First Bancorp of Indiana Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013
January 24, 2014 at 04:51 pm
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First Bancorp of Indiana Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2013. For the quarter, the company reported net interest income of USD 2.393 million compared to USD 2.353 million a year ago. Income before income taxes and cumulative effect of a change in accounting principle was USD 0.322 million compared to USD 0.346 million a year ago. Net income was USD 0.321 million compared to USD 0.349 million a year ago. The quarter-over-quarter change was attributed largely to higher overhead expenses and reduced noninterest income, particularly gains from the sale of loans. These items were partially offset by a small increase in net interest income. Additionally, improving asset quality reduced the need for additional provisions for loan losses.
For the six months, the company reported net interest income of USD 4.812 million compared to USD 4.694 million a year ago. Income before income taxes and cumulative effect of a change in accounting principle was USD 0.610 million compared to USD 0.800 million a year ago. Net income was USD 0.621 million compared to USD 0.781 million a year ago.
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.
FIRST BANCORP OF INDIANA, INC. 
