-----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, TlvBAIMN07Nl9The/lDpd0ziYAuIiAcf72lNLgCoUbTt26TR8uEcyQk7ZnFqFr4P +GOoEbAMAHAN497j4ceLbQ== 0000950137-05-012352.txt : 20051012 0000950137-05-012352.hdr.sgml : 20051012 20051012144119 ACCESSION NUMBER: 0000950137-05-012352 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051012 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051012 DATE AS OF CHANGE: 20051012 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: 051134764 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 c99018e8vk.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): October 12, 2005 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 66225-6128 OVERLAND PARK, KANSAS (Address of principal executive (Zip Code) offices) 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: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (12 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (12 CFR 240.13e-4(c)) ================================================================================ ITEMS 2.02 AND 7.01 REGULATION FD DISCLOSURE AND RESULTS OF OPERATION AND FINANCIAL CONDITION The Registrant's press release dated October 12, 2005, announcing financial results for its fiscal third quarter period ended September 30, 2005 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 October 12, 2005. 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: October 12, 2005 By: /s/ Mark A. Fortino ---------------------------------- Mark A. Fortino, Chief Financial Officer EX-99.1 2 c99018exv99w1.txt PRESS RELEASE 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 Wednesday, October 12, 2005 BLUE VALLEY BAN CORP REPORTS THIRD QUARTER 2005 EARNINGS Overland Park, Kansas, October 12, 2005 - Blue Valley Ban Corp (OTCBB: BVBC) ("the Company") today announced net income of $1.6 million, or fully-diluted earnings per share of $0.67, for the third quarter of 2005, compared to net income of $533,000, or $0.23 per share for the same period in 2004. Net income for the nine months ended September 30, 2005 was $3.2 million or $1.34 per share, compared to $1.9 million or $0.82 per share for the same period in 2004. "I'm very pleased with our financial results for the third quarter. We saw our net interest margin continue to increase and it's close to reaching what we consider an acceptable level for our Company. In addition, during the third quarter we refinanced a trust preferred issue and sold our old Olathe banking center facility. We expect both events to enhance our profitability going forward" said Robert D. Regnier, Chairman and CEO of Blue Valley Ban Corp. OPERATING RESULTS During the third quarter of 2005, net interest income increased 37.3% to $5.9 million compared to $4.3 million for the same period in the prior year, primarily due to expansion of our net interest margin resulting from a higher yield on, and growth of, average earning assets. Noninterest income remained stable at $3.3 million during both this quarter and in the prior year quarter. Noninterest expense increased 3.1% to $6.6 million compared to $6.4 million in the prior year quarter, primarily due to increases in operational expenses. For the nine-month period ending September 30, 2005, net interest income increased 29.1% to $16.1 million compared to $12.5 million for the same period in 2004, primarily due to expansion of our net interest margin resulting from a higher yield on, and growth of, average earning assets. Noninterest income decreased to $8.8 million during this period from $10.8 million in the prior year, a decrease of 18.4%, primarily due to lower mortgage loan origination volume. Noninterest expense increased slightly by 0.4% to $19.6 million compared to $19.5 million in the prior year period. Total assets, loans and deposits at September 30, 2005 were $707.2 million, $513.9 million and $545.7 million, respectively, compared to $669.9 million, $477.8 million and $530.7 million one year earlier, respectively, increases of 5.6%, 7.6%, and 2.8%, respectively. SALE OF OLD OLATHE PROPERTY During September, the Company completed the sale of the Olathe property located on the northwest corner of Ridgeview and Santa Fe. This property used to be the location of the Olathe Banking Center until the Company moved it to a more suitable location across the street during 2001. The Company realized a $342,000 pre-tax gain on the sale of this property and this income is included in non-interest income for the quarter. REFINANCE OF TRUST PREFERRED SECURITIES During the quarter, the Company completed the private placement of $11.5 million in trust preferred securities by a newly formed and wholly-owned trust subsidiary, BVBC Capital Trust III. The proceeds of the Debt Securities were used on September 30, 2005 to redeem, in whole, the Company's $11.5 million Junior Subordinated Debentures issued by BVBC Capital Trust I in July 2000. The Company expects this refinancing to reduce interest expense going forward. 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 THIRD QUARTER 2005 CONSOLIDATED FINANCIAL HIGHLIGHTS (all dollars in thousands, except per share data) (unaudited)
Three Months Ended September 30 2005 2004 Net interest income $ 5,858 $ 4,264 Provision for loan losses -- 400 Non-interest income 3,328 3,269 Non-interest expense 6,628 6,427 Net income 1,594 533 Net income per share - Basic 0.68 0.23 Net income per share - Diluted 0.67 0.23 Return on average assets 0.90% 0.32% Return on average equity 14.34% 5.16% Nine Months Ended September 30 Net interest income $ 16,074 $ 12,454 Provision for loan losses 155 1,050 Non-interest income 8,804 10,784 Non-interest expense 19,583 19,501 Net income 3,194 1,924 Net income per share - Basic 1.36 0.84 Net income per share - Diluted 1.34 0.82 Return on average assets 0.62% 0.40% Return on average equity 9.92% 6.27% At September 30 Assets $707,188 $669,892 Loans 513,924 477,761 Deposits 545,693 530,698 Stockholders' Equity 45,124 42,028
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