SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

April 16, 2009 17:00 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwire - April 16, 2009) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $433,000 for the quarter ended March 31, 2009, compared to net income of $355,000 in the same quarter last year. Through the first nine months of fiscal 2009, earnings improved to $1,320,000 from $791,000 for the same period the preceding fiscal year. The increased earnings were attributed largely to an improved net interest margin and fee income enhancements which more than offset increased provisions for loan losses. Year-to-date earnings represented 77 cents per average outstanding share (diluted) compared to 44 cents for the nine months ended March 31, 2008. The Company paid a dividend of 15.5 cents during the most recent quarter, unchanged from the preceding two quarters.

The financial results through the first three quarters of the fiscal year have further strengthened First Federal's Tier 1 capital ratio from 7.60% to approximately 8.35%. This ratio and the bank's other capital measurements continue to comfortably exceed all regulatory standards for "well-capitalized" financial institutions. Consequently, First Bancorp did not apply to participate in the Treasury Department's Capital Purchase Program, commonly referred to as the "bank bailout."

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)

                                 3/31/2009  6/30/2008
                                ---------- ----------
                               (unaudited)
Selected Balance Sheet Data:
Total assets                       357,212    377,346
Investment securities               87,425     91,751
Loans receivable, net              213,037    226,474
Deposit accounts                   225,689    244,053
Borrowings                          95,655     95,655
Equity capital                      29,194     31,575


                                 Three months ended     Nine months ended
                                      March 31,             March 31,
                                   2009       2008       2009       2008
                                ---------- ---------- ---------- ----------
Operating Results:             (unaudited)(unaudited)(unaudited)(unaudited)
Interest income                      4,737      5,276     14,790     15,779
Interest expense                     2,301      3,227      7,619      9,951
                                ---------- ---------- ---------- ----------
Net interest income                  2,436      2,049      7,171      5,828
Provision for loan losses              450        135      1,000        330
                                ---------- ---------- ---------- ----------
Net interest income after
 provision                           1,986      1,914      6,171      5,498
Noninterest income                     720        527      1,882      1,623
Noninterest expense                  2,148      1,973      6,335      6,113
                                ---------- ---------- ---------- ----------

Income before income taxes             558        468      1,718      1,008

Income taxes                           125        113        398        217
                                ---------- ---------- ---------- ----------

Net income                             433        355      1,320        791
                                ========== ========== ========== ==========

Contact Information

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