SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

October 22, 2009 12:31 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwire - October 22, 2009) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $505,000 for the first fiscal quarter ended September 30, 2009, compared to net income of $458,000 in the same quarter last year. The increased earnings were attributed largely to an improved net interest margin and gains from loan sales that more than offset increased provisions for loan losses and vastly higher FDIC deposit insurance premiums. The first quarter results strengthened First Federal's tier one capital ratio from 8.40% to approximately 8.84%. This ratio and the bank's other capital measurements continue to comfortably exceed all regulatory standards for "well-capitalized" financial institutions.

First quarter earnings represented 29 cents per average outstanding share (diluted) compared to 27 cents for the quarter ended September 30, 2008. The Company paid a dividend of 15.5 cents during the most recent quarter, unchanged from the preceding five 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 Information
                           (in thousands)

                                                     9/30/2009   6/30/2009
                                                    ----------- -----------
Selected Balance Sheet Data:                        (unaudited)
Total assets                                            346,065     358,647
Investment securities                                    99,864      91,499
Loans receivable, net                                   195,883     204,252
Deposit accounts                                        214,230     228,748
Borrowings                                               95,655      95,655
Equity capital                                           30,937      28,949

                                                          Three months
                                                       ended September 30,
                                                        2009        2008
                                                    ----------- -----------
Selected Operating Data:                            (unaudited)
Interest income                                           4,579       5,079
Interest expense                                          2,146       2,754
                                                    ----------- -----------
Net interest income                                       2,433       2,325
Provision for loan losses                                   300         250
                                                    ----------- -----------
Net interest income after provision                       2,133       2,075
Noninterest income                                          740         622
Noninterest expense                                       2,232       2,078
                                                    ----------- -----------
Income before income taxes and cumulative
 effect of a change in accounting principle                 641         619
Income taxes                                                136         161
                                                    ----------- -----------
Net income                                                  505         458
                                                    =========== ===========

Contact Information

  • Contact:
    Michael H. Head
    President & CEO
    First Bancorp of Indiana
    (812) 492-8100