|By Marketwired .||
|July 25, 2014 04:28 PM EDT||
EVANSVILLE, IN -- (Marketwired) -- 07/25/14 -- First Bancorp of Indiana, Inc., (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $387,000 for the for the quarter ended June 30, 2014, compared to net income of $353,000 in the same quarter last year. Despite a slowdown in residential mortgage activity, particularly the refinancing of existing loans, net loans grew $20.4 million, or 9.5%, during the intervening 12 months contributing to a 6.3% improvement in net interest income for the comparative quarters. Steadily improving loan credit quality were reflected in lower quarterly loan loss provisions and noninterest expenses. Conversely, gains from sales of newly originated mortgage loans were down $217,000 between the quarters.
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 =========== =========== =========== ===========
Michael H. Head
President and CEO
First Bancorp of Indiana
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