Welcome!

News Feed Item

First Bancorp of Indiana, Inc. Announces Financial Results

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
                             =========== =========== =========== ===========

CONTACT:
Michael H. Head
President and CEO
First Bancorp of Indiana
812-492-8100

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
“RackN is a software company and we take how a hybrid infrastructure scenario, which consists of clouds, virtualization, traditional data center technologies - how to make them all work together seamlessly from an operational perspective,” stated Dan Choquette, Founder of RackN, in this SYS-CON.tv interview at @DevOpsSummit at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.