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, July 20, 2005
BLUE VALLEY BAN CORP REPORTS SECOND QUARTER 2005 EARNINGS
Overland Park, Kansas, July 20, 2005 - Blue Valley Ban Corp (OTCBB: BVBC) ("the
Company") today announced net income of $803,000, or fully-diluted earnings per
share (EPS) of $0.34, for the second quarter of 2005, compared to net income of
$681,000, or $0.29 per share for the same period in 2004. Net income for the six
months ended June 30, 2005 was $1.6 million or $0.67 per share, compared to $1.4
million or $0.59 per share for the same period in 2004.
"I'm pleased to report our net interest margin continued to improve during the
second quarter, resulting from a higher level of interest rates and the
expansion of our loan portfolio" said Robert D. Regnier, Chairman and CEO of
Blue Valley Ban Corp.
OPERATING RESULTS
During the second quarter of 2005, net interest income increased 29.4% to $5.2
million compared to $4.0 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 decreased to
$2.7 million during this period from $4.1 million in the prior year, a decrease
of 35.0%. 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 4.6% to $6.6 million compared to $6.9
million in the prior year period. The decrease relates primarily to lower
incentive compensation costs associated with mortgage originations, partially
offset by increases in other operational expenses.
For the six-month period ending June 30, 2005, net interest income increased
24.7% to $10.2 million compared to $8.2 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
$5.5 million during this period from $7.5 million in the prior year, a decrease
of 27.1%. Noninterest expense decreased slightly to $13.0 million compared to
$13.1 million in the prior year period as lower incentive compensation costs
associated with mortgage originations were partially offset by increases in
other operational expenses.
Total assets, loans and deposits at June 30, 2005 were $693.9 million, $512.1
million and $537.3 million, respectively, compared to $637.4 million, $456.2
million and $479.0 million one year earlier,respectively, increases of 8.9%,
12.3%, and 12.2%, 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. Forwardlooking 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; a deterioration in the demand for mortgage financing;
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; potential
unfavorable results of litigation, and the possible dilutive effect of potential
acquisitions or expansions. These risks and uncertainties should be considered
in evaluating forwardlooking statements and undue reliance should not be placed
on such statements.
BLUE VALLEY BAN CORP
SECOND QUARTER 2005
CONSOLIDATED FINANCIAL HIGHLIGHTS
(all dollars in thousands, except per share data)
(unaudited)
Three Months Ended June 30 2005 2004
Net interest income $ 5,222 $ 4,036
Provision for loan losses - 300
Non-interest income 2,669 4,103
Non-interest expense 6,594 6,911
Net income 803 681
Net income per share - Basic 0.34 0.30
Net income per share - Diluted 0.34 0.29
Return on average assets 0.46 % 0.43 %
Return on average equity 7.53 % 6.64 %
Six Months Ended June 30
Net interest income $ 10,216 $ 8,190
Provision for loan losses 155 650
Non-interest income 5,476 7,515
Non-interest expense 12,955 13,074
Net income 1,599 1,391
Net income per share - Basic 0.68 0.61
Net income per share - Diluted 0.67 0.59
Return on average assets 0.47 % 0.45 %
Return on average equity 7.61 % 6.85 %
At June 30
Assets $ 693,858 $ 637,353
Loans 512,136 456,175
Deposits 537,263 478,991
Stockholders' Equity 43,343 41,388