SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

April 22, 2011 17:29 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwire - Apr 22, 2011) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $177,000 for the quarter ended March 31, 2011, compared to net income of $172,000 in the same quarter last year. The Company recognized earnings of $639,000 through the first nine months of fiscal 2011, down from the $1.0 million for the same period in fiscal 2010. The lower comparative quarterly and year-to-date earnings were due largely to a loan portfolio contraction coupled with lower yields resulting from the prolonged low interest rate environment. Impairment charges recorded on certain investment securities reduced quarterly and year-to-date net income approximately $103,000 and $429,000, respectively. 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. The impairment charges had no material effect on stockholders' equity as the year-to-date change was attributed to unrealized market value losses on securities available for sale and the 15.5 cents per share dividends that First Bancorp has paid to its shareholders in each of the past twelve quarters. Furthermore, First Federal's tier one capital ratio has strengthened from 9.0% to approximately 9.4% over the past twelve months, well in excess of the 5% regulatory standard for "well-capitalized" financial institutions. The bank's other capital measurements also continue to comfortably exceed "well-capitalized" standards.

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)
3/31/20116/30/2010
Selected Balance Sheet Data:(unaudited)
Total assets338,794343,753
Investment securities111,364107,138
Loans receivable, net152,799170,722
Deposit accounts217,282211,645
Borrowings83,15595,155
Stockholders' equity32,22232,828
Three months
ended March 31,
Nine months
ended March 31,
2011201020112010
Operating Results:(unaudited)(unaudited)(unaudited)(unaudited)
Interest income3,4834,23410,97813,359
Interest expense1,4611,8404,7055,969
Net interest income2,0222,3946,2737,390
Provision for loan losses1503454001,045
Net interest income after provision1,8722,0495,8736,345
Noninterest income6132601,7221,522
Noninterest expense2,3382,2507,0026,776
Income before income taxes and cumulative effect of a change in accounting principle
147

59

593

1,091
Income taxes-30-113-4665
Net income1771726391,026

Contact Information

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