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