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First Bancorp of Indiana, Inc. Announces Financial Results


/EINPresswire.com/ -- EVANSVILLE, IN--(Marketwired - January 22, 2016) -  First Bancorp of Indiana, Inc., (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $483,000 for the quarter ended December 31, 2015, compared to net income of $373,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to a 6.8% increase in net interest income.

The Company recognized earnings of $947,000 in the first half of fiscal 2016, a 36.8% improvement from the same period last fiscal year. Lower cost of funds and improved performance of the investment portfolio were primarily responsible for the 7.3% increase in net interest income. In addition, the modest provision for loan losses reflects the continually improving credit quality of the loan portfolio. Noninterest income improved 7.0% between the comparative six-month periods as the gradual recovery of the housing market has led to greater mortgage loan sales. At the same time, noninterest expenses have been contained, increasing less than one percent.

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 has paid a dividend of 15.5 cents per outstanding share for 31 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)                               
                                                                                                
                                                 12/31/2015   6/30/2015                         
                                                 =========== ===========                        
                    Selected Balance Sheet Data: (unaudited)                                    
                    ----------------------------                                                
                    Total assets                     402,919     396,646                        
                    Investment securities             97,410      87,181                        
                    Loans receivable, net            244,258     243,745                        
                    Deposit accounts                 252,529     267,409                        
                    Borrowings                       103,155      88,155                        
                    Stockholders' equity              37,285      36,895                        
                                                                                                
                                                                                                
                                                       Three months             Six months      
                                                   ended December 31,      ended December 31,   
                                                    2015        2014        2015        2014    
                                                 =========== =========== =========== ===========
                    Operating Results:           (unaudited) (unaudited) (unaudited) (unaudited)
                    ----------------------------                                                
                    Interest income                    3,583       3,475       7.040       6,799
                    Interest expense                     766         837       1,538       1,670
                                                 ----------- ----------- ----------- -----------
                    Net interest income                2,817       2,638       5,502       5,129
                    Provision for loan losses             30          55          65          75
                                                 ----------- ----------- ----------- -----------
                    Net interest income after                                                   
                     provision                         2,787       2,583       5,437       5,054
                    Noninterest income                   851         848       1,740       1,626
                    Noninterest expense                3,009       3,013       5,981       5,932
                                                 ----------- ----------- ----------- -----------
                                                                                                
                    Income before income taxes                                                  
                     and cumulative effect of a                                                 
                     change in accounting                                                       
                     principle                           629         418       1,196         748
                    Income taxes                         146          45         249          56
                                                 ----------- ----------- ----------- -----------
                                                                                                
                    Net income                           483         373         947         692
                                                 =========== =========== =========== ===========
                                                                                                
                    

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


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