-----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, Khxy8+BCfQlSCINWbKo9JBrisfFQGSQCuPEqxtafaiYsEAw7e7GqGORRZHWxLCFR rqxP/+uLZbJy/P8ULpQm4Q== 0001000232-11-000003.txt : 20110228 0001000232-11-000003.hdr.sgml : 20110228 20110228170220 ACCESSION NUMBER: 0001000232-11-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110228 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110228 DATE AS OF CHANGE: 20110228 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: 11647161 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 form8k104financials.txt FORM 8-K 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): February 28, 2011 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 fourth quarter of 2010 on or about March 4, 2011. 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 January 31, 2011 of quarterly financial information as of December 31, 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: February 28, 2011 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k104ex99.txt EXHIBIT 99.1 Exhibit 99.1 January 31, 2011 Quarterly Report Fourth Quarter 2010 We are pleased to report for the year ended December 31, 2010, earnings for your Company were up 1.9% when compared to December 31, 2009. On a year to date basis, we earned $4.9 million for the year ended December 31, 2010 as compared to $4.8 million for the same period in 2009. For the fourth quarter 2010, our earnings were $1.2 million compared to $1.4 million for the same period in 2009. Additionally, I am pleased to announce that our earnings per share for the year increased from $1.77 per share on a fully diluted basis, to $1.81 which is a 2.26% increase. Total assets at December 31, 2010 were $658.9 million compared to $675.2 million for 2009, which represented a 2.4% decrease in total assets. The main contributor to the decline in assets was represented by a 3.2% decline in loans from $425.4 million at December 31, 2009, to $411.8 million at December 31, 2010. Deposits were virtually flat from the previous year as reflected by the $537.4 million total at December 31, 2010 versus the $536.4 million figure at December 31, 2009. The state of the national and local economies is still in a relative period of uncertainty, although we are starting to see some signs that the economy may be showing slight improvement through the first quarter, and perhaps into 2011. However, one lingering problem is the unemployment situation, which is reflected in the relatively high numbers both at the national and at the local levels. The housing market continues to be slow, with a high level of inventory of unsold homes still facing the marketplace. The stock market recently has shown considerable strength, beginning in the third quarter and continuing through the fourth quarter of 2010. In the past, this has been an indicator of the economy improving, and we hope that this continues to be the case. As has been stated in prior quarterly reports, we are continuing our efforts to move market share in those areas where troubled banks continue to struggle. Our strategy has been to call on businesses and individuals who may not be receiving the level of service and commitment that they have experienced in the past, while at the same time providing Premier Customer Service to our existing customer base to ensure that we can retain those very important relationships. The financial year of 2010, as has been the case for the last several years, has been challenging to say the least. We will continue to do everything possible to meet those challenges 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 12/31/2010 12/31/2009 Change Assets Cash & Due From Banks $ 12,516,420 $ 12,387,128 1.0% Securities 176,866,771 168,411,026 5.0 Loans Held for Sale - 191,000 n/m Loans 411,830,266 425,418,387 -3.2 Reserve for Loan Losses 4,924,806 7,600,594 -35.2 Net Loans 406,905,460 417,817,793 -2.6 Federal Funds Sold 5,108,000 22,034,005 -76.8 Other Assets 57,546,163 54,390,244 5.8 Total Assets $ 658,942,814 $ 675,231,196 -2.4% Liabilities & Stockholders' Equity Deposits Demand $ 105,519,332 $ 97,005,532 8.8% Savings & Interest Checking 191,837,038 180,904,194 6.0 Certificates of Deposit 240,044,257 258,536,772 -7.2 Total Deposits 537,400,627 536,446,498 0.2 Repurchase Agreements 5,079,100 4,806,967 5.7 Other Borrowed Funds 52,523,477 66,731,250 -21.3 Other Liabilities 2,896,276 6,280,906 -53.9 Total Liabilities 597,899,480 614,265,621 -2.7 Stockholders' Equity 61,043,334 60,965,575 0.1 Total Liabilities & Stockholders? Equity $ 658,942,814 $ 675,231,196 -2.4%
CONSOLIDATED INCOME STATEMENT Twelve Months Ending Three Months Ending Percentage Percentage 12/31/2010 12/31/2009 Change 12/31/2010 12/31/2009 Change Interest Income $ 30,275,545 $ 31,928,802 -5.2% $ 7,351,335 $ 7,912,649 -7.1% Interest Expense 10,066,601 12,508,978 -19.5 2,054,150 2,843,106 -27.7 Net Interest Income 20,208,944 19,419,824 4.1 5,297,185 5,069,543 4.5 Loan Loss Provision 3,250,000 3,450,000 -5.8 1,300,000 2,100,000 -38.1 Net Interest Income After Provision 16,958,944 15,969,824 6.2 3,997,185 2,969,543 34.6 Other Income 10,566,430 10,214,052 3.4 3,143,478 3,359,023 -6.4 Other Expenses 22,020,594 21,151,583 4.1 5,803,239 4,998,643 16.1 Income Before Taxes 5,504,780 5,032,293 9.4 1,337,424 1,329,923 0.6 Income Taxes 565,358 184,554 206.3 98,057 (92,957) -205.5 Net Income $ 4,939,422 $ 4,847,739 1.9 $ 1,239,367 $ 1,422,880 -12.9 Net Change in Unrealized Gain (loss) on Securities (2,587,821) 1,321,561 -295.8 (4,267,755) (2,787,257) -53.1 Comprehensive Income $ 2,351,601 $ 6,169,300 -61.9% $(3,028,388) $(1,364,377) -122.0% Selected Ratios Return on Average Assets 0.71% 0.72% 0.74% 0.85% Return on Average Equity 7.8 8.1 7.6 9.0 Earnings Per Share $ 1.81 $ 1.77 $ 0.46 $ 0.52 Earnings Per Share - assuming dilution 1.81 1.77 0.46 0.52 Cash Dividends Per Share 0.84 0.80 0.21 0.20 Book Value Per Share 22.29 22.25
Market Price High Low Close Fourth Quarter ?10 $17.45 $16.25 $16.75 Third Quarter '10 $17.50 $15.00 $17.00 -----END PRIVACY-ENHANCED MESSAGE-----