SOURCE: First Bancorp of Indiana

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October 30, 2015 16:00 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwired - October 30, 2015) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $463,000 for the first fiscal quarter ended September 30, 2015, compared to $319,000 for the same quarter a year ago.

Net interest income for quarter ended September 30, 2015, improved 7.7% from the same period last fiscal year as the net loan portfolio grew $11.0 million, or 4.7%, over the past year. This followed loan growth of 7.0% during the prior 12-month period. Although loans to purchase homes remain well below the levels leading up to the financial crisis, such lending has increased progressively over the past couple of years as employment opportunities have improved and rates have remained low by historic standards. With a greater number of loans available to sell, noninterest income improved 14.4% between the comparative quarters. At the same time, noninterest expenses have been contained, increasing less than two percent.

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 has paid a dividend of 15.5 cents per outstanding share for 30 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 Information
(in thousands)
      9/30/2015   6/30/2015
Selected Balance Sheet Data:    (unaudited)    
Total assets   404,640   396,646
Investment securities   97,181   87,181
Loans receivable, net   243,050   243,745
Deposit accounts   257,466   267,409
Borrowings   103,155   88,155
Stockholders' equity   37,471   36,895
   Three months ended September 30,
      2015   2014
Selected Operating Data:    (unaudited)   (unaudited)
Interest income   3,457   3,325
Interest expense   772   833
Net interest income   2,685   2,492
Provision for loan losses   35   20
Net interest income after provision   2,650   2,472
Noninterest income   890   778
Noninterest expense   2,972   2,920
Income before income taxes and cumulative        
effect of a change in accounting principle   568   330
Income taxes   105   11
Net income   463   319

Contact Information

    Michael H. Head
    President and CEO
    First Bancorp of Indiana