EVANSVILLE, IN--(Marketwired - Jul 25, 2014) - First Bancorp of Indiana, Inc., (
Although gains on loan sales declined $830,000 in the fiscal year ended June 30, 2014, net income decreased just $186,000 to $1.4 million as net interest income improved 5.5% supported by the strong loan growth. Costs associated with a new operations center, a new branch facility in Petersburg, Indiana, and additional staffing needs were largely responsible for the 2.3% increase in noninterest expenses for the comparative fiscal years.
At approximately 8.9%, First Federal's tier one capital ratio at June 30, 2014, 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 25 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) | |||||||
| 6/30/2014 | 6/30/2013 | ||||||
| Selected Balance Sheet Data: | (unaudited) | ||||||
| Total assets | 375,810 | 376,940 | |||||
| Investment securities | 81,441 | 87,376 | |||||
| Loans receivable, net | 234,345 | 213,994 | |||||
| Deposit accounts | 259,906 | 264,948 | |||||
| Borrowings | 73,155 | 73,155 | |||||
| Stockholders' equity | 36,626 | 34,454 | |||||
| Three months | Year | ||||||
| ended June 30, | ended June 30, | ||||||
| 2014 | 2013 | 2014 | 2013 | ||||
| Operating Results: | (unaudited) | (unaudited) | |||||
| Interest income | 3,355 | 3,222 | 13,245 | 13,095 | |||
| Interest expense | 838 | 855 | 3,352 | 3,719 | |||
| Net interest income | 2,517 | 2,367 | 9,893 | 9,376 | |||
| Provision for loan losses | 45 | 100 | 240 | 380 | |||
| Net interest income after provision | 2,472 | 2,267 | 9,653 | 8,996 | |||
| Noninterest income | 789 | 871 | 3,304 | 3,785 | |||
| Noninterest expense | 2,823 | 2,790 | 11,409 | 11,150 | |||
| Income before income taxes and cumulative effect of a change in accounting principle | 438 | 348 | 1,548 | 1,631 | |||
| Income taxes | 51 | -5 | 129 | 26 | |||
| Net income | 387 | 353 | 1,419 | 1,605 | |||
CONTACT: Michael H. Head President and CEO First Bancorp of Indiana 812-492-8100
