PARIS, Ky. (July 30, 2012) – Kentucky Bank reported today that its earnings for the second quarter, which ended June 30, were up 26.6 percent compared to the June 30, 2011, earnings.
On a year-to-date basis, Kentucky Bank earned $3.40 million compared to $2.68 million for the six months ended June 30, 2011. The bank reported $1.78 million in profit for the second quarter of 2012, compared to $1.42 million for the second quarter of 2011, a 25.1 percent increase. Earnings per share on a fully diluted basis increased from $0.98 per share in 2011 to $1.25 per share for the six months ended June 30, 2012.
In the local markets, the bank is seeing positive movement in the housing market. Applications for residential mortgages are increasing, with more customers interested in purchasing homes. Additionally, there have been increased requests for construction loans for the first time in two years.
Kentucky Bank also has seen an increase in business lending activity as customers are looking more and more for opportunities than they have in recent times. These trends lead the bank to be cautiously optimistic about the economy of the markets in which they operate.
Kentucky Bank ranks 15th in size among the 177 banks headquartered in Kentucky. Kentucky Bank is headquartered in Paris and also has offices in Cynthiana, Georgetown, Morehead, Nicholasville, Sandy Hook, Versailles, Wilmore and Winchester.