EVANSVILLE, IN — (Marketwire) — 04/20/12 — First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $196,000 for the quarter ended March 31, 2012, compared to net income of $177,000 in the same quarter last year. The Company recognized earnings of $864,000 through the first nine months of fiscal 2012, up from $639,000 for the same period in fiscal 2011. The higher comparative quarterly and year-to-date earnings were due partly to a decrease in costs of funds that more than offset lower loan and investment yields. In addition, impairment charges recorded on certain investment securities reduced current quarter and year-to-date net income approximately $89,000 and $112,000, respectively, compared to $103,000 and $429,000 for the same periods last fiscal year. These charges, which are presented as a reduction of noninterest income, do not represent realized losses and the eventual recovery of a significant portion of the charges is possible. Finally, increases in noninterest expenses for the comparative periods reflect personnel expenses associated with an expansion of the business lending department.
At approximately 8.7%, 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 sixteenth 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.
CONTACT:
Michael H. Head
President and CEO
First Bancorp of Indiana
812-492-8100