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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 $355,000 for the third fiscal quarter ended March 31, 2008, compared to earnings of $190,000 for the same quarter in fiscal 2007. The 86.8 percent improvement in quarterly net earnings was attributed largely to an improved net interest margin and fee income enhancements. For the first nine months of fiscal 2008, net income was $791,000, compared with $591,000 in the like period a year ago.
Third quarter earnings represented 20 cents per average outstanding share (diluted) compared to 10 cents for the quarter ended March 31, 2007. For the first three quarters of the fiscal 2008, diluted earnings per share totaled 44 cents on 1.80 million average shares compared to 34 cents on 1.72 million average 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 October 1, 2006, acquisition of Home Building Bancorp, Inc.
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) 3/31/2008 6/30/2007 =========== =========== Selected Balance Sheet (unaudited) Data: Total assets 370,668 362,992 Investment securities 41,582 44,602 Mortgage-backed securities 54,784 35,496 Loans receivable, net 231,259 233,237 Deposit accounts 228,135 251,234 Borrowings 101,499 72,496 Equity capital 34,176 34,218 Three months ended Nine months ended March 31, March 31, 2008 2007 2008 2007 =========== =========== =========== =========== Operating Results: (unaudited) (unaudited) (unaudited) (unaudited) Interest income 5,276 5,085 15,779 14,194 Interest expense 3,227 3,215 9,951 8,709 ----------- ----------- ----------- ----------- Net interest income 2,049 1,870 5,828 5,485 Provision for loan losses 135 105 330 300 ----------- ----------- ----------- ----------- Net interest income after provision 1,914 1,765 5,498 5,185 Noninterest income 527 492 1,623 1,451 Noninterest expense 1,973 2,018 6,113 5,876 ----------- ----------- ----------- ----------- Income before income taxes and cumulative effect of a change in accounting principle 468 239 1,008 760 Income taxes 113 49 217 169 Cumulative effect of change in accounting principle 0 0 0 0 ----------- ----------- ----------- ----------- Net income 355 190 791 591 At or for the At or for the three months ended nine months ended March 31, March 31, 2008 2007 2008 2007 =========== =========== =========== =========== Performance Ratios: (unaudited) (unaudited) (unaudited) (unaudited) Return on average assets 0.38% 0.21% 0.29% 0.23% Return on average equity 4.12% 2.22% 3.09% 2.45% Basic earnings per share 0.20 0.11 0.44 0.35 Diluted earnings per share 0.20 0.10 0.44 0.34 Interest rate spread 2.22% 2.05% 2.12% 2.11% Net interest margin 2.42% 2.26% 2.34% 2.38% Other expenses as a % of average total assets 2.12% 2.20% 2.22% 2.31% Asset Quality Ratios: Nonperforming loans as a % of total loans 0.10% 0.22% 0.10% 0.22% Nonperforming assets as a % of total assets 0.10% 0.20% 0.10% 0.20% Allowance for loan losses as a % of total loans 0.45% 0.50% 0.45% 0.50% Allowance for loan losses as a % of nonperforming loans 427.16% 226.97% 427.16% 226.97%
CONTACT: Michael H. Head President and CEO First Bancorp of Indiana 812-492-8100
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