First Bancorp of Indiana Inc. Reports Un-Audited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2014
April 18, 2014 at 04:30 pm
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First Bancorp of Indiana Inc. reported un-audited consolidated earnings results for the third quarter and nine months ended March 31, 2014. The company 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 reported interest income of $3.4 million compared to $3.2 million, net interest income of $2.6 million compared to $2.3 million and income before income taxes and cumulative effect of a change in accounting principle of $0.4 million compared to $0.5 million for the last year.
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. The company reported interest income of $9.9 million compared to $9.9 million, net interest income of $7.4 million compared to $7.0 million and income before income taxes and cumulative effect of a change in accounting principle of $1.1 million compared to $1.3 million for the last year.
First Bancorp of Indiana, Inc. is a bank holding company. The Companyâs principal activity is the ownership and management of its wholly owned subsidiary, First Federal Savings Bank (the bank). The Bank provides a variety of banking services to individuals and business customers through nine full-service locations in southwestern Indiana and one loan production office in Henderson, Kentucky. The Bank operates some of its branches under Home Building Savings Bank, a division of the Bank. The Bankâs deposit products include certificates of deposit, checking accounts, health savings accounts, individual retirement account, money market accounts and savings accounts. Its loan products include consumer loans, mortgage loans and home equity loans, among others. The Bankâs e-banking services include First Direct Online Banking, First BillPay, Zelle, Mobile Banking, Digital Wallet, Mobile Check Deposit and eStatements. It is also engaged in treasury management and business lending services.