Blue River also continues its previously announced stock repurchase
program. Approximately 588,000 shares remain available to be purchased.
Shareholders who desire to sell their Blue River stock are encouraged to call
Mr.
In addition, Blue River reported consolidated net loss of
The net loss for the quarter ended
Net interest income from continuing operations before loan loss provision
for the three months ended
The loan loss provision from continuing operations was
For the quarter ended
At the SCB Bank level, the non interest expenses were slightly favorable to our plan for the first quarter of 2008. Credit quality was stable for the first quarter of 2008 and our staff is making a priority of contacting those borrowers who are delinquent in the repayment of their loans.
Mr. Breeden also added, "Our core banking operations had a successful quarter. At SCB Bank we are increasing the size of our investment portfolio, addressing loans which have any delinquency over 15 days and trying to increase our depository relationships with our existing borrowers. We are excited about our future."
Blue River Bancshares, Inc. is the holding company for SCB Bank which does
business in the
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 MARCH 31 2008 2007 GROSS LOANS* $160,889,000 $194,056,000 TOTAL ASSETS $222,256,000 $231,105,000 DEPOSITS* $168,376,000 $184,373,000 SHAREHOLDERS' EQUITY $ 16,867,000 $ 18,013,000 BOOK VALUE PER SHARE $ 5.04 $ 5.14 NET INTEREST INCOME $ 1,386,000 $ 1,248,000 PROVISION FOR LOAN LOSS $ 4,000 $ 94,000 NON INTEREST INCOME $ 39,000 $ 130,000 NON INTEREST EXPENSE $ 1,223,000 $ 1,210,000 INCOME TAX EXPENSE $ 75,000 $ 37,000 NET INCOME FROM CONTINUING OPERATIONS $ 123,000 $ 37,000 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX OF $1,783,000 AND $77,000 $ (365,000) $ 142,000 BASIC & DILUTIVE EARNINGS PER SHARE CONTINUING OPERATIONS $ .04 $ .01 BASIC & DILUTIVE EARNINGS (LOSS) PER SHARE DISCONTINUED OPERATIONS $ (0.11) $ .04
*Gross loans and deposits include 75,000,000 of loans from discontinued operations and 75,800,000 of deposits from discontinued operations in 2007.
SOURCE Blue River Bancshares, Inc.