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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Bancorp Ind New (MM) | NASDAQ:FBEI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.94 | 0 | 01:00:00 |
Indiana
|
35-2061832
|
|
(State
or other jurisdiction of
incorporation
or
organization)
|
(I.R.S.
Employer
Identification
No.)
|
5001
Davis Lant Drive, Evansville, Indiana
|
|
47715
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Page
|
||||
Part
I Financial Information
|
||||
Item
1. Financial Statements
|
3
|
|||
Item
2. Management's Discussion and Analysis or Plan of
Operation
|
9
|
|||
Item
3. Controls and Procedures
|
14
|
|||
Part
II Other Information
|
||||
Item
1. Legal Proceedings
|
15
|
|||
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
15
|
|||
Item
3. Defaults Upon Senior Securities
|
15
|
|||
Item
4. Submission of Matters to a Vote of Security Holders
|
15
|
|||
Item
5. Other Information
|
15
|
|||
Item
6. Exhibits
|
15
|
|||
Signatures
|
16
|
|
September 30, 2007
|
June 30, 2007
|
|||||
(Unaudited)
|
|||||||
Assets
|
|||||||
Cash
and due from banks
|
$
|
6,092,082
|
$
|
7,455,076
|
|||
Interest-bearing
demand deposits
|
9,009,389
|
7,395,910
|
|||||
Total
cash and cash equivalents
|
15,101,471
|
14,850,986
|
|||||
Interest-bearing
deposits
|
1,318,000
|
1,616,000
|
|||||
Investment
securities
|
|||||||
Available
for sale
|
64,885,324
|
65,120,545
|
|||||
Held
to maturity
|
14,487,315
|
14,976,789
|
|||||
Total
investment securities
|
79,372,639
|
80,097,334
|
|||||
Loans
|
236,231,192
|
234,301,694
|
|||||
Allowance
for loan losses
|
(1,074,053
|
)
|
(1,064,713
|
)
|
|||
Net
loans
|
235,157,139
|
233,236,981
|
|||||
Premises
and equipment
|
9,253,703
|
9,322,801
|
|||||
Goodwill
|
6,229,152
|
6,229,152
|
|||||
Core
deposit intangibles
|
857,126
|
894,431
|
|||||
Federal
Home Loan Bank stock
|
4,564,700
|
4,564,700
|
|||||
Other
assets
|
12,095,053
|
12,179,690
|
|||||
|
|
||||||
Total
assets
|
$
|
363,948,983
|
$
|
362,992,075
|
|||
Liabilities
|
|||||||
Deposits
|
|||||||
Non-interest
bearing
|
$
|
11,584,417
|
$
|
11,503,688
|
|||
Interest
bearing
|
227,857,680
|
239,730,019
|
|||||
Total
deposits
|
239,442,097
|
251,233,707
|
|||||
Borrowings
|
84,651,892
|
72,495,874
|
|||||
Advances
by borrowers for
|
|||||||
taxes
and insurance
|
865,925
|
695,051
|
|||||
Other
liabilities
|
4,937,907
|
4,349,605
|
|||||
Total
liabilities
|
329,897,821
|
328,774,237
|
|||||
Commitments
and Contingent Liabilities
|
0
|
0
|
|||||
Stockholders'
Equity
|
|||||||
Preferred
stock, $.01 par value
Authorized and unissued - 1,000,000 shares |
|||||||
Common
stock, $.01 par value
Authorized - 9,000,000 shares Issued - 2,566,346 shares |
25,663
|
25,663
|
|||||
Additional
paid-in capital
|
27,951,337
|
27,959,954
|
|||||
Retained
earnings
|
18,437,438
|
18,801,944
|
|||||
Accumulated
other comprehensive income / (loss)
|
(384,252
|
)
|
(683,548
|
)
|
|||
46,030,186
|
46,104,013
|
||||||
Less:
|
|||||||
Unreleased
employee stock ownership plan
shares - 49,234 and 53,020
shares
|
(502,593
|
)
|
(541,241
|
)
|
|||
Treasury
stock - 733,831 and 725,445 shares
|
(11,476,431
|
)
|
(11,344,934
|
)
|
|||
|
|
||||||
Total
stockholders' equity
|
34,051,162
|
34,217,838
|
|||||
Total
liabilities and stockholders' equity
|
$
|
363,948,983
|
$
|
362,992,075
|
For
the
|
|||||||
Three
Months Ended
|
|||||||
September
30,
|
|||||||
|
2007
|
2006
|
|||||
(Unaudited)
|
|||||||
Interest
Income
|
|||||||
Loans
receivable
|
$
|
4,040,298
|
$
|
3,124,641
|
|||
Investment
securities
|
996,380
|
830,607
|
|||||
Deposits
with financial institutions
|
146,131
|
39,862
|
|||||
Federal
funds sold
|
0
|
12,311
|
|||||
Other
interest and dividend income
|
52,580
|
43,848
|
|||||
Total
interest income
|
5,235,389
|
4,051,269
|
|||||
Interest
Expense
|
|||||||
Deposits
|
2,443,902
|
1,628,133
|
|||||
Borrowings
|
938,784
|
788,943
|
|||||
Total
interest expense
|
3,382,686
|
2,417,076
|
|||||
Net
Interest Income
|
1,852,703
|
1,634,193
|
|||||
Provision
for loan losses
|
80,000
|
95,000
|
|||||
Net
Interest Income after Provision
|
1,772,703
|
1,539,193
|
|||||
Noninterest
Income
|
|||||||
Increase
in cash surrender values
of life insurance
|
49,500
|
49,500
|
|||||
Net
gains on loan sales
|
27,163
|
67,500
|
|||||
ATM
transaction & POS interchange fees
|
74,537
|
60,211
|
|||||
Service
charges on deposit accounts
|
175,222
|
103,990
|
|||||
Other
income
|
163,803
|
219,402
|
|||||
Total
noninterest income
|
490,225
|
500,603
|
|||||
Noninterest
Expense
|
|||||||
Salaries
and employee benefits
|
1,028,478
|
934,633
|
|||||
Net
occupancy expense
|
177,500
|
145,833
|
|||||
Equipment
expense
|
119,809
|
113,429
|
|||||
Amortization
of intangible assets
|
37,305
|
19,012
|
|||||
Professional
fees
|
35,986
|
67,902
|
|||||
Advertising
|
59,436
|
67,744
|
|||||
Data
processing fees
|
128,019
|
98,406
|
|||||
Other
expense
|
446,035
|
375,180
|
|||||
Total
noninterest expense
|
2,032,568
|
1,822,139
|
|||||
Income
Before Income Tax
|
230,360
|
217,657
|
|||||
Income
tax expense
|
41,750
|
43,987
|
|||||
Net
Income
|
$
|
188,610
|
$
|
173,670
|
|||
Basic
earnings per share
|
$
|
0.11
|
$
|
0.12
|
|||
Diluted
earnings per share
|
$
|
0.10
|
$
|
0.11
|
|||
Dividends
declared per share
|
$
|
0.30
|
$
|
0.30
|
|||
Weighted
average shares outstanding – Basic
|
1,785,092
|
1,485,565
|
|||||
Weighted
average shares outstanding – Diluted
|
1,801,897
|
1,520,293
|
|||||
Dilutive
effect of options
|
16,805
|
34,728
|
Comprehensive
Income
|
Common
Stock
|
Additional
Paid-in Capital
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income / (Loss)
|
Unallocated
ESOP Shares
|
Treasury
Shares
|
Total
|
||||||||||||||||||
Balances,
June 30, 2007
|
$
|
25,663
|
$
|
27,959,954
|
$
|
18,801,944
|
$
|
(683,548
|
)
|
$
|
(541,241
|
)
|
$
|
(11,344,934
|
)
|
$
|
34,217,838
|
||||||||
Net
income
|
$
|
188,610
|
188,610
|
188,610
|
|||||||||||||||||||||
Other
comprehensive income, net of tax
–
Unrealized
gains on securities (unaudited)
|
299,296
|
299,296
|
299,296
|
||||||||||||||||||||||
Cash
dividends paid $(0.30 per share)
|
(553,116
|
)
|
(553,116
|
)
|
|||||||||||||||||||||
Employee
Stock Ownership Plan shares allocated
|
19,733
|
38,648
|
58,381
|
||||||||||||||||||||||
Treasury
shares purchased
|
(199,558
|
)
|
(199,558
|
)
|
|||||||||||||||||||||
Options
exercised
|
(28,350
|
)
|
68,061
|
39,711
|
|||||||||||||||||||||
Comprehensive
income (unaudited)
|
$
|
487,906
|
|||||||||||||||||||||||
Balances,
September 30, 2007
|
$
|
25,663
|
$
|
27,951,337
|
$
|
18,437,438
|
$
|
(384,252
|
)
|
$
|
(502,593
|
)
|
$
|
(11,476,431
|
)
|
$
|
34,051,162
|
Year
to Date
|
|||||||
September
30,
|
|||||||
2007
|
2006
|
||||||
(Unaudited)
|
|||||||
Net
Cash Provided by Operating Activities
|
$
|
870,853
|
$
|
1,021,240
|
|||
Investing
Activities
|
|||||||
Net
change in interest-bearing deposits
|
298,000
|
0
|
|||||
Proceeds
from maturities of securities available for sale
|
2,479,412
|
2,162,198
|
|||||
Proceeds
from maturities of securities held to maturity
|
483,587
|
345,212
|
|||||
Purchases
of securities available for sale
|
(1,743,787
|
)
|
(425,718
|
)
|
|||
Net
change in loans
|
(1,911,521
|
)
|
(4,331,587
|
)
|
|||
Purchases
of premises and equipment
|
(53,790
|
)
|
(161,811
|
)
|
|||
Proceeds
from sales of premises and equipment
|
6,430
|
0
|
|||||
Net
cash used in investing activities
|
(441,669
|
)
|
(2,411,706
|
)
|
|||
Financing
Activities
|
|||||||
Net
change in
|
|||||||
Non-interest
bearing, interest-bearing demand
and savings
deposits
|
4,272,996
|
(1,533,885
|
)
|
||||
Certificates
of deposit
|
(16,064,606
|
)
|
12,739,394
|
||||
Proceeds
from issuance of long-term borrowings
|
15,155,000
|
0
|
|||||
Repayments
of long-term borrowings
|
(3,000,000
|
)
|
(2,000,000
|
)
|
|||
Advances
by borrowers for taxes and insurance
|
170,874
|
261,350
|
|||||
Dividends
paid
|
(553,116
|
)
|
(466,378
|
)
|
|||
Purchase
of treasury shares
|
(199,558
|
)
|
(82,073
|
)
|
|||
Options
exercised
|
39,711
|
28,099
|
|||||
Net
cash provided (used) by financing activities
|
(178,699
|
)
|
8,946,507
|
||||
Net
Change in Cash and Cash Equivalents
|
250,485
|
7,556,041
|
|||||
Cash
and Cash Equivalents, Beginning of Period
|
14,850,986
|
9,737,702
|
|||||
Cash
and Cash Equivalents, End of Period
|
$
|
15,101,471
|
$
|
17,293,743
|
|||
Additional
Cash Flow Information
|
|||||||
Interest
paid
|
$
|
2,822,766
|
$
|
1,966,372
|
|||
Income
tax paid
|
0
|
0
|
September 30,
2007
|
June 30,
2007
|
||||||
(unaudited)
|
|||||||
Federal
Home Loan Bank putable advances
|
|||||||
Fixed
rate of 5.360%, due in March 2008
|
$
|
2,500,000
|
|||||
Fixed
rate of 4.980%, due in December 2010
|
$
|
2,000,000
|
2,000,000
|
||||
Fixed
rate of 5.370%, due in February 2011
|
10,000,000
|
10,000,000
|
|||||
Fixed
rate of 4.830%, due in July 2011
|
10,000,000
|
10,000,000
|
|||||
Fixed
rate of 4.350%, due in September 2015
|
10,000,000
|
10,000,000
|
|||||
Fixed
rate of 3.700%, due in September 2015
|
10,000,000
|
10,000,000
|
|||||
Fixed
rate of 4.610%, due in June 2017
|
15,000,000
|
15,000,000
|
|||||
Fixed
rate of 4.140%, due in August 2017
|
5,000,000
|
||||||
Fixed
rate of 3.910%, due in September 2017
|
5,000,000
|
||||||
Federal
Home Loan Bank bullet advances
|
|||||||
Fixed
rate of 3.290%, due in August 2007
|
500,000
|
||||||
Fixed
rate of 5.310%, due in June 2008
|
4,000,000
|
4,000,000
|
|||||
Fixed
rate of 4.300%, due in June 2010
|
500,000
|
500,000
|
|||||
Total
Federal Home Loan Bank advances
|
71,500,000
|
64,500,000
|
|||||
Reverse
repurchase agreements
|
|||||||
Fixed
rate of 4.2850%, due in January 2017
|
8,000,000
|
||||||
Fixed
rate of 4.410%, due in July 2017
|
8,000,000
|
||||||
Junior
Subordinated Debentures, 6.905% rate, due September 2037
|
5,155,000
|
||||||
Discount
on purchased borrowings
|
(3,108
|
)
|
(4,126
|
)
|
|||
Total
long-term debt
|
$
|
84,651,892
|
$
|
72,495,874
|
|||
Weighted
average rate
|
4.679
|
%
|
4.611
|
%
|
Quarter Ended September 30, 2007
|
||||||||||
Income
|
Weighted-Average Shares
|
Per Share Amount
|
||||||||
Net
income
|
$
|
188,610
|
||||||||
Basic
earnings per share
|
||||||||||
Income
available to common stockholders
|
$
|
188,610
|
$
|
1,785,092
|
$
|
0.11
|
||||
Effect
of dilutive securities
|
||||||||||
Stock
options
|
—
|
16,805
|
||||||||
Diluted
earnings per share
|
||||||||||
Income
available to common stockholders and assumed conversions
|
$
|
188,610
|
$
|
1,801,897
|
$
|
0.10
|
Quarter Ended September 30, 2006
|
||||||||||
Income
|
Weighted-Average Shares
|
Per Share Amount
|
||||||||
Net
income
|
$
|
173,670
|
||||||||
Basic
earnings per share
|
||||||||||
Income
available to common stockholders
|
$
|
173,670
|
$
|
1,485,565
|
$
|
0.12
|
||||
Effect
of dilutive securities
|
||||||||||
Stock
options
|
—
|
34,728
|
||||||||
Diluted
earnings per share
|
||||||||||
Income
available to common stockholders and assumed conversions
|
$
|
173,670
|
$
|
1,520,293
|
$
|
0.11
|
September 30,
2007
|
June 30,
2007
|
||||||
Loans
accounted for on a nonaccrual basis
|
$
|
145,000
|
$
|
311,000
|
|||
Accruing
loans past due 90 days or more
|
16,000
|
14,000
|
|||||
Nonperforming
loans
|
161,000
|
325,000
|
|||||
Real
estate owned (net)
|
97,000
|
10,000
|
|||||
Other
repossessed assets
|
8,000
|
33,000
|
|||||
Total
nonperforming assets
|
$
|
266,000
|
$
|
368,000
|
|||
Total
loans delinquent 90 days or more to total loans
|
0.07
|
%
|
0.14
|
%
|
|||
Total
loans delinquent 90 days or more to total assets
|
0.04
|
%
|
0.09
|
%
|
|||
Total
nonperforming assets to total assets
|
0.07
|
%
|
0.10
|
%
|
Regulatory Minimum
|
Well Capitalized per
|
||||||||||||||||||
Actual
|
Required Capital
|
12 CFR Part 565
|
|||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||
(Dollars
in Thousands)
|
|||||||||||||||||||
As
of September 30, 2007 (unaudited)
|
|||||||||||||||||||
Total
capital (to risk weighted assets)
|
$
|
27,066
|
11.43
|
%
|
$
|
18,940
|
8.00
|
%
|
$
|
23,675
|
10.00
|
%
|
|||||||
Tier
I capital (to risk weighted assets)
|
27,009
|
11.04
|
9,470
|
4.00
|
14,205
|
6.00
|
|||||||||||||
Tier
I capital (to adjusted total assets)
|
27,009
|
7.67
|
14,088
|
4.00
|
17,610
|
5.00
|
|||||||||||||
As
of June 30, 2007
|
|||||||||||||||||||
Total
capital (to risk weighted assets)
|
$
|
25,680
|
10.81
|
%
|
$
|
19,010
|
8.00
|
%
|
$
|
23,763
|
10.00
|
%
|
|||||||
Tier
I capital (to risk weighted assets)
|
25,675
|
10.40
|
9,505
|
4.00
|
14,258
|
6.00
|
|||||||||||||
Tier
I capital (to adjusted total assets)
|
25,675
|
7.23
|
14,200
|
4.00
|
17,750
|
5.00
|
Period
|
Total
Number of Shares Purchased
|
Average
Price Paid per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans or
Programs
|
Maximum
Number of Shares that May Yet Be Purchased Under the Plans or
Programs
|
|||||||||
July
1, 2007 through July 31, 2007
|
0
|
N/A
|
N/A
|
59,359
|
|||||||||
August
1, 2007 through August 31, 2007
|
11,238
|
$
|
15.69
|
11,238
|
48,121
|
||||||||
September
1, 2007 through September 30, 2007
|
1,500
|
$
|
15.10
|
1,500
|
46,621
|
||||||||
Total
|
12,738
|
$
|
15.62
|
12,738
|
10.1
|
*
Deferred Compensation Agreement for George J.
Smith
|
31.1
|
Rule
13a-14(a)/15d-14(a) Chief Executive Officer
Certification.
|
31.2
|
Rule
13a-14(a)/15d-14(a) Chief Financial Officer
Certification.
|
32.0
|
Section
1350 Certifications.
|
Dated:
November 13, 2007
|
By:
/s/ Michael H. Head
|
Michael
H. Head
|
|
President and Chief Executive Officer
|
|
(principal executive officer)
|
By:
/s/ George J. Smith
|
|
George
J. Smith
|
|
Treasurer and Chief Financial Officer
|
|
(principal financial and accounting officer)
|
1 Year First Bancorp Ind New (MM) Chart |
1 Month First Bancorp Ind New (MM) Chart |
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