-----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, QJFyWLOOP/rln5Rgc63C7lRM/m3OCi23TM4OGySxS56AI588bRuZ3xkha484aNSE 8xXHk98SVC5VWWcKn+D4ZA== 0001000232-06-000011.txt : 20060727 0001000232-06-000011.hdr.sgml : 20060727 20060727134430 ACCESSION NUMBER: 0001000232-06-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060727 DATE AS OF CHANGE: 20060727 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: 06983918 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 form8k062financials.txt FORM 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): July 27, 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 The Registrant expects to mail to its shareholders the Registrant's quarterly financial information for the second quarter of 2006 on or about July 27, 2006. 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 dated July 27, 2006 of quarterly financial information as of June 30, 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: July 27, 2006 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k062ex99.txt EXHIBIT 99 Exhibit 99.1 July 27, 2006 Quarterly Report Second Quarter 2006 We are very pleased to report that our net income for the second quarter ended June 30, 2006 was $1.7 million, which represented a 13.2% increase over the $1.5 million earned for the second quarter ended June 30, 2005. After the effects of dilution, earnings per share for the quarter equaled 64 cents, which represented a 14% increase over the 56 cents per share for the same quarter in 2005. Net income for the first six months of the fiscal year was $3.0 million, which represents a 5.6% increase over the $2.8 million earned through the second quarter of 2005. Pre-tax earnings were up 10.9% when compared to the six months ended June 30, 2005. As a result of these earnings increases, our earnings per share for the year increased from $1.05 to $1.12, a 6.7% increase. Total assets reached $553 million through the first six months of the year compared to $526 million through the first six months of 2005, which represents a 5.2% increase in total assets. Loans were up 4.7% over the previous year, which reflects a steady increase in loan demand. Deposits were up slightly over the previous year and ended on June 30, 2006 at $388.6 million. We continue to be excited about our merger with Peoples Bancorp of Sandy Hook, Inc., which closed on July 7, 2006. The respective management and staff of each institution have worked extremely well together to ensure that we complete this transaction in a timely manner. We are extremely excited about the opportunities that this merger will offer you as shareholders. We are pleased to announce that Lonnie Conley, a local businessman, has agreed to join our Bourbon Regional Advisory Board, and we look forward to his contributions. Louis Prichard President, CEO UNAUDITED
CONSOLIDATED BALANCE SHEET Percentage 6/30/2006 6/30/2005 Change Assets Cash & Due From Banks $ 14,803,215 $ 10,976,945 34.9% Securities 125,496,578 120,385,001 4.2 Loans Held For Sale 103,981 - n/m Loans 384,192,767 366,840,594 4.7 Reserve for Loan Losses 4,407,721 4,431,400 -0.5 Net Loans 379,785,046 362,409,194 4.8 Federal Funds Sold 127,000 216,000 -41.2 Other Assets 33,027,847 31,812,011 3.8 Total Assets $ 553,343,667 $ 525,799,151 5.2% Liabilities & Stockholders' Equity Deposits Demand $ 77,260,984 $ 69,855,638 10.6% Savings & Interest Checking 134,209,671 133,459,608 0.6 Certificates of Deposit 177,158,693 181,676,937 -2.5 Total Deposits 388,629,348 384,992,183 0.9 Repurchase Agreements 15,046,453 15,345,601 -1.9 Other Borrowed Funds 99,376,873 75,468,197 31.7 Other Liabilities 3,488,089 3,686,441 -5.4 Total Liabilities 506,540,763 479,492,422 5.6 Stockholders' Equity 46,802,904 46,306,729 1.1 Total Liabilities & Stockholders' Equity $ 553,343,667 $ 525,799,151 5.2%
CONSOLIDATED INCOME STATEMENT Six Months Ending Three Months Ending Percentage Percentage 6/30/2006 6/30/2005 Change 6/30/2006 6/30/2005 Change Interest Income $16,296,044 $13,753,086 18.5% $8,245,104 $7,032,935 17.2% Interest Expense 7,309,260 5,146,761 42.0 3,734,136 2,648,161 41.0 Net Interest Income 8,986,784 8,606,325 4.4 4,510,968 4,384,774 2.9 Loan Loss Provision 240,000 416,500 -42.4 108,200 166,600 -35.1 Net Interest Income After Provision 8,746,784 8,189,825 6.8 4,402,768 4,218,174 4.4 Other Income 3,301,159 3,388,042 -2.6 1,704,900 1,834,185 -7.0 Other Expenses 7,827,050 7,773,424 0.7 3,729,188 3,954,071 -5.7 Income Before Taxes 4,220,893 3,804,443 10.9 2,378,480 2,098,288 13.4 Income Taxes 1,211,974 955,242 26.9 662,490 582,340 13.8 Net Income 3,008,919 2,849,201 5.6 1,715,990 1,515,948 13.2 Net Change in Unrealized Gain (loss) on Securities (1,482,112) (199,276) 643.7 (778,738) 889,874 -187.5 Comprehensive Income $ 1,526,807 $ 2,649,925 -42.4% $ 937,252 $2,405,822 -61.0% Selected Ratios Return on Average Assets 1.07% 1.09% 1.23% 1.23% Return on Average Equity 12.8 12.6 14.6 14.2 Earnings Per Share $ 1.13 $ 1.06 $ 0.65 $ 0.56 Earnings Per Share - assuming dilution 1.12 1.05 0.64 0.56 Cash Dividends Per Share 0.50 0.46 0.25 0.23 Book Value Per Share 17.51 17.25
Market Price High Low Close Second Quarter '06 $29.75 $27.00 $27.00 First Quarter '06 $30.00 $29.00 $29.00 -----END PRIVACY-ENHANCED MESSAGE-----