First Bancorp of Indiana, Inc. Announces Financial Results

First Bancorp Consolidated Highlights
First Bancorp Consolidated Highlights
EVANSVILLE, Ind. - Nov. 1, 2019 - PRLog -- First Bancorp of Indiana, Inc. (OTCBB:FBPI), the holding company for First Federal Savings Bank, reported earnings of $401,000 for the first fiscal quarter ended September 30, 2019, compared to $405,000 for the same quarter a year ago.

Net interest income for quarter ended September 30, 2019, improved 6.5% from the same quarter last fiscal year as the net loan portfolio grew $13.5 million, or 4.7%, over the intervening 12 months.  Noninterest income was modestly lower than the year-ago quarter as increased earnings from sales of single-family residential mortgage loans was offset by reduced service charge revenue.  Compensation and data processing expenses were largely responsible for the 3.3% increase in noninterest expenses between the comparative quarters.

At approximately 8.3%, First Federal's tier one leverage 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 has paid a dividend of 15.5 cents per outstanding share for 46 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.

Michael H Head
President & CEO

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Tags:Bank, First Federal Savings Bank, Commercial Bank, First Bancorp of Indiana Inc, FBPI, Evansville, Indiana, Earnings
Industry:Banking, Financial, Loans
Location:Evansville - Indiana - United States
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