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 16 /PRNewswire-FirstCall/ -- First Bancorp of Indiana,
Inc., , the holding company for First Federal Savings Bank (the "Bank"),
reported earnings of $271,000 for the quarter ended March 31, 2004, compared to
$302,000 for the same quarter in 2003, a decrease of 10.3 percent. For the
nine months ended March 31, 2004, net income was $883,000 or 20.2 percent below
the $1.1 million recognized over the like period a year ago.
Third quarter earnings represented 17 cents per average outstanding share
(diluted) compared to 19 cents for the quarter ended March 31, 2003. For the
first three quarters of the fiscal year, diluted earnings per share totaled 56
cents on 1.58 million average shares compared to 70 cents on 1.59 million
shares during the same period the preceding year.
The lower third quarter earnings primarily resulted from increased noninterest
expenses, most notably personnel expenses. Such expenses, of which more than
three-quarters was attributable to the various employee benefit programs,
increased 12.0 percent over the same period in fiscal 2003.
For the quarter ended March 31, 2004, net interest income increased 1.0 percent
despite the sustained low interest rate environment during the past twelve
months that has narrowed the spread between the yields on earning assets and
the costs of funds. Noninterest income grew 6.7 percent between the
comparative quarters. However, much of this increase was attributed to
non-routine items. Aside from these items, gains on consumer loan sales, fees
for servicing sold loans, and fees for ATM usage offset lower mortgage bank
revenue and deposit service charges.
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)
3/31/2004 6/30/2003
Selected Balance Sheet Data: (unaudited)
Total assets 236,746 188,506
Investment securities 4,094 0
Mortgage-backed securities 66,257 31,957
Loans receivable, net 143,666 135,022
Deposit accounts 159,065 115,891
Short-term borrowings 1,000 0
Long-term debt 42,333 40,333
Equity capital 30,572 29,906
Three months Nine months
ended March 31, ended March 31,
2004 2003 2004 2003
Selected Operating Data: (unaudited)(unaudited) (unaudited)(unaudited)
Interest income 2,681 2,595 7,823 8,217
Interest expense 1,180 1,108 3,401 3,594
Net interest income 1,501 1,487 4,422 4,623
Provision for loan losses 90 123 137 423
Net interest income after
provision 1,411 1,364 4,285 4,200
Noninterest income 523 490 1,544 1,452
Noninterest expense 1,571 1,439 4,563 4,083
Income before income taxes
and cumulative effect of a
change in accounting principle 363 415 1,266 1,569
Income taxes 92 113 383 463
Cumulative effect of change in
accounting principle 0 0 0 0
Net income 271 302 883 1,106
At or for At or for
the three months the nine months
ended March 31, ended March 31,
Selected Financial Ratios: 2004 2003 2004 2003
Performance Ratios: (unaudited)(unaudited) (unaudited)(unaudited)
Return on average assets 0.48% 0.67% 0.57% 0.81%
Return on average equity 3.61% 3.95% 3.93% 4.83%
Basic earnings per share 0.18 0.20 0.59 0.73
Diluted earnings per share 0.17 0.19 0.56 0.70
Interest rate spread 2.73% 3.27% 2.91% 3.36%
Net interest margin 2.91% 3.58% 3.12% 3.69%
Other expenses as a % of
average total assets 2.81% 3.17% 2.96% 2.98%
Asset Quality Ratios:
Nonperforming loans as a
% of total loans 0.62% 0.32% 0.62% 0.32%
Nonperforming assets as a
% of total assets 0.39% 0.23% 0.39% 0.23%
Allowance for loan losses
as a % of total loans 0.72% 0.83% 0.72% 0.83%
Allowance for loan losses
as a % of nonperforming
loans 115.27% 258.50% 115.27% 258.50%
DATASOURCE: First Bancorp of Indiana, Inc.
CONTACT: Harold Duncan, Chairman & CEO of First Bancorp of Indiana,
Inc., +1-812-423-3196