-----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, UViZOJCT5pakkprazWkZbqWgul4iwuPt/cyNgsHUiRndAGXAm8MTxVTj/d6fcbzs 3aflTIQbyK+4zs0pe5lIdw== 0000950137-06-010981.txt : 20061012 0000950137-06-010981.hdr.sgml : 20061012 20061012151831 ACCESSION NUMBER: 0000950137-06-010981 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061012 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061012 DATE AS OF CHANGE: 20061012 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: 061141950 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 c09057e8vk.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): October 12, 2006 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 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, 2006, announcing financial results for its fiscal third quarter period ended September 30, 2006 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, 2006. 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, 2006 By: /s/ Mark A. Fortino --------------------------------- Mark A. Fortino, Chief Financial Officer EX-99.1 2 c09057exv99w1.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 Thursday, October 12, 2006 BLUE VALLEY BAN CORP REPORTS THIRD QUARTER 2006 EARNINGS Overland Park, Kansas, October 12, 2006 -- Blue Valley Ban Corp (OTCBB: BVBC) ("the Company") today announced net income of $2.0 million, or fully-diluted earnings per share of $0.83, for the third quarter of 2006, compared to net income of $1.6 million, or $0.67 per share for the same period in 2005. Net income for the nine months ended September 30, 2006 was $4.8 million or $2.01 per share, compared to $3.2 million or $1.34 per share for the same period in 2005. "During the third quarter, net interest income reached a historically high level, resulting in the highest quarterly earnings ever reported by our Company. For the remainder of 2006 and into 2007, we plan to focus on growing our earning assets and maintaining our net interest margin" said Robert D. Regnier, Chairman and CEO of Blue Valley Ban Corp. OPERATING RESULTS During the third quarter of 2006, net interest income increased 24.0% to $7.3 million compared to $5.9 million for the same period in the prior year, primarily due to expansion of our net interest margin resulting from a higher yield on average earning assets. Noninterest income decreased to $2.3 million during this period from $3.3 million in the prior year, a decrease of 29.0%. The principal factor driving the decrease in non-interest income was a decrease in Loans Held for Sale Fee Income resulting from lower mortgage origination volume. Noninterest expense decreased 11.3% to $5.9 million compared to $6.6 million in the prior year quarter. The decrease relates primarily to lower compensation costs associated with the mortgage division. For the nine-month period ending September 30, 2006, net interest income increased 28.8% to $20.7 million compared to $16.1 million for the same period in 2005, primarily due to expansion of our net interest margin resulting from a higher yield on average earning assets. Noninterest income decreased to $6.5 million during this period from $8.8 million in the prior year, a decrease of 25.8%, primarily due to a decrease in Loans Held for Sale Fee Income resulting from lower mortgage origination volume. Noninterest expense decreased 6.7% to $18.3 million compared to $19.6 million in the prior year period primarily due to lower compensation costs associated with the mortgage division. Total assets, loans and deposits at September 30, 2006 were $684.9 million, $534.6 million and $530.0 million, respectively, compared to $707.2 million, $513.9 million and $545.7 million one year earlier, respectively. During the one year period ending September 30, 2006, total assets decreased 3.2%, loans increased 4.0%, and deposits decreased 2.9%. 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 2006 CONSOLIDATED FINANCIAL HIGHLIGHTS (all dollars in thousands, except per share data) (unaudited)
Three Months Ended September 30 2006 2005 - ------------------------------- -------- -------- Net interest income $ 7,266 $ 5,858 Provision for loan losses 540 -- Non-interest income 2,364 3,328 Non-interest expense 5,880 6,628 Net income 1,991 1,594 Net income per share - Basic 0.84 0.68 Net income per share - Diluted 0.83 0.67 Return on average assets 1.16% 0.90% Return on average equity 15.43% 14.34% Nine Months Ended September 30 - ------------------------------ Net interest income $ 20,703 $ 16,074 Provision for loan losses 1,205 155 Non-interest income 6,535 8,804 Non-interest expense 18,280 19,583 Net income 4,824 3,194 Net income per share - Basic 2.04 1.36 Net income per share - Diluted 2.01 1.34 Return on average assets 0.94% 0.62% Return on average equity 13.17% 9.92% At September 30 - --------------- Assets $684,935 $707,188 Loans 534,557 513,924 Deposits 530,012 545,693 Stockholders' Equity 52,195 45,124
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