-----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, WaArM2MgH+OGIGX6C64452nlr2eNQe9ohyuewy9fP947Xv4jfLtKxTo7f+xzJpcO 8sSwlZ99FoyNbhha6qY+cA== 0001000232-08-000014.txt : 20080725 0001000232-08-000014.hdr.sgml : 20080725 20080725081549 ACCESSION NUMBER: 0001000232-08-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080725 DATE AS OF CHANGE: 20080725 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: 08969547 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 form8k082financials.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 25, 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 second quarter of 2008 on or about July 25, 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 July 21, 2008 of quarterly financial information as of June 30, 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: July 25, 2008 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k082ex99.txt EXHIBIT 99 - QUARTERLY REPORT Exhibit 99.1 July 21, 2008 Quarterly Report Second Quarter 2008 For the second quarter of 2008, earnings for your company were down 22.5%. We reported a $1.49 million profit for the second quarter of 2008, compared with $1.92 million for the second quarter of 2007. On a year to date basis, earnings for the first six months ended June 30, 2008, were $2.68 million compared to $3.48 million, a 23% drop in earnings. Assets totaled $636.5 million on June 30, 2008, a 0.9% drop from the June 30, 2007 $642.3 million figure. Our national economy still continues to face an ongoing weakness, and to a large degree our regional economy is facing those same issues. Evidence of those concerns is the increase in the cost of fuel, the slow down of home sales, and the decline in home values. Additionally, some industries have eliminated overtime and others have cut jobs, as demand for products has diminished. At Kentucky Bank we have seen some increase in loan demand in the second quarter of this year. Total loans have increased from $410.8 million at the end of March 31, 2008 to $418.8 million at the end of June 30, 2008. While the current economic situation requires us to be more cautious, we want to be looking to the future when the economy rebounds. Progress is being made on the construction of our new Nicholasville office. Our new Morehead office continues to see increased business activity. We are continuing to look at new products and services, as well as focusing on our delivery of premier customer service. Our major focus at this time is to put things in proper perspective while continuing to do those things that have made us successful in the past. As always, we appreciate your support and confidence. /s/Louis Prichard Louis Prichard President, CEO UNAUDITED
CONSOLIDATED BALANCE SHEET Percentage 6/30/2008 6/30/2007 Change Assets Cash & Due From Banks $ 15,226,169 $ 13,814,495 10.2% Securities 160,963,442 124,552,170 29.2 Loans Held For Sale 80,000 129,375 -38.2 Loans 418,819,532 430,537,848 -2.7 Reserve for Loan Losses 5,393,760 4,955,675 8.8 Net Loans 413,425,772 425,582,173 -2.9 Federal Funds Sold 98,000 34,336,000 -99.7 Other Assets 46,711,286 43,870,572 6.5 Total Assets $636,504,669 $642,284,785 -0.9% Liabilities & Stockholders' Equity Deposits Demand $ 93,376,264 $ 98,355,042 -5.1% Savings & Interest Checking 139,022,703 159,365,171 -12.8 Certificates of Deposit 222,800,353 234,284,067 -4.9 Total Deposits 455,199,320 492,004,280 -7.5 Repurchase Agreements 10,031,490 9,986,071 0.5 Other Borrowed Funds 109,114,118 78,451,464 39.1 Other Liabilities 6,058,740 6,306,593 -3.9 Total Liabilities 580,403,668 586,748,408 -1.1 Stockholders' Equity 56,101,001 55,536,377 1.0 Total Liabilities & Stockholders' Equity $ 636,504,669 $ 642,284,785 -0.9%
CONSOLIDATED INCOME STATEMENT Six Months Ending Three Months Ending Percentage Percentage 6/30/2008 6/30/2007 Change 6/30/2008 6/30/2007 Change Interest Income $17,928,273 $19,840,321 -9.6% $ 8,675,414 $10,033,758 -13.5% Interest Expense 7,994,715 9,721,220 -17.8 3,637,531 4,886,765 -25.6 Net Interest Income 9,933,558 10,119,101 -1.8 5,037,883 5,146,993 -2.1 Loan Loss Provision 900,000 320,000 181.3 500,000 170,000 194.1 Net Interest Income After Provision 9,033,558 9,799,101 -7.8 4,537,883 4,976,993 -8.8 Other Income 4,034,664 3,937,491 2.5 2,059,536 2,092,206 -1.6 Other Expenses 9,616,147 8,948,426 7.5 4,654,734 4,401,234 5.8 Income Before Taxes 3,452,075 4,788,166 -27.9 1,942,685 2,667,965 -27.2 Income Taxes 773,487 1,308,461 -40.9 457,059 749,829 -39.0 Net Income $ 2,678,588 $ 3,479,705 -23.0 $ 1,485,626 $ 1,918,136 -22.5 Net Change in Unrealized Gain (loss) on Securities (850,270) (1,380,264) 38.4 (1,342,153) (1,339,196) -0.2 Comprehensive Income $ 1,828,318 $ 2,099,441 -0.1 $ 143,473 $ 578,940 -0.8 Selected Ratios Return on Average Assets 0.85% 1.08% 0.94% 1.20% Return on Average Equity 9.1 12.3 10.1 13.6 Earnings Per Share $ 0.95 $ 1.22 $ 0.53 $ 0.67 Earnings Per Share - assuming Dilution 0.95 1.21 0.53 0.67 Cash Dividends Per Share 0.56 0.54 0.28 0.27 Book Value Per Share 20.34 19.43
Market Price High Low Close Second Quarter '08 $30.00 $27.00 $27.25 First Quarter '08 $31.75 $29.50 $29.50 -----END PRIVACY-ENHANCED MESSAGE-----