EVANSVILLE, IN--(Marketwired - Oct 24, 2014) - First Bancorp of Indiana, Inc. (
Net interest income for quarter ended September 30, 2014, improved 3.0% from the same period last fiscal year as the net loan portfolio grew $15.1 million, or 7.0%, over the past year. This followed loan growth of 11.5% during the prior 12-month period. In addition, the credit quality of the loan portfolio continues to improve. Consequently, provisions for loan losses for the most recent quarter were trimmed from the same quarter last fiscal year. Although mortgage loan rates remain low by historic standards, the number of borrowers seeking to refinance their homes has declined considerably during the past year. Furthermore, loans to purchase homes remain well below the levels preceding the financial crisis. With far fewer loans available to sell, noninterest income declined 12.8% between the comparative quarters.
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 26th 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.
| First Bancorp of Indiana, Inc. Consolidated Financial Information (in thousands) | ||||
| 9/30/2014 | 6/30/2014 | |||
| Selected Balance Sheet Data: | (unaudited) | |||
| Total assets | 374,428 | 375,428 | ||
| Investment securities | 93,413 | 81,441 | ||
| Loans receivable, net | 232,099 | 234,353 | ||
| Deposit accounts | 258,598 | 260,980 | ||
| Borrowings | 73,155 | 73,155 | ||
| Stockholders' equity | 36,523 | 36,626 | ||
| Three months ended September 30, | ||||
| 2014 | 2013 | |||
| Selected Operating Data: | (unaudited) | (unaudited) | ||
| Interest income | 3,325 | 3,261 | ||
| Interest expense | 833 | 842 | ||
| Net interest income | 2,492 | 2,419 | ||
| Provision for loan losses | 20 | 120 | ||
| Net interest income after provision | 2,472 | 2,299 | ||
| Noninterest income | 778 | 892 | ||
| Noninterest expense | 2,920 | 2,904 | ||
| Income before income taxes and cumulative | ||||
| effect of a change in accounting principle | 330 | 287 | ||
| Income taxes | 11 | -13 | ||
| Net income | 319 | 300 | ||
CONTACT: Michael H. Head President and CEO First Bancorp of Indiana 812-492-8100
