Kentucky Bancshares Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported interest income of $8,978,000 compared to $7,560,000 a year ago. Net interest income was $7,911,000 compared to $6,609,000 a year ago. Income before taxes was $1,826,000 compared to $1,869,000 a year ago. Net income was $1,705,000 or $0.57 per basic and diluted share compared to $1,675,000 or $0.61 per basic and diluted share a year ago. Return on average assets was 0.71% compared to 0.83% a year ago. Return on average equity was 7.62% compared to 8.58% a year ago. The increase in quarterly net income is primarily due to higher net interest income associated with loan and investment growth, offset by lower non-interest income and higher non- interest expense.

For the year, the company reported interest income of $33,185,000 compared to $29,731,000 a year ago. Net interest income was $29,135,000 compared to $25,975,000 a year ago. Income before taxes was $7,413,000 compared to $7,968,000 a year ago. Net income was $6,883,000 or $2.42 per basic and diluted share compared to $7,071,000 or $2.60 per basic and diluted share a year ago. The change in EPS from year-to-year is attributable to a larger number of shares outstanding and driven by higher loan loss provision and higher non-interest expense, partially offset by higher net interest income and lower tax expense. Book value per share as at December 31, 2015 was $29.62 compared to $28.65 a year ago. Return on average assets was 0.76% compared to 0.89% a year ago. Return on average equity was 8.26% compared to 9.50% a year ago. The change in net earnings is largely due to the anticipated one-time expenses associated with the acquisition of Madison Bank. Net interest income was higher due to loan and investment growth.