SOURCE: First Bancorp of Indiana, Inc.

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January 22, 2016 17:40 ET

First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwired - January 22, 2016) -  First Bancorp of Indiana, Inc., (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $483,000 for the quarter ended December 31, 2015, compared to net income of $373,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to a 6.8% increase in net interest income.

The Company recognized earnings of $947,000 in the first half of fiscal 2016, a 36.8% improvement from the same period last fiscal year. Lower cost of funds and improved performance of the investment portfolio were primarily responsible for the 7.3% increase in net interest income. In addition, the modest provision for loan losses reflects the continually improving credit quality of the loan portfolio. Noninterest income improved 7.0% between the comparative six-month periods as the gradual recovery of the housing market has led to greater mortgage loan sales. At the same time, noninterest expenses have been contained, increasing less than one percent.

At approximately 8.7%, 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 31 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)
    12/31/2015   6/30/2015        
Selected Balance Sheet Data:   (unaudited)            
Total assets   402,919   396,646        
Investment securities   97,410   87,181        
Loans receivable, net   244,258   243,745        
Deposit accounts   252,529   267,409        
Borrowings   103,155   88,155        
Stockholders' equity   37,285   36,895        
    Three months
ended December 31,
  Six months
ended December 31,
    2015   2014   2015   2014
Operating Results:   (unaudited)   (unaudited)   (unaudited)   (unaudited)
Interest income   3,583   3,475   7.040   6,799
Interest expense   766   837   1,538   1,670
Net interest income   2,817   2,638   5,502   5,129
Provision for loan losses   30   55   65   75
Net interest income after provision   2,787   2,583   5,437   5,054
Noninterest income   851   848   1,740   1,626
Noninterest expense   3,009   3,013   5,981   5,932
Income before income taxes and cumulative effect of a change in accounting principle   629   418   1,196   748
Income taxes   146   45   249   56
Net income   483   373   947   692

Contact Information

    Michael H. Head
    President and CEO
    First Bancorp of Indiana