SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

April 20, 2012 17:32 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwire - Apr 20, 2012) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $196,000 for the quarter ended March 31, 2012, compared to net income of $177,000 in the same quarter last year. The Company recognized earnings of $864,000 through the first nine months of fiscal 2012, up from $639,000 for the same period in fiscal 2011. The higher comparative quarterly and year-to-date earnings were due partly to a decrease in costs of funds that more than offset lower loan and investment yields. In addition, impairment charges recorded on certain investment securities reduced current quarter and year-to-date net income approximately $89,000 and $112,000, respectively, compared to $103,000 and $429,000 for the same periods last fiscal year. These charges, which are presented as a reduction of noninterest income, do not represent realized losses and the eventual recovery of a significant portion of the charges is possible. Finally, increases in noninterest expenses for the comparative periods reflect personnel expenses associated with an expansion of the business lending department.

At approximately 8.7%, 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 sixteenth 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)
3/31/2012 6/30/2011
Selected Balance Sheet Data: (unaudited)
Total assets 376,491 356,121
Investment securities 125,992 126,647
Loans receivable, net 172,449 150,019
Deposit accounts 261,573 234,949
Borrowings 73,155 83,155
Stockholders' equity 34,370 33,077
Three months ended
March 31,
Nine months ended
March 31,
2012 2011 2012 2011
Operating Results: (unaudited) (unaudited) (unaudited) (unaudited)
Interest income 3,323 3,483 10,304 10,978
Interest expense 1,169 1,461 3,593 4,705
Net interest income 2,154 2,022 6,711 6,273
Provision for loan losses 70 150 320 400
Net interest income after provision 2,084 1,872 6,391 5,873
Noninterest income 704 613 2,325 1,722
Noninterest expense 2,652 2,338 7,833 7,002
Income before income taxes and cumulative effect of a change in accounting principle 136 147 883 593
Income taxes -60 -30 19 -46
Net income 196 177 864 639

Contact Information

    Michael H. Head
    President and CEO
    First Bancorp of Indiana