EVANSVILLE, IN -- (Marketwired) -- 04/18/14 -- First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $412,000 for the quarter ended March 31, 2014. Although lower than the $471,000 for the same quarter last year, net income improved from the $321,000 reported last quarter. The Company recognized earnings of $1,033,000 through the first nine months of fiscal 2014, down from $1,252,000 for the same period in fiscal 2013. The lower fiscal 2014 comparative results were due largely to reduced gains from sales of newly originated mortgage loans as refinancing activity slowed significantly. The slowdown led to a 19.5% decrease in noninterest income for the quarter and a 13.4% decline for the fiscal year to date. Although residential mortgage activity remains well below pre-recession levels, net loans grew 8.2% over the past 12 months contributing to a 10.5% improvement in net interest income for the comparative quarters.
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 paid a dividend of 15.5 cents per outstanding share for the 24th 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)
3/31/2014 6/30/2013
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Selected Balance Sheet Data: (unaudited)
Total assets 381,254 376,940
Investment securities 85,324 87,376
Loans receivable, net 230,945 213,994
Deposit accounts 267,158 264,948
Borrowings 73,155 73,155
Stockholders' equity 35,074 34,454
Three months Nine months
ended March 31, ended March 31,
2014 2013 2014 2013
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Operating Results: (unaudited) (unaudited) (unaudited) (unaudited)
Interest income 3,385 3,186 9,878 9,867
Interest expense 833 876 2,514 2,864
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Net interest income 2,552 2,310 7,364 7,003
Provision for loan losses 65 55 195 280
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Net interest income after
provision 2,487 2,255 7,169 6,723
Noninterest income 813 1,010 2,528 2,920
Noninterest expense 2,800 2,783 8,586 8,361
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Income before income taxes
and cumulative effect of a
change in accounting
principle 500 482 1,111 1,282
Income taxes 88 11 78 30
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Net income 412 471 1,033 1,252
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CONTACT:
Michael H. Head
President and CEO
First Bancorp of Indiana
812-492-8100
