EVANSVILLE, IN--(Marketwired - January 22, 2016) - First Bancorp of Indiana, Inc., (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $483,000 for the quarter ended December 31, 2015, compared to net income of $373,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to a 6.8% increase in net interest income.
The Company recognized earnings of $947,000 in the first half of fiscal 2016, a 36.8% improvement from the same period last fiscal year. Lower cost of funds and improved performance of the investment portfolio were primarily responsible for the 7.3% increase in net interest income. In addition, the modest provision for loan losses reflects the continually improving credit quality of the loan portfolio. Noninterest income improved 7.0% between the comparative six-month periods as the gradual recovery of the housing market has led to greater mortgage loan sales. At the same time, noninterest expenses have been contained, increasing less than one percent.
At approximately 8.7%, 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 has paid a dividend of 15.5 cents per outstanding share for 31 consecutive quarters.
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)
12/31/2015 6/30/2015
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Selected Balance Sheet Data: (unaudited)
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Total assets 402,919 396,646
Investment securities 97,410 87,181
Loans receivable, net 244,258 243,745
Deposit accounts 252,529 267,409
Borrowings 103,155 88,155
Stockholders' equity 37,285 36,895
Three months Six months
ended December 31, ended December 31,
2015 2014 2015 2014
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Operating Results: (unaudited) (unaudited) (unaudited) (unaudited)
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Interest income 3,583 3,475 7.040 6,799
Interest expense 766 837 1,538 1,670
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Net interest income 2,817 2,638 5,502 5,129
Provision for loan losses 30 55 65 75
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Net interest income after
provision 2,787 2,583 5,437 5,054
Noninterest income 851 848 1,740 1,626
Noninterest expense 3,009 3,013 5,981 5,932
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Income before income taxes
and cumulative effect of a
change in accounting
principle 629 418 1,196 748
Income taxes 146 45 249 56
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Net income 483 373 947 692
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CONTACT:
Michael H. Head
President and CEO
First Bancorp of Indiana
812-492-8100
