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First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwire - Jan 18, 2013) - First Bancorp of Indiana, Inc., ( OTCBB : FBPI ), the holding company for First Federal Savings Bank, reported earnings of $349,000 for the quarter ended December 31, 2012, compared to net income of $360,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to higher overhead expenses. The increase in these expenses more than offset a 3.9% increase in net interest income associated with strong loan growth and lower funding costs. 

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
(in thousands)
    12/31/2012   6/30/2012
Selected Balance Sheet Data:   (unaudited)    
Total assets   390,271   381,186
Investment securities   98,541   115,680
Loans receivable, net   210,765   182,381
Deposit accounts   271,871   269,197
Borrowings   73,155   73,155
Stockholders' equity   35,546   34,778
Three months
ended December 31,
  Six months
ended December 31,
    2012     2011   2012   2011
Operating Results:   (unaudited)     (unaudited)   (unaudited)   (unaudited)
Interest income   3,307     3,452   6,681   6,981
Interest expense   954     1,187   1,987   2,423
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
Noninterest income   885     896   1,909   1,621
Noninterest expense   2,772     2,648   5,578   5,181
Income before income taxes and cumulative effect of a change in accounting principle   346     413   800   748
Income taxes   (3 )   53   19   81
Net income   349     360   781   667