SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

April 16, 2010 17:36 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwire - April 16, 2010) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $172,000 for the quarter ended March 31, 2010, compared to net income of $433,000 in the same quarter last year. Through the first nine months of fiscal 2010 earnings had decreased to $1.0 million from $1.3 million for the same period in fiscal 2009. The lower comparative earnings were largely attributed to impairment charges recorded on certain investment securities that reduced net income approximately $229,000 and $257,400 for the respective quarterly and year-to-date periods. These charges, which are presented as a reduction of noninterest income, do not represent realized losses and the eventual recovery of the total investment is possible. In addition, FDIC insurance expenses totaling $343,000 have been recorded through the first three quarters of fiscal 2010 compared to $162,000 for the same period the preceding year. Despite these challenges, First Federal's tier one capital ratio has strengthened from 8.40% to approximately 8.95%. This ratio and the Bank's other capital measurements continue to comfortably exceed all regulatory standards for "well-capitalized" financial institutions.

Current year-to-date earnings represented 59 cents per average outstanding share (diluted) compared to 77 cents for the nine months ended March 31, 2009. The Company paid a dividend of 15.5 cents during the most recent quarter, unchanged from the preceding seven quarters.

Certain information in this press release may constitute forward-looking information that involves risks and uncertainties that could cause actual results to differ materially from those estimated. Persons are cautioned that such forward-looking statements are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially from those estimated. Undue reliance should not be placed on such forward-looking statements.

                     First Bancorp of Indiana, Inc.
                   Consolidated Financial Highlights
                              (in thousands)



                             3/31/2010   6/30/2009
                            =========== ===========
Selected Balance Sheet
 Data:                      (unaudited)
Total assets                    348,089     358,647
Investment securities            95,032      91,499
Loans receivable, net           178,349     204,252
Deposit accounts                215,944     228,748
Borrowings                       95,655      95,655
Equity capital                   32,089      28,949


                                  Three months             Nine months
                                 ended March 31,         ended March 31,
                                2010        2009        2010        2009
                            =========== =========== =========== ===========
Operating Results:          (unaudited) (unaudited) (unaudited) (unaudited)
Interest income                   4,155       4,737      13,117      14,790
Interest expense                  1,840       2,301       5,969       7,619
                            ----------- ----------- ----------- -----------
Net interest income               2,315       2,436       7,148       7,171
Provision for loan losses           345         450       1,045       1,000
                            ----------- ----------- ----------- -----------
Net interest income after
 provision                        1,970       1,986       6,103       6,171
Noninterest income                  339         720       1,764       1,882
Noninterest expense               2,250       2,148       6,776       6,335
                            ----------- ----------- ----------- -----------

Income before income taxes           59         558       1,091       1,718

Income taxes                       -113         125          65         398
                            ----------- ----------- ----------- -----------

Net income                          172         433       1,026       1,320
                            =========== =========== =========== ===========

Contact Information

  • CONTACT:
    Michael H. Head
    President and CEO
    First Bancorp of Indiana
    812-492-8100