-----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, MZxklyTCYZ+Tf4mZG0hrE31k+DZrcdqKI2B6z+TYBX0Ia8gOSqHMoqgI7isTGs8s qD9VR6JjstdwXqsI2JKg8Q== 0001000232-08-000010.txt : 20080502 0001000232-08-000010.hdr.sgml : 20080502 20080502151215 ACCESSION NUMBER: 0001000232-08-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080502 DATE AS OF CHANGE: 20080502 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: 08798548 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 form8k081financials.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): May 2, 2008 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 first quarter of 2008 on or about May 2, 2008. 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 April 30, 2008 of quarterly financial information as of March 31, 2008. 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 2, 2008 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k081ex99.txt EXHIBIT 99.1 QUARTERLY PRESS RELEASE Exhibit 99.1 April 30, 2008 Quarterly Report First Quarter 2008 For the first quarter of 2008, earnings for your company were down 23.6%. We reported a $1.19 million profit for the first quarter of 2008 compared with $1.56 million in the first quarter of 2007. Assets totaled $633.5 million on March 31, 2008, a 1.2% drop from the March 31, 2007 $641.3 million figure. Loan demand has softened since the last quarter of 2007. As we have been made aware through the media, our national economy has weakened considerably and our regional economy has felt those same effects. Loans are down 6.9% when compared to the first quarter of 2007. The real question at this point is how long and how deep this slowdown will subsist. The longer the downturn takes place the greater the likelihood that credit quality issues may arise. Because of this unknown, management has decided to increase the bank's contribution to the loan loss reserve in the first quarter of 2008, which represents an increase of $250 thousand over the contribution for the first quarter of 2007. By taking this action now, we will be positioning ourselves to grow our earnings when this period of economic weakness ends. With an eye on the above mentioned strategy, our new Morehead banking office is open and heretofore we are very pleased by its level of business activity. Additionally, we are on track to open a new office in Nicholasville by the end of 2008. With this new facility we will be in a highly visible location in a very strong market. In today's economic world, our goal is to approach this environment in a very cautious manner. Yet, we will always keep an eye on the future by introducing new products and services, examining appropriate growth opportunities, and providing premier customer service. By doing these things, we will be able to provide good returns for our shareholders. As always we appreciate your support. /s/Louis Prichard Louis Prichard President, CEO UNAUDITED
CONSOLIDATED BALANCE SHEET Percentage 3/31/2008 3/31/2007 Change Assets Cash & Due From Banks $ 15,413,464 $ 13,124,989 17.4% Securities 153,589,900 131,576,630 16.7 Loans 410,840,108 441,488,191 -6.9 Reserve for Loan Losses 5,090,872 5,043,453 0.9 Net Loans 405,749,236 436,444,738 -7.0 Federal Funds Sold 13,451,000 17,363,000 -22.5 Other Assets 45,303,571 42,821,311 5.8 Total Assets $ 633,507,171 $ 641,330,668 -1.2% Liabilities & Stockholders' Equity Deposits Demand $ 91,843,124 $ 86,967,443 5.6% Savings & Interest Checking 154,230,032 160,465,529 -3.9 Certificates of Deposit 242,833,593 236,923,706 2.5 Total Deposits 488,906,749 484,356,678 0.9 Repurchase Agreements 7,412,755 8,771,336 -15.5 Other Borrowed Funds 70,886,714 85,548,933 -17.1 Other Liabilities 6,746,394 6,574,181 2.6 Total Liabilities 573,952,612 585,251,128 -1.9 Stockholders' Equity 59,554,559 56,079,540 6.2 Total Liabilities & Stockholders' Equity $ 633,507,171 $ 641,330,668 -1.2%
CONSOLIDATED INCOME STATEMENT Three Months Ending Percentage 3/31/2008 3/31/2007 Change Interest Income $ 9,252,859 $ 9,806,563 -5.6% Interest Expense 4,357,184 4,834,455 -9.9 Net Interest Income 4,895,675 4,972,108 -1.5 Loan Loss Provision 400,000 150,000 166.7 Net Interest Income After Provision 4,495,675 4,822,108 -6.8 Other Income 2,022,161 1,896,190 6.6 Other Expenses 5,008,446 4,598,097 8.9 Income Before Taxes 1,509,390 2,120,201 -28.8 Income Taxes 316,428 558,632 -43.4 Net Income $ 1,192,962 $ 1,561,569 -23.6 Net Change in Unrealized Gain (loss) on Securities 491,883 (41,068) 1297.7 Comprehensive Income $ 1,684,845 $ 1,520,501 10.8% Selected Ratios Return on Average Assets 0.75% 0.97% Return on Average Equity 8.0 11.1 Earnings Per Share $ 0.42 $ 0.55 Earnings Per Share - assuming dilution 0.42 0.54 Cash Dividends Per Share 0.28 0.27 Book Value Per Share 20.91 19.53
Market Price High Low Close First Quarter '08 $31.75 $29.50 $29.50 Fourth Quarter '07 $34.00 $31.75 $31.75 -----END PRIVACY-ENHANCED MESSAGE-----