-----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, P/KgXW/3RgoAqq0V6ntTZMrVQ4R+gKXhhJG1FhQQIEDW9XHpYdI9s2Je2DGJlkuB 4u8XH4Po3RU0e+YG5JUiCw== 0001000232-07-000014.txt : 20071030 0001000232-07-000014.hdr.sgml : 20071030 20071030112431 ACCESSION NUMBER: 0001000232-07-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071030 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071030 DATE AS OF CHANGE: 20071030 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: 000-52598 FILM NUMBER: 071198409 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 form8k073financials.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): October 30, 2007 KENTUCKY BANCSHARES, INC. (Exact Name of Registrant as specified in Charter) Kentucky 000-52598 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 third quarter of 2007 on or about October 30, 2007. 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 October 30, 2007 of quarterly financial information as of September 30, 2007. 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: October 30, 2007 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k073ex99.txt EXHIBIT 99.1 Exhibit 99.1 October 30, 2007 Quarterly Report Third Quarter 2007 We have two construction projects currently underway, and both are proceeding nicely. Both projects will help us better serve our current customers and attract new ones. Soon we will be opening a new banking office in downtown Paris. The building we purchased at 401 Main Street, now known as the Bourbon Banking Center, has been refurbished and will have a substantial amount of our own customer parking for the first time. More drive-in lanes have been built to provide greater convenience. Our lending and deposit taking functions will be located close to each other for additional customer convenience. We are consolidating two other downtown offices into this nice new one. Plans are to open this new facility in early November. In Morehead we are constructing a brand new facility near downtown. The site is at a very busy intersection, and highly visible to the public. Construction is well underway and we expect to open this office early in 2008. Because Morehead is on Interstate 64 and is the home of Morehead State University, continuing population growth is expected. Our new location should help us attract additional customers in this important market. Details of our financial results are included with this report. For the year to date, our earnings are up 9%. Earnings per share on a fully diluted basis, for the first three quarters are $1.79, up from $1.72 for the same period a year ago. For the third quarter alone, fully diluted earnings per share of $0.58 is down slightly from the $0.60 reported in 2006. The national news has been full of unfortunate stories about sub-prime lending, falling real estate prices, and increased foreclosures. Some larger banks have been hurt by these practices. Kentucky Bank has not purchased securities backed by these sub-prime loans, and our mortgage credit standards have not been lowered. We are not expecting any significant negative impact. However, we do finance homebuilders. Some of them could be hurt by slowing demand and lower home prices. Therefore, we are watching this portfolio closely to be sure we take any necessary corrective action promptly. As always, we thank you for your investment in your company. We will continue to protect your investment and work to build your business. Louis Prichard President, CEO UNAUDITED
CONSOLIDATED BALANCE SHEET Percentage 9/30/2007 9/30/2006 Change Assets Cash & Due From Banks $ 13,420,164 $ 12,510,592 7.3% Securities 125,596,032 142,456,536 -11.8 Loans Held For Sale 254,400 - n/m Loans 423,130,006 439,491,965 -3.7 Reserve for Loan Losses 4,781,278 5,141,526 -7.0 Net Loans 418,348,728 434,350,439 -3.7 Federal Funds Sold 9,188,000 167,000 5401.8 Other Assets 45,182,566 43,315,628 4.3 Total Assets $ 611,989,890 $ 632,800,195 -3.3% Liabilities & Stockholders' Equity Deposits Demand $ 87,409,373 $ 89,189,951 -2.0% Savings & Interest Checking 132,269,814 148,796,786 -11.1 Certificates of Deposit 243,097,465 217,072,235 12.0 Total Deposits 462,776,652 455,058,972 1.7 Repurchase Agreements 11,506,568 18,184,443 -36.7 Other Borrowed Funds 73,058,675 100,176,931 -27.1 Other Liabilities 7,156,770 4,343,165 64.8 Total Liabilities 554,498,665 577,763,511 -4.0 Stockholders' Equity 57,491,225 55,036,684 4.5 Total Liabilities & Stockholders' Equity $ 611,989,890 $ 632,800,195 -3.3%
CONSOLIDATED INCOME STATEMENT Nine Months Ending Three Months Ending Percentage Percentage 9/30/2007 9/30/2006 Change 9/30/2007 9/30/2006 Change Interest Income $29,641,511 $25,789,226 14.9% $9,801,190 $9,493,182 3.2% Interest Expense 14,374,892 11,952,354 20.3 4,653,672 4,643,094 0.2 Net Interest Income 15,266,619 13,836,872 10.3 5,147,518 4,850,088 6.1 Loan Loss Provision 650,000 334,000 94.6 330,000 94,000 251.1 Net Interest Income After Provision 14,616,619 13,502,872 8.2 4,817,518 4,756,088 1.3 Other Income 6,138,602 5,400,067 13.7 2,097,781 2,098,908 -0.1 Other Expenses 13,696,530 12,331,147 11.1 4,644,774 4,504,097 3.1 Income Before Taxes 7,058,691 6,571,792 7.4 2,270,525 2,350,899 -3.4 Income Taxes 1,909,038 1,848,962 3.2 600,577 636,988 -5.7 Net Income 5,149,653 4,722,830 9.0 1,669,948 1,713,911 -2.6 Net Change in Unrealized Gain (loss) on Securities (111,999) 493,366 -122.7 1,268,265 1,975,478 -35.8 Comprehensive Income $ 5,037,654 $ 5,216,196 -3.4% $2,938,213 $3,689,389 -20.4% Selected Ratios Return on Average Assets 1.08% 1.08% 1.08% 1.09% Return on Average Equity 12.2 12.9 12.0 13.0 Earnings Per Share $ 1.80 $ 1.73 $ 0.58 $ 0.60 Earnings Per Share - assuming dilution 1.79 1.72 0.58 0.60 Cash Dividends Per Share 0.81 0.75 0.27 0.25 Book Value Per Share 20.15 19.25
Market Price High Low Close Third Quarter '07 $34.00 $30.50 $33.50 Second Quarter '07 $30.50 $29.00 $30.50 -----END PRIVACY-ENHANCED MESSAGE-----