EVANSVILLE, IN--(Marketwire - Jan 18, 2013) - First Bancorp of Indiana, Inc., (
The Company recognized earnings of $781,000 in the first half of fiscal 2013, up from $667,000 for the same period last year. The greater comparative year-to-date earnings were due in large part to a 17.8% increase in noninterest income, particularly gains from the sale of loans. Also, net interest income improved 3.0% as net loans grew 15.6% over the past six months and 27.7% from the same time last year. A new operations center, a new branch facility in Petersburg, Indiana, and additional staffing needs were the factors primarily responsible for the increased noninterest expenses.
At approximately 8.5%, 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 19th 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
|Selected Balance Sheet Data:||(unaudited)|
|Loans receivable, net||210,765||182,381|
| || ||Three months |
ended December 31,
|Six months |
ended December 31,
|Net interest income||2,353||2,265||4,694||4,558|
|Provision for loan losses||120||100||225||250|
|Net interest income after provision||2,233||2,165||4,469||4,308|
|Income before income taxes and cumulative effect of a change in accounting principle||346||413||800||748|