FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20552
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES ACT OF 1934
For the Quarterly Period Ended March 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number
0-24501
BLUE RIVER BANCSHARES, INC.
---------------------------
(Exact name of small business issuer as specified in its charter)
Indiana 35-2016637
-------- ----------
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification Number)
29 East Washington Street
Shelbyville, Indiana 46176
-------------------- -----
(Address of principal executive (Zip Code)
office)
Issuer's telephone number, including area code:
(317) 398-9721
Check whether the issuer (1) has filed all reports required to be filed by
section 13 or 15 (d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes X No
--- ---
As of March 31, 2000, there were 1,496,800 shares of the Registrant's Common
Stock issued outstanding.
Transitional Small Business Disclosure Format.
(Check one): Yes No X
--- ---
<PAGE>
BLUE RIVER BANCSHARES, INC. AND SUBSIDIARY
INDEX
-----
PAGE
NUMBER
------
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements:
Consolidated Statement of Financial Condition (Unaudited)
as of March 31, 2000 3
Consolidated Statements of Operations (Unaudited) for the
three month periods ended March 31, 2000 and 1999 4
Consolidated Statements of Cash Flows (Unaudited) for the
three month periods ended March 31, 2000 and 1999 5
Notes to Consolidated Financial Statements (Unaudited) 6-7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 8-12
PART II. OTHER INFORMATION: 13
Item 1. Legal Proceedings
Item 2. Changes in Securities and Use of Proceeds
Item 3. Defaults upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURE PAGE 14
2
<PAGE>
BLUE RIVER BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Unaudited)
AS OF MARCH 31, 2000
ASSETS
Cash and due from banks $ 5,186,959
Interest-bearing deposits with banks 3,372,647
Investment securities available for sale 32,309,760
Investment securities held to maturity 348,987
Loans receivable, net 114,125,698
Stock of FHLB Indianapolis 2,153,000
Accrued interest receivable 1,041,564
Income taxes receivable 143,355
Deferred income taxes 761,691
Premises and equipment, net 3,122,388
Real estate owned 446,849
Prepaid expenses and other assets 188,261
Goodwill, net 2,800,802
-------------
TOTAL ASSETS $ 166,001,961
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits $ 124,714,024
FHLB advances and other borrowings 25,000,000
Accrued expenses and other liabilities 503,637
Accrued interest payable 557,372
-------------
Total liabilities $ 150,775,033
-------------
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Common stock, without par value: 1,496,800 shares
issued and outstanding $ 16,269,048
Accumulated deficit (580,644)
Unrealized (loss) on available for sale securities (461,476)
-------------
Total shareholders' equity $ 15,226,928
-------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 166,001,961
=============
See notes to consolidated financial statements (unaudited).
3
<PAGE>
BLUE RIVER BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2000 AND 1999
---------------------------------------------------------
2000 1999
---- ----
INTEREST INCOME:
Loans receivable $ 2,323,143 $ 1,827,192
Securities 438,640 258,466
Interest-bearing deposits 86,680 103,890
Dividends from FHLB 42,825 26,784
----------- -----------
Total interest income 2,891,288 2,216,332
----------- -----------
INTEREST EXPENSE:
Interest expense on deposits 1,322,970 939,051
Interest expense on FHLB and other borrowings 455,560 294,646
----------- -----------
Total interest expense 1,778,530 1,233,697
----------- -----------
NET INTEREST INCOME BEFORE
PROVISION FOR LOAN LOSSES 1,112,758 982,635
PROVISION FOR LOAN LOSSES 75,000 45,000
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,037,758 937,635
----------- -----------
NON-INTEREST INCOME:
Service charges and fees 53,204 59,629
Gain on sale of securities 0 157,252
Other 38,942 33,154
----------- -----------
Total non-interest income 92,146 250,035
----------- -----------
NON-INTEREST EXPENSE:
Salaries and employee benefits 555,493 394,624
Premises and equipment 193,130 119,611
Federal deposit insurance 28,439 60,508
Data processing 108,563 85,992
Advertising and promotion 76,006 32,761
Bank fees and charges 18,858 18,366
Directors fees 28,350 12,150
Professional fees 78,956 91,135
Stationery, supplies and printing 24,390 28,296
Goodwill amortization 53,103 46,768
Other 162,200 80,687
----------- -----------
Total non-interest expense 1,327,488 970,898
----------- -----------
(LOSS)/EARNINGS BEFORE INCOME TAX (197,584) 216,772
INCOME TAX (BENEFIT)/EXPENSE (60,497) 111,927
----------- -----------
NET (LOSS)/EARNINGS $ (137,087) $ 104,845
=========== ===========
BASIC AND DILUTIVE (LOSS)/EARNINGS PER SHARE $ (0.09) $ 0.07
See notes to consolidated financial statements (unaudited).
4
<PAGE>
BLUE RIVER BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2000 AND 1999
---------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 2000 March 31, 1999
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/earnings (137,087) 104,845
Adjustments to reconcile net (loss)/earnings to
net cash provided by operating activities
Depreciation and amortization 140,277 40,384
Provision for loan losses 75,000 45,000
Gain/(loss) on sales of available-for-sale securities 0 (157,252)
Changes in assets and liabilities:
Accrued interest receivable 1,122 (43,990)
Other assets (228,720) (565,189)
Other liabilities 282,992 68,116
----------- -----------
Net cash provided by /(used in) operating activities 133,584 (508,086)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Loan originations, net of principal repayments (3,115,647) (5,015,374)
Principal maturities collected on securities 708,129 1,224,045
Investment in FHLB stock 0 0
Capital expenditures (68,386) (209,534)
Proceeds from sale of available-for-sale securities 0 1,402,132
Purchase of available-for-sale securities (8,828,764) (1,508,356)
----------- -----------
Net cash provided by / (used in) investing activities (11,304,668) (4,107,087)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
FHLB advances and other borrowings 7,750,000 0
Payment of FHLB advances and other borrowings (17,358,800) (6,500,000)
Net change in deposits 22,046,134 262,313
Proceeds from re-issuance of Common Stock 10,366 0
Repurchase of Common Stock 0 0
Payment to former shareholders of Shelby County Bancorp 0 (18,725)
----------- -----------
Net cash provided by / (used in) financing activities 12,447,700 (6,256,412)
----------- -----------
NET INCREASE/(DECREASE) IN CASH AND EQUIVALENTS 1,276,616 (10,871,585)
CASH AND EQUIVALENTS, BEGINNING OF PERIOD 7,282,990 17,865,697
----------- -----------
CASH AND EQUIVALENTS, END OF PERIOD 8,559,606 6,994,112
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid 946,362 1,178,689
Income taxes paid 0 50,000
</TABLE>
See notes to consolidated financial statements (unaudited)
5
<PAGE>
BLUE RIVER BANCSHARES, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2000 AND 1999
---------------------------------------------------------
1. BASIS OF CONSOLIDATION AND PRESENTATION
The unaudited consolidated financial statements include the accounts of
Blue River Bancshares, Inc. (the "Company") and its wholly-owned
subsidiary Shelby County Bank (the "Bank"). Summary of significant
accounting policies is set forth in Note 1 of the Notes to the
Consolidated Financial Statements of the Company included in the
December 31, 1999 Annual Report to Shareholders.
The accompanying consolidated interim financial statements at March 31,
2000 and the three month periods ended March 31, 2000 and 1999 are
unaudited and have been prepared in accordance with instructions to Form
10-QSB. In the opinion of management, the financial statements include
all the adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of
operations and cash flows for such periods.
2. COMPREHENSIVE INCOME
In accordance with SFAS No. 130, reclassification adjustments have been
determined for all components of other comprehensive income reported in
the consolidated statements of changes in shareholders' equity. Amounts
presented within those statements for the three month periods ended
March 31, 2000 and March 31, 1999.
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 2000 March 31, 1999
Other comprehensive income before tax:
<S> <C> <C>
Net unrealized holding gains/(losses) (39,133) (337,458)
Less: reclassification adjustment for gains 0 (157,252)
-------- --------
realized in net income
Other comprehensive income/(loss) before tax (39,133) (494,710)
Income tax expense/(benefit) related to items of other
comprehensive income (15,558) (197,884)
-------- --------
Other comprehensive income/(loss), net of tax (23,575) (298,826)
======== ========
</TABLE>
3. NEW ACCOUNTING PRONOUNCEMENTS
New Accounting Pronouncements - Statement of Financial Accounting
Standards No. 133 ("SFAS 133"), "Accounting for Derivative Instruments
and Hedging Activities," was issued in June 1998 and amended by
Statement of Financial Accounting Standards No. 137 ("SFAS 137"),
"Accounting for Derivative Instruments and Hedging Activities-Deferral
of the Effective Date of SFAS 133". SFAS 133, as amended by SFAS 137, is
effective for all fiscal quarters of all fiscal years beginning after
June 15, 2000. This statement establishes accounting and reporting
standards for derivative instruments and for hedging activities. It
requires that an entity recognize all derivatives as either assets or
liabilities in the statement of financial condition and measure those
instruments at fair value. If certain conditions are met, a derivative
may be specifically designated as a fair value hedge, a cash flow hedge,
or a hedge of foreign currency exposure. The accounting for changes in
the fair value of a derivative (that is, gains and losses) depends on
the intended use of the derivative and the resulting designation. The
Bank has not engaged in any derivative or hedging activities.
6
<PAGE>
4. SEGMENT INFORMATION
In accordance with SFAS No. 131, the Company has disclosed all required
information relating to its one operating segment, Community Banking.
7
<PAGE>
PART I - ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Certain statements throughout this section regarding the Company's and the
Bank's financial position, business strategy and plans and objectives of
management for future operations are forward-looking statements rather than
historical or current facts. When used in this section, words such as
"anticipate," "believe," "estimate," "expect," "intend" and similar expressions,
as they relate to the Company and the Bank or their respective management,
identify forward-looking statements. Such forward-looking statements are based
on the beliefs of management of the Company and the Bank as well as assumptions
made by and information currently available to management of the Company and the
Bank. Such statements are inherently uncertain, and there can be no assurance
that the underlying assumptions will prove to be valid. Actual results could
differ materially from those contemplated by the forward-looking statements as a
result of certain factors, including but not limited to competitive factors and
pricing pressures, changes in legal and regulatory requirements, technological
change, product development risks and general economic conditions, including,
but not limited to, changes in interest rates, loss of deposits and loans to
other savings and financial institutions, substantial changes in financial
markets, substantial changes in real estate values and the real estate market
and unanticipated results in pending legal proceedings. Such statements reflect
the current view of the Company and the Bank with respect to future events and
are subject to these and other risks, uncertainties and assumptions relating to
the operations, results of operations, growth strategy and liquidity of the
Company and the Bank.
FINANCIAL CONDITION:
- --------------------
Total assets at March 31, 2000, were $166,002,000, an increase of $38,033,000
from total assets of $127,969,000 at March 31, 1999. Investment securities at
March 31, 2000 were $34,812,000, an increase of $12,732,000 from $22,080,000 at
March 31, 1999. The Bank's investment portfolio is used to maintain adequate
liquidity and to reduce the Bank's interest rate sensitivity. The Bank's current
investment strategy also includes acquiring securities with favorable risk-based
capital treatment to continue to enhance the capital adequacy of the Bank as
well as repricing opportunities which results in less reduction in fair market
value caused by increasing market rates while presenting improved yields
resulting from such increases. Total net loans receivable increased from
$91,290,000 at March 31, 1999 to $114,126,000 at March 31, 2000. Residential
mortgages at March 31, 2000 were $47,397,000, a decrease of ($4,078,000) from
$51,475,000 at March 31, 1999. This reduction results from increased brokering
activities related to fixed rate mortgage loans originated for sale, as well as
executing a $5,640,000 sale of portfolio mortgages in June 1999, enabling the
Bank to reduce its interest rate sensitivity. Commercial loans and Commercial
loans secured with real estate were $43,893,000 at March 31, 2000 compared to
$23,497,000 at March 31, 1999. Consumer and home equity loans increased
$14,103,000 to $23,754,000 at March 31, 2000. The Company has shifted its loan
portfolio to resemble that of a commercial bank rather than that of a
traditional thrift which is consistent with the Company's Business Plan.
Non-residential loans typically present shorter maturities than do residential
loans, offering higher yields, with less interest rate risk due to their shorter
duration. In particular, commercial lending often can be repriced immediately
when prime rate changes are announced.
8
<PAGE>
MARCH 31, MARCH 31,
2000 1999
Residential mortgages $ 47,396,974 $ 51,474,954
Commercial loans secured by real estate 28,031,974 23,497,267
Commercial, agriculture 15,860,682 7,451,592
Consumer loans 18,840,814 7,567,523
Home equity loans 4,913,059 2,083,879
Less: allowance for loan losses (917,805) (785,415)
------------- ------------
Total loans receivable, net $ 114,125,698 $ 91,289,900
============= ============
Total liabilities at March 31, 2000 were $150,775,000, an increase of
$39,087,000 compared to $111,688,000 at March 31, 1999. Deposits at March 31,
2000 were $124,714,000 compared to $90,099,000 at March 31, 1999, an increase of
$34,615,000.
Shareholders' equity at March 31, 2000 was $15,227,000, a decrease of
($1,055,000) compared to March 31, 1999. This decrease is the result of an
operating loss along with net unrealized losses on available for sale
securities.
MARCH 31, MARCH 31,
2000 1999
Non-performing loans consists of the following:
Non-accrual loans $645,799 $750,205
Real estate owned - net 446,849 185,528
----------- --------
Total non-performing loans $ 1,092,648 $935,733
=========== ========
Non-performing loans to total loans 0.95% 1.01%
The Bank stops accruing interest on loans that become delinquent in excess of 90
days. At March 31, 2000 loans in non-accruing status were $646,000, a decrease
of $104,000 from March 31, 1999. The Bank's real estate owned, containing
properties foreclosed upon, has increased to $447,000 at March 31, 2000 compared
to $186,000 at March 31, 1999.
9
<PAGE>
Activity in the allowance for loan losses consists of the following:
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, MARCH 31,
2000 1999
Balance, beginning of period $ 854,985 $ 750,022
Add:
Provision for loan losses 75,000 45,000
Recoveries of loans previously charged off 110 321
Less: Gross charge-offs:
Residential real estate loans (12,290) (5,900)
Consumer/Commercial loans 0 (4,028)
--------- ---------
Balance, end of period $ 917,805 $ 788,415
========= =========
Net charge-offs to total average loans outstanding 0.04% 0.01%
Allowance to total average loans outstanding 0.81% 0.87%
Allowance for loan losses at March 31, 2000 was $918,000, an increase of
$129,000 from March 31, 1999. The Company has increased its reserves due to
overall portfolio growth and to recognize the incremental inherent risks in
diversifying the portfolio into non-residential lending. Historically, such
loans do exhibit higher charge-off rates than do residential mortgages. An
analysis of the allowance for loan losses is performed quarterly by management
to assess the appropriate levels of reserves. This analysis is performed to
recognize specific reserves allocated to classified assets, assess portfolio
growth, and to monitor trends in loan delinquencies and charge-offs.
RESULTS OF OPERATIONS: Three Month Period Ended March 31, 2000
- ---------------------------------------------------------------
During the three month period ended March 31, 2000, net earnings decreased to a
net loss of ($137,000) compared to the net income of $105,000 during the three
month period ended March 31, 1999. This decrease includes an increase in net
interest income before provision for loan losses of $130,000, a decrease in
non-interest income of ($158,000), and an increase in non-interest expenses of
$356,000. Of the ($158,000) reduction in non-interest income, ($157,000) can be
attributed to gains on sale of investment securities recognized in the three
month period ended March 31, 1999. Non-interest expenses have increased due to
three main sources: increased staffing and facilities costs related to Fort
Wayne, additional staffing to support expanded product offerings in Shelbyville,
and increased marketing and promotional expenditures to support the growth
experienced by the Company.
Net interest income was $1,038,000, after provision for loan losses, for the
three month period ended March 31, 2000, compared to $938,000 for the three
month period ended March 31, 1999, an increase of $100,000. Net interest income
before provision for loan losses increased $130,000 to $1,113,000 compared to
$983,000 for the three month periods ended March 31, 2000 and 1999,
respectively.
10
<PAGE>
Interest income increased $675,000 from $2,216,000 for the three month period
ended March 31, 1999 to $2,891,000 for the three month period ended March 31,
2000. Interest income from loans was $2,323,000 for the three month period ended
March 31, 2000, an increase of $496,000 over the same period in 1999. The
increase in loan interest income consists of a favorable variance of $501,000
due to higher loan balances offset by an unfavorable rate variance of ($25,000),
and a favorable calendar variance of $20,000. Interest income on investment
securities and interest bearing deposits increased $179,000 to $568,000 for the
three months ended March 31, 2000, resulting from a favorable variance of
$81,000 due to a larger portfolio, a favorable rate variance of $94,000 due to
higher yields, and a calendar variance of $4,000. Interest expense for the three
month period ended March 31, 2000 was $1,778,000 compared to $1,234,000 for the
three month period ended March 31, 1999. Interest expense on deposit accounts
increased from $939,000 for the three month period ended March 31, 1999 to
$1,323,000 for the three month period ended March 31, 2000. The increase in
interest expense on deposits consists of a $221,000 increase due to increased
deposit balances, a $153,000 increase due to increased market rates and a higher
level of certificates of deposit balances compared to 1999, and a calendar
variance of $10,000. Interest expense on advances from the Federal Home Loan
Bank ("FHLB") increased to $456,000 for 2000 compared to $295,000 for 1999. The
increase in balances related to FHLB funding accounts for an increase of
$128,000, a $28,000 unfavorable rate variance due to increased rates associated
with short-term borrowings, and a calendar variance of $5,000. The calendar
variance results from an extra day in 2000 due to leap year.
Total non-interest income was $92,000 for the three month period ended March 31,
2000, compared to $250,000 for the same period in 1999. However, included in the
1999 non-interest income was $157,000 in gains recognized from the sale of
available-for-sale securities.
Non-interest expense totaled $1,327,000 for the three month period ended March
31, 2000 compared to $971,000 for the same period in 1999. The primary increase
in non-interest expense relates to a $161,000 increase in salaries and employee
benefits. Expenses related to premises and equipment increased $74,000 over the
three months ended March 31, 1999 due to expanded office space utilization at
the main banking facility, upgraded computer hardware, and enhanced office
equipment such as copiers, laser printers, and fax machines acquired to increase
productivity. The occupancy expense variance for the quarter was also impacted
by the new facilities in Fort Wayne. Deposit insurance premiums decreased
($32,000) from 1999, resulting from a reduced assessment rate being assigned to
the Bank's deposits when compared to 1999. Data processing expenditures
increased $23,000 compared to 1999, resulting from enhanced technology and
higher volumes of item processing and account maintenance. Advertising and
promotion expenditures increased $43,000 compared to 1999 with such campaigns
now being presented in two markets, as well as increased coverage to support the
Company's growth objectives.
11
<PAGE>
CAPITAL RESOURCES AND LIQUIDITY
- -------------------------------
The Company is subject to regulation as a savings and loan holding company, and
is subject to certain restrictions in its dealings with the Bank. The Bank is
subject to the regulatory requirements applicable to a federal savings bank.
Current capital regulations required savings institutions to have minimum
tangible capital equal to 1.5% to total assets and a core capital ratio equal to
3.0% of total assets. Additionally, savings institutions are required to meet a
risk based capital ratio equal to 8.0% for risk-weighted assets. At March 31,
2000, the Bank satisfied all capital requirements.
The following is a summary of the Bank's regulatory capital and capital
requirements at March 31, 2000 based on capital regulations currently in effect
for savings institutions.
TANGIBLE CORE RISK-BASED
CAPITAL CAPITAL CAPITAL
Regulatory capital 10,974 10,974 11,892
Minimum capital requirement 2,446 4,893 9,019
------ ------ ------
Excess capital 8,528 6,081 2,873
Regulatory capital ratio 6.73% 6.73% 10.55%
Required capital ratio 1.50% 3.00% 8.00%
------ ------ ------
Ratio excess/(deficit) 5.23% 4.73% 2.55%
====== ====== ======
Liquidity measures the Bank's ability to meet its savings withdrawals and
lending commitments. Management believes that the Bank's liquidity is adequate
to meet current requirements. The Bank maintains liquidity of at least 4% of net
withdrawable assets. At March 31, 2000, its regulatory liquidity ratio was
22.97%.
12
<PAGE>
V. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
Neither the Company nor the Bank are engaged in any legal
proceedings of a material nature at the present time. From time
to time, the Bank is a party to legal proceedings wherein it
enforces its security interest in mortgage loans made by it.
Item 2. Changes in Securities and Use of Proceeds
-----------------------------------------
None
Item 3. Defaults upon Senior Securities
------------------------------
None
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
At the May 4, 2000 Annual Meeting of Shareholders, the following
matters were submitted to a vote of the shareholders.
Election of Directors - The following directors were elected for
a term of three years.
Vote Count
----------
For Withheld
--- --------
Steven R. Abel 1,317,228 146,370
Wendell Bernard 1,320,078 143,520
Ratification of the appointment of Independent Public Accountants
- Deloitte & Touche LLP, Indianapolis, Indiana.
For Withheld Abstained
--- -------- ---------
1,423,183 27,295 13,120
Ratification of 2000 Directors Stock Option Plan
For Withheld Abstained
--- -------- ---------
284,222 205,290 37,750
Ratification of 2000 Key Employee Stock Option Plan
For Withheld Abstained
--- -------- ---------
310,928 197,309 19,025
Ratification of 2000 Blue River Bancshares Employee Stock
Purchase Plan
For Withheld Abstained
--- -------- ---------
423,828 93,609 9,825
Item 5. Other information
-----------------
None
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(1) Exhibit 27--Financial Data Schedule
* * * * *
13
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the undersigned
thereto duly authorized.
Blue River Bancshares, Inc.
Date: May 15, 2000 By: /s/ Bradley A. Long
----------------------------
Bradley A. Long, Vice President,
Chief Financial Officer and Treasurer
14
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ISSUER'S
FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 5,186,959
<INT-BEARING-DEPOSITS> 3,372,647
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 348,987
<INVESTMENTS-MARKET> 32,309,760
<LOANS> 115,043,503
<ALLOWANCE> (917,805)
<TOTAL-ASSETS> 166,001,961
<DEPOSITS> 124,714,024
<SHORT-TERM> 25,000,000
<LIABILITIES-OTHER> 0
<LONG-TERM> 0
0
0
<COMMON> 16,269,048
<OTHER-SE> (580,644)
<TOTAL-LIABILITIES-AND-EQUITY> 166,001,961
<INTEREST-LOAN> 2,323,143
<INTEREST-INVEST> 481,465
<INTEREST-OTHER> 86,680
<INTEREST-TOTAL> 2,891,288
<INTEREST-DEPOSIT> 1,322,970
<INTEREST-EXPENSE> 455,560
<INTEREST-INCOME-NET> 1,112,758
<LOAN-LOSSES> 75,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,327,488
<INCOME-PRETAX> (197,584)
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (137,087)
<EPS-BASIC> (0.09)
<EPS-DILUTED> (0.09)
<YIELD-ACTUAL> 2.99
<LOANS-NON> 1,092,648
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 854,985
<CHARGE-OFFS> 12,290
<RECOVERIES> 110
<ALLOWANCE-CLOSE> 917,805
<ALLOWANCE-DOMESTIC> 917,805
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
