First Bancorp Ind New (MM) (NASDAQ:FBEI)
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First Bancorp of Indiana, Inc. Announces Earnings
EVANSVILLE, Ind., Oct. 19 /PRNewswire-FirstCall/ -- First Bancorp of Indiana,
Inc., (NASDAQ:FBEI), the holding company for First Federal Savings Bank (the
"Bank"), reported first quarter earnings of $395,000 for the quarter ended
September 30, 2004, a 56.7 percent increase from the $252,000 reported for the
same period in fiscal 2004.
First quarter earnings represented 25 cents per average outstanding share
(diluted), an increase of 56.3 percent from the 16 cents for the quarter ended
September 30, 2003. Average diluted shares increased slightly during the
intervening twelve months to 1.57 million at September 30, 2004, from 1.56
million a year earlier. The increased number of diluted shares was attributed
to the allocation of shares held by the Bank's Employee Stock Ownership Plan
and the vesting of shares awarded under the Company's 1999 Stock-Based
Incentive Plan. In addition, the Company's repurchase of 26,389 shares of
common stock was offset by the exercise of 26,922 option shares over the twelve
months ended September 30, 2004. The Company's board of directors paid a
semiannual dividend of 29 cents per outstanding share during the most recent
quarter, a 7.4 percent increase from the same period in fiscal 2004.
The improved net earnings were derived from growth in the loan and investment
securities portfolios. For example, total interest income grew $716,000, or
27.8 percent, from the same period a year ago. During the same span total
interest expenses increased $306,000, or 27.5 percent. These changes produced
a 28.1 percent improvement in net interest income.
Noninterest income declined $45,000, or 9.2 percent, between the comparative
quarters. This variance was attributed primarily to lesser gains on the sale
of loans. At the same time, noninterest expenses for the quarter ended
September 30, 2004, were 5.4 percent above the same period in fiscal 2004.
Increased advertising and data processing expenditures were the major
contributors to the higher noninterest expenses.
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)
9/30/2004 6/30/2004
Selected Balance Sheet Data: (unaudited)
Total assets 270,892 264,065
Investment securities 8,799 9,663
Mortgage-backed securities 63,119 65,846
Loans receivable, net 169,824 162,687
Deposit accounts 197,906 182,740
Short-term borrowings 2,500 12,500
Long-term debt 35,667 35,667
Equity capital 29,593 28,968
Three months
ended September 30,
2004 2003
Operating Results: (unaudited) (unaudited)
Interest income 3,290 2,573
Interest expense 1,420 1,114
Net interest income 1,870 1,459
Provision for loan losses 120 90
Net interest income after
provision 1,750 1,369
Noninterest income 443 487
Noninterest expense 1,563 1,483
Income before income taxes and
cumulative effect of a change
in accounting principle 630 373
Income taxes 235 121
Cumulative effect of change
in accounting principle 0 0
Net income 395 252
At or for
the three months
ended September 30,
Selected Financial Ratios: 2004 2003
Performance Ratios: (unaudited) (unaudited)
Return on average assets 0.58% 0.52%
Return on average equity 5.45% 3.37%
Basic earnings per share 0.26 0.17
Diluted earnings per share 0.25 0.16
Interest rate spread 2.83% 3.09%
Net interest margin 2.97% 3.33%
Other expenses as a % of average
total assets 2.31% 3.08%
Asset Quality Ratios:
Nonperforming loans as a % of
total loans 0.08% 0.28%
Nonperforming assets as a % of
total assets 0.06% 0.23%
Allowance for loan losses as a %
of total loans 0.59% 0.78%
Allowance for loan losses as a %
of nonperforming loans 740.88% 275.42%
DATASOURCE: First Bancorp of Indiana, Inc.
CONTACT: Michael H. Head, President and CEO of First Bancorp of Indiana,
+1-812-423-3196