EVANSVILLE, IN -- (Marketwired) -- 07/24/15 -- 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.
First Bancorp of Indiana, Inc.
Consolidated Financial Highlights
(in thousands)
6/30/2015 6/30/2014
----------- -----------
Selected Balance Sheet Data: (unaudited)
Total assets 398,049 375,428
Investment securities 87,181 81,441
Loans receivable, net 243,745 234,353
Deposit accounts 267,409 260,980
Borrowings 88,155 73,155
Stockholders' equity 36,895 36,626
Three months Year ended
ended June 30, June 30,
----------------------- -----------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
Operating Results: (unaudited) (unaudited)
Interest income 3,406 3,355 13,646 13,246
Interest expense 775 838 3,220 3,352
----------- ----------- ----------- -----------
Net interest income 2,631 2,517 10,426 9,894
Provision for loan losses 0 45 75 240
----------- ----------- ----------- -----------
Net interest income after
provision 2,631 2,472 10,351 9,654
Noninterest income 842 768 3,233 3,282
Noninterest expense 2,961 2,802 11,885 11,388
----------- ----------- ----------- -----------
Income before income taxes
and cumulative
effect of a change in
accounting principle 512 438 1,699 1,548
Income taxes 76 51 182 129
----------- ----------- ----------- -----------
Net income 436 387 1,517 1,419
=========== =========== =========== ===========
CONTACT:
Michael H. Head
President and CEO
First Bancorp of Indiana
812-492-8100
