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CKF Bancorp restates Q4 and FY earnings

CKF Bancorp, the parent company of Central Kentucky Federal Savings Bank, has restated its earnings for the three months and twelve months ended December 31, 2007.

The restatement is related to an increase to the company’s provision for loan losses in the amount of $430,000, which caused an after-tax decrease of $283,800 in earnings for each of the periods ended December 31, 2007.

The company reported a consolidated net loss of $44,218 for the fourth quarter ended December 31, 2007, compared to consolidated net earnings of $324,297 for the corresponding period of 2006. Diluted loss earnings per share was $0.03 for the fourth quarter of 2007, compared to a gain of $0.25 diluted earnings per share for the same period in 2006.

For the full-year period ended December 31, 2007, consolidated net earnings were $727,941, compared to $1.4 million in 2006. Diluted earnings per share was $0.56 for the full-year period of 2007, compared to $1.09 in 2006.