SOURCE: First Bancorp of Indiana, Inc.

October 15, 2008 16:30 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwire - October 15, 2008) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $458,000 for the first fiscal quarter ended September 30, 2008, compared to net income of $189,000 in the same quarter of fiscal 2007. The increased earnings were attributed largely to an improved net interest margin and fee income enhancements. The first quarter results boosted First Federal's Tier 1 capital ratio from 7.60% to approximately 8.24%. The bank continues to exceed all regulatory standards for "well-capitalized" financial institutions. President Michael Head stated, "I recognize that these turbulent economic times may cause our customers to be concerned about the safety of their deposits and our shareholders to worry about their investment. I, along with the Board of Directors and the other members of senior management, will continue to work tirelessly to ensure that First Bancorp of Indiana and First Federal Savings Bank remain on safe and sound financial footing."

First quarter earnings represented 27 cents per average outstanding share (diluted) compared to 10 cents for the quarter ended September 30, 2007. The company repurchased 50,327 shares of common stock during the intervening twelve months ended September 30, 2008, through announced stock repurchase programs, and 2,500 option shares were exercised. In addition, 39,800 shares were retired via the reverse stock split completed in May 2008. These transactions resulted in 1,744,888 shares outstanding at September 30, 2008. The Company paid a dividend of 15.5 cents during the most recent quarter, unchanged from the preceding quarter.

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)



                                                    9/30/2008   6/30/2008
                                                  ============ ============
Selected Balance Sheet Data:                      (unaudited)
Total assets                                           354,634      377,346
Investment securities                                   86,611       91,751
Loans receivable, net                                  222,875      226,474
Deposit accounts                                       221,702      244,053
Borrowings                                              95,655       95,655
Equity capital                                          30,161       31,575

                                                     Three months ended
                                                        September 30,
                                                      2008         2007
                                                  ============ ============
Selected Operating Data:                           (unaudited)
Interest income                                          5,079        5,235
Interest expense                                         2,754        3,382
                                                  ------------ ------------
Net interest income                                      2,325        1,853
Provision for loan losses                                  250           80
                                                  ------------ ------------
Net interest income after provision                      2,075        1,773
Noninterest income                                         622          490
Noninterest expense                                      2,078        2,033
                                                  ------------ ------------
Income before income taxes and cumulative
 effect of a change in accounting principle                619          230
Income taxes                                               161           41
                                                  ------------ ------------
Net income                                                 458          189
                                                  ============ ============

Contact Information

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