-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GCBoYRUW3T4vPIbHS/5Lb+AmjTzGJH8r/SDw2mSV/VWL+vTKMxaojW8zLUueyzKG 6Pm1qO6+iABjsNvsbNs4sQ== 0000950134-03-010084.txt : 20030714 0000950134-03-010084.hdr.sgml : 20030714 20030714163902 ACCESSION NUMBER: 0000950134-03-010084 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030714 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLUE VALLEY BAN CORP CENTRAL INDEX KEY: 0000901842 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 481070996 STATE OF INCORPORATION: KS FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15933 FILM NUMBER: 03785631 BUSINESS ADDRESS: STREET 1: 11935 RILEY CITY: OVERLAND PARK STATE: KS ZIP: 66225 BUSINESS PHONE: 9133381000 MAIL ADDRESS: STREET 1: 11935 RILEY CITY: OVERLAND PARK STATE: KS ZIP: 66225 8-K 1 c78190e8vk.txt FORM 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): July 14, 2003 COMMISSION FILE NUMBER: 001-15933 BLUE VALLEY BAN CORP (Exact name of registrant as specified in its charter) KANSAS 48-1070996 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 11935 RILEY OVERLAND PARK, KANSAS 66225-6128 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (913) 338-1000 ITEM 5. OTHER EVENTS The Registrant's press release dated July 14, 2003, announcing 2003 second quarter earnings is attached hereto as Exhibit 99.1, and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS EXHIBITS 99.1 Press Release Dated July 14, 2003. 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: July 14, 2003 By: /s/ Mark A. Fortino -------------------------- Mark A. Fortino, Treasurer EX-99.1 3 c78190exv99w1.txt PRESS RELEASE BLUE VALLEY BAN CORP NEWS RELEASE 11935 Riley Overland Park, Kansas 66225-6128 CONTACT: Mark A. Fortino Treasurer (913) 338-1000 For Immediate Release Monday, July 14, 2003 BLUE VALLEY BAN CORP REPORTS SECOND QUARTER 2003 EARNINGS Overland Park, Kansas, July 14, 2003 - Blue Valley Ban Corp (OTCBB: BVBC) ("the Company") today announced net income of $1.6 million, or fully-diluted earnings per share (EPS) of $0.71, for the second quarter of 2003, compared to net income of $1.2 million, or $0.53 per share for the same period in 2002. Net income for the six months ended June 30, 2003 was $3.4 million or $1.48 per share, compared to $2.3 million or $1.05 for the same period in 2002. "Consolidation of mortgage lending activities in our new Mortgage Lender Center at 7900 College Boulevard assisted in accommodating the continued strong mortgage origination activity. Continued improvement in our net interest margin also contributed to our second quarter performance" said Robert D. Regnier, Chairman and CEO of Blue Valley Ban Corp. OPERATING RESULTS During the second quarter of 2003, net interest income increased 15.8% to $4.4 million compared to $3.8 million for the same period in the prior year, primarily due to growth in earning assets. Noninterest income increased to $6.6 million during this period from $3.9 million in the prior year, an increase of 68.0%. The principal factor driving the increase in noninterest income was Loans Held for Sale Income earned on loans originated and sold by the Company's National and Local Mortgage divisions. The current low interest rate environment has resulted in continued strong demand for residential mortgage loan originations. The Company continues to capitalize on the mortgage resources put into place during 2001 and 2002. Noninterest expense increased 44.5% to $7.9 million compared to $5.4 million in the prior year period. The increase relates primarily to costs associated with the Company's growth and expansion. For the six-month period ending June 30, 2003, net interest income increased 16.2% to $8.9 million compared to $7.6 million for the same period in 2002, primarily due to growth in earning assets. Noninterest income increased to $12.3 million during this period from $7.5 million in the prior year, an increase of 64.0%. Noninterest expense increased by 40.0% to $14.7 million compared to $10.5 million in the prior year period. The increase relates primarily to costs associated with the Company's growth and expansion. Total assets, loans and deposits at June 30, 2003 were $628.1 million, $414.8 million and $470.4 million, respectively, compared to $534.8 million, $346.9 million and $431.7 million one year earlier, respectively, increases of 17.44%, 19.6%, and 8.96%, respectively. ABOUT BLUE VALLEY BAN CORP Blue Valley Ban Corp is a bank holding company that, through its subsidiaries, provides banking services to closely-held business, their owners, professionals and individuals in Johnson County, Kansas. In addition, the Company originates residential mortgages locally and 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; 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; 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 SECOND QUARTER 2003 CONSOLIDATED FINANCIAL HIGHLIGHTS (all dollars in thousands, except per share data) (unaudited)
Three Months Ended June 30 2003 2002 - -------------------------- -------- -------- Net interest income $ 4,392 $ 3,792 Provision for loan losses 600 470 Non-interest income 6,606 3,931 Non-interest expense 7,858 5,437 Net income 1,627 1,181 Net income per share - Basic 0.73 0.54 Net income per share - Diluted 0.71 0.53 Return on average assets 1.07% 0.90% Return on average equity 17.59% 16.43% Six Months Ended June 30 - ------------------------ Net interest income $ 8,875 $ 7,636 Provision for loan losses 1,200 1,070 Non-interest income 12,305 7,503 Non-interest expense 14,670 10,476 Net income 3,403 2,342 Net income per share - Basic 1.53 1.08 Net income per share - Diluted 1.48 1.05 Return on average assets 1.15% 0.91% Return on average equity 18.86% 16.06% At June 30 - ---------- Assets $628,110 $534,767 Loans 414,829 346,920 Deposits 470,374 431,652 Stockholders' Equity 38,342 30,891
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