First Indiana Announces 2007 First Quarter Earnings

Share Name	Share Symbol	Market	Type
First Ind Corp (MM)	NASDAQ:FINB	NASDAQ	Common Stock

First Ind Corp (MM) (NASDAQ:FINB)
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INDIANAPOLIS, April 17 /PRNewswire-FirstCall/ -- First Indiana Corporation today announced net income from continuing operations of $6.0 million, or $0.36 per diluted share, for the quarter ended March 31, 2007. Net income from continuing operations for the first quarter of the previous year was $5.9 million, or $0.35 per diluted share. Annualized return on average assets for the first quarter of 2007 was 1.16 percent, compared with 1.23 percent for the first quarter of 2006 on continuing operations. Annualized return on average equity for the first quarter of 2007 was 13.51 percent, compared with 13.19 percent for the first quarter of 2006 on continuing operations. The Corporation will host a conference call to discuss first quarter financial results on Wednesday, April 18 at 2:00 p.m. EDT. To participate, please call (800) 278-9857 and use conference ID: 4150442. A replay of the call will be available from 4:00 p.m. EDT on Wednesday, April 18, 2007 through midnight Wednesday, April 25, 2007. To hear the replay, call (800) 642-1687 and use conference ID: 4150442. First Indiana Corporation (NASDAQ:FINB) is a full-service financial services company offering comprehensive financial solutions to businesses and individuals. It is the holding company for First Indiana Bank, N.A., the largest commercial bank headquartered in Indianapolis. Founded in 1915, First Indiana Bank is a national bank with 32 offices in central Indiana. Information about First Indiana is available at (317) 269-1200, or at http://www.firstindiana.com/, which is not a part of this news release. This document may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. The forward- looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Information concerning factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements is available in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2006, and subsequent filings with the United States Securities and Exchange Commission (SEC). Copies of these filings are available at no cost on the SEC's Web site at http://www.sec.gov/ or on the Corporation's Web site at http://www.firstindiana.com/. Management may elect to update forward-looking statements at some future point; however, it specifically disclaims any obligation to do so. Financial Highlights First Indiana Corporation and Subsidiaries (Dollars in Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended -------------------------------------- March 31 December 31 March 31 2007 2006 2006 ---------- ------------ ---------- Net Interest Income $18,492 $18,179 $17,854 Provision for Loan Losses -- -- (250) Non-Interest Income 6,324 6,530 7,440 Non-Interest Expense 15,309 15,345 16,172 Income from Continuing Operations, Net of Taxes 6,022 6,010 5,910 Income from Discontinued Operations, Net of Taxes -- -- 8,653 Net Income 6,022 6,010 14,563 Basic Earnings Per Share Income from Continuing Operations, Net of Taxes $0.37 $0.36 $0.35 Income from Discontinued Operations, Net of Taxes -- -- 0.52 ---------- ------------ ---------- Net Income $0.37 $0.36 $0.87 ========== ============ ========== Diluted Earnings Per Share Income from Continuing Operations, Net of Taxes $0.36 $0.35 $0.35 Income from Discontinued Operations, Net of Taxes -- -- 0.50 ---------- ------------ ---------- Net Income $0.36 $0.35 $0.85 ========== ============ ========== Dividends Per Share $0.210 $0.200 $0.200 Net Interest Margin 3.75 % 3.65 % 3.90 % Efficiency Ratio (1) 61.69 62.10 63.94 Annualized Return on Average Assets (2) 1.16 1.13 3.02 Annualized Return on Average Equity (2) 13.51 13.20 32.49 Average Basic Shares Outstanding 16,375,678 16,482,585 16,764,221 Average Diluted Shares Outstanding 16,665,528 16,842,036 17,193,914 March 31 December 31 March 31 2007 2006 2006 ---------- ------------ ---------- Assets $2,124,363 $2,162,113 $2,035,657 Loans 1,675,780 1,694,687 1,567,656 Deposits 1,594,237 1,611,055 1,503,081 Shareholders' Equity 177,374 182,094 175,741 Shareholders' Equity/Assets 8.35 % 8.42 % 8.63 % Tangible Equity/Tangible Assets 6.88 % 6.98 % 7.09 % Shareholders' Equity Per Share $10.74 $10.87 $10.41 Market Closing Price 21.85 25.36 27.90 Shares Outstanding 16,521,468 16,767,727 16,888,805 (1) Based on continuing operations. (2) Includes earnings from continuing and discontinued operations. Condensed Consolidated Balance Sheets First Indiana Corporation and Subsidiaries (Dollars in Thousands) March 31 December 31 March 31 2007 2006 2006 (Unaudited) (Unaudited) ---------- --------- ---------- Assets Cash $44,343 $53,511 $43,031 Interest-Bearing Due from Banks 2,598 6,317 2,459 Federal Funds Sold 42,700 41,500 75,000 Securities Available for Sale 257,058 262,827 248,769 Other Investments 20,006 20,006 26,540 Loans Business 621,749 619,891 546,425 Commercial Real Estate 188,331 191,020 166,847 Single-Family Construction 133,454 126,916 103,357 Consumer 471,299 488,173 488,697 Residential Mortgage 260,947 268,687 262,330 ---------- --------- ---------- Total Loans 1,675,780 1,694,687 1,567,656 Allowance for Loan Losses (29,373) (30,463) (38,435) ---------- ---------- ---------- Net Loans 1,646,407 1,664,224 1,529,221 Premises and Equipment 27,472 27,218 24,488 Accrued Interest Receivable 10,091 11,710 10,060 Goodwill 30,682 30,682 30,682 Other Intangible Assets 2,784 2,864 3,120 Other Assets 40,222 41,254 42,287 ---------- ----------- ---------- Total Assets $2,124,363 $2,162,113 $2,035,657 ========== ========== ========== Liabilities Non-Interest-Bearing Deposits $220,270 $242,975 $225,860 Interest-Bearing Deposits Demand Deposits 201,261 194,878 184,921 Savings Deposits 661,237 664,474 529,550 Certificates of Deposit 511,468 508,728 562,750 ---------- ----------- ---------- Total Interest-Bearing Deposits 1,373,966 1,368,080 1,277,221 ---------- ----------- ---------- Total Deposits 1,594,236 1,611,055 1,503,081 Short-Term Borrowings 259,380 277,888 232,033 Federal Home Loan Bank Advances 18,479 19,666 42,907 Subordinated Notes 46,936 46,905 46,812 Accrued Interest Payable 3,331 2,612 2,747 Advances by Borrowers for Taxes and Insurance 2,163 1,265 3,569 Other Liabilities 22,464 20,628 28,767 ---------- ----------- ---------- Total Liabilities 1,946,989 1,980,019 1,859,916 ---------- ----------- ---------- Shareholders' Equity Common Stock 206 205 204 Capital Surplus 18,685 18,121 16,108 Retained Earnings 227,418 225,365 217,006 Accumulated Other Comprehensive Income (Loss) (2,461) (2,908) (4,000) Treasury Stock at Cost (66,474) (58,689) (53,577) ---------- ----------- ---------- Total Shareholders' Equity 177,374 182,094 175,741 ---------- ----------- ---------- Total Liabilities and Shareholders' Equity $2,124,363 $2,162,113 $2,035,657 ========== ========== ========== Condensed Consolidated Statements of Income First Indiana Corporation and Subsidiaries (Dollars in Thousands, Except Per Share Data) Three Months Ended -------------------- March 31 December 31 March 31 2007 2006 2006 (Unaudited) (Unaudited) ---------- --------- ---------- Interest Income Interest-Bearing Due from Banks $34 $48 $103 Federal Funds Sold 205 290 48 Securities Available for Sale 2,697 2,521 2,444 Dividends on Other Investments 246 274 348 Loans 31,761 31,763 27,188 ---------- ----------- ---------- Total Interest Income 34,943 34,896 30,131 Interest Expense Deposits 12,965 13,293 8,420 Short-Term Borrowings 2,394 2,310 2,239 Federal Home Loan Bank Advances 254 271 779 Subordinated Notes 838 843 839 ---------- ----------- ---------- Total Interest Expense 16,451 16,717 12,277 ---------- ----------- ---------- Net Interest Income 18,492 18,179 17,854 Provision for Loan Losses -- -- (250) ---------- ----------- ---------- Net Interest Income after Provision for Loan Losses 18,492 18,179 18,104 Non-Interest Income Deposit Charges 4,196 4,358 3,863 Loan Fees 245 320 509 Investment Product Sales Commissions 307 191 221 Sale of Loans 1,182 1,119 2,053 Other 394 542 794 ---------- ----------- ---------- Total Non-Interest Income 6,324 6,530 7,440 Non-Interest Expense Salaries and Benefits 9,491 8,835 9,707 Net Occupancy 1,094 1,084 949 Equipment 1,316 1,378 2,159 Professional Services 776 1,038 881 Marketing 636 632 504 Telephone, Supplies, and Postage 712 676 714 Other Intangible Asset Amortization 80 86 85 OREO Expenses (Income) (419) (52) (224) Other 1,623 1,668 1,397 ---------- ----------- ---------- Total Non-Interest Expense 15,309 15,345 16,172 ---------- ----------- ---------- Income from Continuing Operations 9,507 9,364 9,372 Income Taxes 3,485 3,354 3,462 ---------- ----------- ---------- Income from Continuing Operations, Net of Taxes 6,022 6,010 5,910 Discontinued Operations Income from Discontinued Operations -- -- 14,254 Income Taxes -- -- 5,601 ---------- ----------- ---------- Income from Discontinued Operations, Net of Taxes -- -- 8,653 ---------- ----------- ---------- Net Income $6,022 $6,010 $14,563 ========== =========== ========== Basic Earnings Per Share Income from Continuing Operations, Net of Taxes $0.37 $0.36 $0.35 Income from Discontinued Operations, Net of Taxes -- -- 0.52 ---------- ----------- ---------- Net Income $0.37 $0.36 $0.87 ========== =========== ========== Diluted Earnings Per Share Income from Continuing Operations, Net of Taxes $0.36 $0.35 $0.35 Income from Discontinued Operations, Net of Taxes -- -- 0.50 ---------- ----------- ---------- Net Income $0.36 $0.35 $0.85 ========== =========== ========== Dividends Per Common Share $0.210 $0.200 $0.200 ========== =========== ========== Net Interest Margin First Indiana Corporation and Subsidiaries (Dollars in Thousands) (Unaudited) Three Months Ended ----------------------------- March 31, 2007 ----------------------------- Average Yield / Balance Interest Rate --------- ---------- -------- Assets Interest-Bearing Due from Banks $2,620 $34 5.08 % Federal Funds Sold 14,836 205 5.48 Securities Available for Sale 258,747 2,697 4.17 Other Investments 20,006 246 4.91 Loans Business 619,512 12,708 8.14 Commercial Real Estate 186,572 3,963 8.43 Single-Family Construction 132,658 2,839 8.49 Consumer 480,518 8,729 7.27 Residential Mortgage 264,339 3,522 5.33 --------- ------ Total Loans 1,683,599 31,761 7.65 --------- ------ Total Earning Assets 1,979,808 34,943 7.03 Other Assets 122,910 ---------- Total Assets $2,102,718 ========== Liabilities and Shareholders' Equity Interest-Bearing Deposits Demand Deposits $195,425 $648 1.32 % Savings Deposits 676,524 6,303 3.70 Certificates of Deposit 511,766 6,014 4.66 --------- ------ Total Interest-Bearing Deposits 1,383,715 12,965 3.72 Short-Term Borrowings 227,984 2,394 4.17 Federal Home Loan Bank Advances 18,768 254 5.36 Subordinated Notes 46,925 838 7.14 --------- ------ Total Interest-Bearing Liabilities 1,677,392 16,451 3.89 Non-Interest-Bearing Demand Deposits 214,756 Other Liabilities 29,719 Shareholders' Equity 180,851 --------- Total Liabilities and Shareholders' Equity $2,102,718 ========== ------- Net Interest Income/Spread $18,492 3.14 % ======= ====== Net Interest Margin 3.75 % ====== Three Months Ended ----------------------------- March 31, 2006 ----------------------------- Average Yield / Balance Interest Rate --------- ---------- --------- Assets Interest-Bearing Due from Banks $8,987 $103 4.67 % Federal Funds Sold 4,310 48 4.52 Securities Available for Sale 247,115 2,444 3.96 Other Investments 26,540 348 5.25 Loans Business 531,336 9,735 7.43 Commercial Real Estate 160,987 3,169 7.98 Single-Family Construction 100,551 1,921 7.75 Consumer 497,205 9,070 7.30 Residential Mortgage 261,233 3,293 5.04 --------- ------ Total Loans 1,551,312 27,188 7.06 --------- ------ Total Earning Assets 1,838,264 30,131 6.60 Other Assets 117,297 ---------- Total Assets $1,955,561 ========== Liabilities and Shareholders' Equity Interest-Bearing Deposits Demand Deposits $182,699 $323 0.72 % Savings Deposits 499,109 3,319 2.70 Certificates of Deposit 482,600 4,778 4.02 --------- ----- Total Interest-Bearing Deposits 1,164,408 8,420 2.93 Short-Term Borrowings 239,319 2,239 3.79 Federal Home Loan Bank Advances 65,871 779 4.80 Subordinated Notes 46,802 839 7.17 --------- ------ Total Interest-Bearing Liabilities 1,516,400 12,277 3.28 Non-Interest-Bearing Demand Deposits 220,574 Other Liabilities 36,833 Shareholders' Equity 181,754 ---------- Total Liabilities and Shareholders' Equity $1,955,561 ========== ------- Net Interest Income/Spread $17,854 3.32 % ======= ====== Net Interest Margin 3.90 % ====== Loan Charge-Offs and Recoveries First Indiana Corporation and Subsidiaries (Dollars in Thousands) (Unaudited) Three Months Ended ------------------------------ March 31 December 31 March 31 2007 2006 2006 -------- ----------- -------- Allowance for Loan Losses at Beginning of Period $30,463 $34,972 $39,168 Charge-Offs Business 682 3,697 128 Commercial Real Estate -- 498 -- Consumer 1,160 1,347 1,125 Residential Mortgage 102 22 139 ------- ------- ------- Total Charge-Offs 1,944 5,564 1,392 Recoveries Business 430 412 234 Single-Family Construction -- 35 1 Consumer 406 608 674 Residential Mortgage 18 -- -- ------- ------- ------- Total Recoveries 854 1,055 909 ------- ------- ------- Net Charge-Offs 1,090 4,509 483 Provision for Loan Losses -- -- (250) ------- ------- ------- Allowance for Loan Losses at End of Period $29,373 $30,463 $38,435 ======= ======= ======= Net Charge-Offs to Average Loans (Annualized) 0.26 % 1.05 % 0.13 % Allowance for Loan Losses to Loans at End of Period 1.75 1.80 2.45 Allowance for Loan Losses to Non- Performing Loans at End of Period 592.80 232.52 848.08 Non-Performing Assets First Indiana Corporation and Subsidiaries (Dollars in Thousands) March 31, December 31, March 31, 2007 2006 2006 ---------- ------------ --------- Non-Performing Loans Non-Accrual Loans Business $1,277 $9,064 $728 Commercial Real Estate 753 723 -- Consumer 1,208 917 638 Residential Mortgage 948 705 426 ------- ------- ------- Total Non-Accrual Loans 4,186 11,409 1,792 ------- ------- ------- Accruing Loans Past Due 90 Days or More Business 40 710 -- Commercial Real Estate 275 209 2,592 Single-Family Construction 345 - - Consumer 109 445 148 Residential Mortgage -- 303 -- ------- ------- ------- Total Accruing Loans Past Due 90 Days or More 769 1,667 2,740 ------- ------- ------- Total Non-Performing Loans 4,955 13,076 4,532 Foreclosed Assets 25 25 18 ------- ------- ------- Total Non-Performing Assets $4,980 $13,101 $4,550 ======= ======= ======= Non-Performing Loans to Loans at End of Period 0.30 % 0.77 % 0.29 % Non-Performing Assets to Loans and Foreclosed Assets at End of Period 0.30 0.77 0.29 DATASOURCE: First Indiana Corporation CONTACT: William J. Brunner, CFO - Shareholders & Analysts, of First Indiana Corporation, +1-317-269-1614; or Beth Copeland - Media, +1-317-269-1395 Web site: http://www.firstindiana.com/

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FINB First Ind Corp (MM)