First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN--(Marketwired - Jul 24, 2015) - First Bancorp of Indiana, Inc., (OTCBB: FBPI) (OTC PINK: FBPI), the holding company for First Federal Savings Bank, reported earnings of $1,517,000 for the fiscal year ended June 30, 2015, up 6.9% from the preceding fiscal year. For the just-completed quarter, the company recognized income of $436,000 compared to $387,000 in the year-ago quarter. Net loans grew $9.4 million, or 4.0%, during the intervening 12 months contributing to a 5.4% improvement in net interest income in fiscal 2015. Steadily improving loan credit quality was reflected in the lower quarterly and annual loan loss provisions. Noninterest income was off slightly in fiscal 2015 as gains from sales of newly originated mortgage loans declined 21.4% on slower refinancing activity. However, such gains were up $91,000 between the comparative quarters reflecting a generally improving housing market. Personnel costs were largely responsible for the quarterly and annual increases in noninterest expenses.

At approximately 8.7%, First Federal's tier one capital ratio at June 30, 2015, 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 has paid a cash dividend of 15.5 cents per outstanding share for 29 consecutive quarters.

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.