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): April 21, 2006



                       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

      On April 21, 2006 the Registrant issued a press release
announcing its earnings for the first quarter of 2006.  A copy of this
press release 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 - Press release dated April 21, 2006, announcing
earnings for the first quarter of 2006.


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: April 21, 2006                By      /s/ Gregory J. Dawson___
         Gregory J. Dawson
         Chief Financial Officer

EX-99

Exhibit 99.1


April 21, 2006

                           Press Release

Kentucky Bancshares, Inc., parent company of Kentucky Bank, reported a
3.0% decrease in earnings for the first quarter of 2006.  The company
earned $1,293,000 for the quarter ended March 31, or $.48 per share,
compared to $1,333,000 for last year, or $.49 per share.  Expenses of
approximately $90 thousand related to the previously announced
acquisition of Peoples Bank in Morehead and Sandy Hook were incurred
during this quarter.  The transaction is expected to close in the third
quarter of 2006.

Kentucky Bank ranks 10th in size among the 211 banks headquartered in
the state.  Kentucky Bank is headquartered in Paris and also has
offices in Cynthiana, Georgetown, Nicholasville, North Middletown,
Versailles, Wilmore and Winchester.