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): April 27, 2007

Commission file number: 001-15933

BLUE VALLEY BAN CORP

(Exact name of registrant as specified in its charter)

Kansas (State or other jurisdiction of incorporation or organization)	48-1070996 (I.R.S. Employer Identification No.)
11935 Riley Overland Park, Kansas (Address of principal executive offices)	66225-6128 (Zip Code)

Registrant’s telephone number, including area code: (913) 338-1000

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:

o Written communications pursuant to Rule 425 under the Securitis Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (12 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (12 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Items 2.02 and 7.01 Regulation FD Disclosure and Results of Operation and Financial Condition
	Item 9.01 Financial Statements and Exhibits
Signatures
Press Release

Items 2.02 and 7.01 Regulation FD Disclosure and Results of Operation and Financial Condition

The Registrant’s press release dated April 27, 2007, announcing financial results for its fiscal first quarter period ended March 31, 2007 is attached hereto as Exhibit 99.1, and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

     (c) EXHIBITS

          99.1 Press Release Dated April 27, 2007.

Signatures

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.

	Blue Valley Ban Corp
Date: April 27, 2007	By:	/s/ Mark A. Fortino
		Mark A. Fortino,
		Chief Financial Officer

EX-99.1

Exhibit 99.1

Blue Valley Ban Corp.		NEWS RELEASE
11935 Riley
Overland Park, Kansas 66225-6128	Contact:	Mark A. Fortino
		Chief Financial Officer
		(913) 338-1000

For Immediate Release Friday, April 27, 2007

Blue Valley Ban Corp. Reports First Quarter 2007 Earnings

Overland Park, Kansas, April 27, 2007 — Blue Valley Ban Corp. (OTCBB: BVBC) (“the Company”) today announced net income of $1.2 million, or fully-diluted earnings per share (EPS) of $0.48 for the first quarter of 2007, compared to net income of $1.3 million, or $0.55 per share for the same period in 2006.

As announced previously, we completed the purchase of Unison Bancorp, and its subsidiary, Western National Bank, and successfully merged that operation into the Bank of Blue Valley during the quarter. Additionally, we realigned our checking and money market products and introduced an exciting new deposit product called Performance Checking. “Although these activities negatively impacted first quarter financial results, these activities have better positioned the Company for the future” said Robert D. Regnier, Chairman and CEO of Blue Valley Ban Corp.

Operating Results

During the first quarter of 2007, net interest income increased 2.4% to $6.8 million compared to $6.6 million for the same period in the prior year, primarily due to expansion of our net interest margin resulting from higher interest rates. Noninterest income remained virtually unchanged at $2.0 million for both this period and the prior year period. Noninterest expense also remained virtually unchanged at $6.6 million during this period compared to $6.4 million in the prior year period.

Total assets, loans and deposits at March 31, 2007 were $739.9 million, $559.0 million and $580.9 million, respectively, compared to $705.7 million, $529.0 million and $532.1 million one year earlier, respectively, increases of 4.8%, 5.7%, and 9.2%, respectively.

About Blue Valley Ban Corp.

Blue Valley Ban Corp. is a bank holding company that, through its subsidiaries, provides banking services to business, their owners, professionals and individuals in Johnson County, Kansas. In addition, the Company originates residential mortgages nationwide through its InternetMortgage.com website.

This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, can generally be identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company is unable to predict the actual results of its future plans or strategies with certainty. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, fluctuations in market rates of interest and loan and deposit pricing; a deterioration of general economic conditions or the demand for housing in the Company’s market areas; a deterioration in the demand for mortgage financing; legislative or regulatory changes; adverse developments in the Company’s loan or investment portfolio; any inability to obtain funding on favorable terms; the loss of key personnel; significant increases in competition; potential unfavorable results of litigation, and the possible dilutive effect of potential acquisitions or expansions. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

BLUE VALLEY BAN CORP.
FIRST QUARTER 2007
CONSOLIDATED FINANCIAL HIGHLIGHTS
(all dollars in thousands, except per share data)
(unaudited)

Three Months Ended March 31	2007			2006
Net interest income	$	6,766		$	6,605
Provision for loan losses		400			75
Non-interest income		1,997			2,032
Non-interest expense		6,584			6,446
Net income		1,164			1,317
Net income per share — Basic		0.48			0.56
Net income per share — Diluted		0.48			0.55
Return on average assets		0.67	%		0.77	%
Return on average equity		8.74	%		11.40	%
At March 31
Assets	$	739,864		$	705,682
Mortgage loans held for sale		6,429			20,598
Loans		559,047			529,004
Deposits		580,937			532,052
Stockholders’ Equity		55,419			47,742