First Bancorp Ind New (MM) (NASDAQ:FBEI)
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First Bancorp of Indiana, Inc. Announces Financial Results
EVANSVILLE, Ind., July 22 /PRNewswire-FirstCall/ -- First Bancorp of Indiana,
Inc., (NASDAQ:FBEI), the holding company for First Federal Savings Bank (the
"Bank"), reported net earnings of $376,000 for the quarter ended June 30, 2005,
compared to a $578,000 net loss for the same quarter last year. Last year's
comparative quarter included one-time charges associated with the withdrawal
from the company's defined benefit pension plan and the early extinguishment of
borrowed funds that together totaled $1.2 million before tax. For the fiscal
year ended June 30, 2005, net income was $1.5 million compared to last year's
$305,000.
Earnings for the year ended June 30, 2005, represented $0.98 per average
outstanding share (diluted) compared to $0.20 the preceding fiscal year. The
company repurchased 61,239 shares of common stock during the twelve months
ended June 30, 2005, and 32,574 option shares were exercised. These
transactions resulted in 1,597,649 shares outstanding at June 30, 2005. The
company's board of directors authorized the payment of dividends totaling 59
cents per share during the year ended June 30, 2005, a 6.3 percent increase
from fiscal 2004.
Total interest income for the year ended June 30, 2005, increased $2.9 million,
or 27.1 percent, from the preceding fiscal year due primarily to growth in the
average loan and investment securities portfolios. At the same time, higher
average balances of deposits and borrowings together with a rising cost of
funds produced a $1.3 million increase in total interest expenses.
Consequently, net interest income improved 27.3 percent.
Noninterest income declined $210,000, or 11.1 percent, between the comparative
fiscal years. This change was attributed primarily to lesser gains on loan
sales. At the same time, noninterest expenses for the year ended June 30,
2005, were 11.4 percent below the same period in fiscal 2004. However,
excluding last year's one-time costs associated with the withdrawal from the
defined benefit pension plan and the early extinguishment of debt, noninterest
expenses increased approximately 5.7 percent. Increased advertising and
software licensing fees were among the major contributors to the higher level
of recurring 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.
Consolidated Financial Highlights
(in thousands)
6/30/2005 6/30/2004
Selected Balance Sheet Data: (unaudited)
Total assets 277,368 264,065
Investment securities 13,821 9,663
Mortgage-backed securities 51,498 65,846
Loans receivable, net 154,546 162,687
Deposit accounts 195,733 182,740
Short-term borrowings 0 12,500
Long-term debt 45,000 35,667
Equity capital 29,921 28,968
Twelve months
ended June 30,
2005 2004
Selected Operating Data: (unaudited)
Interest income 13,700 10,775
Interest expense 6,003 4,727
Net interest income 7,697 6,048
Provision for loan losses 360 226
Net interest income after provision 7,337 5,822
Noninterest income 1,678 1,888
Noninterest expense 6,586 7,431
Income before income taxes
and cumulative effect of a
change in accounting principle 2,429 279
Income taxes 897 (26)
Net income 1,532 305
At or for the year
ended June 30,
Selected Financial Ratios: 2005 2004
Performance Ratios: (unaudited)
Return on average assets 0.55% 0.14%
Return on average equity 5.19% 1.01%
Basic earnings per share 1.02 0.21
Diluted earnings per share 0.98 0.20
Interest rate spread 2.84% 2.83%
Net interest margin 2.97% 3.02%
Other expenses as a % of average total assets 2.37% 3.42%
Asset Quality Ratios:
Nonperforming loans as a % of total loans 0.27% 0.19%
Nonperforming assets as a % of total assets 0.17% 0.13%
Allowance for loan losses as a % of total loans 0.55% 0.66%
Allowance for loan losses as a %
of nonperforming loans 204.06% 353.44%
DATASOURCE: First Bancorp of Indiana, Inc.
CONTACT: Michael H. Head, President & CEO of First Bancorp of Indiana,
Inc., +1-812-423-3196