-----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, T8QNKgULPxy9c4ztSl/4LYvoFgUPBR2Miw1niyM0tJkCUNNFl9M94rVyF9oNZBn6 jJQP0lNsFgTZ0GEpsvUCcQ== 0000950137-04-002816.txt : 20040415 0000950137-04-002816.hdr.sgml : 20040415 20040415123938 ACCESSION NUMBER: 0000950137-04-002816 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040414 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040415 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: 04735267 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 c84523e8vk.txt CURRENT REPORT 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 14, 2004 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 7. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS 99.1 Press Release Dated April 14, 2004. ITEMS 9 AND 12. REGULATION FD DISCLOSURE AND RESULTS OF OPERATION AND FINANCIAL CONDITION. On April 14, 2004, Blue Valley Ban Corp issued a press release announcing financial results for its fiscal first quarter ended March 31, 2004. The press release is attached as Exhibit 99.1 to this Form 8-K and is furnished to the Commission pursuant to Regulation FD and Item 12 of Form 8-K. 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 14, 2004 By: /s/ Mark A. Fortino -------------------------- Mark A. Fortino, Treasurer EX-99.1 3 c84523exv99w1.txt PRESS RELEASE EXHIBIT 99.1 BLUE VALLEY BAN CORP NEWS RELEASE 11935 Riley Overland Park, Kansas 66225-6128 CONTACT: Mark A. Fortino Treasurer (913) 338-1000 For Immediate Release Wednesday, April 14, 2004 BLUE VALLEY BAN CORP REPORTS FIRST QUARTER 2004 EARNINGS Overland Park, Kansas, April 14, 2004 - Blue Valley Ban Corp (OTCBB: BVBC) ("the Company") today announced net income of $710,000, or fully -diluted earnings per share (EPS) of $0.30 for the first quarter of 2004, compared to net income of $1.8 million, or $0.77 per share for the same period in 2003. "The momentum of mortgage originations and refinancing that we had capitalized upon in the previous two years decelerated late in 2003 and the effects of this carried over into the first quarter of 2004. However, we believe our strong loan and deposit growth should provide incremental contributions to future earnings. In addition, we anticipate that the opening of our newest branch in Leawood during the second quarter will be an additional catalyst for future growth" said Robert D. Regnier, Chairman and CEO of Blue Valley Ban Corp. OPERATING RESULTS During the first quarter of 2004, net interest income decreased 7.1% to $4.2 million compared to $4.5 million for the same period in the prior year, primarily due to compression in our net interest margin resulting from a lower level of average earning assets . A decline in average Mortgage Loans Held For Sale balances, caused by a decrease in mortgage originations, resulted in the decline in average earning assets. Noninterest income decreased to $3.4 million during this period from $5.7 million in the prior year, a decrease of 40.3%. The principal factor driving the decrease in non-interest income was a decrease in Loans Held for Sale Income resulting from lower mortgage origination volume . Noninterest expense decreased 9.6% to $6.2 million compared to $6.8 million in the prior year period. The decrease relates primarily to a decrease in incentive compensation costs associated with mortgage originations. Total assets, loans and deposits at March 31, 2004 were $626.0 million, $451.7 million and $470.5 million, respectively, compared to $591.4 million, $404.0 million and $449.2 million one year earlier, 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; 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 FIRST QUARTER 2004 CONSOLIDATED FINANCIAL HIGHLIGHTS (all dollars in thousands, except per share data) (unaudited)
Three Months Ended March 31 2004 2003 - ---------------------------------------------- ------------- ------------- Net interest income $ 4,165 $ 4,483 Provision for loan losses 350 600 Non-interest income 3,400 5,698 Non-interest expense 6,162 6,812 Net income 731 1,776 Net income per share - Basic 0.31 0.80 Net income per share - Diluted 0.30 0.77 Return on average assets 0.46% 1.23% Return on average equity 6.92% 20.19% At March 31 Assets $ 626,036 $ 591,409 Mortgage loans held for sale 32,041 66,007 Loans 451,708 403,985 Deposits 470,545 449,227 Stockholders' Equity 41,150 36,248
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