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Blue Valley Ban Corp (BVBC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

Blue Valley Ban Corp

CIK: 901842 Ticker: BVBC
 

EXHIBIT 99.1

Blue Valley Ban Corp.
11935 Riley
Overland Park, Kansas 66225-6128


Contact:
NEWS RELEASE
Mark A. Fortino
Chief Financial Officer
(913) 338-1000


For Immediate Release Thursday, January 17, 2008
Blue Valley Ban Corp. Reports Annual and Fourth Quarter 2007 Earnings
Overland Park, Kansas, January 18, 2008 – Blue Valley Ban Corp. (OTCBB: BVBC) (“the Company”) today announced net income of $4.5 million or fully-diluted earnings per share of $1.84 per share for the year ended December 31, 2007, compared to net income of $6.9 million or $2.88 per share for the same period in 2006. Net income for the fourth quarter of 2007 was $678,000, or fully-diluted earnings per share of $0.28, compared to $2.1 million, or $0.87 per share for the same period in 2006.
“2007 has been a challenging year for the Company due to the interest rate environment and the industry wide decline in the real estate market. This has resulted in a decrease in the Company’s net interest income and an increase in provision for loan losses as compared to the prior year. However, our average earning assets increased during 2007 primarily due to internal loan growth and the acquisition of Unison Bancorp, and its subsidiary, Western National Bank. We look for continued growth in 2008 and an increase in our net interest income. We feel that in 2008 mortgage origination will stabilize and reflect improvement in the 2nd half of the year. We expect 2008 to be a year of opportunities for the Company as we look to expand our loan and deposit portfolios, and improve our overall financial performance.” said Robert D. Regnier, Chairman and CEO of Blue Valley Ban Corp.
During December 2007, the Company’s Board of Directors declared a $0.36 per share cash dividend on the Company’s common stock. The dividend will be paid on January 31, 2008 to shareholders of record as of December 31, 2007.
Operating Results
For the twelve-month period ending December 31, 2007, net interest income decreased 4.43% to $26.6 million compared to $27.9 million for the same period in the prior year, primarily due to lower net interest margin resulting from a higher costs on average interest bearing liabilities. Provision for Loan Losses increased to $2.8 million compared to $1.3 million for the same period in the prior year. The increase is primarily attributed to the internal growth within the loan portfolio and a modest decline in the credit quality of the real estate and construction portfolio. Noninterest income decreased 18.93% to $7.2 million during this period from $8.9 million in the prior year. The principal factor driving the decrease in non-interest income was a decrease in Loans Held for Sale Fee Income resulting from lower mortgage origination volume due to the industry wide decline in the housing market. Noninterest expense of $24.2 million remained relatively flat compared to $24.4 million in the prior year period.
For the fourth quarter of 2007, net interest income decreased 10.48% to $6.4 million compared to $7.2 million for the same period in the prior year, primarily due to lower net interest margin resulting from a lower yield on average earning assets and higher costs on average interest bearing liabilities. Provision for Loan Losses increased to $1.9 million compared to $50,000 for the same period in the prior year. The increase is primarily attributed to the internal growth within the loan portfolio and a modest decline in the credit quality of the real estate and construction portfolio. Noninterest income decreased to $1.6 million during this period from $2.3 million in the prior year, a decrease of 30.26% due primarily to a decrease in Loans Held for Sale Fee Income resulting from lower mortgage origination volume due to an industry wide decline in the housing market. Noninterest expense decreased 10.17% to $5.5 million compared to $6.1 million in the prior year period. This decrease in noninterest expense relates primarily to lower compensation costs due to the restructuring of the mortgage division during 2007.

 


The following information was filed by Blue Valley Ban Corp (BVBC) on Thursday, January 17, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Blue Valley Ban Corp provided additional information to their SEC Filing as exhibits

Ticker: BVBC
CIK: 901842
Form Type: 10-K Annual Report
Accession Number: 0000950137-08-004517
Submitted to the SEC: Thu Mar 27 2008 2:29:47 PM EST
Accepted by the SEC: Thu Mar 27 2008
Period: Monday, December 31, 2007
Industry: State Commercial Banks

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