EXHIBIT 99.1
Blue River Bancshares, Inc. announces Increased Dividend, Stock Repurchase
Program and 1st Quarter Earnings (Unaudited)
April 26, 2007
Blue River Bancshares, Inc. (NASDAQ: BRBI) today announced that a quarterly
dividend of $.0225 per share was declared by the Board of Directors, payable
June 1, 2007, to shareholders of record as of the close of business on May 15,
2007. This is the third consecutive quarterly dividend increase since the
company began its dividend program.
Blue River also announced today that its Board of Directors approved the
immediate implementation of a stock repurchase program. Under the stock
repurchase program, Blue River may repurchase up to 50,000 shares of its common
stock, which represents approximately 1.425% of Blue River's outstanding common
stock. Shares will be repurchased from time-to-time in the open market or in
privately negotiated transactions in accordance with applicable federal and
state securities and banking laws and regulations. The extent to which Blue
River repurchases shares of its common stock and the timing of such repurchases
will depend upon stock price, general economic and market conditions and other
corporate considerations. The repurchase program may be terminated or suspended
at any time by resolution of the Board of Directors.
In addition, Blue River reported consolidated net income of $179,000 for the
quarter ended March 31, 2007. This net income compares to consolidated net
income for the same period of 2006 of $228,000. Fully diluted earnings per share
were $.05 for the quarter ended March 31, 2007 and $.07 for the same period in
2006. Weighted average outstanding shares (fully diluted) were 3,511,028, as of
March 31, 2007, compared to 3,509,944 shares at the end of the same quarter of
2006.
Net interest income before loan loss provision for the three months ended March
31, 2007 was $2,174,000 as compared to $1,917,000 for the same period of 2006.
This increase was primarily the result of loans outstanding increasing by 14.8%
during the past year. Non-interest income was $195,000 compared to $308,000 for
the same period of 2006. This large decrease is primarily the result of our
reduction of emphasis on mortgage originations.
The loan loss provision was $154,000 for the three months ended March 31, 2007
versus $68,000 for the quarter ended March 31, 2006.
Non-interest expense increased to $1,921,000 for the quarter ended March 31,
2007 as compared to $1,788,000 for the quarter ended March 31, 2006. This
increase was primarily the result of increased compensation expense, related to
the opening of our loan production office in Fishers, Indiana, unusual
weather-related occupancy expenses and professional fees associated with our
proposed charter sale.
Russell Breeden, III, Chairman, CEO and President of Blue River commented, "We
are pleased to be able to increase the dividend again this quarter. This action,
along with the stock
repurchase program, reflects the confidence your Board of Directors has in the
future of Blue River Bancshares, Inc."
Mr. Breeden also added, "Our ability to develop a strong stream of net interest
income has provided the foundation for us to continue to create increased
shareholder value. During the short term, our challenge will be to achieve a
reasonable resolution to a small number of loans. Our success at this activity
will, obviously, dictate the level of our short term operating profit."
Blue River Bancshares, Inc. is the holding company for Shelby County Bank,
Shelbyville, Indiana and Paramount Bank, Lexington, Kentucky.
Certain matters in this news release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the fact that they include words
like "believe," "expect," "anticipate," "estimate," and "intend," or future or
conditional verbs such as "will," "would," "should," "could," or "may". These
forward-looking statements relate to, among other things, expectations of the
business environment in which Blue River operates, projections of future
performance, perceived opportunities in the market and potential future credit
experience.
These forward-looking statements are based upon the current beliefs and
expectations of Blue River's management and are inherently subject to
significant business, economic, and competitive uncertainties and contingencies,
many of which are outside of Blue River's control. Blue River's actual results,
performance, or achievements may differ materially from those suggested,
expressed, or implied by forward-looking statements due to a wide range of
factors, including, but not limited to, the general business environment,
interest rates, the economy, competitive conditions between banks and non-bank
financial services providers, regulatory changes, other factors that may be
subject to circumstances beyond Blue River's control and any other risks
detailed in Blue River's reports filed with the Securities and Exchange
Commission.
Blue River undertakes no obligation to revise these statements following the
date of this press release.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
QUARTERS ENDED MARCH 31
2007 2006
GROSS LOANS $194,056,000 $168,902,000
TOTAL ASSETS $231,104,000 $211,576,000
DEPOSITS $184,373,000 $167,918,000
SHAREHOLDERS' EQUITY $ 18,013,000 $ 17,563,000
BOOK VALUE PER SHARE $ 5.14 $ 5.01
NET INTEREST INCOME $ 2,174,000 $ 1,917,000
PROVISION FOR LOAN LOSSES $ 154,000 $ 68,000
NON INTEREST INCOME $ 195,000 $ 308,000
NON INTEREST EXPENSE $ 1,921,000 $ 1,788,000
INCOME TAX EXPENSE $ 114,000 $ 141,000
NET INCOME $ 179,000 $ 228,000
BASIC & DILUTED EARNINGS PER SHARE $ .05 $ .07