First Bancorp of Indiana Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended June 30, 2013
July 22, 2013 at 05:47 pm
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First Bancorp of Indiana Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended June 30, 2013. The company reported earnings of $353,000 for the quarter ended June 30, 2013, compared to net income of $243,000 in the same quarter last year. Tax adjustments for prior periods reduced last year's comparative quarter by $64,000. Interest income was $3,218,000 against $3,392,000 for the same period of last year. Net interest income was $2,363,000 against $2,286,000 for the same period of last year. Income before income taxes and cumulative effect of a change in accounting principle was $348,000 against $305,000 for the same period of last year.
For the fiscal year ended June 30, 2013, the company recognized net income of $1.6 million versus $1.1 million the preceding fiscal year. Fiscal 2013 earnings represented $0.92 per average outstanding share, an increase of $0.29. Net interest income improved 4.1% in fiscal 2013 as reduced funding costs compensated for lower yields on loans and investments. Interest income was $13,086,000 against $13,697,000 for the same period of last year. Net interest income was $9,367,000 against $8,998,000 for the same period of last year. Income before income taxes and cumulative effect of a change in accounting principle was $1,631,000 against $1,188,000 for the same period of 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.