First Bancorp of Indiana, Inc. Announces Financial Results

First Bancorp of Indiana, Inc. Announces Financial Results
  
 

EVANSVILLE, IN--(Marketwired - Apr 18, 2014) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $412,000 for the quarter ended March 31, 2014. Although lower than the $471,000 for the same quarter last year, net income improved from the $321,000 reported last quarter. The Company recognized earnings of $1,033,000 through the first nine months of fiscal 2014, down from $1,252,000 for the same period in fiscal 2013. The lower fiscal 2014 comparative results were due largely to reduced gains from sales of newly originated mortgage loans as refinancing activity slowed significantly. The slowdown led to a 19.5% decrease in noninterest income for the quarter and a 13.4% decline for the fiscal year to date. Although residential mortgage activity remains well below pre-recession levels, net loans grew 8.2% over the past 12 months contributing to a 10.5% improvement in net interest income for the comparative quarters.

At approximately 8.8%, First Federal's tier one capital ratio was well in excess of the five percent regulatory standard for "well-capitalized" financial institutions. The bank's other capital measurements also continue to comfortably exceed "well-capitalized" standards. In addition, First Bancorp paid a dividend of 15.5 cents per outstanding share for the 24th consecutive quarter.

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)
		3/31/2014		6/30/2013
Selected Balance Sheet Data:		(unaudited)
Total assets		381,254		376,940
Investment securities		85,324		87,376
Loans receivable, net		230,945		213,994
Deposit accounts		267,158		264,948
Borrowings		73,155		73,155
Stockholders' equity		35,074		34,454
		Three months ended March 31,				Nine months ended March 31,
		2014		2013		2014		2013
Operating Results:		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income		3,385		3,186		9,878		9,867
Interest expense		833		876		2,514		2,864
Net interest income		2,552		2,310		7,364		7,003
Provision for loan losses		65		55		195		280
Net interest income after provision		2,487		2,255		7,169		6,723
Noninterest income		813		1,010		2,528		2,920
Noninterest expense		2,800		2,783		8,586		8,361
Income before income taxes and cumulative effect of a change in accounting principle		500		482		1,111		1,282
Income taxes		88		11		78		30
Net income		412		471		1,033		1,252

CONTACT: Michael H. Head President and CEO First Bancorp of Indiana 812-492-8100