First Bancorp of Indiana Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2013; Reports Impairment Charges on Certain Investment Securities for the Second Quarter Ended March 31, 2013
April 18, 2013 at 04:30 pm
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First Bancorp of Indiana Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported interest income of $3,186,000 compared to $3,323,000 a year ago. Net interest income was $2,310,000 compared to $2,154,000 a year ago. Income before income taxes was $482,000 compared to $136,000 a year ago. Net income was $471,000 compared to $196,000 a year ago.
For the nine months period, the company reported interest income of $9,867,000 compared to $10,304,000 a year ago. Net interest income was $7,003,000 compared to $6,711,000 a year ago. Income before income taxes was $1,282,000 compared to $883,000 a year ago. Net income was $1,252,000 compared to $864,000 a year ago. The higher comparative quarterly and year-to-date earnings were due partly to increased net interest income as lower funding costs and strong loan growth, 23.7% over the past 12 months alone, mitigated lower loan and investment yields.
For the quarter, the company reported impairment charges on certain investment securities was $19,000 compared to $148,000 for the same period of last 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.
First Bancorp of Indiana Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2013; Reports Impairment Charges on Certain Investment Securities for the Second Quarter Ended March 31, 2013