0001000232-13-000005.txt : 20130430
0001000232-13-000005.hdr.sgml : 20130430
20130430151308
ACCESSION NUMBER: 0001000232-13-000005
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20130430
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20130430
DATE AS OF CHANGE: 20130430
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: 13796904
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
form8k131financials.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): April 30, 2013
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 first quarter of
2013 on or about May 7, 2013. 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 or otherwise subject to the liabilities of that
section, 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 April 30, 2013 of quarterly financial
information as of March 31, 2013.
Forward-Looking Statements
Except for historical information contained herein, the
discussion in this Report may include certain forward looking
statements based upon management expectations. Actual results and
experience could differ materially from the anticipated results or
other expectations expressed in the forward-looking statements.
Factors which could cause future results to differ from these
expectations include the following: change in economic conditions in
the markets we serve; changes in laws or regulatory enforcement;
monetary and fiscal policies of the federal government; changes in
interest rates; demand for financial services; the impact of our
continuing growth strategy; and other factors, including various risk
factors set forth in our most recent annual report on Form 10-K and in
other reports we file from time to time with the Securities and
Exchange Commission. Our annual report on Form 10-K and these other
reports are available publicly on the SEC website, www.sec.gov, and on
the Companys website, www.kybank.com.
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: April 30, 2013 By /s/ Gregory J. Dawson___
Gregory J. Dawson
Chief Financial Officer
EX-99
2
form8k131ex99.txt
EXHIBIT 99.1
Exhibit 99.1
April 30, 2013
Quarterly Report
First Quarter 2013
We are pleased to report for the quarter ended March 31, 2013, earnings
for your company were up 5.6% over those of March 31, 2012. For the
first quarter, we earned $1.71 million compared to $1.62 million for the
same period in 2012. Earnings per share, on a fully diluted basis,
increased from $0.60 to $0.63 which represents a 5.0% increase over the
first quarter of 2012. The increase in earnings was largely driven by
stable net interest income and higher secondary market loan volume.
Total assets increased over the March 31, 2012 total by 4.4%, with loans
increasing 2.4% over the same period. Deposits continue to increase as
well, providing growth of 5.6% over the first quarter of 2012.
The national and local economies continue to show gradual improvements.
We see this improvement reflected in our markets through increased loan
demand and increased financing of home purchases. At the date of this
letter, we are experiencing significant volume in our loan pipeline.
Our Lexington-Fayette County location is coming along nicely. Work is
progressing as we prepare for occupancy, with an anticipated opening in
early May. We have already hired several people to represent us there,
with interviews continuing as we complete our staffing. Jim Elliott will
assume the responsibilities of Market President as well as continue to
direct our Wealth Management Department. We are pleased that Clark Nyberg
has decided to remain in our Wealth Management Department as Senior
Portfolio Manager. His knowledge and expertise in this area are very
beneficial to us in our goal of expanding relationships.
Your stock continues to show increased market value and closed the
quarter at $23.03. The dividend declared in the first quarter represents
an annual yield of 4.04%. Our goal, as always, is to provide an excellent
return on investment to our shareholders, through the delivery of Premier
Customer Service and by adding value to our customer and client
relationships.
As always, we appreciate your support.
/s/Louis Prichard
Louis Prichard
President, CEO
UNAUDITED
CONSOLIDATED BALANCE SHEET
Percentage
3/31/2013 3/31/2012 Change
Assets
Cash & Due From Banks $ 15,352,080 $ 24,295,638 -36.8%
Securities 223,003,978 190,152,902 17.3
Loans Held for Sale 134,400 598,489 -77.5
Loans 422,319,748 412,454,249 2.4
Reserve for Loan Losses 5,623,131 5,994,251 -6.2
Net Loans 416,696,617 406,459,998 2.5
Federal Funds Sold 161,000 361,000 -55.4
Other Assets 51,766,598 55,227,208 -6.3
Total Assets $ 707,114,673 $ 677,095,235 4.4%
Liabilities & Stockholders' Equity
Deposits
Demand $ 147,899,394 $ 138,346,868 6.9%
Savings & Interest Checking 256,343,639 225,251,552 13.8
Certificates of Deposit 190,110,146 199,251,250 -4.6
Total Deposits 594,353,179 562,849,670 5.6
Repurchase Agreements 6,983,598 3,239,865 115.6
Other Borrowed Funds 24,833,562 37,020,467 -32.9
Other Liabilities 7,146,923 4,548,972 57.1
Total Liabilities 633,317,262 607,658,974 4.2
Stockholders Equity 73,797,411 69,436,261 6.3
Total Liabilities & Stockholders Equity $ 707,114,673 $ 677,095,235 4.4%
CONSOLIDATED INCOME STATEMENT
Three Months Ending
Percentage
3/31/2013 3/31/2012 Change
Interest Income $ 6,955,751 $ 7,162,373 -2.9%
Interest Expense 821,683 1,052,677 -21.9
Net Interest Income 6,134,068 6,109,696 0.4
Loan Loss Provision 450,000 450,000 0.0
Net Interest Income After Provision 5,684,068 5,659,696 0.4
Other Income 2,602,252 2,496,148 4.3
Other Expenses 6,176,085 6,207,614 -0.5
Income Before Taxes 2,110,235 1,948,230 8.3
Income Taxes 401,220 330,204 21.5
Net Income $ 1,709,015 $ 1,618,026 5.6%
Net Change in Unrealized Gain (loss)
on Securities (1,251,863) (491,427) 154.7
Comprehensive Income $ 457,152 $ 1,126,599 -59.4%
Selected Ratios
Return on Average Assets 0.96% 0.96%
Return on Average Equity 9.23 9.21
Earnings Per Share $ 0.63 $ 0.60
Earnings Per Share - assuming di 0.63 0.60
Cash Dividends Per Share 0.24 0.23
Book Value Per Share 27.08 25.52
Market Price High Low Close
First Quarter 2013 $24.50 $18.50 $23.03
Fourth Quarter 2012 21.10 17.96 18.50