First Bancorp Consolidated Highlights
- Aug. 20, 2018
-- First Bancorp of Indiana, Inc., (OTCBB:FBPI)
, the holding company for First Federal Savings Bank
, reported earnings of $1.1 million for the fiscal year ended June 30, 2018, up 18.8% from the preceding fiscal year. Interest income improved 8.3% in fiscal 2018 as net loans grew $25.1 million, or 9.8%. Despite upward market pressures, total funding costs increased only marginally as certain higher cost borrowings matured early in fiscal 2018. Noninterest income was down 5.6% this past year due, in part, to reduced rental income and the termination of the securities brokerage relationship. Noninterest expenses for fiscal 2018 were 9.4% greater than the prior year with compensation and benefits responsible for the majority of the additional costs.
At approximately 8.4%, First Federal's tier one capital ratio at June 30, 2018, 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 has paid a cash dividend of 15.5 cents per outstanding share for 41 consecutive quarters.
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.