Blue Valley Ban Corp. Announces Third Quarter 2017 Operating Results
Oct 16, 2017
OTC Disclosure News Service
–
Blue Valley Ban Corp. (OTCQX: BVBC) (the “Company”) currently reported
combined gain for a entertain finished Sep 30, 2017 of
$1,137,000, compared to $562,000 for a allied duration ended
Sep 30, 2016. For a 9 months finished Sep 30, 2017, the
Company warranted $3,162,000 compared to $1,432,000 for a 9 months
finished Sep 30, 2016. Earnings per common share for a quarter- and
year-to-date durations finished Sep 30, 2017 were $0.21 and $0.58,
respectively, compared to $0.10 and $0.27, respectively, for the
quarter- and year-to-date durations finished Sep 30, 2016. Numerous key
aspects of a handling formula and financial condition for a Company
reflected certain trends and formula as of and during a durations ended
Sep 30, 2017.
Robert D. Regnier, Chairman and CEO of Blue Valley Ban Corp., commented,
“The Company’s softened handling formula for a entertain and nine
months finished Sep 30, 2017 resulted from a continued concentration on
doing of vital initiatives, that enclosed loan growth,
softened earning item mix, deposition growth, improvements to asset
peculiarity including a slackening of foreclosed item balances and a
continued concentration on operational efficiencies. The credit peculiarity of our
loan portfolio, certified by new inner and outmost assessments,
enabled a Company to record a disastrous sustenance for loan losses
during a entertain finished Sep 30, 2017. In addition, we reduced the
change of foreclosed resources by $1.1 million during a quarter. We are
unaffected in a joining to a substructure for expansion and success
reflected by a vital initiatives, that we have determined over
a past several years.”
For a entertain finished Sep 30, 2017, net seductiveness income increased
$870,000, while a Company’s non-interest income declined by $487,000,
compared to a before year period. For a entertain finished Sep 30,
2017, a Company’s non-interest responsibility declined by $112,000, compared
to a before year period.
The Company available a $500,000 disastrous sustenance for loans losses
during a entertain finished Sep 30, 2017, compared to no provision
during a entertain finished Sep 30, 2016. Management evaluates credit
risk on an ongoing basement to establish an suitable turn for the
stipend for loan waste (ALLL). Net recoveries to a ALLL as good as
a Company’s steadfastly low ratio of nonperforming loans to total
loans, net of a impact of loan expansion during a period, were key
factors for a integrity of a turn for a ALLL for a quarter
finished Sep 30, 2017. The disastrous sustenance reduced a Company’s
ALLL to $5,900,000 and a Company’s ratio of ALLL to sum loans to
1.11% as of Sep 30, 2017. The Company’s ratio of sum pot to
non-accrual loans was approximately 565.75% as of Sep 30, 2017,
that exceeds a many new Uniform Bank Performance Report (UBPR)
counterpart organisation ratio of 4.06%. The Company’s ratio of nonperforming loans to
sum loans was 0.20% as of Sep 30, 2017, that was next a most
new UBPR counterpart organisation of 0.80%.
At Sep 30, 2017, a Company’s ratio of non-accrual loans plus
loans larger than 90 days past due to sum loans was 0.20%, which
compares agreeably with a many new UBPR counterpart organisation ratio of 0.77%.
About Blue Valley Ban Corp.
Blue Valley Ban Corp. is a bank holding association that, by its
subsidiaries, provides banking services to closely-held businesses,
their owners, professionals and people in Johnson County, Kansas.
This recover contains forward-looking statements within a meaning
of Section 21E of a Securities Exchange Act of 1934, as amended. The
Company intends such forward-looking statements to be lonesome by the
protected bay supplies for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995, and is including this
matter for functions of those protected bay provisions. Forward-looking
statements, that are formed on certain assumptions and report future
plans, strategies and expectations of a Company, can generally be
identified by use of a difference “anticipate,” “believe,” “can,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,”
or a disastrous of these terms or other allied terminology. The
Company is incompetent to envision a tangible formula of a destiny skeleton or
strategies with certainty. Factors that could have a material
inauspicious outcome on a operations and destiny prospects of a Company
include, though are not singular to, fluctuations in marketplace rates of
seductiveness and loan and deposition pricing; inability to say or increase
deposition bottom and secure adequate funding; a continued decrease of
ubiquitous mercantile conditions or a direct for housing in a Company’s
marketplace areas; legislative or regulatory changes; regulatory action;
continued inauspicious developments in a Company’s loan or investment
portfolio; any inability to obtain appropriation on auspicious terms; the
Company’s non-payment on Trust Preferred Securities or other debt; the
detriment of pivotal personnel; poignant increases in competition; potential
adverse actions from rating agencies; intensity adverse results
of lawsuit to that a Company might turn a party, and a possible
dilutive outcome of intensity acquisitions or expansions. These
risks and uncertainties should be deliberate in evaluating
forward-looking statements and undue faith should not be placed on
such statements. We work in a really rival and rapidly
changing environment. New risks emerge from time to time, and it
is not probable for us to envision all risk factors. Nor can we
residence a impact of all factors on a business or a border to which
any factor, or multiple of factors, might means tangible formula to
differ materially from those contained in any forward-looking statements.
Blue Valley Ban Corp.
Condensed Consolidated Balance Sheets
September 30, 2017 and Dec 31, 2016
(In thousands, only share data)
September 30, 2017
December 31, 2016
(Unaudited)
Cash and due from banks
$
17,401
$
17,766
Interest-bearing deposits in other financial institutions
4,390
8,272
Cash and income equivalents
21,791
26,038
Available-for-sale securities
105,037
107,760
Loans, net of stipend for loan waste of $6,358 and $6,164
in
2017 and 2016, respectively
525,100
487,518
Premises and equipment, net
12,500
12,046
Bank-owned genuine estate hold for sale, net
5,915
5,915
Foreclosed resources hold for sale, net
3,801
5,883
Interest receivable
1,795
1,785
Deferred income taxes
11,311
14,304
Prepaid losses and other assets
7,597
7,939
FHLBank stock, Federal Reserve Bank stock,
and other
securities
3,578
5,244
Total assets
$
698,425
$
674,432
Blue Valley Ban Corp.
Condensed Consolidated Balance Sheets
September 30, 2017 and Dec 31, 2016
(In thousands, only share data)
LIABILITIES AND STOCKHOLDERS’ EQUITY
September 30, 2017
December 31, 2016
(Unaudited)
LIABILITIES
Deposits
Demand
$
156,720
$
150,274
Savings, NOW and income market
308,358
280,628
Time
112,749
81,575
Total deposits
577,827
512,477
Other interest-bearing liabilities
30,958
63,142
Long-term debt
37,964
53,333
Interest payable and other liabilities
2,541
2,045
Total liabilities
649,290
630,997
STOCKHOLDERS’ EQUITY
Capital stock
Preferred stock, $1 standard value, automobile to common stock;
pari
passu with common batch on liquidation; authorized
1,000,000
shares; released and outstanding
2017 – 471,979 shares; 2016
– 471,979 shares
472
472
Common stock, standard value $1 per share;
authorized 15,000,000
shares; released and outstanding
2017 – 5,657,370 shares;
2016 – 5,644,553 shares
5,657
5,644
Additional paid-in capital
31,534
30,858
Retained earnings
13,004
9,842
Accumulated other extensive income (loss), net of income
tax
credit of $(1,022) in 2017 and $(2,254) in 2016
(1,532
)
(3,381
)
Total stockholders’ equity
49,135
43,435
Total liabilities and stockholders’ equity
$
698,425
$
674,432
Blue Valley Ban Corp.
Condensed Consolidated Statements of Operations
Three and Nine Months Ended Sep 30, 2017 and 2016
(In thousands, only share data)
Three months ended
Nine months ended
September 30,
2017
September 30,
2016
September 30,
2017
September 30,
2016
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
INTEREST INCOME
Interest and fees on loans
$
6,108
$
5,229
$
17,553
$
15,530
Federal supports sole and other short-term investments
19
50
52
150
Available-for-sale securities
519
487
1,579
1,396
Dividends on FHLBank and Federal Reserve Stock
4
21
85
123
Total seductiveness income
6,650
5,787
19,269
17,199
INTEREST EXPENSE
Interest-bearing direct deposits
62
51
173
166
Savings and income marketplace deposition accounts
130
102
371
293
Other time deposits
271
140
708
479
Federal supports purchased and other interest-bearing liabilities
10
7
45
19
Long-term debt, net
416
596
1,282
1,771
Total seductiveness expense
889
896
2,579
2,728
NET INTEREST INCOME
5,761
4,891
16,690
14,471
PROVISION FOR LOAN LOSSES
(500
)
–
(500
)
975
NET INTEREST INCOME AFTER PROVISION FOR
LOAN
LOSSES
6,261
4,891
17,190
13,496
NON-INTEREST INCOME
Service fees
845
933
2,552
2,692
Realized gains on available-for-sale securities
–
392
–
926
Other income
285
292
876
1,216
Total non-interest income
1,130
1,617
3,428
4,834
NON-INTEREST EXPENSE
Salaries and worker benefits
2,656
2,570
8,019
7,847
Net occupancy expense
719
738
2,008
2,037
Foreclosed resources expense
935
914
1,466
1,957
Other handling expense
1,290
1,490
4,134
4,305
Total non-interest expense
5,600
5,712
15,627
16,146
INCOME BEFORE INCOME TAXES
1,791
796
4,991
2,184
PROVISION FOR INCOME TAXES
654
234
1,829
752
NET INCOME
$
1,137
$
562
$
3,162
$
1,432
BASIC EARNINGS PER SHARE
$
0.21
$
0.10
$
0.58
$
0.27
DILUTED EARNINGS PER SHARE
$
0.21
$
0.10
$
0.58
$
0.27
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