|By Marketwired .||
|January 24, 2014 04:51 PM EST||
EVANSVILLE, IN -- (Marketwired) -- 01/24/14 -- First Bancorp of Indiana, Inc., (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $321,000 for the quarter ended December 31, 2013, compared to net income of $349,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to higher overhead expenses and reduced noninterest income, particularly gains from the sale of loans. These items were partially offset by a small increase in net interest income. Additionally, improving asset quality reduced the need for additional provisions for loan losses.
Net interest income for the six months ended December 31, 2013, improved 2.5% from the same period last fiscal year as a decrease in the cost of funds more than offset lower interest revenue. During the past year net loans grew 7.0% to help mitigate margin compression related to the low interest rate environment. Noninterest income declined 10.2% between the six-month periods due to reduced gains from the sale of loans as far fewer borrowers sought to refinance their mortgage loans. Finally, costs associated with a new operations center, a new branch facility in Petersburg, Indiana, and additional staffing needs were largely responsible for the 3.7% increase in noninterest expenses.
At approximately 8.7%, 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 23rd 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) 12/31/2013 6/30/2013 =========== =========== Selected Balance Sheet Data: (unaudited) Total assets 378,597 376,940 Investment securities 98,181 87,376 Loans receivable, net 225,453 213,994 Deposit accounts 264,024 264,948 Borrowings 73,155 73,155 Stockholders' equity 34,143 34,454 Three months Six months ended December 31, ended December 31, 2013 2012 2013 2012 =========== =========== =========== =========== Operating Results: (unaudited) (unaudited) (unaudited) (unaudited) Interest income 3,232 3,307 6,493 6,681 Interest expense 839 954 1,681 1,987 ----------- ----------- ----------- ----------- Net interest income 2,393 2,353 4,812 4,694 Provision for loan losses 10 120 130 225 ----------- ----------- ----------- ----------- Net interest income after provision 2,383 2,233 4,682 4,469 Noninterest income 823 885 1,715 1,909 Noninterest expense 2,884 2,772 5,787 5,578 ----------- ----------- ----------- ----------- Income before income taxes and cumulative effect of a change in accounting principle 322 346 610 800 Income taxes 1 (3) (11) 19 ----------- ----------- ----------- ----------- Net income 321 349 621 781 =========== =========== =========== ===========
Michael H. Head
President and CEO
First Bancorp of Indiana
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