Blue Valley Ban Corp posts 3Q14 results.
BANKING AND CREDIT NEWS-November 11, 2014--Blue Valley Ban Corp posts 3Q14 results
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11 November 2014 -- Kansas US-based bank holding company Blue Valley Ban Corp (OTCQB: BVBC) reported that it has reversed its deferred tax asset valuation allowance of approximately USD 11.8m effective September 30 2014.
As a result of the reversal of the DTA valuation allowance, earnings per share for the quarter and year-to-date periods ended September 30, 2014 were increased by approximately USD 2.56.
The reversal of the USD 11.8m DTA valuation allowance resulted from the company's sustained profitability resulting from improved net interest income, reduced non-interest expense, and assessment of the company's future ability to realize its DTA.
Including the impact of the reversal of the DTA valuation allowance, the company's consolidated earnings for the quarter and year-to-date periods ended September 30, 2014 were USD 12.2m and USD 12.3m, respectively, compared to USD 803,000 and USD 1.2m, respectively, for the comparable periods ended September 30, 2013.
Excluding the impact of the reversal of the DTA valuation allowance, the company's consolidated earnings for the quarter and year-to-date periods ended September 30, 2014 were USD 369,000 and USD 544,000, respectively.
The company recorded no provision to the allowance for loan losses during the quarter ending September 30, 2014 and recorded provisions of USD 400,000 during the year-to-date period ending September 30, 2014 to maintain a prudently conservative financial condition for the company.
Blue Valley Ban Corp is a bank holding company that, through its subsidiaries, provides banking services to closely-held businesses, their owners, professionals and individuals in Johnson County, Kansas.
In addition, the company originates residential mortgages locally and nationwide through its InternetMortgage.com and bankbv.com websites.
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