-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IMFC4C6MMufxe8WMfuceOVpCaSWWnazL01kQONsgkljvzY1Nrhq4O4arT3tqPdwJ M2IQX1rjaMI4iBWFBvQw/g== 0001000232-05-000007.txt : 20050503 0001000232-05-000007.hdr.sgml : 20050503 20050503095334 ACCESSION NUMBER: 0001000232-05-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050503 DATE AS OF CHANGE: 20050503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KENTUCKY BANCSHARES INC /KY/ CENTRAL INDEX KEY: 0001000232 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 610993464 STATE OF INCORPORATION: KY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-96358 FILM NUMBER: 05793058 BUSINESS ADDRESS: STREET 1: 4TH & MAIN ST STREET 2: P O BOX 157 CITY: PARIS STATE: KY ZIP: 40362-0157 BUSINESS PHONE: 859-987-1795 MAIL ADDRESS: STREET 1: 4TH & MAIN ST STREET 2: PO BOX 157 CITY: PARIS STATE: KY ZIP: 40362-0157 FORMER COMPANY: FORMER CONFORMED NAME: BOURBON BANCSHARES INC /KY/ DATE OF NAME CHANGE: 19950907 8-K 1 form8k051financials.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 3, 2005 KENTUCKY BANCSHARES, INC. (Exact Name of Registrant as specified in Charter) Kentucky 33-96358 61-0993464 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) P.O. Box 157, Paris, Kentucky 40362-0157 (Address of principal executive offices) (Zip code) (859)987-1795 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ? Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425) ? Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ? Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ? Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) INFORMATION TO BE INCLUDED IN THE REPORT Item 2.02. Results of Operations and Financial Condition The Registrant expects to mail to its shareholders the Registrant's quarterly financial information for the first quarter of 2005 on or about May 3, 2005. A copy of this mailing is attached as Exhibit 99.1. The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference. Item 9.01. Financial Statements and Exhibits Exhibit 99.1 - Release of quarterly financial information dated as of March 31, 2005. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. KENTUCKY BANCSHARES, INC. Date: May 3, 2005 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k051ex99.txt EXHIBIT 99 Exhibit 99.1 May 3, 2005 Quarterly Report First Quarter 2005 The earnings improvement registered during 2004 continued for the first quarter of 2005. We are pleased to report net income of $1.33 million, up by 16% from the same period last year. Earnings per share after dilution rose to 49 cents compared with 41 cents last year. Two different things contributed to this earnings gain. One was loan demand. Our loan portfolio grew during the past year by 15%, or $45 million. This would normally be very favorable for our net interest margin. However, competitive pressures continue to be very high, so our net interest income rose only 4%. Good control of our expenses was a second significant contributor to our bottom line. Expenses normally rise, but this year they declined slightly from last year. Much of this can be attributed to a series of profit enhancement initiatives started last year. Back office operations were merged into a single department during the quarter, under the direction of Hugh Crombie and Martha Woodford. This is expected to provide us with both improved service and operating efficiencies over time. As are all public companies, we have begun the expensive and time consuming task of complying with new federal legislation known as Sarbanes-Oxley. The goals of this legislation are to ensure that financial controls are effective and the reports we issue are accurate. While the required effort is great, we expect to have the work completed on time. We have a new Region Manager in Clark County. Nick Carter has rejoined the bank in that role. We welcome him back and look forward to his help in this market that is such an important one for our bank. We continue to seek opportunities for new customer relationships. Both our officers and directors are actively making referrals. As shareholders, please feel free to refer business to the bank. In the end, it should enhance the value of our company. Louis Prichard President, CEO UNAUDITED
CONSOLIDATED BALANCE SHEET Percentage 3/31/2005 3/31/2004 Change Assets Cash & Due From Banks $ 8,802,128 $ 12,309,299 -28.5% Securities 122,045,566 157,294,738 -22.4 Loans Held For Sale - 7,003,090 -100.0 Loans 359,422,221 313,512,254 14.6 Reserve for Loan Losses 4,327,459 3,937,194 9.9 Net Loans 355,094,762 309,575,060 14.7 Federal Funds Sold - 752,000 -100.0 Other Assets 32,446,207 33,723,536 -3.8 Total Assets $ 518,388,663 $ 520,657,723 -0.4% Liabilities & Stockholders' Equity Deposits Demand $ 69,980,890 $ 64,063,207 9.2% Savings & Interest Checking 124,305,129 145,274,542 -14.4 Certificates of Deposit 178,591,383 176,181,353 1.4 Total Deposits 372,877,402 385,519,102 -3.3 Repurchase Agreements 16,876,071 20,601,191 -18.1 Other Borrowed Funds 81,542,563 64,679,305 26.1 Other Liabilities 2,487,523 2,834,171 -12.2 Total Liabilities 473,783,559 473,633,769 0.0 Stockholders' Equity 44,605,104 47,023,954 -5.1 Total Liabilities & Stockholders' Equity $ 518,388,663 $ 520,657,723 -0.4%
CONSOLIDATED INCOME STATEMENT Three Months Ending Percentage 3/31/2005 3/31/2004 Change Interest Income $ 6,720,151 $ 6,266,788 7.2% Interest Expense 2,498,600 2,195,703 13.8 Net Interest Income 4,221,551 4,071,085 3.7 Loan Loss Provision 249,900 255,000 -2.0 Net Interest Income After Provision 3,971,651 3,816,085 4.1 Other Income 1,553,857 1,562,464 -0.6 Other Expenses 3,819,353 3,824,133 -0.1 Income Before Taxes 1,706,155 1,554,416 9.8 Income Taxes 372,902 404,478 -7.8 Net Income $ 1,333,253 $ 1,149,938 15.9 Net Change in Unrealized Gain (loss) on Securities (1,089,150) 371,994 392.8 Comprehensive Income $ 244,103 $ 1,521,932 -84.0% Selected Ratios Return on Average Assets 1.02% 0.89% Return on Average Equity 11.8 9.6 Earnings Per Share $ 0.50 $ 0.41 Earnings Per Share - assuming dilution 0.49 0.41 Cash Dividends Per Share 0.23 0.21 Book Value Per Share 16.61 16.79 Market Price High Low Close First Quarter '05 $31.00 $29.25 $30.50 Fourth Quarter '04 $32.50 $30.50 $30.50
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