Blue River Bancshares, Inc. Announces Increased Dividend and 2nd Quarter Earnings (Unaudited)
SHELBYVILLE, Ind., July 24 /EMWNews/ -- Blue River Bancshares, Inc. (OTC Bulletin Board: BRBI) today announced that a quarterly dividend of $.035 per share was declared by the Board of Directors, payable September 1, 2008, to shareholders of record as of the close of business on August 15, 2008. This is the eighth consecutive quarterly dividend increase since the company began its dividend program. Blue River also continues its previously announced stock repurchase program. Approximately 440,000 shares remain available to be purchased. Shareholders who desire to sell their Blue River stock are encouraged to call Chairman, CEO and President of Blue River, Mr. Russell Breeden, III, at (317) 681-1233. Russell Breeden, III, commented, "We are pleased to be able to increase the dividend, again this quarter. This action, along with the stock repurchase program, continues to reflect the confidence your Board of Directors has in the future of Blue River Bancshares, Inc. and the excess liquidity provided by the sale of the Paramount branch." In addition, Blue River reported consolidated net income of $13,000 for the quarter ended June 30, 2008. This net income compares to consolidated net income from continuing operations for the same period of 2007 of $129,000. Fully diluted earnings per share were $.00 for the quarter ended June 30, 2008 and $.04 for the same period in 2007. Weighted average outstanding shares (fully diluted) were 3,293,155, as of June 30, 2008, compared to 3,489,663 shares at the end of the same quarter of 2007. Net interest income from continuing operations before loan loss provision for the three months ended June 30, 2008 was $1,752,000 as compared to $1,302,000 for the same period of 2007. Non-interest income from continuing operations was $92,000 for the three months ended June 30, 2008 compared to $123,000 for the same period of 2007. During this period in 2008 Blue River had a net loss on the sale of other assets of $40,000, which includes $48,000 associated with the loss on sale of a single family residence in Lexington, Kentucky. The loan loss provision from continuing operations was $468,000 for the three months ended June 30, 2008 versus $0 for the quarter ended June 30, 2007. In addition to providing for an increase in outstanding loans at SCB Bank, the specific reserves were increased by $248,000 related to four single family home builders and $108,000 related to a retail business, all located in Kentucky. The remaining balance of the loan loss provision expense is associated with the charge off of four smaller loans. Non-interest expense from continuing operations increased to $1,351,000 for the quarter ended June 30, 2008 as compared to $1,224,000 for the quarter ended June 30, 2007. This increase is primarily the result of increased salary expenses and increased FDIC insurance premiums. For the six months ended June 30, 2008, Blue River reported a net loss of $229,000 or $.07 loss per share. This loss includes the results from the sale and discontinued operations of the Paramount branch of SCB Bank. Excluding the loss on this sale, the net income for these six months would be $180,000 or $.05 per share. Mr. Breeden also added, "We remain very excited about the future of SCB Bank. The current turmoil in the banking industry has provided many unique opportunities for us to create and acquire new banking relationships. However, our portfolio is not immune to the deterioration of the residential real estate construction market especially in Kentucky and we are methodically reducing our exposure to that market. As we have previously communicated, our ability to develop a strong stream of net interest income has provided the foundation for us to continue to create increased shareholder value. However, during the short term our challenge will be to achieve a reasonable resolution to a small number of problem loans. Our success at this activity will, obviously, dictate the level of our short term operating profit. Our long term focus continues to be to create a premier community bank." Blue River Bancshares, Inc. is the holding company for SCB Bank which does business in the Shelbyville, Indiana market under the name of Shelby County Bank, a division of SCB Bank. Certain matters in this news release constitute forward-looking statements. 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. Blue River undertakes no obligation to revise these statements following the date of this press release.
CONSOLIDATED FINANCIAL HIGHLIGHTS (UNAUDITED) QUARTERS ENDED June 30, 2008 2007 GROSS LOANS* $164,886,000 $199,776,000 TOTAL ASSETS $256,198,000 $236,585,000 DEPOSITS* $187,897,000 $191,774,000 SHAREHOLDERS' EQUITY $15,508,000 $ 17,491,000 BOOK VALUE PER SHARE $4.85 $5.05 NET INTEREST INCOME $1,752,000 $ 1,302,000 PROVISION FOR LOAN LOSSES $468,000 $ 0 NON INTEREST INCOME $ 92,000 $123,000 NON INTEREST EXPENSE $1,351,000 $ 1,224,000 INCOME TAX EXPENSE $ 12,000 $72,000 NET INCOME FROM CONTINUING OPERATIONS $13,000 $129,000 (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX OF ($66,000) N/A $(128,000) BASIC & DILUTIVE EARNINGS PER SHARE CONTINUING OPERATIONS $.00 $ .04 BASIC & DILUTIVE (LOSS) PER SHARE DISCONTINUED OPERATIONS N/A $(.04) *Gross loans and deposits include $75,000,000 of loans and $75,800,000 of deposits from discontinued operations in 2007.
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