-----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, Tt6GE0cTLZwVWHo1u6SVJ/bduww5P5cIknLkMdVKhrzoOLBjdP1k/Po2kdBOKuOE GI5AT5q2QgljsEWYUJRRrA== 0001000232-09-000013.txt : 20091112 0001000232-09-000013.hdr.sgml : 20091111 20091112122419 ACCESSION NUMBER: 0001000232-09-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091112 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091112 DATE AS OF CHANGE: 20091112 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: 091175648 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 form8k093financials.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): November 12, 2009 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 2009 on or about November 16, 2009. 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 November 12, 2009 of quarterly financial information as of September 30, 2009. 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: November 12, 2009 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k093ex99.txt EXHIBIT 99.1 Exhibit 99.1 November 12, 2009 Quarterly Report Third Quarter 2009 For the third quarter of 2009, we reported a $1.35 million profit, compared with $1.36 million for the third quarter of 2008, a decline of 0.2%. On a year to date basis, earnings for the nine months ended September 30, 2009, were $3.42 million as compared to the $4.03 million earned through September 30, 2008. This represented a 15.1% decline in earnings on a year to date basis. Assets totaled $655.0 million on September 30, 2009, a 2.9% increase over the September 30, 2008 figure of $636.7 million. There are a few items that are noteworthy relating to our year to date net income. As has been mentioned in earlier communications, the bank made a determination to terminate our pension plan. This one time termination expense in 2009 was $874 thousand. Additionally, the Federal Deposit Insurance Corporation placed on all banks a special assessment, and this negatively impacted us in the amount of slightly over $300 thousand. If not for those one time expenses, combined with several other miscellaneous one time expenses throughout the year, our earnings would have been virtually flat with last year's year to date earnings. Total loans have increased from $418 million as of June 30, 2009 to $428 million as of September 30, 2009. While we do not know that this trend will continue considering the economy, we are pleased by this increase in loan demand. The global, national, and regional economies continue to face serious challenges. As we have all been made aware by the media, the economy is still facing serious issues, particularly in the employment area as nationally we are experiencing 10% unemployment and in Kentucky we are well over 11%. The markets that Kentucky Bank serves are certainly impacted by these times, as well. Home sales are still negligible, retail sales are still on the decline, and unemployment numbers continue to increase. The management of the bank continues to be very aggressive in working on credit issues as they arise. As a prudent bank, it is imperative that we take this posture during these uncertain economic times. We always want to ensure that our bank is positioned to accommodate future growth when the economy does rebound. In this regard, we are encouraged with the success of our new Nicholasville office. As always, we continue to look at new products and services, as well as focusing on the delivery of premier customer service. By continuing to add value to our banking customer relationships, we will provide the appropriate return to our shareholders. As we look to the end of 2009 and the beginning of 2010, we can see that the economy is going to continue to struggle. However, we believe that when the economy does turn around, we will have a strong balance sheet to help us grow our bank as we have done in the past. As always, we appreciate your support and confidence. /s/Louis Prichard Louis Prichard President, CEO UNAUDITED
CONSOLIDATED BALANCE SHEET Percentage 9/30/2009 9/30/2008 Change Assets Cash & Due From Banks $ 11,483,550 $ 14,191,970 -19.1% Securities 169,558,408 145,135,199 16.8 Loans Held For Sale 0 40,000 n/m Loans 427,920,730 420,552,066 1.8 Reserve for Loan Losses 6,337,802 5,757,658 10.1 Net Loans 421,582,928 414,794,408 1.6 Federal Funds Sold 102,000 14,676,000 -99.3 Other Assets 52,266,443 47,841,582 9.2 Total Assets $ 654,993,329 $ 636,679,159 2.9% Liabilities & Stockholders' Equity Deposits Demand $ 91,338,800 93,859,909 -2.7% Savings & Interest Checking 149,056,904 145,482,377 2.5 Certificates of Deposit 256,187,535 232,236,700 10.3 Total Deposits 496,583,239 471,578,986 5.3 Repurchase Agreements 10,055,688 8,656,381 16.2 Other Borrowed Funds 78,765,682 95,173,186 -17.2 Other Liabilities 6,725,119 5,558,139 21.0 Total Liabilities 592,129,728 580,966,692 1.9 Stockholders' Equity 62,863,601 55,712,467 12.8 Total Liabilities & Stockholders' Equity $ 654,993,329 636,679,159 2.9%
CONSOLIDATED INCOME STATEMENT Nine Months Ending Three Months Ending Percentage Percentage 9/30/2009 9/30/2008 Change 9/30/2009 9/30/2008 Change Interest Income $ 24,016,153 $ 26,716,449 -10.1% $ 7,911,425 $ 8,788,176 -10.0% Interest Expense 9,665,872 11,682,880 -17.3 2,986,380 3,688,165 -19.0 Net Interest Income 14,350,281 15,033,569 -4.5 4,925,045 5,100,011 -3.4 Loan Loss Provision 1,350,000 1,500,000 -10.0 450,000 600,000 -25.0 Net Interest Income After Provision 13,000,281 13,533,569 -3.9 4,475,045 4,500,011 -0.6 Other Income 6,976,241 6,011,025 16.1 2,357,134 1,976,361 19.3 Other Expenses 16,274,152 14,352,348 13.4 5,370,437 4,736,201 13.4 Income Before Taxes 3,702,370 5,192,246 -28.7 1,461,742 1,740,171 -16.0 Income Taxes 277,511 1,157,308 -76.0 107,867 383,821 -71.9 Net Income $ 3,424,859 $ 4,034,938 -15.1 1,353,875 1,356,350 -0.2 Net Change in Unrealized Gain (loss) on Securities 4,108,818 (1,589,827) 358.4 $ 3,289,941 $ (739,557) 544.9 Comprehensive Income $ 7,533,677 $ 2,445,111 208.1% $ 4,643,816 $ 616,793 652.9% Selected Ratios Return on Average Assets 0.68% 0.85% 0.82% 0.85% Return on Average Equity 7.8 9.3 9.1 9.4 Earnings Per Share $ 1.25 $ 1.44 $ 0.49 $ 0.49 Earnings Per Share - assuming dilution 1.25 1.44 0.49 0.49 Cash Dividends Per Share 0.60 0.84 0.20 0.28 Book Value Per Share 22.94 20.28
Market Price High Low Close Third Quarter '09 $18.00 $15.20 $15.99 Second Quarter '09 $17.95 $15.50 $16.75 -----END PRIVACY-ENHANCED MESSAGE-----