SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

April 18, 2013 16:30 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwired - Apr 18, 2013) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $471,000 for the quarter ended March 31, 2013, compared to net income of $196,000 in the same quarter last year. The Company recognized earnings of $1,252,000 through the first nine months of fiscal 2013, up from $864,000 for the same period in fiscal 2012. The higher comparative quarterly and year-to-date earnings were due partly to increased net interest income as lower funding costs and strong loan growth, 23.7% over the past 12 months alone, mitigated lower loan and investment yields. Gains from sales of newly originated mortgage loans and income generated from a consistently growing retail deposit base were major factors behind the 25.6% year-to-date increase in noninterest income. In addition, impairment charges recorded on certain investment securities for the current quarter and year-to-date approximated $19,000 and $50,000, respectively, compared to $148,000 and $187,000 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 portion of the charges is possible. A new operations center, a new branch facility in Petersburg, Indiana, and additional staffing needs were the factors primarily responsible for the higher noninterest expenses.

At approximately 8.8%, 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 20th 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)
    3/31/2013   6/30/2012        
Selected Balance Sheet Data:   (unaudited)            
Total assets   382,431   381,186        
Investment securities   87,650   115,680        
Loans receivable, net   213,287   182,381        
Deposit accounts   267,652   269,197        
Borrowings   73,155   73,155        
Stockholders' equity   35,600   34,778        
Three months
ended March 31,
  Nine months
ended March 31,
    2013   2012   2013   2012
Operating Results:   (unaudited)   (unaudited)   (unaudited)   (unaudited)
Interest income   3,186   3,323   9,867   10,304
Interest expense   876   1,169   2,864   3,593
Net interest income   2,310   2,154   7,003   6,711
Provision for loan losses   55   70   280   320
Net interest income after provision   2,255   2,084   6,723   6,391
Noninterest income   1,010   704   2,920   2,325
Noninterest expense   2,783   2,652   8,361   7,833
Income before income taxes and cumulative effect of a change in accounting principle   482   136   1,282   883
Income taxes   11   -60   30   19
Net income   471   196   1,252   864

Contact Information

    Michael H. Head
    President and CEO
    First Bancorp of Indiana