SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

January 23, 2015 16:30 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwired - Jan 23, 2015) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $373,000 for the quarter ended December 31, 2014, compared to net income of $321,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to a 7.5% increase in interest income that more than offset higher overhead expenses.

The Company recognized earnings of $692,000 in the first half of fiscal 2015, an 11.4% improvement from the same period last fiscal year. Net loan growth of $10.3 million over the past 12 months was responsible for the 6.6% increase in net interest income. In addition, the reduced provisions for loan losses reflects the continually improving credit quality of the loan portfolio. Noninterest income declined 5.2% between the comparative six-month periods due to reduced gains from the sale of loans as far fewer borrowers sought to refinance their mortgage loans. Staffing costs were primarily responsible for the increased noninterest expenses.

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 27th 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)
    12/31/2014   6/30/2014          
Selected Balance Sheet Data:   (unaudited)              
Total assets   393,327   375,428          
Investment securities   91,657   81,441          
Loans receivable, net   235,727   234,353          
Deposit accounts   278,517   260,980          
Borrowings   73,155   73,155          
Stockholders' equity   36,857   36,626          
    Three months
ended December 31,
  Six months
ended December 31,
    2014   2013   2014   2013  
Operating Results:   (unaudited)   (unaudited)   (unaudited)   (unaudited)  
Interest income   3,475   3,232   6,799   6,493  
Interest expense   837   839   1,670   1,681  
Net interest income   2,638   2,393   5,129   4,812  
Provision for loan losses   55   10   75   130  
Net interest income after provision   2,583   2,383   5,054   4,682  
Noninterest income   848   823   1,626   1,715  
Noninterest expense   3,013   2,884   5,932   5,787  
Income before income taxes and cumulative                  
effect of a change in accounting principle   418   322   748   610  
Income taxes   45   1   56   (11 )
Net income   373   321   692   621  

Contact Information

    Michael H. Head
    President and CEO
    First Bancorp of Indiana