CKF Bancorp, Inc. Announces Earnings for the Three Months Ended September 30, 2006 and Announces the Completion of a Stock Repurchase Plan and the Intention to Repurchase Additional Stock

Business Wire, Oct 11, 2006

DANVILLE, Ky. -- CKF Bancorp, Inc. (OTCBB:CKFB), parent company of Central Kentucky Federal Savings Bank, reported consolidated net earnings of $343,136 for the three months ended September 30, 2006 compared to $466,652 for the three months ended September 30, 2005. Diluted earnings per share were $.26 for the three months ended September 30, 2006 compared to $.34 diluted earnings per share for the three months ended September 30, 2005. As reported previously, a one-time after tax gain occurred during the three months ended June 30, 2005 related to the acquisition by Harland Financial Solutions of the common stock of Intrieve, Incorporated, a company in which CKF Bancorp, Inc.'s wholly owned second tier subsidiary was a stockholder. The three months ended September 30, 2005 included an addition to the after-tax gain related to the acquisition of Intrieve, Incorporated in the amount of $28,440, or $.02 diluted earnings per share.

Consolidated net earnings for the nine months ending September 30, 2006 were $1,127,630 compared to $1,893,929 for the nine months ended September 30, 2005. Diluted earnings per share were $.84 for the nine months ended September 30, 2006 compared to $1.36 diluted earnings per share for the nine months ended September 30, 2005. The nine months ended September 30, 2005 included a non-recurring after-tax gain of $565,335, or $.41 diluted earnings per share, related to the aforementioned acquisition of Intrieve, Incorporated.

Total assets at September 30, 2006 were $164.5 million compared to $159.8 million at December 31, 2005. Loans receivable at September 30, 2006 were $146.6 million compared to $142.9 million at December 31, 2005. Deposits were $112.0 million at September 30, 2006 and were $111.9 million at December 31, 2005.

In other business, CKF Bancorp, Inc. announced that it had completed its repurchase of 73,004 shares, or 5% of its outstanding common stock, related to a Repurchase Plan announced May 16, 2005. The average cost of shares purchased during the Plan period was $16.24. The repurchased shares will be held as treasury shares and be available for general purposes.

Further, CKF Bancorp, Inc. announced that it intends to repurchase, additionally, up to 68,042 shares of its own stock, which is equal to 5% of the current outstanding common shares, beginning not earlier than October 17, 2006. The repurchased shares will become treasury shares and will be used for general corporate purposes. The repurchase program will be dependent upon market conditions and the availability of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

Mr. William H. Johnson, President and Chief Executive Officer of the Company, stated that the Board of Directors believes that the common stock provides an attractive investment and that the repurchases will improve liquidity in the market for the common stock. In addition, the repurchases are expected to increase the Company's earnings per share. According to Mr. Johnson, the repurchases generally would be effected through open market purchases, although he did not rule out the possibility of unsolicited negotiated transactions or other types of repurchases.

Central Kentucky Federal Savings Bank's main office is located at 340 W. Main Street, Danville, Kentucky. The Bank also operates two full service branch offices, located in Danville and Lancaster, Kentucky and a loan production office in Nicholasville, Kentucky.

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