Company’s current and future filings with the Securities and Exchange Commission. The foregoing list of factors should not be construed as exhaustive. The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.


News Article | May 8, 2017
Site: www.prnewswire.com

Net income for the three months ended March 31, 2017 totaled $404,000 and increased $88,000, or 27.8%, compared to net income of $316,000 for the three months ended March 31, 2016.  The increase in net income was due to a $400,000 increase in net interest income and a $50,000 decrease in provision expense, partially offset by a $166,000 increase in noninterest expense, a $138,000 decrease in noninterest income and a $58,000 increase in income tax expense. Net income attributable to common stockholders for the three months ended March 31, 2017, totaled $190,000, or $0.01 per diluted common share, and increased $88,000, or 86.3%, compared to net income attributable to common stockholders of $102,000, or $0.01 per diluted common share, for the three months ended March 31, 2016.  For the three months ended March 31, 2017 and 2016, preferred dividends on the Company's Series B Preferred Stock and accretion of discount reduced net income attributable to common stockholders by $214,000 for each period. Timothy T. O'Dell, President and CEO, commented, "We remain pleased with our earnings trajectory which has been positively impacted by continued solid loan growth (net income increased 27.8% during the first quarter of 2017 vs. the first quarter of 2016). We are also encouraged by our loan pipelines and the increasing commercial and industrial (C&I) lending activity. The investment which we made last year in expanding our Commercial Lending team is yielding encouraging new business opportunities. Our key focus for 2017 continues to be driving increased earnings along with improving operating metrics." Net interest income.  Net interest income totaled $3.1 million for the quarter ended March 31, 2017 and increased $400,000, or 15.0%, compared to $2.7 million for the quarter ended March 31, 2016.  The increase in net interest income was primarily due to a $499,000, or 14.9%, increase in interest income, partially offset by a $99,000, or 14.3%, increase in interest expense.  The increase in interest income was primarily attributed to a $66.8 million, or 20.6%, increase in average interest-earning assets outstanding partially offset by a 19bps decrease in average yield on interest-earning assets due to the mix of interest-earning assets.  The increase in interest expense was primarily attributed to a $37.1 million, or 13.8%, increase in average interest-bearing liabilities.  As a result, net interest margin of 3.14% for the quarter ended March 31, 2017 decreased 15bps compared to the net interest margin of 3.29% for the quarter ended March 31, 2016. Robert E. Hoeweler, Chairman of the Board, added "Our CF Team continues to produce solid loan growth along with increasing earnings, while maintaining a strong credit culture.  We believe that we are well positioned to build upon this momentum in 2017." Provision for loan and lease losses.  The provision for loan losses totaled $0 for the quarter ended March 31, 2017 and decreased $50,000, compared to $50,000 for the quarter ended March 31, 2016.  The decrease in the provision for loan losses for the quarter ended March 31, 2017 was primarily due to continued improvement in credit quality, favorable trends in certain qualitative factors and net recoveries for the quarter.  Net recoveries for the quarter ended March 31, 2017 totaled $17,000 compared to net recoveries of $46,000 for the quarter ended March 31, 2016.  The ratio of the ALLL to nonperforming loans was 501.2% as of March 31, 2017. Noninterest income.  Noninterest income for the quarter ended March 31, 2017 totaled $166,000 and decreased $138,000, or 45.4%, compared to $304,000 for the quarter ended March 31, 2016. The decrease was primarily due to a $84,000 decrease in service charges on deposit accounts and a $49,000 decrease in other noninterest income.  The decrease in service charges on deposit accounts was primarily related to a decrease in overdraft fee income. The decrease in other noninterest income was related to decreased activity related to the Company's joint ventures. Noninterest expense.  Noninterest expense increased $166,000, or 6.8%, and totaled $2.6 million for the quarter ended March 31, 2017, compared to $2.5 million for the quarter ended March 31, 2016.  The increase in noninterest expense during the three months ended March 31, 2017 was primarily due to a $262,000 increase in salaries and employee benefits expense, which was partially offset by a $76,000 decrease in professional fees. The increase in salaries and employee benefits was due to an increase in experienced commercial lenders, coupled with an increase in personnel in operations, credit and information technology to support our growth, infrastructure and risk management practices.  The decrease in professional fees was primarily due to elevated expenses incurred during the first quarter of 2016 for recruiting, work-out expenses and one-time expenses related to a mortgage consulting project. Income tax expense.  Income tax expense was $208,000 for the three months ended March 31, 2017, an increase of $58,000, or 38.7%, compared to $150,000 for the three months ended March 31, 2016.  The effective tax rate for the quarter ended March 31, 2017, was approximately 34.0%, which management believes is a reasonable estimate for the effective tax rate. General.  Assets totaled $416.5 million at March 31, 2017 and decreased $19.7 million, or 4.5%, from $436.1 million at December 31, 2016.  The increase was primarily due to a $33.6 million decrease in cash and cash equivalents, partially offset by a $14.8 million increase in net loan balances. Cash and cash equivalents.  Cash and cash equivalents totaled $24.3 million at March 31, 2017 and decreased $33.6 million, or 58.0%, from $57.9 million at December 31, 2016.  The decrease in cash and cash equivalents was a result of funding loan growth. Securities.  Securities available for sale totaled $14.0 million at March 31, 2017 and decreased $51,000, or 0.4%, from $14.1 million at December 31, 2016. Loans and Leases.  Net loans totaled $361.0 million at March 31, 2017 and increased $14.9 million, or 4.3%, from $346.1 million at December 31, 2016.  The increase was primarily due to a $14.6 million increase in commercial loan balances, a $6.9 million increase in construction loan balances, and a $2.2 million increase in commercial real estate loan balances, partially offset by a $5.4 million decrease in single-family residential loans balances and a $3.2 million decrease in multi-family loan balances.  The increase in commercial loan balances, construction loan balances and commercial real estate loans was due to increased sales activity.  The decrease in single-family residential and multi-family loans was primarily attributed to payoffs and maturities. Allowance for loan and lease losses (ALLL).  The ALLL totaled $6.9 million at March 31, 2017 and increased $17,000, or 0.2%, from $6.9 million at December 31, 2016.  The increase in the ALLL was primarily due to net recoveries for the quarter.  The ratio of the ALLL to total loans was 1.89% at March 31, 2017 compared to 1.96% at December 31, 2016.  The ratio of the ALLL to nonperforming loans was 501.2% at March 31, 2017, compared to 983.7% at December 31, 2016. Foreclosed assets.  Foreclosed assets totaled $204,000 at March 31, 2017 and remained constant compared to $204,000 at December 31, 2016.  Foreclosed assets at March 31, 2017 consisted of one single-family residential property that was transferred into REO at fair value in December 2016. Deposits.  Deposits totaled $348.2 million at March 31, 2017 and decreased $27.1 million, or 7.2%, from $375.4 million at December 31, 2016.  The decrease was primarily attributed to a $15.4 million decrease in money market account balances and a $12.0 million decrease in certificates of deposits, partially offset by a $891,000 increase in savings account balances.  The majority of the decrease in deposit balances is related to a decline in money market balances as certain promotional rates expired, coupled with a decline in listing service and brokered CD balances. Stockholders' equity. Stockholders' equity totaled $39.6 million at March 31, 2017, an increase of $277,000, or 0.7%, from $39.3 million at December 31, 2016.  The increase in total stockholders' equity was primarily attributed to net income, which was partially offset by the dividends paid on the Company's Series B Preferred Stock during the three months ended March 31, 2017. On April 26, 2017, the Company's Board of Directors authorized an extension of the Company's stock repurchase program for an additional six months commencing May 10, 2017.    Any purchases under the repurchase program will be made from time to time in the open market in accordance with applicable federal and state securities laws and regulations.  The timing and amount of any stock repurchases will be determined by the Company's management based on its evaluation of market conditions, regulatory requirements and other corporate considerations.  Since the commencement of the stock repurchase program in May 2016, the Company has repurchased a total of 21,300 common shares for an aggregate purchase price of $30,000 as of March 31, 2017.  All repurchased shares are held by the Company as treasury stock.  No common shares of stock were repurchased during the three months ended March 31, 2017. Central Federal Corporation is a financial holding company that owns 100% of the stock of CFBank, National Association (CFBank), which was formed in Ohio in 1892 and converted from a federal savings association to a national bank on December 1, 2016. CFBank has a presence in three major metro Ohio markets – Columbus, Cleveland, and Akron markets – as well as its two locations in Columbiana County, Ohio.  CFBank provides Business Banking products and services including commercial loans and leases, commercial and residential real estate loans and treasury management depository services.  As a full service commercial bank, our business, along with our products and services, is focused on serving the banking and financial needs of closely held businesses.  Our business model emphasizes personalized service, customer access to decision makers, quick execution, and the convenience of online internet banking, mobile banking, remote deposit and corporate treasury management.  In addition, CFBank provides residential lending and full service retail banking services and products. Additional information about the Company and CFBank is available at www.CFBankOnline.com Statements in this earnings release that are not statements of historical fact are forward-looking statements which are made in good faith by us. Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of the management or Boards of Directors of Central Federal Corporation (the Holding Company) or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements.  Words such as "estimate," "strategy," "may," "believe," "anticipate," "expect," "predict," "will," "intend," "plan," "targeted," and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.  Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements.  The following factors could cause such differences: Forward-looking statements are not guarantees of performance or results.  A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement.  The Company believes it has chosen these assumptions or bases in good faith and that they are reasonable.  We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material.  The forward-looking statements included in this earnings release speak only as of the date hereof.  We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law. Our filings with the Securities and Exchange Commission detail other risks, all of which are difficult to predict and many of which are beyond our control. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/central-federal-corporation-announces-1st-quarter-2017-financial-results-300453184.html


News Article | May 11, 2017
Site: www.prnewswire.com

Highest foreclosure rates in New Jersey, Maryland and Nevada Nationwide one in every 1,723 housing units had a foreclosure filing in April 2017. States with the highest foreclosure rates were New Jersey (one in every 562 housing units with a foreclosure filing); Delaware (one in every 706 housing units); Maryland (one in every 776 housing units); Connecticut (one in every 956 housing units); and Illinois (one in every 1,083 housing units). Among 217 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April were Atlantic City, New Jersey (one in every 237 housing units with a foreclosure filing); Fayetteville, North Carolina (one in every 615 housing units); Trenton, New Jersey (one in every 620 housing units); Rockford, Illinois (one in every 668 housing units); and Philadelphia (one in every 733 housing units). Counter to the national trend, the District of Columbia and seven states posted year-over-year increases in foreclosure activity, including New Jersey (up 1 percent); Connecticut (up 29 percent); and Massachusetts (up 3 percent). "The Seattle-area economy continues to outperform the rest of the country and the housing market is going gangbusters," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where April foreclosure activity decreased 38 percent from a year ago.. "As such, I'm not surprised that foreclosure activity continues to head towards pre-housing bubble averages. In fact, as banks continue to unwind their REO portfolios, I expect foreclosure levels in Seattle to drop even further in the coming months." Foreclosure starts continue to track below pre-recession levels A total of 34,085 U.S. properties started the foreclosure process in April, down 6 percent from the previous month and down 22 percent from a year ago and continuing well below the pre-recession average of more than 77,000 foreclosure starts per month between April 2005 and November 2007. Counter to the national trend, the District of Columbia and seven states posted year-over-year increases in foreclosure starts, including Connecticut (up 40 percent); Massachusetts (up 34 percent); Alabama (up 10 percent); Missouri (up 10 percent); Oregon (up 7 percent); and Illinois (up 6 percent). Foreclosure completions down but still above pre-recession levels Lenders completed foreclosure (REO) on 25,990 U.S. properties in April, down 9 percent from the previous month and down 22 percent from a year ago to the lowest level since February 2015 — a 26-month (more than 2 year) low and running just above the pre-recession average of 25,796 per month between April 2005 and November 2007. Counter to the national trend, the District of Columbia and 15 states posted year-over-year increases in REOs in April, including New Jersey (up 45 percent); Arizona (up 25 percent); Louisiana (up 2 percent); Connecticut (up 4 percent); and Oklahoma (up 7 percent). Repeat foreclosures highest in New York City among five markets analyzed ATTOM also released a brand-new analysis of "repeat foreclosure starts" in five markets: the five boroughs of New York City; Essex County, Miami-Dade County; Los Angeles County; and Maricopa County (Phoenix), Arizona. For purposes of this analysis, a repeat foreclosures start was defined as a foreclosure start (initial publicly recorded foreclosure notice starting the foreclosure process) filed on a property address-owner last name combination in 2016 with a previous foreclosure start on the same property address-owner combination in the last 10 years. About ATTOM Data Solutions ATTOM Data Solutions curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-foreclosure-activity-in-april-2017-drops-to-lowest-level-since-november-2005-300455552.html


CHRISTIANSTED, U.S. Virgin Islands, May 09, 2017 (GLOBE NEWSWIRE) -- Altisource Residential Corporation (“RESI” or the “Company”) (NYSE:RESI) today announced financial and operating results for the first quarter of 2017. “We are continuing to execute on our objectives, including growth of our rental portfolio, disposition of our non-rental assets and achievement of strong property operating metrics,” said Chief Executive Officer, George Ellison. “Our promising start to 2017 has included the ongoing development of our property acquisition pipeline, impressive progress on mortgage loan sales and success in optimizing our financing structure.” _____________________________ 1 Second closing is scheduled to occur in the second quarter of 2017 and is subject to continuing due diligence, inspection of homes and finalization of pricing. 2 Closing is scheduled to occur in May 2017, subject to execution of definitive purchase agreement and completion of final due diligence.  Certain loans may not be sold in the closing due to their conversion to REO and diligence findings; therefore, the total number of sold loans will be less than 2,384. RESI continues to deliver on its commitment to be one of the top single-family rental REITs serving working class American families and their communities. Its strategy is to build long-term shareholder value through the creation of a large portfolio of single-family rental homes that are targeted to operate at a best-in-class yield. The Company believes there is a compelling opportunity in the single-family rental market and that it has implemented the right strategic plan to capitalize on the sustained growth in single-family rental demand. The Company targets the moderately-priced single-family home market that, in the Company's view, offers optimal yield opportunities. In order to achieve this goal, RESI has focused on (i) identifying and acquiring high-yielding single-family rental properties in pools or on a targeted, individual basis; (ii) working with its property managers to implement a cost-effective and scalable property management structure; (iii) selling certain mortgage loans and non-rental REO properties that do not meet the Company’s targeted rental criteria, which generates cash that the Company may reinvest in acquiring additional single-family rental properties; (iv) resolving the remaining mortgage loans in its portfolio, including the conversion of a portion of the underlying properties to rental units and (v) extending the duration of our financing arrangements to better match the long-term nature of our rental portfolio. Through these avenues, the Company can capitalize on attractive single-family rental economics and continue its transition to a 100% single-family rental REIT, which will position the Company to provide a consistent return on equity and long-term growth for its investors. Net loss for the first quarter of 2017 totaled $49.4 million, or $0.92 per diluted share, compared to net loss of $45.7 million, or $0.82 per diluted share, for the first quarter of 2016. The Company expects to host a webcast and conference call on Tuesday, March 9, 2017, at 8:30 a.m. Eastern Time to discuss its financial results for the first quarter of 2017. The conference call will be webcast live over the internet from the Company’s website at www.altisourceresi.com and can be accessed by clicking on the “Shareholders” link. Residential is focused on providing quality, affordable rental homes to families throughout the United States. Additional information is available at www.altisourceresi.com. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, anticipations and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies as well as industry and market conditions. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “seek,” “believe” and other expressions or words of similar meaning. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause the Company's actual results to differ materially from these forward-looking statements may include, without limitation, our ability to implement our business strategy; our ability to make distributions to stockholders; our ability to complete potential transactions in accordance with anticipated terms and on a timely basis or at all; the Company's ability to integrate newly acquired rental assets into the portfolio; difficulties in identifying single-family properties to acquire; the impact of changes to the supply of, value of and the returns on single-family rental properties and sub-performing and non-performing loans; our ability to acquire single-family rental properties generating attractive returns and convert loans to single-family rental properties; our ability to sell residential mortgage assets on favorable terms; our ability to predict costs; our ability to effectively compete with competitors; changes in interest rates and the market value of our single-family properties or the collateral underlying sub-performing and non-performing loan portfolios; the Company’s ability to successfully modify or otherwise resolve sub-performing and non-performing loans; our ability to obtain and access financing arrangements on favorable terms, or at all; the Company’s ability to apply the net proceeds from financings in target assets in a timely manner or at all; our ability to retain the exclusive engagement of Altisource Asset Management Corporation; the failure of Altisource Portfolio Solutions S.A. and its affiliates to effectively perform its obligations under various agreements with the Company; the failure of Main Street Renewal, LLC to effectively perform under its property management agreement with the Company; the failure of our mortgage loan servicers to effectively perform their servicing obligations under their servicing agreements; the Company's failure to qualify or maintain qualification as a REIT; failure to maintain our exemption from registration under the Investment Company Act of 1940, as amended; the impact of adverse real estate, mortgage or housing markets; the impact of adverse legislative or regulatory tax changes and other risks and uncertainties detailed in the "Risk Factors" and other sections described from time to time in the Company's current and future filings with the Securities and Exchange Commission. In addition, financial risks such as liquidity, interest rate and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.


CHRISTIANSTED, U.S. Virgin Islands, May 09, 2017 (GLOBE NEWSWIRE) -- Altisource Residential Corporation (“RESI” or the “Company”) (NYSE:RESI) today announced financial and operating results for the first quarter of 2017. “We are continuing to execute on our objectives, including growth of our rental portfolio, disposition of our non-rental assets and achievement of strong property operating metrics,” said Chief Executive Officer, George Ellison. “Our promising start to 2017 has included the ongoing development of our property acquisition pipeline, impressive progress on mortgage loan sales and success in optimizing our financing structure.” _____________________________ 1 Second closing is scheduled to occur in the second quarter of 2017 and is subject to continuing due diligence, inspection of homes and finalization of pricing. 2 Closing is scheduled to occur in May 2017, subject to execution of definitive purchase agreement and completion of final due diligence.  Certain loans may not be sold in the closing due to their conversion to REO and diligence findings; therefore, the total number of sold loans will be less than 2,384. RESI continues to deliver on its commitment to be one of the top single-family rental REITs serving working class American families and their communities. Its strategy is to build long-term shareholder value through the creation of a large portfolio of single-family rental homes that are targeted to operate at a best-in-class yield. The Company believes there is a compelling opportunity in the single-family rental market and that it has implemented the right strategic plan to capitalize on the sustained growth in single-family rental demand. The Company targets the moderately-priced single-family home market that, in the Company's view, offers optimal yield opportunities. In order to achieve this goal, RESI has focused on (i) identifying and acquiring high-yielding single-family rental properties in pools or on a targeted, individual basis; (ii) working with its property managers to implement a cost-effective and scalable property management structure; (iii) selling certain mortgage loans and non-rental REO properties that do not meet the Company’s targeted rental criteria, which generates cash that the Company may reinvest in acquiring additional single-family rental properties; (iv) resolving the remaining mortgage loans in its portfolio, including the conversion of a portion of the underlying properties to rental units and (v) extending the duration of our financing arrangements to better match the long-term nature of our rental portfolio. Through these avenues, the Company can capitalize on attractive single-family rental economics and continue its transition to a 100% single-family rental REIT, which will position the Company to provide a consistent return on equity and long-term growth for its investors. Net loss for the first quarter of 2017 totaled $49.4 million, or $0.92 per diluted share, compared to net loss of $45.7 million, or $0.82 per diluted share, for the first quarter of 2016. The Company expects to host a webcast and conference call on Tuesday, March 9, 2017, at 8:30 a.m. Eastern Time to discuss its financial results for the first quarter of 2017. The conference call will be webcast live over the internet from the Company’s website at www.altisourceresi.com and can be accessed by clicking on the “Shareholders” link. Residential is focused on providing quality, affordable rental homes to families throughout the United States. Additional information is available at www.altisourceresi.com. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, anticipations and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies as well as industry and market conditions. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “seek,” “believe” and other expressions or words of similar meaning. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause the Company's actual results to differ materially from these forward-looking statements may include, without limitation, our ability to implement our business strategy; our ability to make distributions to stockholders; our ability to complete potential transactions in accordance with anticipated terms and on a timely basis or at all; the Company's ability to integrate newly acquired rental assets into the portfolio; difficulties in identifying single-family properties to acquire; the impact of changes to the supply of, value of and the returns on single-family rental properties and sub-performing and non-performing loans; our ability to acquire single-family rental properties generating attractive returns and convert loans to single-family rental properties; our ability to sell residential mortgage assets on favorable terms; our ability to predict costs; our ability to effectively compete with competitors; changes in interest rates and the market value of our single-family properties or the collateral underlying sub-performing and non-performing loan portfolios; the Company’s ability to successfully modify or otherwise resolve sub-performing and non-performing loans; our ability to obtain and access financing arrangements on favorable terms, or at all; the Company’s ability to apply the net proceeds from financings in target assets in a timely manner or at all; our ability to retain the exclusive engagement of Altisource Asset Management Corporation; the failure of Altisource Portfolio Solutions S.A. and its affiliates to effectively perform its obligations under various agreements with the Company; the failure of Main Street Renewal, LLC to effectively perform under its property management agreement with the Company; the failure of our mortgage loan servicers to effectively perform their servicing obligations under their servicing agreements; the Company's failure to qualify or maintain qualification as a REIT; failure to maintain our exemption from registration under the Investment Company Act of 1940, as amended; the impact of adverse real estate, mortgage or housing markets; the impact of adverse legislative or regulatory tax changes and other risks and uncertainties detailed in the "Risk Factors" and other sections described from time to time in the Company's current and future filings with the Securities and Exchange Commission. In addition, financial risks such as liquidity, interest rate and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.


News Article | May 8, 2017
Site: globenewswire.com

HAZARD, FRANKFORT, DANVILLE, and LANCASTER, Ky., May 08, 2017 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq:KFFB), the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, announced net earnings of $168,000 or $0.02 diluted earnings per share for the three months ended March 31, 2017, compared to net earnings of $178,000 or $0.02 diluted earnings per share for the three months ended March 31, 2016, a decrease of $10,000 or 5.6%.   Net earnings were $719,000 or $0.09 diluted earnings per share for the nine months ended March 31, 2017, compared to net earnings of $1.1 million or $0.13 diluted earnings per share for the nine months ended March 31, 2016, a decrease of $401,000 or 35.8%. The decrease in net earnings on a quarter-to-quarter basis was primarily attributable to higher provision for loan losses and higher interest expense, while being somewhat offset by higher non-interest income and lower non-interest expense. Net interest income before provision for loan losses decreased $31,000 or 1.2% to $2.5 million for the quarter ended March 31, 2017 compared to the prior year quarter, primarily because of higher interest expense on borrowed funds.  Interest expense on borrowings increased $35,000 or 41.7% to $119,000 for the recently ended quarter primarily due to a higher level of outstanding FHLB Advances, which increased $20.6 million or 62.1% to $53.8 million at March 31, 2017, compared to June 30, 2016.  Provision for loan losses totaled $166,000 for the just-ended quarter compared to no provision for the prior year period due chiefly to loan charge-offs.  Non-interest income increased $109,000 to $90,000 for the quarter ended March 31, 2017, compared to the prior year quarter, primarily because of gain recognized on the sale of investments and decreased charges associated with REO.  The Company sold its investment in Federal Home Loan Mortgage Company (“Freddie Mac”) stock during the recently ended quarter and recognized a gain of $64,000, while valuation adjustments on REO decreased $53,000 or 47.7% to $58,000 for the recently-ended quarterly period.  Non-interest expense decreased $91,000 or 4.1% to $2.1 million for the quarter ended March 31, 2017 primarily due to lower employee compensation and benefits costs, legal fees and FDIC insurance premiums. Chief Executive Officer Don D. Jennings commented that “the quarter just ended was one of the Company’s best ever for generating loans to hold in our portfolio.  Although our loan portfolio repriced downward during the three- and nine-month periods ended March 31, 2017, we remain encouraged by the recent growth in our loan portfolio and the current direction of interest rates in general.  Our loan portfolio at March 31, 2017, increased by $14.7 million or 6.2% compared to June 30, 2016.” The decrease in net earnings on a nine-month basis was primarily attributable to lower interest income and higher provision for loan losses while being somewhat offset by higher non-interest income and lower non-interest expense. Interest income decreased $364,000 or 4.1% to $8.5 million for the nine-month period ended March 31, 2017 compared to the prior year period, primarily because of lower yield on the Company’s loan portfolio.  Provision for loan losses totaled $222,000 for the nine-month period just-ended compared to $11,000 for the prior year period due chiefly to loan charge-offs.  Non-interest income increased $113,000 or 51.1% to $334,000 for the nine months just ended due chiefly to the gain on Freddie Mac stock mentioned herein and lower REO expenses.  Valuation adjustments on REO decreased $67,000 or 44.7% to $83,000 for the nine-month period ended March 31, 2017.  Non-interest expense decreased $56,000 or 0.9% to $6.4 million for the nine-month period recently ended, due primarily to lower FDIC insurance premiums, employee compensation and benefits as well as legal fees. At March 31, 2017 assets increased $13.4 million or 4.6% to $305.3 million compared to $291.9 million at June 30, 2016.  This increase is attributable primarily to an increase in loans.  Total liabilities increased $13.7 million or 6.1% to $238.0 million at March 31, 2017, as FHLB advances increased $20.6 million or 62.1% to $53.8 million and deposits decreased $7.0 million or 3.7% to $181.6 million at March 31, 2017. At March 31, 2017, the Company reported its book value per share as $7.96. This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases.  The Company intends that such forward-looking statements be subject to the safe harbors created thereby.  All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company, changes in the securities markets and the Risk Factors described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2016.  Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved. Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association, which operates one banking office in Hazard, Kentucky, and First Federal Savings Bank, which operates six banking offices in Kentucky, including three in Frankfort, two in Danville, and one in Lancaster.  Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB.  At March 31, 2017, the Company had approximately 8,444,515 shares outstanding of which approximately 56.0% was held by First Federal MHC.


News Article | May 8, 2017
Site: globenewswire.com

HAZARD, FRANKFORT, DANVILLE, and LANCASTER, Ky., May 08, 2017 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq:KFFB), the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, announced net earnings of $168,000 or $0.02 diluted earnings per share for the three months ended March 31, 2017, compared to net earnings of $178,000 or $0.02 diluted earnings per share for the three months ended March 31, 2016, a decrease of $10,000 or 5.6%.   Net earnings were $719,000 or $0.09 diluted earnings per share for the nine months ended March 31, 2017, compared to net earnings of $1.1 million or $0.13 diluted earnings per share for the nine months ended March 31, 2016, a decrease of $401,000 or 35.8%. The decrease in net earnings on a quarter-to-quarter basis was primarily attributable to higher provision for loan losses and higher interest expense, while being somewhat offset by higher non-interest income and lower non-interest expense. Net interest income before provision for loan losses decreased $31,000 or 1.2% to $2.5 million for the quarter ended March 31, 2017 compared to the prior year quarter, primarily because of higher interest expense on borrowed funds.  Interest expense on borrowings increased $35,000 or 41.7% to $119,000 for the recently ended quarter primarily due to a higher level of outstanding FHLB Advances, which increased $20.6 million or 62.1% to $53.8 million at March 31, 2017, compared to June 30, 2016.  Provision for loan losses totaled $166,000 for the just-ended quarter compared to no provision for the prior year period due chiefly to loan charge-offs.  Non-interest income increased $109,000 to $90,000 for the quarter ended March 31, 2017, compared to the prior year quarter, primarily because of gain recognized on the sale of investments and decreased charges associated with REO.  The Company sold its investment in Federal Home Loan Mortgage Company (“Freddie Mac”) stock during the recently ended quarter and recognized a gain of $64,000, while valuation adjustments on REO decreased $53,000 or 47.7% to $58,000 for the recently-ended quarterly period.  Non-interest expense decreased $91,000 or 4.1% to $2.1 million for the quarter ended March 31, 2017 primarily due to lower employee compensation and benefits costs, legal fees and FDIC insurance premiums. Chief Executive Officer Don D. Jennings commented that “the quarter just ended was one of the Company’s best ever for generating loans to hold in our portfolio.  Although our loan portfolio repriced downward during the three- and nine-month periods ended March 31, 2017, we remain encouraged by the recent growth in our loan portfolio and the current direction of interest rates in general.  Our loan portfolio at March 31, 2017, increased by $14.7 million or 6.2% compared to June 30, 2016.” The decrease in net earnings on a nine-month basis was primarily attributable to lower interest income and higher provision for loan losses while being somewhat offset by higher non-interest income and lower non-interest expense. Interest income decreased $364,000 or 4.1% to $8.5 million for the nine-month period ended March 31, 2017 compared to the prior year period, primarily because of lower yield on the Company’s loan portfolio.  Provision for loan losses totaled $222,000 for the nine-month period just-ended compared to $11,000 for the prior year period due chiefly to loan charge-offs.  Non-interest income increased $113,000 or 51.1% to $334,000 for the nine months just ended due chiefly to the gain on Freddie Mac stock mentioned herein and lower REO expenses.  Valuation adjustments on REO decreased $67,000 or 44.7% to $83,000 for the nine-month period ended March 31, 2017.  Non-interest expense decreased $56,000 or 0.9% to $6.4 million for the nine-month period recently ended, due primarily to lower FDIC insurance premiums, employee compensation and benefits as well as legal fees. At March 31, 2017 assets increased $13.4 million or 4.6% to $305.3 million compared to $291.9 million at June 30, 2016.  This increase is attributable primarily to an increase in loans.  Total liabilities increased $13.7 million or 6.1% to $238.0 million at March 31, 2017, as FHLB advances increased $20.6 million or 62.1% to $53.8 million and deposits decreased $7.0 million or 3.7% to $181.6 million at March 31, 2017. At March 31, 2017, the Company reported its book value per share as $7.96. This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases.  The Company intends that such forward-looking statements be subject to the safe harbors created thereby.  All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company, changes in the securities markets and the Risk Factors described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2016.  Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved. Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association, which operates one banking office in Hazard, Kentucky, and First Federal Savings Bank, which operates six banking offices in Kentucky, including three in Frankfort, two in Danville, and one in Lancaster.  Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB.  At March 31, 2017, the Company had approximately 8,444,515 shares outstanding of which approximately 56.0% was held by First Federal MHC.


CHRISTIANSTED, U.S. Virgin Islands, May 09, 2017 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE MKT:AAMC) today announced financial and operating results for the first quarter of 2017. “We are proud of the substantial growth of RESI’s single-family rental portfolio under our management.  We are continuing to build RESI’s acquisition channels, deliver strong rental operating metrics and guide RESI’s divestiture of legacy loan and REO assets in favor of high-yielding single-family rental properties,” stated Chief Executive Officer, George Ellison. “These continued achievements on behalf of RESI are important in delivering long-term value for AAMC’s shareholders.” _____________________________ 1 Second closing is scheduled to occur in the second quarter of 2017 and is subject to continuing due diligence, inspection of homes and finalization of pricing. 2 Closing is scheduled to occur in May 2017, subject to execution of definitive purchase agreement and completion of final due diligence.  Certain loans may not be sold in the closing due to their conversion to REO or diligence findings; therefore, the total number of sold loans will be less than 2,384. AAMC’s net loss for the first quarter of 2017 totaled $1.3 million, or $0.89 per diluted share, compared to a net loss of $0.9 million, or $0.50 per diluted share, for the first quarter of 2016. AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles. Additional information is available at www.altisourceamc.com. This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management’s beliefs and expectations. Forward-looking statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: AAMC’s ability to implement its business plan; AAMC's ability to leverage strategic relationships on an efficient and cost-effective basis; AAMC's and RESI's ability to compete; AAMC’s ability to implement RESI’s business plan; general economic and market conditions; governmental regulations, taxes and policies; AAMC's ability to generate adequate and timely sources of liquidity and financing for itself or RESI; RESI’s ability to sell residential mortgage assets on favorable terms or at all; AAMC's ability to identify and acquire assets for RESI’s portfolio; RESI’s ability to complete potential transactions in accordance with anticipated terms and on a timely basis or at all; Altisource Portfolio Solutions S.A. and its affiliates’ ability to effectively perform its obligations under various agreements with RESI; the failure of Main Street Renewal, LLC to effectively perform under its property management agreement with RESI; and other risks and uncertainties detailed in the “Risk Factors” and other sections described from time to time in the Company’s current and future filings with the Securities and Exchange Commission. The foregoing list of factors should not be construed as exhaustive. The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.


News Article | May 8, 2017
Site: globenewswire.com

HAZARD, FRANKFORT, DANVILLE, and LANCASTER, Ky., May 08, 2017 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq:KFFB), the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, announced net earnings of $168,000 or $0.02 diluted earnings per share for the three months ended March 31, 2017, compared to net earnings of $178,000 or $0.02 diluted earnings per share for the three months ended March 31, 2016, a decrease of $10,000 or 5.6%.   Net earnings were $719,000 or $0.09 diluted earnings per share for the nine months ended March 31, 2017, compared to net earnings of $1.1 million or $0.13 diluted earnings per share for the nine months ended March 31, 2016, a decrease of $401,000 or 35.8%. The decrease in net earnings on a quarter-to-quarter basis was primarily attributable to higher provision for loan losses and higher interest expense, while being somewhat offset by higher non-interest income and lower non-interest expense. Net interest income before provision for loan losses decreased $31,000 or 1.2% to $2.5 million for the quarter ended March 31, 2017 compared to the prior year quarter, primarily because of higher interest expense on borrowed funds.  Interest expense on borrowings increased $35,000 or 41.7% to $119,000 for the recently ended quarter primarily due to a higher level of outstanding FHLB Advances, which increased $20.6 million or 62.1% to $53.8 million at March 31, 2017, compared to June 30, 2016.  Provision for loan losses totaled $166,000 for the just-ended quarter compared to no provision for the prior year period due chiefly to loan charge-offs.  Non-interest income increased $109,000 to $90,000 for the quarter ended March 31, 2017, compared to the prior year quarter, primarily because of gain recognized on the sale of investments and decreased charges associated with REO.  The Company sold its investment in Federal Home Loan Mortgage Company (“Freddie Mac”) stock during the recently ended quarter and recognized a gain of $64,000, while valuation adjustments on REO decreased $53,000 or 47.7% to $58,000 for the recently-ended quarterly period.  Non-interest expense decreased $91,000 or 4.1% to $2.1 million for the quarter ended March 31, 2017 primarily due to lower employee compensation and benefits costs, legal fees and FDIC insurance premiums. Chief Executive Officer Don D. Jennings commented that “the quarter just ended was one of the Company’s best ever for generating loans to hold in our portfolio.  Although our loan portfolio repriced downward during the three- and nine-month periods ended March 31, 2017, we remain encouraged by the recent growth in our loan portfolio and the current direction of interest rates in general.  Our loan portfolio at March 31, 2017, increased by $14.7 million or 6.2% compared to June 30, 2016.” The decrease in net earnings on a nine-month basis was primarily attributable to lower interest income and higher provision for loan losses while being somewhat offset by higher non-interest income and lower non-interest expense. Interest income decreased $364,000 or 4.1% to $8.5 million for the nine-month period ended March 31, 2017 compared to the prior year period, primarily because of lower yield on the Company’s loan portfolio.  Provision for loan losses totaled $222,000 for the nine-month period just-ended compared to $11,000 for the prior year period due chiefly to loan charge-offs.  Non-interest income increased $113,000 or 51.1% to $334,000 for the nine months just ended due chiefly to the gain on Freddie Mac stock mentioned herein and lower REO expenses.  Valuation adjustments on REO decreased $67,000 or 44.7% to $83,000 for the nine-month period ended March 31, 2017.  Non-interest expense decreased $56,000 or 0.9% to $6.4 million for the nine-month period recently ended, due primarily to lower FDIC insurance premiums, employee compensation and benefits as well as legal fees. At March 31, 2017 assets increased $13.4 million or 4.6% to $305.3 million compared to $291.9 million at June 30, 2016.  This increase is attributable primarily to an increase in loans.  Total liabilities increased $13.7 million or 6.1% to $238.0 million at March 31, 2017, as FHLB advances increased $20.6 million or 62.1% to $53.8 million and deposits decreased $7.0 million or 3.7% to $181.6 million at March 31, 2017. At March 31, 2017, the Company reported its book value per share as $7.96. This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases.  The Company intends that such forward-looking statements be subject to the safe harbors created thereby.  All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company, changes in the securities markets and the Risk Factors described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2016.  Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved. Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association, which operates one banking office in Hazard, Kentucky, and First Federal Savings Bank, which operates six banking offices in Kentucky, including three in Frankfort, two in Danville, and one in Lancaster.  Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB.  At March 31, 2017, the Company had approximately 8,444,515 shares outstanding of which approximately 56.0% was held by First Federal MHC.

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