First Bancorp Consolidated Highlights
- Jan. 31, 2020
-- First Bancorp of Indiana, Inc., (OTCBB:FBPI)
, the holding company for First Federal Savings Bank
, reported earnings of $519,000 for the quarter ended December 31, 2019, compared to net income of $832,000 in the same quarter last year. Similarly, earnings of $920,000 for the first half of fiscal 2020 were down from $1.2 million last fiscal year-to-date. The results partly reflect margin compression traced to the 75 basis points of cuts to the Prime rate since the beginning of fiscal 2020. In addition, the prior-year quarter included $227,000 of noninterest income from the successful resolution of a troubled loan. Compensation and data processing costs were the greatest contributors to the 3.5% increase in noninterest expenses between the comparative six-month periods.
At 8.2%, 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 has paid a dividend of 15.5 cents per outstanding share for 47 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.