First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, Ind. - April 19, 2019 - PRLog -- First Bancorp of Indiana, Inc., (OTCBB:FBPI), the holding company for First Federal Savings Bank, reported earnings of $509,000 for the quarter ended March 31, 2019, compared to net income of $335,000 in the same quarter last year.  The quarter-over-quarter change was largely attributed to a 3.8% improvement in net interest income together with a 5.2% noninterest expense reduction.  Compensation and benefits accounted for the majority of the expense savings.

The Company recognized net income of $1.7 million in the first nine months of fiscal 2019, a $787,000 increase from the same period last year.  Net loan growth of $10.5 million and improved loan yields over the past twelve months resulted in a 12.4% improvement in total interest income.  At the same time, total interest expenses jumped 36.4% as competition for deposits, particularly certificates of deposit, intensified.  Personnel costs and professional fees were the greatest contributors to the 4.8% decrease in noninterest expenses between the comparative nine-month periods.

At approximately 8.6%, First Federal's tier one leverage ratio for the quarter ended March 31, 2019, 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 dividend of 15.5 cents per outstanding share for 44 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.