First Bancorp Ind New (MM) (NASDAQ:FBEI)
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First Bancorp of Indiana, Inc. Announces Earnings
EVANSVILLE, Ind., Jan. 14 /PRNewswire-FirstCall/ -- First Bancorp of Indiana,
Inc. (NASDAQ:FBEI), the holding company for First Federal Savings Bank (the
"Bank"), reported earnings of $390,000 for the quarter ended December 31, 2004,
compared to $360,000 for the same quarter in 2003, an increase of 8.3 percent.
For the six months ended December 31, 2004, net income was $786,000 or 28.4
percent ahead of the $612,000 recognized over the like period a year ago.
Second quarter earnings represented 25 cents per average outstanding share
(diluted) compared to 22 cents for the quarter ended December 31, 2003. For
the first two quarters of the fiscal 2005, diluted earnings per share totaled
50 cents on 1.57 million average shares compared to 38 cents on 1.60 million
shares during the same period the preceding year.
The improved net earnings for both the quarter and the year-to-date were
derived from growth in the loan and investment securities portfolios. Total
interest income for the quarter ended December 31, 2004, grew $799,000, or 31.1
percent, from the same period a year ago. Total interest expenses increased
$358,000, or 32.3 percent between the relative quarters. These changes
produced a 30.2 percent improvement in net interest income. Fiscal
year-to-date changes were similar.
During the most recent quarter, the Company provided $90,000 for additional
allowances for loan losses compared to a $43,000 net recovery of allowances
during the same quarter in fiscal 2004. Last year's net recovery was
attributed to sales of loans for which allowances for loss had been provided
previously.
Noninterest income declined $158,000, or 29.7 percent, between the comparative
second quarters. This variance was attributed primarily to lesser gains on the
loan sales. At the same time, noninterest expenses for the quarter ended
December 31, 2004, were 4.0 percent above the same period in fiscal 2004.
Increased advertising, data processing expenditures, and software licensing
fees were 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)
12/31/2004 6/30/2004
Selected Balance Sheet Data: (unaudited)
Total assets 277,928 264,065
Investment securities 10,651 9,663
Mortgage-backed securities 60,526 65,846
Loans receivable, net 179,694 162,687
Deposit accounts 202,268 182,740
Short-term borrowings 6,500 12,500
Long-term debt 35,667 35,667
Equity capital 29,886 28,968
Three months Six months
ended December 31, ended December 31,
2004 2003 2004 2003
Operating Results: (unaudited) (unaudited) (unaudited) (unaudited)
Interest income 3,367 2,568 6,657 5,142
Interest expense 1,465 1,107 2,885 2,221
Net interest income 1,902 1,461 3,772 2,921
Provision for loan losses 90 (43) 210 47
Net interest income
after provision 1,812 1,504 3,562 2,874
Noninterest income 375 533 818 1,021
Noninterest expense 1,569 1,508 3,131 2,992
Income before income
taxes and cumulative
effect of a change in
accounting principle 618 529 1,249 903
Income taxes 228 169 463 291
Cumulative effect of
change in
accounting principle 0 0 0 0
Net income 390 360 786 612
At or for At or for
the three months the six months
ended December 31, ended December 31,
Selected Financial Ratios: 2004 2003 2004 2003
Performance Ratios: (unaudited) (unaudited) (unaudited) (unaudited)
Return on average assets 0.56% 0.71% 0.57% 0.62%
Return on average equity 5.24% 4.83% 5.35% 4.10%
Basic earnings per share 0.26 0.23 0.52 0.40
Diluted earnings per share 0.25 0.22 0.50 0.38
Interest rate spread 2.81% 2.94% 2.82% 3.01%
Net interest margin 2.95% 3.16% 2.96% 3.24%
Other expenses as a % of
average total assets 2.27% 2.99% 2.29% 3.04%
Asset Quality Ratios:
Nonperforming loans as a
% of total loans 0.08% 0.31% 0.08% 0.31%
Nonperforming assets as a
% of total assets 0.08% 0.22% 0.08% 0.22%
Allowance for loan losses as
a % of total loans 0.59% 0.74% 0.59% 0.74%
Allowance for loan losses
as a % of nonperforming
loans 759.29% 238.89% 759.29% 238.89%
DATASOURCE: First Bancorp of Indiana, Inc.
CONTACT: Michael H. Head, President and CEO, First Bancorp of Indiana,
+1-812-423-3196