EVANSVILLE, IN--(Marketwired - Jan 23, 2015) - First Bancorp of Indiana, Inc. (
The Company recognized earnings of $692,000 in the first half of fiscal 2015, an 11.4% improvement from the same period last fiscal year. Net loan growth of $10.3 million over the past 12 months was responsible for the 6.6% increase in net interest income. In addition, the reduced provisions for loan losses reflects the continually improving credit quality of the loan portfolio. Noninterest income declined 5.2% between the comparative six-month periods due to reduced gains from the sale of loans as far fewer borrowers sought to refinance their mortgage loans. Staffing costs were primarily responsible for the increased noninterest expenses.
At approximately 8.9%, First Federal's tier one capital ratio was well in excess of the five percent regulatory standard for "well-capitalized" financial institutions. The bank's other capital measurements also continue to comfortably exceed "well-capitalized" standards. In addition, First Bancorp paid a dividend of 15.5 cents per outstanding share for the 27th consecutive quarter.
Certain information in this press release may constitute forward-looking information that involves risks and uncertainties that could cause actual results to differ materially from those estimated. Persons are cautioned that such forward-looking statements are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially from those estimated. Undue reliance should not be placed on such forward-looking statements.
First Bancorp of Indiana, Inc. Consolidated Financial Highlights (in thousands) | |||||||||
12/31/2014 | 6/30/2014 | ||||||||
Selected Balance Sheet Data: | (unaudited) | ||||||||
Total assets | 393,327 | 375,428 | |||||||
Investment securities | 91,657 | 81,441 | |||||||
Loans receivable, net | 235,727 | 234,353 | |||||||
Deposit accounts | 278,517 | 260,980 | |||||||
Borrowings | 73,155 | 73,155 | |||||||
Stockholders' equity | 36,857 | 36,626 | |||||||
Three months ended December 31, | Six months ended December 31, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Operating Results: | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||
Interest income | 3,475 | 3,232 | 6,799 | 6,493 | |||||
Interest expense | 837 | 839 | 1,670 | 1,681 | |||||
Net interest income | 2,638 | 2,393 | 5,129 | 4,812 | |||||
Provision for loan losses | 55 | 10 | 75 | 130 | |||||
Net interest income after provision | 2,583 | 2,383 | 5,054 | 4,682 | |||||
Noninterest income | 848 | 823 | 1,626 | 1,715 | |||||
Noninterest expense | 3,013 | 2,884 | 5,932 | 5,787 | |||||
Income before income taxes and cumulative | |||||||||
effect of a change in accounting principle | 418 | 322 | 748 | 610 | |||||
Income taxes | 45 | 1 | 56 | (11 | ) | ||||
Net income | 373 | 321 | 692 | 621 | |||||