EVANSVILLE, IN -- (Marketwired) -- 05/01/15 -- First Bancorp of Indiana, Inc. (OTCBB: FBPI) (OTC PINK: FBPI), the holding company for First Federal Savings Bank, reported earnings of $389,000 for the quarter ended March 31, 2015, compared to net income of $412,000 in the same quarter last year. However, net interest income for the recent quarter improved 4.5% and partially offset $162,000 of nonrecurring income realized in the year-ago quarter.
The Company recognized earnings of $1,081,000 through the first nine months of fiscal 2015, up from $1,033,000 for the same period in fiscal 2014. Although year-to-date earnings improved only modestly, net interest income increased 5.9% as net loans have grown $14.1 million since the beginning of the fiscal year. Furthermore, the reduced provisions for loan losses reflects the improving credit quality of the loan portfolio. The higher fiscal 2015 comparative results have been achieved despite a 5.4% decrease in noninterest income as reduced refinancing activity translated to sharply lower gains from sales of newly originated mortgage loans. Personnel costs account for much of the 3.9% increase in noninterest expense.
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 28th 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)
3/31/2015 6/30/2014
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Selected Balance Sheet Data: (unaudited)
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Total assets 397,670 375,428
Investment securities 93,880 81,441
Loans receivable, net 248,410 234,353
Deposit accounts 271,216 260,980
Borrowings 83,155 73,155
Stockholders' equity 37,337 36,626
Three months Nine months
ended March 31, ended March 31,
2015 2014 2015 2014
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Operating Results: (unaudited) (unaudited) (unaudited) (unaudited)
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Interest income 3,441 3,385 10,240 9,878
Interest expense 775 833 2,445 2,514
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Net interest income 2,666 2,552 7,795 7,364
Provision for loan losses 0 65 75 195
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Net interest income after
provision 2,666 2,487 7,720 7,169
Noninterest income 766 813 2,392 2,528
Noninterest expense 2,992 2,800 8,924 8,586
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Income before income taxes
and cumulative effect of a
change in accounting
principle 440 500 1,188 1,111
Income taxes 51 88 107 78
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Net income 389 412 1,081 1,033
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CONTACT:
Michael H. Head
President and CEO
First Bancorp of Indiana
812-492-8100
