SOURCE: First Bancorp of Indiana, Inc.

First Bancorp of Indiana, Inc.

July 24, 2015 17:21 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwired - Jul 24, 2015) - First Bancorp of Indiana, Inc., (OTCBB: FBPI) (OTC PINK: FBPI), the holding company for First Federal Savings Bank, reported earnings of $1,517,000 for the fiscal year ended June 30, 2015, up 6.9% from the preceding fiscal year. For the just-completed quarter, the company recognized income of $436,000 compared to $387,000 in the year-ago quarter. Net loans grew $9.4 million, or 4.0%, during the intervening 12 months contributing to a 5.4% improvement in net interest income in fiscal 2015. Steadily improving loan credit quality was reflected in the lower quarterly and annual loan loss provisions. Noninterest income was off slightly in fiscal 2015 as gains from sales of newly originated mortgage loans declined 21.4% on slower refinancing activity. However, such gains were up $91,000 between the comparative quarters reflecting a generally improving housing market. Personnel costs were largely responsible for the quarterly and annual increases in noninterest expenses.

At approximately 8.7%, First Federal's tier one capital ratio at June 30, 2015, 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 has paid a cash dividend of 15.5 cents per outstanding share for 29 consecutive quarters.

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)
    6/30/2015   6/30/2014        
Selected Balance Sheet Data:   (unaudited)            
Total assets   398,049   375,428        
Investment securities   87,181   81,441        
Loans receivable, net   243,745   234,353        
Deposit accounts   267,409   260,980        
Borrowings   88,155   73,155        
Stockholders' equity   36,895   36,626        
    Three months
ended June 30,
  Year ended
June 30,
    2015   2014   2015   2014
Operating Results:   (unaudited)       (unaudited)    
Interest income   3,406   3,355   13,646   13,246
Interest expense   775   838   3,220   3,352
Net interest income   2,631   2,517   10,426   9,894
Provision for loan losses   0   45   75   240
Net interest income after provision   2,631   2,472   10,351   9,654
Noninterest income   842   768   3,233   3,282
Noninterest expense   2,961   2,802   11,885   11,388
Income before income taxes and cumulative                
effect of a change in accounting principle   512   438   1,699   1,548
Income taxes   76   51   182   129
Net income   436   387   1,517   1,419

Contact Information

    Michael H. Head
    President and CEO
    First Bancorp of Indiana