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)
<Table>
<Caption>
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
</Table>