-----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, OmMxgu6kBgLtHBB8anO9ml7CytTV7ce5P+w3fHKCmfzrO4653pmhZzsDh8y7z1Dk jh20+tSi6exMKzjYkLmTow== 0001000232-10-000013.txt : 20101102 0001000232-10-000013.hdr.sgml : 20101102 20101102113521 ACCESSION NUMBER: 0001000232-10-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101102 DATE AS OF CHANGE: 20101102 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: 101157046 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 form8k103financials.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 2, 2010 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 Registrants quarterly financial information for the third quarter of 2010 on or about November 3, 2010. 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 18, 2010 of quarterly financial information as of September 30, 2010. 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 2, 2010 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k103ex99.txt EXHIBIT 99.1 Exhibit 99.1 October 18, 2010 Quarterly Report Third Quarter 2010 We are pleased to report for the three months ended September 30, 2010, earnings for your company were up 16.3% when compared to the September 30, 2009 earnings. We reported $1.57 million in profit for the third quarter of 2010, compared to $1.35 million for the third quarter of 2009. On a year to date basis, we earned $3.7 million compared to $3.4 million for the nine months ended September 30, 2009, an 8.0% increase. Year to date earnings per share on a fully diluted basis, increased from $1.25 per share in 2009 to $1.35 per share in 2010. Additionally, we are pleased to announce that the total assets of Kentucky Bank reached $666.1 million at September 30, 2010, which represents a 1.7% increase over the period ended September 30, 2009. Deposits increased 8.5% from $496.6 million to $538.9 million. As has been said in prior quarterly reports, the state of the national and local economies still provides a large measure of uncertainty as we prepare for the last quarter of 2010 and even into 2011. The national unemployment rate is still hovering at 9.5% and the Kentucky unemployment rate at 10.0% as of the date of this letter. We believe that until the employment situation improves, the economy will continue to move at a very slow pace. The housing market is still extremely slow, despite record low interest rates. The stock market has shown some recent strength which, in the past, has been an indicator of the future of the economy. We hope this is still the case. We have seen more publicly traded companies showing improved earnings over the past quarter, which we also hope is a positive sign. We are continuing our efforts to move market share in those areas where troubled banks continue to struggle. We are pursuing this strategy by calling on businesses and individuals, providing Premier Customer Service at every opportunity, and by ensuring we have the products available to our customers that will fit their needs. We are closing in on the end of the year and we will be doing everything possible so that we can accomplish what is in the long term best interest of our shareholders, customers, and employees. As always, we appreciate your support. /s/Louis Prichard Louis Prichard President, CEO UNAUDITED
CONSOLIDATED BALANCE SHEET Percentage 9/30/2010 9/30/2009 Change Assets Cash & Due From Banks $ 18,115,061 $ 11,483,550 57.7% Securities 176,487,078 169,558,408 4.1 Loans Held for Sale 148,800 - n/m Loans 415,416,551 427,920,730 -2.9 Reserve for Loan Losses 7,371,721 6,337,802 16.3 Net Loans 408,044,830 421,582,928 -3.2 Federal Funds Sold 7,855,000 102,000 76.0 Other Assets 55,455,793 52,266,443 6.1 Total Assets $ 666,106,562 $ 654,993,329 1.7% Liabilities & Stockholders' Equity Deposits Demand $ 112,889,900 $ 91,338,800 23.6% Savings & Interest Checking 158,127,111 149,056,904 6.1 Certificates of Deposit 267,837,125 256,187,535 4.5 Total Deposits 538,854,136 496,583,239 8.5 Repurchase Agreements 4,118,278 10,055,688 -59.0 Other Borrowed Funds 53,102,552 78,765,682 -32.6 Other Liabilities 5,341,603 6,725,119 -20.6 Total Liabilities 601,416,569 592,129,728 1.6 Stockholders' Equity 64,689,993 62,863,601 2.9 Total Liabilities & Stockholders' Equity $ 666,106,562 $ 654,993,329 1.7%
CONSOLIDATED INCOME STATEMENT Nine Months Ending Three Months Ending Percentage Percentage 9/30/2010 9/30/2009 Change 9/30/2010 9/30/2009 Change Interest Income $ 22,924,210 $ 24,016,153 -4.5% $ 7,475,788 $ 7,911,425 -5.5% Interest Expense 8,012,451 9,665,872 -17.1 2,565,150 2,986,380 -14.1 Net Interest Income 14,911,759 14,350,281 3.9 4,910,638 4,925,045 -0.3 Loan Loss Provision 1,950,000 1,350,000 44.4 700,000 450,000 55.6 Net Interest Income After Provision 12,961,759 13,000,281 -0.3 4,210,638 4,475,045 -5.9 Other Income 7,422,952 6,855,029 8.3 3,306,232 2,291,326 44.3 Other Expenses 16,217,355 16,152,940 0.4 5,709,661 5,304,629 7.6 Income Before Taxes 4,167,356 3,702,370 12.6 1,807,209 1,461,742 23.6 Income Taxes 467,301 277,511 68.4 232,673 107,867 115.7 Net Income $ 3,700,055 $ 3,424,859 8.0 $ 1,574,536 $ 1,353,875 16.3 Net Change in Unrealized Gain (loss) on Securities 1,679,934 4,108,818 -59.1 788,651 3,289,941 -76.0 Comprehensive Income $ 5,379,989 $ 7,533,677 -28.6% $ 2,363,187 $ 4,643,816 -49.1% Selected Ratios Return on Average Assets 0.70% 0.68% 0.91% 0.82% Return on Average Equity 7.9 7.8 10.0 9.1 Earnings Per Share $ 1.35 $ 1.25 $ 0.57 $ 0.49 Earnings Per Share - assuming dilution 1.35 1.25 0.57 0.49 Cash Dividends Per Share 0.63 0.60 0.21 0.20 Book Value Per Share 23.59 22.94
Market Price High Low Close Third Quarter '10 $17.50 $15.00 $17.00 Second Quarter '10 $18.00 $15.75 $15.75 -----END PRIVACY-ENHANCED MESSAGE-----