Blue River Bancshares, Inc. (OTC Bulletin Board: BRBI) today announced that a quarterly dividend of $0.01 per share was declared by the Board of Directors, payable December 1, 2009, to shareholders of record as of the close of business on November 15, 2009.
In addition, Blue River reported a consolidated net loss of $356,000 for the quarter ended September 30, 2009 and a net loss to common shareholders of $431,000. The net loss to common shareholders is the result of preferred stock dividends to the U.S. Treasury Department under the TARP Capital Purchase Program of $70,000 and $5,000 of preferred stock discount accretion. This net loss compares to consolidated net income of $96,000 for the same period of 2008. Fully diluted earnings (loss) per common share was ($.14) for the quarter ended September 30, 2009 and $.03 for the same period in 2008. Weighted average outstanding shares (fully diluted) were 2,999,149, for the quarter ended September 30, 2009, compared to 3,170,821 for the same quarter of 2008.
Net interest income before loan loss provision for the three months ended September 30, 2009 was $1,648,000 as compared to $1,810,000 for the same period of 2008. This decrease is primarily due to reversals of interest due from commercial loans, which either were placed on non-accrual status or were reclassified as troubled debt during the( )third quarter of 2009.
For the quarter ended September 30, 2009, the loan loss provision was $786,000 compared to $402,000 for the quarter ended September 30, 2008. For the three months ended September 30, 2009, $468,000 in loan loss provision was primarily related to one loan relationship. Please note the following table for information regarding our non-performing assets, which has contributed to the increase in loan loss provision:
Quarter Quarter Quarter Quarter Ended Ended Ended Ended 9/30/2009 6/30/2009 12/31/2008 9/30/2008 --------- --------- ---------- --------- Non-Performing Assets Non-performing loans 90+ days $3,912,675 $2,231,901 $1,198,706 $1,056,445 Non-accrual loans 6,952,891 6,821,948 3,346,989 5,408,559 Troubled Debt Restructured 2,742,973 180,002 58,801 58,991 Other real estate 1,598,748 1,414,045 1,077,943 1,192,107 Other repossessed assets 14,400 14,400 32,000 30,900 ------ ------ ------ ------ $15,221,687 $10,662,296 $5,714,439 $7,747,002 =========== =========== ========== ==========
At SCB Bank, the loan loss provision was $776,000 for the three month period ended September 30, 2009 compared to $77,000 for the three month period ended September 2008. For the same periods, the loan loss allowance at the bank was $1,022,000 and $544,000, respectively. The provision and the allowance for loan losses at SCB Bank has increased significantly due to the increase in non-performing loans resulting also in an increase of the allowance to total loans ratio. As a result of the current economic conditions, during the third quarter 2009, our non-performing assets at SCB Bank, which includes other real estate owned (ORE) properties and other repossessed assets, increased by approximately $4,723,000 from second quarter 2009 levels. Please note the following table:
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