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Arrow Financial CorporationBancshares, Inc. ^ ' f¥ .,» i-C'-l ^m m mm'mk.' i- Financial Highlights 2011 2010 2009 2008 Assets ($ thousands) Net income Per Share: $ 659,453 ^^:;:v: $ 5,687 Earnings (assuming dilution) ; ; Dividend $ $ 2.09 .88 $ $ $ $ 658,943 4,939 1.81 .84 $ $ $ $ 675,231 $ 678,775 4,848 $ 3,713 1.77 0.80 $ $ 1.33 1.12 Annual Meetmg The annual meeting of Kentucky Bancshares, Inc. will be held Wednesday May 16, 2012 at 11:00 in the corporate headquarters. Investor Information Any individual requesting a copy of the Corporation's 2011 Form 10-K Report may obtain these by visiting our website at www.kybank.com or writing to Investor Relations at the Corporate Headquarters. Shareholder Information Corporate Headquarters Kentucky Bancshares, Inc. 339 Main Street Paris, Kentucky 40361 859-987-1795 www.kybank.com Acquiring Stock Transfer, Registrar and Dividend Agent Registrar and Transfer Company 10 Commerce Drive Cranford, New Jersey 07016 800-368-5948 rtco.com Kentucky Bancshares, Inc. common stock is available through your broker or Kentucky Bank's Wealth Management Department. We are listed on the Over-The-Counter Bulletin Board, symbol KTYB.OB. Investor Relations We have a new page on our website that will bnng you up to date information about your Kentucky Bank stock. To see mvestor mformation go to www.kybank.com, click on the about us tab, then mvestor relations. We offer you company highlights, dividend history SEC filings, historical graphs and other helpful information related to our company and your stock. 1 • : . . h :;:..".^ . • .. -" ' • ? " - •" "I-t'.-A- 's/yz— ^"^ « ^ , ^ Lriii [_ ill. " " "^ 5^.- • i "z-T- p©:£&ji:%iF '— _ '""'"'•" ; ' ^" - J i l r r 1 1 Dear Shareholders: We a re pleased to report for the year e n d ed December 31, 2011, earnings for your company were up 15.1% w h en compared to December 31, 2010. On a year to date basis, we e a r n ed $5.7 million for the year e n d ed December 31, 2011 as compared to $4.9 million for the s a me period in 2010. For the fourth quarter 2011, our earnings at $1.2 million remained level, when compared to the same period in 2010. Additionally I am pleased to announce that our earnings per share for the year increased from $1.81 per share on a fully diluted basis to $2.09, which is a 15.5% increase. Total assets at December 31, 2011 were $659.5 million compared to $658.9 million for 2010. Remaining virtually flat in asset growth is primarily the result of the continued instability of our local, regional, a nd state economies. Deposits were up 1% from the previous year as reflected by the $542.9 million total at December 31, 2011 versus the $537.4 million figure at December 31, 2010. The economy in 2011 did show some signs of improvement. In last years letter to our shareholders, we expressed concern about how much longer we would be experiencing the already four y e ar old recession. The national unemployment rate h as d r o p p ed from a b o ve 9.0% to 8.3%. In Kentucky 114 of 120 counties h a ve shown lower unemployment rates, a nd fortunately most all the markets we serve reflect lower unemployment numbers than the state as a whole. The housing market, on the national a nd regional levels, continues to be sluggish. Home sales, both new and existing, are not increasing a nd home values a re flat, if not continuing to decline slightly Low interest rates h a ve encouraged significant refinancing of homes, but h a ve not spurred a ny major activity Business activity however, is starting to show some signs of improvement as evidenced by slight increases in commercial lending. The manufacturing industries h a ve b e en relatively stable a nd car sales h a ve shown healthy gains. The improvement in the stock market is also encouraging as an indicator of a recovering economy that is predicted to grow at a less than 3% rate in 2012. Rising oil prices, however a nd events outside our country could still be impediments to the recovery The regulatory b u r d e ns placed on the banking industry by the Dodd-Frank Bill a re becoming increasingly challenging in cost, time, a nd energy Heretofore, only 25% of the legislation h as b e en implemented, a nd the limitations it h as placed on community banks a nd ultimately to the consumer a re being felt. Despite these burdens, your bank will continue to deal with these issues a nd adapt, so as to remain successful. Our commitment to Premier Customer Service h as never b e en stronger as we focus on ensuring that we maintain a nd grow existing relationships at every opportunity As an example, our Corporate Services Department h as increased relationships by over 70%, as we provide electronic banking services that our customers expect. We h a ve initiated an effort to e n h a n ce our abilities to offer Small Business Administration (SBA) loans to commercial customers a nd prospects that can benefit from these kinds of programs. Other enhancements to lending services include residential real estate loans in cooperation with governmental programs like Federal Housing Administration (FHA), Rural Housing Service (RHS), Veterans Affairs ("VA), a nd Kentucky Housing Corporation (KHC). We a re also very pleased to a n n o u n ce that your company w as recognized by the Kentucky C h a m b er of Commerce a nd the Kentucky Society for Human Resource Management as one of the Best Places to Work. There are two reasons to be especially excited about this award. First, b e c a u se this w as the first y e ar in our effort for recognition, we were not expecting this designation. Second, a nd most importantly this a w a rd is a representation of the quality of the people who work at Kentucky Bank. These have b e en challenging times for our economy a nd our industry We believe, despite these challenges, that your company is in a position to continue to grow a nd prosper As always, we appreciate your interest a nd support. Louis Prichard President, CEO Kentucky Bank at a Glance Kentucky Bank Group Photo Kentucky Bank holds a training d ay at least once a year that includes all employees. The opportunity for the photo on our cover presented itself on Presidents' Day February 20, 2012, a d ay that the bank offices a re closed for business. We gather offsite to share current information about our strategic direction a nd results of recent efforts. Kentucky Bank employs 219 employees in the eight counties in which we serve. It is our dedication to our employees, a nd their dedication to you, that h as enabled us to be a m o ng the winners of Best Places to Work in Kentucky for 2012. It is through the efforts of our employees that we a re able to deliver the level of service a nd commitment that our shareholders a nd customers receive. We a re proud of our employees a nd we believe they a re proud to represent Kentucky Bank. Premier Customer Service Throughout the y e ar we recognize employees who a re nominated by their peers for delivering Premier Customer Service. At the e nd of the year we honor the employee that we believe delivered the highest level of service. During our a n n u al training d ay we were pleased to recognize not one, but three winners of the a n n u al Premier Customer Service award. The a w a rd winners were Renee Fowler of Cynthiana, Renee Conn of Morehead, a nd Amy White of Nicholasville. All three winners exemplified, by their respective actions, our commitment to Premier Customer Service. * Electronic This year we will introduce Mobile Banking with a custom a pp that will allow customers to access their bank information. We will also be adding online applications to our website for the convenience of our customers. Customers with an email address on file with us will begin receiving e-newsletters in the n e ar future. The newsletters will share n ew product information, industry trends, identity theft precaution tips, a nd much more. ^ ^ T U C^ ' ^, Commercials We h a ve developed two new commercials that we thought you might enjoy watching, as both commercials feature several of our customers. O ne commercial promotes our Wealth Management Department. The other is a loan commercial that features customers working alongside our Market Presidents. Inside our back cover you will see two OR codes. Using your smart phone, you can download an a pp that reads the OR codes. This will allow you to click a nd view our newest commercials. We hope you enjoy seeing your bank in action. Officers Senior M a n a g e m e nt Louis Prichard, President a nd CEO James Braden, SVP Director of Risk Management Brenda Bragonier SVP Director of Marketing Carol Caskey SVP Director of Human Resources Gregory J. Dawson, SVP Chief Financial Officer Norman J. Fryman, EVP Chief Credit Officer William Hough, SVP Director of Sales & Service Clark Nyberg, SA/P Director of Wealth Management Martha Woodford, SVP Director of Operations Accounting Gregory J. Dawson, SVP Chief Financial Officer Brenda Berry AVP Sr Accountant Brandon Gilliam, AVP Controller Janice Hash, AVE? Sr Accountant a nd Purchasing Commercial Lending Darren Henry VP Director of Commercial Lending Benjamin Caudill, VP Commercial Lender Ken DeVasher VP Commercial Lender S h a ne Foley VP Commercial Lender John Hamilton, VP Commercial Lender Credit Administration Norman J. Fryman, EVP Chief Credit Officer Priscilla Hampton, AVP Commercial Loan Processing Manager Lisa Highley VP Director of Mortgage Lending Catherine Hill, VP Collections Manager Shawn King, VP Credit M a n a g er Sr Credit Analyst Kay Wilson, DE Underwriter Human Resources Carol Caskey SVP Director of Human Resources Christopher J. LeMaster AVP Director of Training Marketing Brenda Bragonier SVP Director of Marketing Operations Martha Woodford, SVP Director of Operations Karen Anderson, AVP Exception Items a nd Data Officer Melinda Biddle, AVP Operations Officer Dixie Fite, Quality Control Officer Jeff Lehmann, Mortgage Servicing Manager Brandon Sumpter Senior Software Advisor Risk M a n a g e m e nt James Braden, SVP Director of Risk Management Sherr^^ Griffith, AVP BSA, Security Officer Lydia Sosby VP Compliance Officer Wealth M a n a g e m e nt Clark Nyberg, SVP Director of Wealth Management James Gray Investment Advisor Jason Gresham, VP Business Development a nd Trust Officer Eric McAnallen, Investment Advisor Jan Worth, VP Sr Trust Officer Bourbon County Nancye Fightmaster Market President Wallis Brooks, AVP Branch M a n a g er CRA Officer Rhonda Brown, AVp Small Business a nd Mortgage Lender Benson Fryman, AVP Small Business a nd Mortgage Lender Clark County Darryl Terry Market President Kathy Newkirk, AVP Small Business a nd Mortgage Lender Teresa Shimfessel, AVP Branch Manager a nd Consumer Lender Elliott County Sherry Mathis, Market President Harrison County Pam Slone, Market President Dreama Harris, AVP Small Business a nd Mortgage Lender Jessamine County Brandon Eason, Market President Teague Sims, AVP Small Business a nd Mortgage Lender Rowan County Jeremy Brown, Market President Connie Ingram, AVP Small Business a nd Mortgage Lender Tom James, Branch M a n a g er Consumer Lender Scott County Mark Sulski, Market President Karin Buchanan, AVP Small Business a nd Mortgage Lender Woodford County Duncan Gardiner Market President Jeremy Gray AVP Small Business a nd Mortgage Lender Board of Directors William M. Arvin Attorney Law Offices of William Miles Arvin B. Proctor Caudill Jr. Special Projects Manager Kentucky Bank Henry Hinkle President Hinkle Contracting Company LLC Betty J. Long Retired President First Federal Savings of Cynthiana Theodore Kuster CEO Hillside Farm, Shawhan Place,'. LLC Ted McClain President Hopewell Insurance Company Louis Prichard President, CEO Kentucky Bank Kentucky Bancshares, Inc. Robert G. Thompson Farmer Thoroughbred Breeder Snowhill Farm Dr. Woodford Van Meter Professor of Ophthalmology University of Kentucky Edwin S. Saunier President Saunier North American, Inc. Buckner Woodford IV Chairman Kentucky Bank Kentucky Bancshares, Inc. REGIONAL DIRECTORS BOURBON Proctor W Blair Partner Ludwig, Blair and Bush , PLLC Lonnie Conley Co-Owner Paris Machining Allyson Eads Co-owner Eads Hardware CLARK Mary Beth Hendricks Director Clark County Child Support Services Donald Pace Retired Executive Director Central Kentucky Educational Co-op with UK John G. Roche John G. Roche Opticians, Inc. Edwin S. Saunter President Saunier North American, Inc. Kevin E. Welsh Manager Alltech, Winchester Operations EAST KENTUCKY Representative Rocky Adkins Majority Floor Leader House of Representatives Trent Hamilton Owner Hamilton, Inc. G.R. (Sonny) Jones VPCFO St. Claire Regional Medical Center William H. Redwine iWP Auxiliary Services Morehead State University Madonna Weathers VP Student Life Morehead State University Gerry Whalen Appraiser Broker Whalen and Company JESSAMINE William M. Arvin Attorney Law Offices of William Miles Arvin Dr Michael R. Bishop Michael R. Bishop, DMD, and Associates, PSC Tom Buford Kentucky State Senator Jonah Mitchell President, lonah Mitchell Real Estate and Auction Eva McDaniel lessamine County Clerk SCOTT Dr Gus Bynum Family Physician Mike Hockensmith Owner and President The Hockensmith Agency Inc. George Lusby Scott County ludge Executive Katy Prather Realtor Keller Williams Bluegrass Realty Everette Varney Mayor of Georgetown HARRISON WOODFORD K. Bruce Florence Branch Campus Director Maysville Community and Technical College Licking Valley Campus and Kiser Center Ann Getting Plant Manager 3 M Betty J. Long Retired President First Federal Savings of Cynthiana Brad Marshall Fanner Former-Owner Tommy Haggard CEO, Bluegrass Community Hospital James Kay Businessman, Farmer Tricia N. Kittinger Circuit Clerk, Woodford County Carolyn H. McDonald Realtor Rector Hayden Realtors Rodes Shackelford Parrish President, The Clay Ward Agen cy LLC Marshalls Tractor Supply Bobby Shiflet Owner Frames on Main loel Techau CEO, Techau, Inc. Office Locations CUSTOMER SERVICE NUMBER 800-467-1939 JESSAMINE COUNTY BOURBON COUNTY Bourbon Banking Center 401 Main Street Paris, KY 40361 Lexington Road Office 2021 S. Main Street Paris, KY 40361 CLARK COUNTY Colby Road Office 1975 Bypass Road Winchester KY 40391 Winchester Main Office 24 W Lexington Avenue Winchester KY 40391 ELLIOTT COUNTY Sandy Hook Office Main a nd jane Streets Sandy Hook, KY 41171 HARRISON COUNTY Cynthiana US 27 Office 939 US Hwy 27 South Cynthiana, KY 41031 859-987-1795 559-987-1795 859-744-3825 859-744-1632 606-738-5163 Nicholasville Office 920 N. Main Street Nicholasville, KY 40356 Wilmore Office 108 E. Main Street Wilmore, KY 40390 ROWAN COUNTY Morehead Downtown Office 400 W First Street Morehead, KY 40351 Flemingsburg Road Office 1500 Flemingsburg Road Morehead, KY 40351 SCOTT COUNTY Cherry Blossom Office 260 Blossom Park Drive Georgetown, KY 40324 Showalter Office 103 WShowalter Drive Georgetown, KY 40324 859-234-3363 WOODFORD COUNTY Versailles Office 520 Marsailles Road Versailles, KY 40383 859-885-6028 859-858-3993 606-780-0535 606-784-6973 502-863-5522 502-863-9400 859-873-9400 Commercial Services Wealth Management Download an app to read QR codes and view our newest commercials. Kentucky Bancshares, Inc P.O. Box 157 Paris, KY 40362-0157 www.kybank.com 800-467-1939
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