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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 |
EVANSVILLE, IN , the holding company for First Federal Savings Bank, reported earnings of $248,000 for the second fiscal quarter ended December 31, 2007, compared to earnings of $228,000 for the same quarter in fiscal 2007. The 8.8 percent improvement in quarterly net earnings was attributed largely to fee income enhancements that offset a more compressed net interest margin. For the first six months of fiscal 2008, net income was $436,000, compared with $401,000 in the like period a year ago. The year-to-date comparative results reflect the October 1, 2006, acquisition of Home Building Bancorp, Inc. (HBBI).
Second quarter earnings represented 14 cents per average outstanding share (diluted) compared to 13 cents for the quarter ended December 31, 2006. For the first two quarters of the fiscal 2008, diluted earnings per share totaled 24 cents on 1.80 million average shares compared to 24 cents on 1.67 million shares during the same period the preceding year. The greater number of diluted shares in fiscal 2008 was attributed primarily to the 293,946 shares issued in conjunction with the HBBI acquisition.
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) 12/31/2007 6/30/2007 =========== =========== Selected Balance Sheet Data: (unaudited) Total assets 368,296 362,992 Investment securities 40,870 44,602 Mortgage-backed securities 48,606 35,496 Loans receivable, net 232,045 233,237 Deposit accounts 228,354 251,234 Borrowings 99,653 72,496 Equity capital 34,407 34,218 Three months Six months ended December 31, ended December 31, 2007 2006 2007 2006 =========== =========== =========== =========== Operating Results: (unaudited) (unaudited) (unaudited) (unaudited) Interest income 5,268 5,058 10,503 9,109 Interest expense 3,342 3,076 6,724 5,493 ----------- ----------- ----------- ----------- Net interest income 1,926 1,982 3,779 3,616 Provision for loan losses 115 100 195 195 ----------- ----------- ----------- ----------- Net interest income after provision 1,811 1,882 3,584 3,421 Noninterest income 606 459 1,096 960 Noninterest expense 2,107 2,037 4,140 3,859 ----------- ----------- ----------- ----------- Income before income taxes and cumulative effect of a change in 310 304 540 522 accounting principle Income taxes 62 76 104 121 Cumulative effect of change in accounting principle 0 0 0 0 ----------- ----------- ----------- ----------- Net income 248 228 436 401 At or for At or for the three months the six months Selected Financial ended December 31, ended December 31, Ratios: 2007 2006 2007 2006 =========== =========== =========== =========== Performance Ratios: (unaudited) (unaudited) (unaudited) (unaudited) Return on average assets 0.27% 0.26% 0.24% 0.25% Return on average equity 2.90% 2.67% 2.56% 2.57% Basic earnings per share 0.14 0.13 0.24 0.25 Diluted earnings per share 0.14 0.13 0.24 0.24 Interest rate spread 2.12% 2.16% 2.08% 2.15% Net interest margin 2.34% 2.47% 2.29% 2.44% Other expenses as a % of average total assets 2.31% 2.32% 2.27% 2.38% Asset Quality Ratios: Nonperforming loans as a % of total loans 0.05% 0.25% 0.05% 0.25% Nonperforming assets as a % of total assets 0.07% 0.18% 0.07% 0.18% Allowance for loan losses as a % of total loans 0.43% 0.53% 0.43% 0.53% Allowance for loan losses as a % of nonperforming loans 783.59% 208.28% 783.59% 208.28%
CONTACT: Michael H. Head President and CEO First Bancorp of Indiana 812-492-8100
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