|By Marketwired .||
|January 18, 2013 04:55 PM EST||
EVANSVILLE, IN -- (Marketwire) -- 01/18/13 -- First Bancorp of Indiana, Inc., (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $349,000 for the quarter ended December 31, 2012, compared to net income of $360,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to higher overhead expenses. The increase in these expenses more than offset a 3.9% increase in net interest income associated with strong loan growth and lower funding costs.
The Company recognized earnings of $781,000 in the first half of fiscal 2013, up from $667,000 for the same period last year. The greater comparative year-to-date earnings were due in large part to a 17.8% increase in noninterest income, particularly gains from the sale of loans. Also, net interest income improved 3.0% as net loans grew 15.6% over the past six months and 27.7% from the same time last year. A new operations center, a new branch facility in Petersburg, Indiana, and additional staffing needs were the factors primarily responsible for the increased noninterest expenses.
At approximately 8.5%, 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 19th 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 Highlights (in thousands) 12/31/2012 6/30/2012 =============== =============== Selected Balance Sheet Data: (unaudited) Total assets 390,271 381,186 Investment securities 98,541 115,680 Loans receivable, net 210,765 182,381 Deposit accounts 271,871 269,197 Borrowings 73,155 73,155 Stockholders' equity 35,546 34,778 Three months Six months ended December 31, ended December 31, 2012 2011 2012 2011 =========== =========== =========== =========== Operating Results: (unaudited) (unaudited) (unaudited) (unaudited) Interest income 3,307 3,452 6,681 6,981 Interest expense 954 1,187 1,987 2,423 ----------- ----------- ----------- ----------- Net interest income 2,353 2,265 4,694 4,558 Provision for loan losses 120 100 225 250 ----------- ----------- ----------- ----------- Net interest income after provision 2,233 2,165 4,469 4,308 Noninterest income 885 896 1,909 1,621 Noninterest expense 2,772 2,648 5,578 5,181 ----------- ----------- ----------- ----------- Income before income taxes and cumulative effect of a change in accounting principle 346 413 800 748 Income taxes (3) 53 19 81 ----------- ----------- ----------- ----------- Net income 349 360 781 667 =========== =========== =========== ===========
Michael H. Head
President and CEO
First Bancorp of Indiana
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