1.
|
Comment: Please note the updating requirements of Rule 3-12 of Regulation S-X and provide an updated consent from your independent accountant in your next amendment.
|
2.
|
Comment: Please disclose the missing information including price, expenses, and proceeds, the number of rights you are registering and the number of shares that each subscription right can purchase.
|
3.
|
Comment: We note the changes made to the section entitled “Fees and Expenses” on page 2. Please identify and quantify the fees.
|
4.
|
Comment: We acknowledge your response to comment 6 of our letter to you dated October 8, 2013. As we requested, describe the actual risk to you from increases in interest rates on adjustable loans in your loan portfolio including risks of higher delinquencies and defaults and lower earnings. Also disclose the risks that increases in interest rates may lower the amount of new loans that you originate.
|
5.
|
Comment: We acknowledge your response to comment 10 of our letter to you dated October 8, 2013. Please revise the first paragraph to discuss the effect on your net income of your dividends on the $21 million in Preferred Stock increasing from five to nine percent as of December 2013.
|
6.
|
Comment: Please identify any directors that have been appointed by the beneficial owners of the Preferred stock and identify the beneficial owners.
|
7.
|
Comment: Please include a signed audit report as required by Rule 2-02 of Regulation S-X.
|
8.
|
Comment: We note your response to comment 14 in our letter dated October 8, 2013. Please provide us with the following specific detailed information to support the realizability of the net deferred tax asset at December 31, 2012, June 30, 2013 and any future quarterly periods (September 30, 2013):
|
|
Ÿ
|
Detailed tax effects of temporary differences related to the deferred tax asset as of June 30, 2013 and any future quarterly period (September 30, 2013), similar to the information presented in your response and in the S-1 on page F-65 as of December 31, 2012 and 2011;
|
|
Ÿ
|
Provide us with your forecasted 2013 projections, including all assumptions considered;
|
|
Ÿ
|
Detailed information comparing actual vs. forecasted results for the fiscal year ended December 31, 2012 and for the six month period ending June 30, 2013 and any future quarterly period (September 30, 2013). In regard to any projections and assumptions utilized, provide us with specific evidence to support the assumptions, such as the number of years in the projections, estimated growth rates, net interest margins considered, estimated loan loss provision rates, efficiency ratio as well as revenue and expense growth rates utilized.
|
9.
|
Comment: We note that you have not filed most of your exhibits required by Item 601. Please file the fairness opinion. Please allow adequate time after you file the exhibits for the staff to review each of the exhibits and for you to respond to any comments.
|
Sincerely, | |||
/s/ Eric J. Gervais | |||
Eric J. Gervais | |||
September 30, 2013
|
December 31, 2012
|
December 31, 2011
|
||||||||||
Deferred Tax Assets
|
||||||||||||
Allowance for loan losses
|
$ | 2,508 | $ | 3,351 | $ | 4,880 | ||||||
Net operating loss from BVBC and subsidiary
|
8,892 | 9,153 | 7,723 | |||||||||
Accumulated depreciation on AFS securities
|
2,652 | - | - | |||||||||
Deferred Compensation
|
50 | 80 | 123 | |||||||||
Offering Costs
|
170 | 180 | 190 | |||||||||
Non-accrual loan interest
|
50 | 46 | 59 | |||||||||
Other real estate owned reserve
|
1,821 | 1,178 | 1,215 | |||||||||
Other
|
714 | 639 | 516 | |||||||||
16,857 | 14,627 | 14,716 | ||||||||||
Deferred Tax Liabilities
|
||||||||||||
Accumulated depreciation
|
(250) | (253) | (321) | |||||||||
FHLBank stock basis
|
(590) | (557) | (511) | |||||||||
Accumulated appreciation on AFS securities
|
- | (29) | (89) | |||||||||
Prepaid intangibles
|
(180) | (177) | (185) | |||||||||
Core deposit intangible related to Unison Bancorp and subsidiary acquisition
|
(12) | (45) | (90) | |||||||||
Other
|
(9) | (9) | (9) | |||||||||
(1,041) | (1,070) | (1,205) | ||||||||||
Net deferred tax asset before valuation allowance
|
$ | 15,816 | $ | 13,557 | $ | 13,511 | ||||||
Valuation allowance
|
(12,014) | (12,436) | (12,600) | |||||||||
Net deferred tax asset
|
$ | 3,802 | $ | 1,121 | $ | 911 |
BLUE VALLEY BAN CORP..
|
|||||||||||||||||||
CONSOLIDATED QUARTERLY BALANCE SHEET
|
2013 Budget | 2012 ACTUAL |
(in thousands)
|
Fourth | Third | Second | First | Fourth | Third | Second | First |
Cash and due from banks
|
$ | 18,250 | $ | 18,250 | $ | 18,250 | $ | 18,250 | $ | 33,353 | $ | 24,191 | $ | 24,875 | $ | 29,546 | |||||||||
Interest bearing deposits in other financial institutions
|
20,733 | 20,635 | 40,701 | 54,717 | 67,725 | 73,943 | 78,306 | $ | 86,443 | ||||||||||||||||
Federal funds sold and other short-term investments
|
7 | 7 | 7 | 7 | - | - | - | $ | - | ||||||||||||||||
Cash and cash equivalents
|
38,989 | 38,892 | 58,958 | 72,973 | 101,077 | 98,134 | 103,181 | 115,989 | |||||||||||||||||
Available-for-sale securities
|
110,600 | 110,600 | 110,600 | 100,600 | 77,845 | 75,158 | 65,579 | 66,666 | |||||||||||||||||
Mortgage loans held for sale
|
2,530 | 3,530 | 4,030 | 2,530 | 7,621 | 5,132 | 2,391 | 1,597 | |||||||||||||||||
Loans
|
442,794 | 438,299 | 433,529 | 428,384 | 415,671 | 430,606 | 429,327 | 437,935 | |||||||||||||||||
Less allowance for loan losses
|
(10,000) | (9,850) | (9,700) | (9,550) | (9,057) | (9,363) | (9,399) | (10,841) | |||||||||||||||||
Net loans
|
432,794 | 428,449 | 423,829 | 418,834 | 406,614 | 421,243 | 419,928 | 427,094 | |||||||||||||||||
Premises and equipment
|
14,651 | 14,960 | 15,223 | 15,118 | 15,448 | 15,597 | 15,729 | 15,873 | |||||||||||||||||
Foreclosed assets held for sale
|
28,299 | 28,359 | 28,419 | 28,479 | 31,936 | 31,067 | 33,079 | 27,864 | |||||||||||||||||
Interest receivable
|
1,736 | 1,724 | 1,712 | 1,698 | 1,529 | 1,730 | 1,445 | 1,899 | |||||||||||||||||
Deferred income taxes
|
1,005 | 1,005 | 1,005 | 1,005 | 1,121 | 973 | 999 | 965 | |||||||||||||||||
Income tax receivable
|
- | - | - | - | - | - | - | - | |||||||||||||||||
Prepaid expenses and other assets
|
6,210 | 6,413 | 6,616 | 6,192 | 6,095 | 6,240 | 6,480 | 6,316 | |||||||||||||||||
FHLB stock, FRB stock and other securities
|
7,591 | 7,558 | 7,525 | 7,493 | 7,540 | 7,429 | 7,396 | 7,398 | |||||||||||||||||
Goodwill
|
- | - | - | - | 179 | 214 | 250 | 286 | |||||||||||||||||
Core deposit intangible asset, at amortized cost
|
36 | 72 | 107 | 143 | - | - | - | - | |||||||||||||||||
Total Assets
|
$ | 644,442 | $ | 641,561 | $ | 658,024 | $ | 655,065 | $ | 657,005 | $ | 662,917 | $ | 656,457 | $ | 671,946 | |||||||||
LIABILITIES
|
|||||||||||||||||||||||||
Demand deposits
|
$ | 121,441 | $ | 120,626 | $ | 119,666 | $ | 118,670 | $ | 113,698 | $ | 124,003 | $ | 112,790 | $ | 107,739 | |||||||||
Savings, NOW and money market deposits
|
230,210 | 228,911 | 227,612 | 226,313 | 235,633 | 228,540 | 218,902 | 228,767 | |||||||||||||||||
Time deposits
|
137,755 | 137,857 | 137,959 | 138,061 | 135,136 | 139,957 | 157,915 | 170,897 | |||||||||||||||||
Total Deposits
|
489,406 | 487,394 | 485,238 | 483,044 | 484,466 | 492,499 | 489,607 | 507,404 | |||||||||||||||||
Federal funds purchased and other interest-bearing liabilities
|
21,750 | 21,507 | 21,264 | 21,021 | 21,668 | 19,946 | 17,473 | 15,625 | |||||||||||||||||
Short-term debt
|
3 | 3 | 3 | 3 | - | - | - | - | |||||||||||||||||
Long-term debt
|
85,848 | 85,822 | 105,743 | 105,628 | 101,111 | 100,942 | 100,772 | 100,603 | |||||||||||||||||
Accrued interest and other liabilities
|
2,516 | 2,874 | 2,450 | 6,047 | 9,945 | 9,958 | 9,165 | 8,481 | |||||||||||||||||
Total Liabilities
|
599,523 | 597,601 | 614,698 | 615,743 | 617,190 | 623,344 | 617,017 | 632,113 | |||||||||||||||||
STOCKHOLDERS' EQUITY
|
|||||||||||||||||||||||||
Preferred Stock
|
8 | 8 | 8 | 8 | 22 | 22 | 22 | 22 | |||||||||||||||||
Common stock
|
4,177 | 4,142 | 4,142 | 3,232 | 2,934 | 2,880 | 2,880 | 2,884 | |||||||||||||||||
Additional paid-in capital
|
41,266 | 41,148 | 41,137 | 38,397 | 38,746 | 38,571 | 38,560 | 38,551 | |||||||||||||||||
Retained earnings
|
(532) | (1,338) | (1,962) | (2,314) | (1,930) | (1,947) | (2,028) | (1,678) | |||||||||||||||||
Unrealized appreciation (depreciation) on
|
|||||||||||||||||||||||||
available for sale securities, net of income taxes
|
- | - | - | - | 43 | 46 | 6 | 55 | |||||||||||||||||
Total Stockholder's Equity
|
44,919 | 43,960 | 43,326 | 39,322 | 39,815 | 39,573 | 39,440 | 39,833 | |||||||||||||||||
Total Liabilities and Stockholder's Equity
|
$ | 644,442 | $ | 641,561 | $ | 658,024 | $ | 655,065 | $ | 657,005 | $ | 662,917 | $ | 656,457 | $ | 671,946 |
BLUE VALLEY BAN CORP.
|
||||||||||||||||||||||||||||||||||||
CONSOLIDATED QUARTERLY EARNINGS TREND
|
||||||||||||||||||||||||||||||||||||
2013 Budget | 2012 ACTUAL |
(in thousands)
|
Fourth | Third | Second | First | Fourth | Third | Second | First |
INTEREST INCOME
|
||||||||||||||||||||||||||||||||
Interest and fees on loans
|
$ | 5,972 | $ | 5,863 | $ | 5,672 | $ | 5,496 | $ | 5,545 | $ | 5,735 | $ | 5,689 | $ | 5,884 | ||||||||||||||||
Federal funds sold
|
- | - | - | - | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Available-for-sale securities
|
514 | 514 | 485 | 385 | 313 | 287 | 230 | 268 | ||||||||||||||||||||||||
Dividends on FHLB and FRB stock
|
85 | 30 | 85 | 30 | 91 | 33 | 88 | 28 | ||||||||||||||||||||||||
Other income
|
13 | 21 | 31 | 42 | 54 | 43 | 54 | 43 | ||||||||||||||||||||||||
Total interest income
|
6,584 | 6,428 | 6,272 | 5,953 | 6,002 | 6,097 | 6,061 | 6,223 | ||||||||||||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||||||||||||||
Interest-bearing demand deposits
|
118 | 117 | 115 | 114 | 109 | 127 | 200 | 265 | ||||||||||||||||||||||||
Savings and money market deposit accounts
|
76 | 75 | 74 | 72 | 68 | 69 | 70 | 84 | ||||||||||||||||||||||||
Other time deposits
|
463 | 502 | 524 | 544 | 526 | 606 | 655 | 700 | ||||||||||||||||||||||||
Federal Funds Purchased and other interest-bearing liabilities
|
14 | 13 | 13 | 13 | 11 | 13 | 11 | 9 | ||||||||||||||||||||||||
Short-term debt
|
- | - | - | - | - | 0 | 0 | 0 | ||||||||||||||||||||||||
Long-term debt
|
718 | 785 | 912 | 908 | 923 | 922 | 913 | 912 | ||||||||||||||||||||||||
Total interest expense
|
1,388 | 1,493 | 1,638 | 1,650 | 1,637 | 1,737 | 1,849 | 1,970 | ||||||||||||||||||||||||
NET INTEREST INCOME
|
5,196 | 4,935 | 4,634 | 4,302 | 4,366 | 4,360 | 4,211 | 4,254 | ||||||||||||||||||||||||
PROVISION FOR LOAN LOSSES
|
300 | 300 | 300 | 300 | - | 650 | 100 | 450 | ||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||||||||||||||
FOR LOAN LOSSES
|
4,896 | 4,635 | 4,334 | 4,002 | 4,366 | 3,710 | 4,111 | 3,804 | ||||||||||||||||||||||||
NONINTEREST INCOME
|
- | |||||||||||||||||||||||||||||||
Loans held for sale fee income
|
559 | 743 | 680 | 426 | 682 | 833 | 389 | 543 | ||||||||||||||||||||||||
Service fees
|
901 | 889 | 892 | 869 | 868 | 832 | 878 | 874 | ||||||||||||||||||||||||
Gain contingency
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Realized gains on available-for-sale securities
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Other income
|
226 | 226 | 229 | 228 | 430 | 501 | 411 | 193 | ||||||||||||||||||||||||
Total noninterest income
|
1,685 | 1,858 | 1,800 | 1,522 | 1,981 | 2,166 | 1,678 | 1,610 | ||||||||||||||||||||||||
NONINTEREST EXPENSE
|
||||||||||||||||||||||||||||||||
Salaries and employee benefits
|
2,834 | 2,867 | 2,801 | 2,685 | 2,903 | 2,579 | 2,524 | 2,581 | ||||||||||||||||||||||||
Net occupancy expense
|
670 | 730 | 715 | 631 | 638 | 664 | 619 | 647 | ||||||||||||||||||||||||
Other operating expense
|
2,166 | 2,167 | 2,160 | 2,431 | 2,645 | 2,281 | 2,726 | 2,501 | ||||||||||||||||||||||||
Total noninterest expense
|
5,670 | 5,763 | 5,677 | 5,747 | 6,186 | 5,524 | 5,869 | 5,730 | ||||||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
911 | 729 | 458 | (222) | 160 | 352 | (80) | (316) | ||||||||||||||||||||||||
PROVISION FOR INCOME TAXES
|
- | - | - | - | (146 | ) | (1 | ) | (1) | (1) | ||||||||||||||||||||||
QUARTERLY NET INCOME
|
$ | 911 | $ | 729 | $ | 458 | $ | (222) | $ | 306 | $ | 353 | $ | (78) | $ | (315) | ||||||||||||||||
YEAR TO DATE NET INCOME
|
$ | 1,877 | $ | 965 | $ | 236 | $ | (222) | $ | 267 | $ | (40) | $ | (393) | $ | (315) | ||||||||||||||||
QUARTERLY
|
||||||||||||||||||||||||||||||||
Return on Assets
|
0.57 | % | 0.34 | % | 0.14 | % | -0.03 | % | 0.19 | % | 0.16 | % | -0.02 | % | -0.05 | % | ||||||||||||||||
Return on Common Equity
|
8.06 | % | 4.92 | % | 2.22 | % | -0.56 | % | 3.07 | % | 3.54 | % | -0.79 | % | -3.15 | % | ||||||||||||||||
Net Interest Margin
|
3.58 | % | 3.37 | % | 3.16 | % | 2.95 | % | 2.94 | % | 2.98 | % | 2.84 | % | 2.97 | % | ||||||||||||||||
YEAR TO DATE
|
||||||||||||||||||||||||||||||||
Return on Assets
|
0.29 | % | 0.20 | % | 0.07 | % | -0.14 | % | 0.04 | % | -0.01 | % | -0.12 | % | -0.19 | % | ||||||||||||||||
Return on Common Equity
|
4.43 | % | 0.16 | % | 1.18 | % | -2.28 | % | 0.67 | % | -0.13 | % | -1.98 | % | -3.15 | % | ||||||||||||||||
Net Interest Margin
|
3.23 | % | 3.13 | % | 3.03 | % | 2.95 | % | 2.92 | % | 2.94 | % | 2.92 | % | 2.93 | % |
BLUE VALLEY BAN CORP.
|
||||||||
CONSOLIDATED BALANCE SHEET
|
||||||||
ASSETS
|
||||||||
Actual
|
Budget
|
|||||||
September 30, 2013
|
September 30, 2013
|
|||||||
Cash and due from banks
|
$ | 26,653,396 | $ | 18,250,000 | ||||
Interest bearing deposits in other financial institutions
|
45,600,289 | 20,635,177 | ||||||
Federal funds sold and other short-term investments
|
- | 6,600 | ||||||
Cash and cash equivalents
|
72,253,685 | 38,891,777 | ||||||
Available-for-sale securities
|
95,205,520 | 110,600,000 | ||||||
Mortgage loans held for sale
|
1,966,294 | 3,530,000 | ||||||
Loans
|
406,299,165 | 438,299,250 | ||||||
Less allowance for loan losses
|
(6,778,162) | (9,850,000) | ||||||
Net loans
|
399,521,003 | 428,449,250 | ||||||
Premises and equipment
|
15,643,850 | 14,960,183 | ||||||
Foreclosed assets held for sale
|
29,090,890 | 28,359,000 | ||||||
Interest receivable
|
1,736,138 | 1,723,830 | ||||||
Deferred income taxes
|
3,802,101 | 1,004,761 | ||||||
Income tax receivable
|
- | - | ||||||
Prepaid expenses and other assets
|
6,291,302 | 6,412,697 | ||||||
FHLB stock, FRB stock and other securities
|
7,223,723 | 7,557,973 | ||||||
Core deposit intangible asset, at amortized cost
|
71,424 | 71,500 | ||||||
Total Assets
|
$ | 632,805,930 | $ | 641,560,971 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Demand deposits
|
$ | 112,591,640 | $ | 120,626,317 | ||||
Savings, NOW and money market deposits
|
232,388,199 | 228,911,000 | ||||||
Time deposits
|
116,488,337 | 137,857,103 | ||||||
Total Deposits
|
461,468,176 | 487,394,420 | ||||||
Federal funds purchased and other interest-bearing liabilities
|
40,943,851 | 21,507,000 | ||||||
Short-term debt
|
- | 3,000 | ||||||
Long-term debt
|
61,993,105 | 66,233,732 | ||||||
Guaranteed preferred beneficial interest in
|
||||||||
Company's subordinated debt
|
19,588,000 | 19,588,000 | ||||||
Accrued interest and other liabilities
|
12,569,324 | 2,874,450 | ||||||
Total Liabilities
|
596,562,456 | 597,600,602 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred stock
|
21,750 | 8,435 | ||||||
Common stock
|
2,938,871 | 4,141,657 | ||||||
Additional paid-in capital
|
38,807,484 | 41,148,148 | ||||||
Retained earnings
|
(1,546,461) | (1,337,871) | ||||||
Unrealized appreciation (depreciation) on
|
||||||||
available for sale securities, net of income taxes
|
(3,978,170) | - | ||||||
Total Stockholders' Equity
|
36,243,474_
|
43,960,369 | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 632,805,930 | $ | 641,560,971 |
BLUE VALLEY BAN CORP.
|
||||||||||||||||
CONSOLIDATED STATEMENT OF INCOME
|
||||||||||||||||
Nine Months Ended September 30, 2013
|
||||||||||||||||
Over (Under) Budget
|
||||||||||||||||
Actual
|
Budget
|
$ | % | |||||||||||||
INTEREST AND DIVIDEND INCOME
|
||||||||||||||||
Interest and fees on loans
|
$ | 15,626,147 | $ | 17,030,150 | $ | (1,404,003) | -8.24 | % | ||||||||
Federal funds sold
|
6 | - | 6 | 100.00 | % | |||||||||||
Available-for-sale securities
|
1,140,383 | 1,383,800 | (243,417) | -17.59 | % | |||||||||||
Dividends on FHLB and Federal Reserve Bank Stock
|
154,025 | 145,000 | 9,025 | 6.22 | % | |||||||||||
Other income
|
112,088 | 93,500 | 18,588 | 19.88 | % | |||||||||||
Total interest and dividend income
|
17,032,649 | 18,652,450 | (1,619,801) | -8.68 | % | |||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Interest bearing demand deposits
|
237,090 | 346,000 | (108,910) | -31.48 | % | |||||||||||
Savings and money market deposit accounts
|
207,048 | 221,100 | (14,052) | -6.36 | % | |||||||||||
Other time deposits
|
1,307,194 | 1,568,900 | (261,706) | -16.68 | % | |||||||||||
Federal funds purchased and other interest-bearing liabilities
|
18,808 | 39,500 | (20,692) | -52.38 | % | |||||||||||
Short-term debt
|
2 | - | 2 | |||||||||||||
Long-term debt
|
2,710,803 | 2,605,448 | 105,355 | 4.04 | % | |||||||||||
Total interest expense
|
4,480,945 | 4,780,948 | (300,003) | -6.27 | % | |||||||||||
NET INTEREST INCOME
|
12,551,704 | 13,871,502 | (1,319,798) | -9.51 | % | |||||||||||
PROVISION FOR LOAN LOSSES
|
(1,700,000 | ) | 900,000 | (2,600,000) | -288.89 | % | ||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||
FOR LOAN LOSSES
|
14,251,704 | 12,971,502 | 1,280,202 | 9.87 | % | |||||||||||
NONINTEREST INCOME
|
||||||||||||||||
Loans held for sale fee income
|
1,322,759 | 1,848,100 | (525,341) | -28.43 | % | |||||||||||
Service fees
|
2,585,085 | 2,650,025 | (64,940) | -2.45 | % | |||||||||||
Other income
|
1,271,183 | 682,729 | 588,454 | 86.19 | % | |||||||||||
Total noninterest income
|
5,179,027 | 5,180,854 | (1,827) | -0.04 | % | |||||||||||
NONINTEREST EXPENSE
|
||||||||||||||||
Salaries and employee benefits
|
7,961,386 | 8,352,400 | (391,014) | -4.68 | % | |||||||||||
Net occupancy expense
|
1,974,940 | 2,075,820 | (100,880) | -4.86 | % | |||||||||||
Other operating expense
|
8,295,391 | 6,758,712 | 1,536,679 | 22.74 | % | |||||||||||
Total noninterest expense
|
18,231,717 | 17,186,932 | 1,044,785 | 6.08 | % | |||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
1,199,014 | 965,424 | 233,590 | 24.20 | % | |||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
||||||||||||||||
Provision (benefit) for income taxes
|
422,090 | 372,900 | 49,190 | 13.19 | % | |||||||||||
Valuation allowance for deferred tax asset
|
(422,090) | (372,900) | (49,190) | 13.19 | % | |||||||||||
Total provision (benefit) for income taxes
|
- | - | - | 100.00 | % | |||||||||||
NET INCOME (LOSS)
|
$ | 1,199,014 | $ | 965,424 | $ | 233,590 | -24.20 | % |
BLUE VALLEY BAN CORP.
|
||||||||
CONSOLIDATED BALANCE SHEET
|
||||||||
ASSETS
|
||||||||
Actual
|
Budget
|
|||||||
December 31,2012
|
December 31,2012
|
|||||||
Cash and due from banks
|
$ | 33,352,879 | $ | 26,760,526 | ||||
Interest bearing deposits in other financial institutions
|
67,724,597 | 21,315,605 | ||||||
Federal funds sold and other short-term investments
|
- | - | ||||||
Cash and cash equivalents
|
101,077,476 | 48,076,131 | ||||||
Available-for-sale securities
|
77,845,117 | 107,648,757 | ||||||
Mortgage loans held for sale
|
7,621,405 | 2,332,500 | ||||||
Loans
|
415,670,680 | 488,925,452 | ||||||
Less allowance for loan losses
|
(9,056,709 | ) | (12,084,175 | ) | ||||
Net loans
|
406,613,971 | 476,841,277 | ||||||
Premises and equipment
|
15,447,616 | 15,662,087 | ||||||
Foreclosed assets held for sale
|
31,935,914 | 19,395,161 | ||||||
Interest receivable
|
1,529,395 | 1,904,912 | ||||||
Deferred income taxes
|
1,121,263 | 344,622 | ||||||
Income tax receivable
|
- | - | ||||||
Prepaid expenses and other assets
|
6,095,001 | 5,900,520 | ||||||
FHLB stock, FRB stock and other securities
|
7,539,573 | 7,484,823 | ||||||
Core deposit intangible asset, at amortized cost
|
178,560 | 178,560 | ||||||
Total Assets
|
$ | 657,005,291 | $ | 685,769,350 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Demand deposits
|
$ | 113,697,618 | $ | 111,588,443 | ||||
Savings, NOW and money market deposits
|
235,632,576 | 226,090,798 | ||||||
Time deposits
|
135,136,180 | 185,381,386 | ||||||
Total Deposits
|
484,466,374 | 523,060,627 | ||||||
Federal funds purchased and other interest-bearing liabilities
|
21,667,797 | 17,882,504 | ||||||
Short-term debt
|
- | - | ||||||
Long-term debt
|
81,522,745 | 81,522,741 | ||||||
Guaranteed preferred beneficial interest in
|
||||||||
Company's subordinated debt
|
19,588,000 | 19,588,000 | ||||||
Accrued interest and other liabilities
|
9,945,162 | 2,384,645 | ||||||
Total Liabilities
|
617,190,078 | 644,438,517 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred stock
|
21,750 | 21,750 | ||||||
Common stock
|
2,934,123 | 2,883,610 | ||||||
Additional paid-in capital
|
38,746,083 | 38,582,611 | ||||||
Retained earnings
|
(1,929,852 | ) | (330,555 | ) | ||||
Unrealized appreciation (depreciation) on
|
||||||||
available for sale securities, net of income taxes
|
43,109 | 173,417 | ||||||
Total Stockholders' Equity
|
39,815,213 | 41,330,833 | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 657,005,291 | $ | 685,769,350 |
BLUE VALLEY BAN CORP.
|
|||||||||||
CONSOLIDATED STATEMENT OF INCOME
|
|||||||||||
Twelve Months Ended December 31, 2012
|
Over (Under) Budget
|
||||||||||
Actual
|
Budget
|
$
|
%
|
|||||||
INTEREST AND DIVIDEND INCOME
|
||||||||||
Interest and fees on loans
|
$ |
22,852,433
|
$ |
25,692,471
|
$ |
(2,840,038)
|
-11.05%
|
|||
Federal funds sold
|
69
|
-
|
69
|
100.00%
|
||||||
Available-for-sale securities
|
1,097,363
|
1,151,543
|
(54,180)
|
-4.70%
|
||||||
Dividends on FHLB and Federal Reserve Bank Stock
|
240,387
|
231,812
|
8,575
|
3.70%
|
||||||
Other income
|
192,922
|
80,095
|
112,827
|
140.87%
|
||||||
Total interest and dividend income
|
24,383,174
|
27,155,921
|
(2,772,747)
|
-10.21%
|
||||||
INTEREST EXPENSE
|
||||||||||
Interest bearing demand deposits
|
700,313
|
1,431,874
|
(731,561)
|
-51.09%
|
||||||
Savings and money market deposit accounts
|
290,944
|
314,185
|
(23,241)
|
-7.40%
|
||||||
Other time deposits
|
2,487,026
|
2,832,017
|
(344,991)
|
-12.18%
|
||||||
Federal funds purchased and other interest-bearing liabilities
|
43,719
|
42,378
|
1,341
|
3.16%
|
||||||
Short-term debt
|
11
|
-
|
11
|
|||||||
Long-term debt
|
3,670,294
|
3,396,520
|
273,774
|
8.06%
|
||||||
Total interest expense
|
7,192,307
|
8,016,974
|
(824,667)
|
-10.29%
|
||||||
NET INTEREST INCOME
|
17,190,867
|
19,138,947
|
(1,948,080)
|
-10.18%
|
||||||
PROVISION FOR LOAN LOSSES
|
1,200,000
|
1,200,000
|
-
|
0.00%
|
||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||
FOR LOAN LOSSES
|
15,990,867
|
17,938,947
|
(1,948,080)
|
-10.86%
|
||||||
NONINTEREST INCOME
|
||||||||||
Loans held for sale fee income
|
2,446,435
|
2,136,986
|
309,449
|
14.48%
|
||||||
Service fees
|
3,452,186
|
3,623,492
|
(171,306)
|
-4.73%
|
||||||
Other income
|
1,535,345
|
1,243,645
|
291,700
|
23.46%
|
||||||
Total noninterest income
|
7,433,966
|
7,004,123
|
429,843
|
6.14%
|
||||||
NONINTEREST EXPENSE
|
||||||||||
Salaries and employee benefits
|
10,586,973
|
10,978,765
|
(391,792)
|
-3.57%
|
||||||
Net occupancy expense
|
2,568,207
|
2,710,491
|
(142,284)
|
-5.25%
|
||||||
Other operating expense
|
10,153,121
|
10,108,273
|
44,848
|
0.44%
|
||||||
Total noninterest expense
|
23,308,301
|
23,797,529
|
(489,228)
|
-2.06%
|
||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
116,532
|
1,145,541
|
(1,029,009)
|
-89.83%
|
||||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
||||||||||
Provision (benefit) for income taxes
|
68,078
|
-
|
68,078
|
100.00%
|
||||||
Valuation allowance for deferred tax asset
|
(218,079)
|
-
|
(218,079)
|
100.00%
|
||||||
Total provision (benefit) for income taxes
|
(150,001)
|
-
|
(150,001)
|
100.00%
|
||||||
NET INCOME (LOSS)
|
$ |
266,533
|
$ |
1,145,541
|
$ |
(879,008)
|
76.73%
|