SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

October 24, 2014 16:51 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwired - Oct 24, 2014) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $319,000 for the first fiscal quarter ended September 30, 2014, compared to $300,000 for the same quarter a year ago.

Net interest income for quarter ended September 30, 2014, improved 3.0% from the same period last fiscal year as the net loan portfolio grew $15.1 million, or 7.0%, over the past year. This followed loan growth of 11.5% during the prior 12-month period. In addition, the credit quality of the loan portfolio continues to improve. Consequently, provisions for loan losses for the most recent quarter were trimmed from the same quarter last fiscal year. Although mortgage loan rates remain low by historic standards, the number of borrowers seeking to refinance their homes has declined considerably during the past year. Furthermore, loans to purchase homes remain well below the levels preceding the financial crisis. With far fewer loans available to sell, noninterest income declined 12.8% between the comparative quarters.

At approximately 8.9%, 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 26th 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 Information
(in thousands)
    9/30/2014   6/30/2014
Selected Balance Sheet Data:   (unaudited)    
Total assets   374,428   375,428
Investment securities   93,413   81,441
Loans receivable, net   232,099   234,353
Deposit accounts   258,598   260,980
Borrowings   73,155   73,155
Stockholders' equity   36,523   36,626
Three months
ended September 30,
    2014   2013
Selected Operating Data:   (unaudited)   (unaudited)
Interest income   3,325   3,261
Interest expense   833   842
Net interest income   2,492   2,419
Provision for loan losses   20   120
Net interest income after provision   2,472   2,299
Noninterest income   778   892
Noninterest expense   2,920   2,904
Income before income taxes and cumulative        
effect of a change in accounting principle   330   287
Income taxes   11   -13
Net income   319   300

Contact Information

    Michael H. Head
    President and CEO
    First Bancorp of Indiana