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 Friday, January 14, 2005
BLUE VALLEY BAN CORP REPORTS ANNUAL AND FOURTH QUARTER 2004 EARNINGS
Overland Park, Kansas, January 14, 2005 -- Blue Valley Ban Corp (OTCBB: BVBC)
("the Company") today announced net income of $1.9 million or fully-diluted
earnings per share of $0.82 per share for the year ended December 31, 2004,
compared to net income of $5.6 million or $2.43 per share for the same period in
2003. Net income for the fourth quarter of 2004 was $6,000, or $0.00 per share,
compared to $736,000, or $0.31 per share for the same period in 2003.
"2004 was a challenging year for the Company and our operating results were
disappointing. Our 2004 results were adversely impacted by nonrecurring items,
which contributed to this being the first time in 10 years that the Company did
not have an increase in annual earnings compared to the prior year. However, on
a quarter-to-quarter comparison basis, our fourth quarter net interest income
was 38% greater than last year and this bodes well for 2005" said Robert D.
Regnier, Chairman and CEO of Blue Valley Ban Corp.
During December 2004, the Company's Board of Directors declared a $0.20 cash
dividend on the Company's common stock. The dividend will be paid on January 31,
2005 to shareholders of record as of December 31, 2004.
OPERATING RESULTS
For the twelve-month period ending December 31, 2004, net interest income
increased 1.9% to $17.1 million compared to $16.9 million for the same period in
the prior year, primarily due to growth in earning assets. Noninterest income
decreased 38.1% to $13.9 million during this period from $22.5 million in the
prior year. 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 9.3% to $26.6 million compared
to $29.3 million in the prior year period. The decrease relates primarily to
lower incentive compensation costs associated with mortgage originations.
For the fourth quarter of 2004, net interest income increased 37.8% to $ 4.7
million compared to $3.4 million for the same period in the prior year,
primarily due to growth in earning assets and an increase in yield on earning
assets. Noninterest income decreased to $3.2 million during this period from
$3.6 million in the prior year, a decrease of 12.2% due primarily to lower Loans
Held for Sale Income. Noninterest expense increased 19.8% to $ 7.1 million
compared to $5.9 million in the prior year period. This increase in noninterest
expense relates primarily to incremental costs associated with the operation of
our Leawood Banking Center (which opened in the current year), nonrecurring
accrued expenses related to the cost of litigation, and other expenses.
Total assets, loans and deposits at December 31, 2004 were $672.7 million,
$507.2 million and $522.6 million, respectively, compared to $626.5 million,
$424.6 million and $470.5 million one year earlier, respectively, increases of
7.4%, 19.4% and 11.1%, 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 2004
FINANCIAL HIGHLIGHTS
(all dollars in thousands, except per share data)
(unaudited)
Twelve Months Ended December 31 2004 2003
---- ----
Net interest income $ 17,190 $ 16,863
Provision for loan losses 1,965 1,350
Non-interest income 13,941 22,536
Non-interest expense 26,570 29,286
Net income 1,930 5,633
Net income per share - Basic 0.84 2.51
Net income per share - Diluted 0.82 2.43
Common stock dividend per share 0.20 0.15
Return on average assets 0.30% 0.91%
Return on average equity 4.69% 14.85%
Three Months Ended December 31
Net interest income $ 4,736 $ 3,436
Provision for loan losses 915 --
Non-interest income 3,156 3,594
Non-interest expense 7,069 5,902
Net Income 6 736
Net income per share - Basic 0.00 0.33
Net income per share - Diluted 0.00 0.31
Return on average assets 0.00% 0.47%
Return on average equity 0.06% 7.33%
At December 31
Assets $672,717 $626,485
Loans 507,170 424,620
Deposits 522,646 470,495
Stockholders' Equity 41,384 40,198