SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

January 22, 2010 16:30 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwire - January 22, 2010) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $350,000 for the quarter ended December 31, 2009, compared to net income of $429,000 in the same quarter last year. Through the first six months of fiscal 2010 earnings decreased slightly to $855,000 from $887,000 for the same period in fiscal 2009. The lower comparative earnings, both for the quarterly and year-to-date periods, were attributed, in part, to increased provisions for loan losses. In addition, significantly higher FDIC insurance premiums partly offset greater noninterest income. FDIC insurance expenses totaling $237,000 were recorded in the first half fiscal 2010 compared to $68,000 for the same period the preceding year. The current year-to-date results have further strengthened First Federal's tier one capital ratio from 8.40% to approximately 8.90%. 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 50 cents per average outstanding share (diluted) compared to 52 cents for the six months ended December 31, 2008. The Company paid a dividend of 15.5 cents during the most recent quarter, unchanged from the preceding six 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)

                             12/31/2009  6/30/2009
                            =========== ===========
Selected Balance Sheet
 Data:                      (unaudited)
Total assets                    349,131     358,647
Investment securities            97,852      91,499
Loans receivable, net           187,125     204,252
Deposit accounts                218,244     228,748
Borrowings                       95,655      95,655
Equity capital                   31,244      28,949


                                  Three months             Six months
                                ended December 31,     ended December 31,
                                2009        2008        2009        2008
                            =========== =========== =========== ===========
Operating Results:          (unaudited) (unaudited) (unaudited) (unaudited)
Interest income                   4,382       4,974       8,962      10,053
Interest expense                  1,982       2,564       4,129       5,318
                            ----------- ----------- ----------- -----------
Net interest income               2,400       2,410       4,833       4,735
Provision for loan losses           400         300         700         550
                            ----------- ----------- ----------- -----------
Net interest income after
 provision                        2,000       2,110       4,133       4,185
Noninterest income                  685         541       1,426       1,163
Noninterest expense               2,293       2,110       4,526       4,188
                            =========== =========== =========== ===========

Income before income taxes          392         541       1,033       1,160

Income taxes                         42         112         178         273
                            ----------- ----------- ----------- -----------
Net income                          350         429         855         887
                            =========== =========== =========== ===========

Contact Information

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