-----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, RuFK8Z5ppL1UlLK63hSdJxniF4S4xMTd8lLdcJt5tonRUE8+2V0qEp1JBm9rnXm8 yfwpBQvZyfJUl1cNweF2jg== 0001000232-05-000010.txt : 20050803 0001000232-05-000010.hdr.sgml : 20050803 20050803144934 ACCESSION NUMBER: 0001000232-05-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050803 DATE AS OF CHANGE: 20050803 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: 05995305 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 form8k052financials.txt 8K 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): August 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 second quarter of 2005 on or about August 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 June 30, 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: August 3, 2005 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k052ex99.txt QUARTERLY FINANCIALS Exhibit 99.1 August 3, 2005 Quarterly Report Second Quarter 2005 We are very pleased to report that our earnings per share on a diluted basis increased 14% over the first six months of 2005. This trend is a continuation of the positive earnings that Kentucky Bancshares experienced for the entire year of 2004. Our net income for the second quarter was $1.5 million, or 56 cents per share after the effects of dilution. This is up by 10% from the results last year. For the same period in 2004, earnings were $1.4 million, or 51 cents per share. For this year to date we have now earned $1.05 per share versus 92 cents last year. You will notice that our loans are up by 9.6% and deposits are up by 1.6% from a year ago. Much of this results from the relative economic strength of the markets that we currently serve. Credit quality remains good as reflected by both past dues and loan losses. Our net interest margin continues to be something we constantly address. This is partly due to competitive pressures as more banks are continuing to open offices in the markets in which we already operate. This increases competition, but also validates our view that these are growing and very attractive communities in which to do business. The second factor contributing to the net interest margin issue is the growing need banks have for deposits in these markets. It is our anticipation that as interest rates continue to rise, pressure on our margin will ease somewhat. Our annual shareholder meeting was held on May 10. This coincides with the regular rotation of board members at Kentucky Bank. We thank outgoing board members Dan Brewer (Nicholasville), Dr. Gus Bynum (Georgetown), Loren Carl (Versailles), Mary Beth Hendricks (Winchester), and Joel Techau (Cynthiana). New members welcomed to our board for the next year are Proctor Blair (Bourbon), Tricia Kittinger (Woodford), Betty Long (Harrison), George Lusby (Scott), Eva McDaniel, (Jessamine), and John Roche (Clark). Louis Prichard President, CEO UNAUDITED
CONSOLIDATED BALANCE SHEET Percentage 6/30/2005 6/30/2004 Change Assets Cash & Due From Banks $ 10,976,945 $ 12,186,140 -9.9% Securities 120,385,001 133,324,406 -9.7 Loans Held for Sale - 6,903,181 -100.0 Loans 366,840,594 334,589,735 9.6 Reserve for Loan Losses 4,431,400 4,093,267 8.3 Net Loans 362,409,194 330,496,468 9.7 Federal Funds Sold 216,000 - n/m Other Assets 31,812,011 34,181,803 -6.9 Total Assets $ 525,799,151 $ 517,091,998 1.7% Liabilities & Stockholders' Equity Deposits Demand $ 69,855,638 $ 68,640,580 1.8% Savings & Interest Checking 133,459,608 138,672,346 -3.8 Certificates of Deposit 181,676,937 171,767,657 5.8 Total Deposits 384,992,183 379,080,583 1.6 Repurchase Agreements 15,345,601 20,420,345 -24.9 Other Borrowed Funds 75,468,197 70,178,400 7.5 Other Liabilities 3,686,441 2,380,181 54.9 Total Liabilities 479,492,422 472,059,509 1.6 Stockholders' Equity 46,306,729 45,032,489 2.8 Total Liabilities & Stockholders' Equity $ 525,799,151 $ 517,091,998 1.7%
CONSOLIDATED INCOME STATEMENT Six Months Ending Three Months Ending Percentage Percentage 6/30/2005 6/30/2004 Change 6/30/2005 6/30/2004 Change Interest Income $ 13,753,086 $ 12,729,634 8.0% $ 7,032,935 $ 6,462,846 8.8% Interest Expense 5,146,761 4,391,591 17.2 2,648,161 2,195,888 20.6 Net Interest Income 8,606,325 8,338,043 3.2 4,384,774 4,266,958 2.8 Loan Loss Provision 416,500 450,000 -7.4 166,600 195,000 -14.6 Net Interest Income After Provis 8,189,825 7,888,043 3.8 4,218,174 4,071,958 3.6 Other Income 3,388,042 3,306,906 2.5 1,834,185 1,744,442 5.1 Other Expenses 7,773,424 7,626,107 1.9 3,954,071 3,801,974 4.0 Income Before Taxes 3,804,443 3,568,842 6.6 2,098,288 2,014,426 4.2 Income Taxes 955,242 980,098 -2.5 582,340 575,620 1.2 Net Income $ 2,849,201 $ 2,588,744 10.1 $ 1,515,948 $ 1,438,806 5.4 Net Change in Unrealized Gain (loss) on Securities (181,521) (2,479,957) -92.7 907,629 (2,851,951) -131.8 Comprehensive Income $ 2,667,680 $ 108,787 2352.2% $ 2,423,577 $(1,413,145) -271.5% Selected Ratios Return on Average Assets 1.09% 0.99% 1.23% 1.20% Return on Average Equity 12.6 11.0 14.2 13.7 Earnings Per Share $ 1.06 $ 0.92 $ 0.56 $ 0.51 Earnings Per Share - assuming dilution 1.05 0.92 0.56 0.51 Cash Dividends Per Share 0.46 0.42 0.23 0.21 Book Value Per Share 17.25 16.07 Market Price High Low Close Second Quarter '05 $30.50 $28.05 $29.75 First Quarter '05 $31.00 $29.25 $30.50
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