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):  July 31, 2014



                       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
2014 on or about August 7, 2014.  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, 2014 of quarterly financial
information as of June 30, 2014.

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, 2014                  By      /s/ Gregory J. Dawson___
                                                    Gregory J. Dawson
                                                    Chief Financial Officer

EX-99

Exhibit 99.1

July 31, 2014
Earnings Report
June 30, 2014

Dear Shareholders:

We are pleased to announce year to date net income increased 5.2% to
$3.68 million as of June 30, 2014 from $3.49 million as of June 30, 2013.
Year to date diluted earnings per share increased 5.4% to $1.36 from
$1.29 during the same period last year.  The increase in year to date
earnings is largely attributable to higher net interest income and lower
provision expense.

Quarter to date net income increased from $1.79 million as of June 30,
2013 to $1.90 million as of June 30, 2014.  Quarter to date diluted
earnings per share increased 6.1% to $0.70 from $0.66 during the same
period last year.  The increase in quarterly earnings is primarily due to
higher net interest income and lower income tax expense relative to the
same period last year.

Total assets were $785.3 million at June 30, 2014, which represents a
10.7% increase from the period ended June 30, 2013.  The overall net
increase in total assets was driven by a 14.1% increase in securities and
a 9.8% increase in net loans, which were funded by a 3.8% increase in
deposits and a 106.4% increase in other borrowed funds.

Our recent expansions into Madison and Fayette Counties continue to go
smoothly, and we remain committed to supporting all of our communities.
We are excited about the results of the Kentucky Bank Tennis
Championships, held from July 21-27, which is Kentucky's only
professional tennis event.  This one-of-a-kind tournament brings national
and international attention to Central Kentucky and the entire state, and
we are proud to be the title sponsor for the event.

We continue to see an increase in lending opportunities which is
reflected in the increase in net loans compared to the same period last
year.  While this increase is encouraging, the outlook on loan demand and
overall economic conditions remains uncertain which, when combined with
heightened regulatory pressure, continues to make for a challenging
banking environment.  That said, we are moving forward with strategic
opportunities such as branch expansion, loan growth, and increased
service offerings in a measured manner to build and reaffirm a strong
foundation for future growth.  We will do everything possible to
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
                                                 6/30/2014       6/30/2013        Change
                                                                        


Assets
  Cash & Due From Banks                        $  14,951,211   $  14,229,877        5.1%
  Securities                                     224,167,851     196,435,636       14.1
  Trading Assets                                   5,242,456               -        n/a
  Loans Held for Sale                                495,158         418,600       18.3
  Loans                                          496,134,147     452,244,676        9.7
  Reserve for Loan Losses                          5,614,398       5,497,774        2.1
    Net Loans                                    490,519,749     446,746,902        9.8
  Federal Funds Sold                                  88,000          76,000       15.8
  Other Assets                                    49,831,954      51,248,111       -2.8
     Total Assets                              $ 785,296,379   $ 709,155,126       10.7%

Liabilities & Stockholders' Equity
  Deposits
    Demand                                     $ 157,987,820   $ 147,212,209        7.3%
    Savings & Interest Checking                  257,258,919     238,417,339        7.9
    Certificates of Deposit                      182,162,250     190,114,597       -4.2
      Total Deposits                             597,408,989     575,744,145        3.8
  Repurchase Agreements                           11,296,904      12,731,563      -11.3
  Other Borrowed Funds                            93,279,778      45,196,278      106.4
  Other Liabilities                                8,379,091       5,303,127       58.0
    Total Liabilities                            710,364,762     638,975,113       11.2
  Stockholders' Equity                            74,931,617      70,180,013        6.8
    Total Liabilities & Stockholders' Equity   $ 785,296,379   $ 709,155,126       10.7%






CONSOLIDATED INCOME STATEMENT

                                                  Six Months Ending                     Three Months Ending
                                                                   Percentage                             Percentage
                                        6/30/2014     6/30/2013      Change     6/30/2014     6/30/2013     Change
                                                                                        
Interest Income                        $ 14,687,810  $ 13,792,916      6.5%    $ 7,405,276   $ 6,837,165      8.3%
Interest Expense                          1,859,440     1,637,927     13.5         926,266       816,244     13.5
  Net Interest Income                    12,828,370    12,154,989      5.5       6,479,010     6,020,921      7.6
Loan Loss Provision                         200,000       600,000    -66.7         100,000       150,000    -33.3
  Net Interest Income After Provision    12,628,370    11,554,989      9.3       6,379,010     5,870,921      8.7
Other Income                              4,937,168     5,429,884     -9.1       2,668,784     2,827,632     -5.6
Other Expenses                           13,229,336    12,620,721      4.8       6,775,445     6,444,636      5.1
  Income Before Taxes                     4,336,202     4,364,152     -0.6       2,272,349     2,253,917      0.8
Income Taxes                                660,724       869,910    -24.0         368,307       468,690    -21.4
  Net Income                           $  3,675,478  $  3,494,242      5.2%    $ 1,904,042   $ 1,785,227      6.7%
Net Change in Unrealized Gain (Loss)
 on Securities                            4,980,702    (5,976,917)   183.3       1,729,473    (4,725,054)   136.6
  Comprehensive Income (Loss)          $  8,656,180  $ (2,482,675)   448.7%    $ 3,633,515   $(2,939,827)   223.6%

Selected Ratios
  Return on Average Assets                     0.94%         0.98%                    0.97%         1.00%
  Return on Average Equity                    10.18          9.43                    10.33          9.63

  Earnings Per Share                        $  1.36       $  1.29                  $  0.70       $  0.66
  Earnings Per Share - assuming dilution       1.36          1.29                     0.70          0.66
  Cash Dividends Per Share                     0.50          0.48                     0.25          0.24
  Book Value Per Share                        27.54         25.78


  Market Price                         High        Low         Close
    Second Quarter '14                $27.50      $23.75      $26.74
    First Quarter '14                  24.80       23.90       24.75