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First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN -- (Marketwired) -- 04/18/14 -- First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $412,000 for the quarter ended March 31, 2014. Although lower than the $471,000 for the same quarter last year, net income improved from the $321,000 reported last quarter. The Company recognized earnings of $1,033,000 through the first nine months of fiscal 2014, down from $1,252,000 for the same period in fiscal 2013. The lower fiscal 2014 comparative results were due largely to reduced gains from sales of newly originated mortgage loans as refinancing activity slowed significantly. The slowdown led to a 19.5% decrease in noninterest income for the quarter and a 13.4% decline for the fiscal year to date. Although residential mortgage activity remains well below pre-recession levels, net loans grew 8.2% over the past 12 months contributing to a 10.5% improvement in net interest income for the comparative quarters.

At approximately 8.8%, 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 24th 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)

                              3/31/2014   6/30/2013
                             =========== ===========
Selected Balance Sheet Data: (unaudited)
Total assets                     381,254     376,940
Investment securities             85,324      87,376
Loans receivable, net            230,945     213,994
Deposit accounts                 267,158     264,948
Borrowings                        73,155      73,155
Stockholders' equity              35,074      34,454

                                   Three months            Nine months
                                 ended March 31,         ended March 31,
                                 2014        2013        2014        2013
                             =========== =========== =========== ===========
Operating Results:           (unaudited) (unaudited) (unaudited) (unaudited)
Interest income                    3,385       3,186       9,878       9,867
Interest expense                     833         876       2,514       2,864
                             ----------- ----------- ----------- -----------
Net interest income                2,552       2,310       7,364       7,003
Provision for loan losses             65          55         195         280
                             ----------- ----------- ----------- -----------
Net interest income after
 provision                         2,487       2,255       7,169       6,723
Noninterest income                   813       1,010       2,528       2,920
Noninterest expense                2,800       2,783       8,586       8,361
                             ----------- ----------- ----------- -----------

Income before income taxes
 and cumulative effect of a
 change in accounting
 principle                           500         482       1,111       1,282
Income taxes                          88          11          78          30
                             ----------- ----------- ----------- -----------

Net income                           412         471       1,033       1,252
                             =========== =========== =========== ===========

Michael H. Head
President and CEO
First Bancorp of Indiana

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