First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwired - Jan 23, 2015) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $373,000 for the quarter ended December 31, 2014, compared to net income of $321,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to a 7.5% increase in interest income that more than offset higher overhead expenses.

The Company recognized earnings of $692,000 in the first half of fiscal 2015, an 11.4% improvement from the same period last fiscal year. Net loan growth of $10.3 million over the past 12 months was responsible for the 6.6% increase in net interest income. In addition, the reduced provisions for loan losses reflects the continually improving credit quality of the loan portfolio. Noninterest income declined 5.2% between the comparative six-month periods due to reduced gains from the sale of loans as far fewer borrowers sought to refinance their mortgage loans. Staffing costs were primarily responsible for the increased noninterest expenses.

At approximately 8.9%, 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 27^th 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.