SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

April 18, 2014 16:30 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwired - Apr 18, 2014) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $412,000 for the quarter ended March 31, 2014. Although lower than the $471,000 for the same quarter last year, net income improved from the $321,000 reported last quarter. The Company recognized earnings of $1,033,000 through the first nine months of fiscal 2014, down from $1,252,000 for the same period in fiscal 2013. The lower fiscal 2014 comparative results were due largely to reduced gains from sales of newly originated mortgage loans as refinancing activity slowed significantly. The slowdown led to a 19.5% decrease in noninterest income for the quarter and a 13.4% decline for the fiscal year to date. Although residential mortgage activity remains well below pre-recession levels, net loans grew 8.2% over the past 12 months contributing to a 10.5% improvement in net interest income for the comparative quarters.

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 24th 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)
    3/31/2014   6/30/2013        
Selected Balance Sheet Data:   (unaudited)            
Total assets   381,254   376,940        
Investment securities   85,324   87,376        
Loans receivable, net   230,945   213,994        
Deposit accounts   267,158   264,948        
Borrowings   73,155   73,155        
Stockholders' equity   35,074   34,454        
    Three months
ended March 31,
  Nine months
ended March 31,
    2014   2013   2014   2013
Operating Results:   (unaudited)   (unaudited)   (unaudited)   (unaudited)
Interest income   3,385   3,186   9,878   9,867
Interest expense   833   876   2,514   2,864
Net interest income   2,552   2,310   7,364   7,003
Provision for loan losses   65   55   195   280
Net interest income after provision   2,487   2,255   7,169   6,723
Noninterest income   813   1,010   2,528   2,920
Noninterest expense   2,800   2,783   8,586   8,361
Income before income taxes and cumulative effect of a change in accounting principle  
Income taxes   88   11   78   30
Net income   412   471   1,033   1,252

Contact Information

    Michael H. Head
    President and CEO
    First Bancorp of Indiana