First Bancorp Ind New (MM) (NASDAQ:FBEI)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more First Bancorp Ind New (MM) Charts. Click Here for more First Bancorp Ind New (MM) Charts.](/p.php?pid=staticchart&s=N%5EFBEI&p=8&t=15)
First Bancorp of Indiana, Inc. Announces Earnings
EVANSVILLE, Ind., April 15 /PRNewswire-FirstCall/ -- First Bancorp of Indiana,
Inc., (NASDAQ:FBEI), the holding company for First Federal Savings Bank (the
"Bank"), reported earnings of $370,000 for the quarter ended March 31, 2005,
compared to $271,000 for the same quarter in 2004, an increase of 36.5 percent.
For the nine months ended March 31, 2005, net income was $1.16 million or 31.4
percent ahead of the $883,000 recognized over the like period a year ago.
Earnings for the third fiscal quarter represented 24 cents per average
outstanding share (diluted) compared to 17 cents for the quarter ended March
31, 2004. Diluted earnings per share for the first three quarters of fiscal
2005 totaled 74 cents on 1.57 million average shares compared to 57 cents on
1.56 million shares during the same period the preceding year.
The improved net earnings for both the quarter and the year-to-date resulted
primarily from growth in the loan and investment securities portfolios. Total
interest income for the quarter ended March 31, 2005, grew $750,000, or 28.0
percent, from the same period a year ago. Total interest expenses increased
$317,000, or 26.8 percent between the relative quarters. These changes produced
a 28.9 percent improvement in net interest income. Fiscal year-to-date changes
were similar.
Noninterest income declined $165,000, or 31.5 percent, between the comparative
third fiscal quarters. This variance was attributed primarily to lesser gains
on loan sales. At the same time, noninterest expenses for the quarter ended
March 31, 2005, were 4.9 percent above the same period in fiscal 2004.
Increased advertising and software licensing fees were among the major
contributors to the higher level of noninterest expenses. Again, fiscal year-
to-date comparisons generally reflected the quarterly trends.
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. and First Federal Savings Bank, an FDIC- insured
federal stock savings bank, operate from headquarters in Evansville, Indiana.
First Bancorp of Indiana, Inc.
Consolidated Financial Highlights
(in thousands)
3/31/2005 6/30/2004
Selected Balance Sheet Data: (unaudited)
Total assets 283,074 264,065
Investment securities 11,502 9,663
Mortgage-backed securities 55,507 65,846
Loans receivable, net 189,203 162,687
Deposit accounts 201,560 182,740
Short-term borrowings 4,000 12,500
Long-term debt 43,667 35,667
Equity capital 29,196 28,968
Three months Nine months
ended March 31, ended March 31,
2005 2004 2005 2004
Operating Results: (unaudited) (unaudited) (unaudited) (unaudited)
Interest income 3,431 2,681 10,088 7,823
Interest expense 1,496 1,180 4,382 3,401
Net interest income 1,935 1,501 5,706 4,422
Provision for loan losses 60 90 270 137
Net interest income after
provision 1,875 1,411 5,436 4,285
Noninterest income 358 523 1,176 1,544
Noninterest expense 1,648 1,571 4,778 4,563
Income before income taxes
and cumulative effect of a
change in accounting
principle 585 363 1,834 1,266
Income taxes 215 92 678 383
Cumulative effect of change in
accounting principle 0 0 0 0
Net income 370 271 1,156 883
At or for At or for
the three months the nine months
ended March 31, ended March 31,
Selected Financial Ratios: 2005 2004 2005 2004
Performance Ratios: (unaudited) (unaudited) (unaudited) (unaudited)
Return on average assets 0.53% 0.48% 0.56% 0.57%
Return on average equity 4.99% 3.61% 5.23% 3.93%
Basic earnings per share 0.25 0.18 0.77 0.60
Diluted earnings per share 0.24 0.17 0.74 0.57
Interest rate spread 2.84% 2.73% 2.83% 2.91%
Net interest margin 2.97% 2.91% 2.96% 3.12%
Other expenses as a % of
average total assets 2.35% 2.81% 2.31% 2.96%
Asset Quality Ratios:
Nonperforming loans as a %
of total loans 0.07% 0.62% 0.07% 0.62%
Nonperforming assets as a %
of total assets 0.06% 0.39% 0.06% 0.39%
Allowance for loan losses as
a % of total loans 0.56% 0.72% 0.56% 0.72%
Allowance for loan losses as
a % of nonperforming loans 766.67% 115.27% 766.67% 115.27%
DATASOURCE: First Bancorp of Indiana, Inc.
CONTACT: Michael H. Head, President and CEO of First Bancorp of Indiana,
+1-812-423-3196