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

Michael H. Head
President and CEO
First Bancorp of Indiana

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