0001000232-11-000017.txt : 20111027
0001000232-11-000017.hdr.sgml : 20111027
20111027115305
ACCESSION NUMBER: 0001000232-11-000017
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20111027
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20111027
DATE AS OF CHANGE: 20111027
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: 111160958
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
form8k113financials.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): October 27, 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 third quarter of
2011 on or about October 31, 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 October 21, 2011 of quarterly financial
information as of September 30, 2011.
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: October 27, 2011 By /s/ Gregory J. Dawson___
Gregory J. Dawson
Chief Financial Officer
EX-99
2
form8k113ex99.txt
EXHIBIT 99.1
Exhibit 99.1
October 21, 2011
Quarterly Report
Third Quarter 2011
We are pleased to report for the nine months ended September 30, 2011,
earnings for your company were up 20.5% when compared to the earnings for the
nine months ended September 30, 2010. We reported $4.46 million in profit on
a year to date basis, compared to $3.70 million through September 30, 2010.
For the quarter ended September 30, 2011 your company had net income of $1.77
million compared $1.57 million for the third quarter of 2010. This was a
12.7% increase. Year to date earnings per share on a fully diluted basis,
increased from $1.35 per share in 2010 to $1.65 per share in 2011, which
represents a 22.2% increase.
Total assets of Kentucky Bancshares, Inc. were $633.7 million at September
30, 2011, which represents a 4.9% decrease from the period ended September
30, 2010. A decline in Securities, Federal Funds Sold, and the slight
decrease in loans contributed to that total. Deposits also declined 5.7%, as
a result of a significant decline in higher cost certificates of deposit.
However, we did experience an increase in Demand Deposits, Savings, and
Interest Bearing Checking accounts. As a result of this successful strategy
of managing our balance sheet, our core earnings have improved significantly.
Our net interest income has increased from $14.9 million to $18.2 million, a
22.1% increase.
Loan demand is sporadic in nature. We have seen some increase in commercial
borrowers looking for opportunities. However, that demand is inconsistent. On
the consumer side, we have recently seen a significant increase in homeowners
interested in refinancing mortgages. This has been spurred by the Federal
Reserve?s recent actions in lowering longer term rates. However, the interest
shown in home purchases is still minimal at this time.
The national economy is still running at a stalled speed. We are not
necessarily in a recession but we are not recovering with much force. The
Federal Reserve has indicated that it intends to keep rates purposefully low
for the next two years in an effort to spur the economy. However, until
employment recovers we may still see little or no growth. Kentucky?s
revenues have seen some increase through September of 2011, which is an
indication of some recovery but employment is still sluggish.
The stock of your company has recently had some positive movement. We have
not only seen some recent increased activity in the level of trading, but the
stock price in the third quarter has increased from a low of $16.00 per share
to a high of $19.25 per share. With our current dividend payout, the yield on
the stock in that trading range is in excess of 4.50%.
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 approaching 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
9/30/2011 9/30/2010 Change
Assets
Cash & Due From Banks $ 14,677,443 $ 18,115,061 -19.0%
Securities 158,068,053 176,487,078 -10.4
Loans Held for Sale 961,500 148,800 546.2
Loans 408,201,940 415,416,551 -1.7
Reserve for Loan Losses 5,664,000 7,371,721 -23.2
Net Loans 402,537,940 408,044,830 -1.3
Federal Funds Sold 143,000 7,855,000 -98.2
Other Assets 57,339,335 55,455,793 3.4
Total Assets $ 633,727,271 $ 666,106,562 -4.9%
Liabilities & Stockholders' Equity
Deposits
Demand $ 130,414,479 $ 112,889,900 15.5%
Savings & Interest Checking 170,598,268 158,127,111 7.9
Certificates of Deposit 207,064,303 267,837,125 -22.7
Total Deposits 508,077,050 538,854,136 -5.7
Repurchase Agreements 3,404,337 4,118,278 -17.3
Other Borrowed Funds 49,013,166 53,102,552 -7.7
Other Liabilities 5,127,415 5,341,603 -4.0
Total Liabilities 565,621,968 601,416,569 -6.0
Stockholders' Equity 68,105,303 64,689,993 5.3
Total Liabilities & Stockholders? Equity $ 633,727,271 $ 666,106,562 -4.9%
CONSOLIDATED INCOME STATEMENT
Nine Months Ending Three Months Ending
Percentage Percentage
9/30/2011 9/30/2010 Change 9/30/2011 9/30/2010 Change
Interest Income $ 22,604,734 $ 22,924,210 -1.4% $ 7,465,534 $ 7,475,788 -0.1%
Interest Expense 4,403,672 8,012,451 -45.0 1,300,470 2,565,150 -49.3
Net Interest Income 18,201,062 14,911,759 22.1 6,165,064 4,910,638 25.5
Loan Loss Provision 1,900,000 1,950,000 -2.6 450,000 700,000 -35.7
Net Interest Income After Provision 16,301,062 12,961,759 25.8 5,715,064 4,210,638 35.7
Other Income 6,491,430 7,422,952 -12.5 2,390,438 3,306,232 -27.7
Other Expenses 17,553,553 16,217,355 8.2 5,993,105 5,709,661 5.0
Income Before Taxes 5,238,939 4,167,356 25.7 2,112,397 1,807,209 16.9
Income Taxes 781,633 467,301 67.3 338,283 232,673 45.4
Net Income $ 4,457,306 $ 3,700,055 20.5 $ 1,774,114 $ 1,574,536 12.7
Net Change in Unrealized Gain (loss)
on Securities 4,711,313 1,679,934 180.4 1,609,627 788,651 104.1
Comprehensive Income $ 9,168,619 $ 5,379,989 70.4% $ 3,383,741 $ 2,363,187 43.2%
Selected Ratios
Return on Average Assets 0.91% 0.70% 1.09% 0.91%
Return on Average Equity 9.3 7.9 10.7 10.0
Earnings Per Share $ 1.65 $ 1.35 $ 0.67 $ 0.57
Earnings Per Share - assuming dilution 1.65 1.35 0.67 0.57
Cash Dividends Per Share 0.66 0.63 0.22 0.21
Book Value Per Share 25.02 23.59
Market Price High Low Close
Third Quarter '11 $19.25 $16.00 $18.10
Second Quarter '11 $17.00 $15.83 $16.50