EVANSVILLE, IN--(Marketwired - May 1, 2015) - First Bancorp of Indiana, Inc. (OTCBB: FBPI) (OTC PINK: FBPI), the holding company for First Federal Savings Bank, reported earnings of $389,000 for the quarter ended March 31, 2015, compared to net income of $412,000 in the same quarter last year. However, net interest income for the recent quarter improved 4.5% and partially offset $162,000 of nonrecurring income realized in the year-ago quarter.
The Company recognized earnings of $1,081,000 through the first nine months of fiscal 2015, up from $1,033,000 for the same period in fiscal 2014. Although year-to-date earnings improved only modestly, net interest income increased 5.9% as net loans have grown $14.1 million since the beginning of the fiscal year. Furthermore, the reduced provisions for loan losses reflects the improving credit quality of the loan portfolio. The higher fiscal 2015 comparative results have been achieved despite a 5.4% decrease in noninterest income as reduced refinancing activity translated to sharply lower gains from sales of newly originated mortgage loans. Personnel costs account for much of the 3.9% increase in noninterest expense.
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 28th 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.
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First Bancorp of Indiana, Inc.
Consolidated Financial Highlights
(in thousands) |
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3/31/2015 |
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6/30/2014 |
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| Selected Balance Sheet Data: |
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(unaudited) |
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| Total assets |
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397,670 |
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375,428 |
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| Investment securities |
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93,880 |
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81,441 |
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| Loans receivable, net |
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248,410 |
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234,353 |
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| Deposit accounts |
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271,216 |
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260,980 |
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| Borrowings |
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83,155 |
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73,155 |
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| Stockholders' equity |
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37,337 |
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36,626 |
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Three months
ended March 31, |
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Nine months
ended March 31, |
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2015 |
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2014 |
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2015 |
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2014 |
| Operating Results: |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
| Interest income |
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3,441 |
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3,385 |
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10,240 |
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9,878 |
| Interest expense |
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775 |
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833 |
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2,445 |
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2,514 |
| Net interest income |
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2,666 |
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2,552 |
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7,795 |
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7,364 |
| Provision for loan losses |
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0 |
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65 |
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75 |
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195 |
| Net interest income after provision |
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2,666 |
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2,487 |
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7,720 |
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7,169 |
| Noninterest income |
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766 |
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813 |
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2,392 |
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2,528 |
| Noninterest expense |
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2,992 |
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2,800 |
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8,924 |
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8,586 |
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| Income before income taxes and cumulative effect of a change in accounting principle |
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440 |
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500 |
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1,188 |
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1,111 |
| Income taxes |
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51 |
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88 |
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107 |
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78 |
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| Net income |
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389 |
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412 |
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1,081 | |
1,033 |
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