First Bancorp of Indiana Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011
January 27, 2012 at 04:37 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, 2011. For the quarter, interest income was $3.45 million against $3.61 million a year ago. Net interest income was $2.27 million against $2.03 million a year ago. Income before income taxes was $0.41 million against $0.48 million a year ago. Net income was $0.36 million against $0.38 million a year ago. The quarter-over-quarter change was attributed in part to personnel expenses associated with an expansion of the business lending department.
For the six months, interest income was $6.98 million against $7.50 million a year ago. Net interest income was $4.56 million against $4.25 million a year ago. Income before income taxes was $0.75 million against $0.45 million a year ago. Net income was $0.67 million against $0.46 million a year ago. The improved comparative year-to-date earnings were due largely to impairment charges on certain investment securities that reduced net income $330,000 in the first half of fiscal 2011 compared to just $21,000 so far this fiscal 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.