Blue River Bancshares, Inc. (OTC:BRBI.OB) (BULLETIN BOARD: BRBI.OB) today announced consolidated net income of $96,000 for the quarter ended September 30, 2008. This net income compares to consolidated net income from continuing operations for the same period of 2007 of $1,136,000. Fully diluted earnings per share were $.03 for the quarter ended September 30, 2008 and $.33 from continuing operations for the same period in 2007. Weighted average outstanding shares (fully diluted) were 3,187,320, as of September 30, 2008, compared to 3,459,787 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 September 30, 2008 was $1,810,000 as compared to $1,332,000 for the same period of 2007.
Non-interest income from continuing operations was $139,000 for the three months ended September 30,2008 compared to $1,832,000 for the same period of 2007. The change is primarily the result of the sale of the Paramount charter of $1,688,000 in the third quarter of 2007.
The loan loss provision from continuing operations was $402,000 for the three months ended September 30, 2008 versus $21,000 for the quarter ended September 30, 2007. In addition to providing for an increase in outstanding loans from continued operations at SCB Bank, the specific reserves were increased by $349,000 related to three single family homes and a commercial loan, all located in Kentucky.
Non-interest expense from continuing operations increased to $1,386,000 for the quarter ended September 30, 2008 as compared to $1,304,000 for the quarter ended September 30, 2007. This increase is primarily the result of increased salary expenses, FDIC insurance premiums and expenses related to the collection of loans.
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