-----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, AQWg2bPeLpaDybsy6z7DkR/gUlHkFie/GCvzgieIUhf0ASgKB+s1bJDwYv5HsDBv KK9dEjrNLuA4ly73oHSSXg== 0000950137-07-000402.txt : 20070117 0000950137-07-000402.hdr.sgml : 20070117 20070117105148 ACCESSION NUMBER: 0000950137-07-000402 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070117 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070117 DATE AS OF CHANGE: 20070117 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: 07533810 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 c11482e8vk.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): January 17, 2007 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 January 17, 2007, announcing financial results for its fiscal fourth quarter and annual periods ending December 31, 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 January 17, 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: January 17, 2007 By: /s/ Mark A. Fortino -------------------------- Mark A. Fortino, Chief Financial Officer EX-99.1 2 c11482exv99w1.txt PRESS RELEASE 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, January 17, 2007 BLUE VALLEY BAN CORP REPORTS ANNUAL AND FOURTH QUARTER 2006 EARNINGS Overland Park, Kansas, January 17, 2007 -- Blue Valley Ban Corp (OTCBB: BVBC) ("the Company") today announced net income of $6.9 million or fully-diluted earnings per share of $2.88 per share for the year ended December 31, 2006, compared to net income of $4.6 million or $1.91 per share for the same period in 2005. Net income for the fourth quarter of 2006 was $2.1 million, or fully-diluted earnings per share of $0.83, compared to $1.4 million, or $0.57 per share for the same period in 2005. "2006 was a very good year for Blue Valley Ban Corp. Driven by a strong increase in our net interest margin, our net income in 2006 increased 52% over 2005. We expect 2007 to be another year of opportunities for our Company as we establish our presence in Lenexa, work towards additional loan and deposit growth, and continue to focus on operating efficiently to improve our overall financial performance" said Robert D. Regnier, Chairman and CEO of Blue Valley Ban Corp. During December 2006, the Company's Board of Directors declared a $0.30 per share cash dividend on the Company's common stock. The dividend will be paid on January 29, 2007 to shareholders of record as of December 29, 2006. OPERATING RESULTS For the twelve-month period ending December 31, 2006, net interest income increased 24.4% to $27.9 million compared to $22.4 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 21.4% to $8.9 million during this period from $11.3 million in the prior year. The principal factor driving the decrease in non-interest income was lower mortgage origination volume. Noninterest expense decreased 6.7% to $24.4 million compared to $26.1 million in the prior year period. The decrease relates primarily to lower compensation costs associated with the mortgage division. For the fourth quarter of 2006, net interest income increased 13.4% to $7.2 million compared to $6.3 million for the same period in the prior year, primarily due to expansion of our net interest margin resulting from a higher yield on average earning assets. Noninterest income decreased to $2.3 million during this period from $2.5 million in the prior year, a decrease of 6.1% due primarily to lower mortgage origination volume. Noninterest expense decreased 7.0% to $6.1 million compared to $6.6 million in the prior year period. This decrease in noninterest expense relates primarily to lower compensation costs associated with the mortgage division. Total assets, loans and deposits at December 31, 2006 were $692.2 million, $528.5 million and $535.9 million, respectively, compared to $689.6 million, $503.1 million and $529.3 million one year earlier, respectively, increases of 0.4%, 5.0% and 1.2%, 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 FOURTH QUARTER 2006 FINANCIAL HIGHLIGHTS (all dollars in thousands, except per share data) (unaudited)
Twelve Months Ended December 31 2006 2005 - ------------------------------- -------- -------- Net interest income $ 27,870 $ 22,396 Provision for loan losses 1,255 230 Non-interest income 8,881 11,301 Non-interest expense 24,374 26,134 Net income 6,923 4,569 Net income per share - Basic 2.93 1.95 Net income per share - Diluted 2.88 1.91 Common stock dividend per share 0.30 0.25 Return on average assets 1.00% 0.66% Return on average equity 13.81% 10.44% Three Months Ended December 31 - ------------------------------ Net interest income $ 7,167 $ 6,322 Provision for loan losses 50 75 Non-interest income 2,346 2,498 Non-interest expense 6,094 6,551 Net Income 2,099 1,375 Net income per share - Basic 0.84 0.58 Net income per share - Diluted 0.83 0.57 Return on average assets 1.20% 0.78% Return on average equity 15.53% 11.92% At December 31 - -------------- Assets $692,219 $689,589 Loans 528,515 503,143 Deposits 535,864 529,341 Stockholders' Equity 53,820 46,255
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