EVANSVILLE, IN -- (Marketwire) -- 04/22/11 -- First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $177,000 for the quarter ended March 31, 2011, compared to net income of $172,000 in the same quarter last year. The Company recognized earnings of $639,000 through the first nine months of fiscal 2011, down from the $1.0 million for the same period in fiscal 2010. The lower comparative quarterly and year-to-date earnings were due largely to a loan portfolio contraction coupled with lower yields resulting from the prolonged low interest rate environment. Impairment charges recorded on certain investment securities reduced quarterly and year-to-date net income approximately $103,000 and $429,000, respectively. These charges, which are presented as a reduction of noninterest income, do not represent realized losses and the eventual recovery of the total investment is possible. The impairment charges had no material effect on stockholders' equity as the year-to-date change was attributed to unrealized market value losses on securities available for sale and the 15.5 cents per share dividends that First Bancorp has paid to its shareholders in each of the past twelve quarters. Furthermore, First Federal's tier one capital ratio has strengthened from 9.0% to approximately 9.4% over the past twelve months, well in excess of the 5% regulatory standard for "well-capitalized" financial institutions. The bank's other capital measurements also continue to comfortably exceed "well-capitalized" standards.
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)
3/31/2011 6/30/2010
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Selected Balance Sheet Data: (unaudited)
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Total assets 338,794 343,753
Investment securities 111,364 107,138
Loans receivable, net 152,799 170,722
Deposit accounts 217,282 211,645
Borrowings 83,155 95,155
Stockholders' equity 32,222 32,828
Three months Nine months
ended March 31, ended March 31,
2011 2010 2011 2010
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Operating Results: (unaudited) (unaudited) (unaudited) (unaudited)
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Interest income 3,483 4,234 10,978 13,359
Interest expense 1,461 1,840 4,705 5,969
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Net interest income 2,022 2,394 6,273 7,390
Provision for loan losses 150 345 400 1,045
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Net interest income after
provision 1,872 2,049 5,873 6,345
Noninterest income 613 260 1,722 1,522
Noninterest expense 2,338 2,250 7,002 6,776
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Income before income taxes
and cumulative effect of a
change in accounting
principle 147 59 593 1,091
Income taxes -30 -113 -46 65
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Net income 177 172 639 1,026
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CONTACT:
Michael H. Head
President and CEO
First Bancorp of Indiana
812-492-8100
