0001000232-13-000007.txt : 20130731 0001000232-13-000007.hdr.sgml : 20130731 20130731160002 ACCESSION NUMBER: 0001000232-13-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130731 DATE AS OF CHANGE: 20130731 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: 13998992 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 form8k132financials.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): July 31, 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 Registrant's quarterly financial information for the second quarter of 2013 on or about August 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 July 31, 2013 of quarterly financial information as of June 30, 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 Company's 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: July 31, 2013 By /s/ Gregory J. Dawson___ Gregory J. Dawson Chief Financial Officer EX-99 2 form8k132ex99.txt EXHIBIT 99.1 Exhibit 99.1 July 31, 2013 Earnings Report June 30, 2013 We are pleased to announce year to date net income increased 2.9% to $3.49 million as of June 30, 2013 from $3.40 million as of June 30, 2012. Year to date diluted earnings per share increased 3.2% to $1.29 from $1.25 during the same period last year. The increase in year to date earnings is largely attributable to lower provision expense and higher non-interest income. Quarter to date net income increased from $1.78 million as of June 30, 2012 to $1.79 million as of June 30, 2013. Quarter to date diluted earnings per share increased 1.5% to $0.66 from $0.65 during the same period last year. The increase in quarterly earnings is primarily due to lower provision for loan losses and higher non-interest income relative to the same period last year. Total assets were $709.2 million at June 30, 2013, which represents a 5.8% increase from the period ended June 30, 2012. The overall net increase in total assets was driven by a 6.2% increase in securities and a 7.5% increase in net loans which were funded by a 6.0% increase in deposits. We are excited about the recent opening of our Lexington branch located at 360 East Vine Street. We have assembled a strong, experienced team to lead our efforts in the Fayette County market, and believe this branch expansion aligns with our desire to grow franchise value. We will continue to consider appropriate opportunities that further our growth and profitability. As always, we will continue to pursue strategic growth through effective relationship management and new products and services. As an example, we released our fraud alert service on July 16, 2013. This service adds increased security for our customers by providing immediate access to potential fraudulent account activity. We continue to see an increase in lending opportunities which is reflected in the 7.5% increase in net loans compared to the same period last year. While this increase is encouraging, the outlook on loan demand and the overall economic conditions remain uncertain. Recent fluctuations in state and national unemployment ratios, combined with uncertain Federal monetary policy and heightened regulatory pressure, continue to make for a challenging banking environment. That said, we will continue doing everything possible for 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 6/30/2013 6/30/2012 Change Assets Cash & Due From Banks $ 14,229,877 $ 15,204,048 -6.4% Securities 196,435,636 184,962,107 6.2 Loans Held for Sale 418,600 92,000 355.0 Loans 452,244,676 421,398,577 7.3 Reserve for Loan Losses 5,497,774 5,788,737 -5.0 Net Loans 446,746,902 415,609,840 7.5 Federal Funds Sold 76,000 110,000 -30.9 Other Assets 51,248,111 54,564,593 -6.1 Total Assets $ 709,155,126 $ 670,542,588 5.8% Liabilities & Stockholders' Equity Deposits Demand $ 147,212,209 $ 137,710,763 6.9% Savings & Interest Checking 238,417,339 214,859,811 11.0 Certificates of Deposit 190,114,597 190,560,577 -0.2 Total Deposits 575,744,145 543,131,151 6.0 Repurchase Agreements 12,731,563 4,691,782 171.4 Other Borrowed Funds 45,196,278 44,115,466 2.4 Other Liabilities 5,303,127 6,239,616 -15.0 Total Liabilities 638,975,113 598,178,015 6.8 Stockholders' Equity 70,180,013 72,364,573 -3.0 Total Liabilities & Stockholders' Equity $ 709,155,126 $ 670,542,588 5.8%
CONSOLIDATED INCOME STATEMENT Six Months Ending Three Months Ending Percentage Percentage 6/30/2013 6/30/2012 Change 6/30/2013 6/30/2012 Change Interest Income $ 13,792,916 $ 14,483,259 -4.8% $ 6,837,165 $ 7,320,886 -6.6% Interest Expense 1,637,927 2,014,356 -18.7 816,244 961,679 -15.1 Net Interest Income 12,154,989 12,468,903 -2.5 6,020,921 6,359,207 -5.3 Loan Loss Provision 600,000 1,000,000 -40.0 150,000 550,000 -72.7 Net Interest Income After Provision 11,554,989 11,468,903 0.8 5,870,921 5,809,207 1.1 Other Income 5,429,884 4,977,591 9.1 2,827,632 2,481,443 14.0 Other Expenses 12,620,721 12,292,554 2.7 6,444,636 6,084,940 5.9 Income Before Taxes 4,364,152 4,153,940 5.1 2,253,917 2,205,710 2.2 Income Taxes 869,910 758,035 14.8 468,690 427,831 9.6 Net Income $ 3,494,242 $ 3,395,905 2.9% $ 1,785,227 $ 1,777,879 0.4% Net Change in Unrealized Gain (Loss) on Securities (5,976,917) 1,276,805 -568.1 (4,725,054) 1,768,232 -367.2 Comprehensive Income (Loss) $ (2,482,675) $ 4,672,710 -153.1% $(2,939,827) $ 3,546,111 -182.9% Selected Ratios Return on Average Assets 0.98% 1.00% 1.00% 1.05% Return on Average Equity 9.43 9.61 9.63 10.01 Earnings Per Share $ 1.29 $ 1.25 $ 0.66 $ 0.65 Earnings Per Share - assuming dilution 1.29 1.25 0.66 0.65 Cash Dividends Per Share 0.48 0.46 0.24 0.23 Book Value Per Share 25.78 26.61
Market Price High Low Close Second Quarter '13 $25.00 $23.03 $25.00 First Quarter '13 $24.50 $18.50 $23.03