SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

January 27, 2012 16:36 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwire - Jan 27, 2012) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $360,000 for the quarter ended December 31, 2011, compared to net income of $380,000 in the same quarter last year. The quarter-over-quarter change was attributed in part to personnel expenses associated with an expansion of the business lending department. This investment partly offset an increase in net interest income associated with strong loan growth and lower funding costs. The Company recognized earnings of $667,000 through the first six months of fiscal 2012, up from $462,000 for the same period last year. The improved comparative year-to-date earnings were due largely to impairment charges on certain investment securities that reduced net income $330,000 in the first half of fiscal 2011 compared to just $21,000 so far this fiscal year. Such 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.

At approximately 8.6%, First Federal's tier one capital ratio was well in excess of the five percent regulatory standard for "well-capitalized" financial institutions. The bank's other capital measurements also continue to comfortably exceed "well-capitalized" standards. In addition, First Bancorp paid a dividend of 15.5 cents per outstanding share for the fifteenth consecutive 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 Highlights
(in thousands)
12/31/2011 6/30/2011
Selected Balance Sheet Data: (unaudited)
Total assets 378,560 356,121
Investment securities 129,817 126,647
Loans receivable, net 165,044 150,019
Deposit accounts 264,120 234,949
Borrowings 73,155 83,155
Stockholders' equity 34,202 33,077
Three months
ended December 31,
Six months
ended December 31,
2011 2010 2011 2010
Operating Results: (unaudited) (unaudited) (unaudited) (unaudited)
Interest income 3,452 3,606 6,981 7,495
Interest expense 1,187 1,579 2,423 3,244
Net interest income 2,265 2,027 4,558 4,251
Provision for loan losses 100 100 250 250
Net interest income after provision 2,165 1,927 4,308 4,001
Noninterest income 896 843 1,621 1,109
Noninterest expense 2,648 2,289 5,181 4,663
Income before income taxes and cumulative effect of a change in accounting principle 413 481 748 447
Income taxes 53 101 81 -15
Net income 360 380 667 462

Contact Information

    Michael H. Head
    President and CEO
    First Bancorp of Indiana