First Bancorp Consolidated Highlights
- May 8, 2020
-- First Bancorp of Indiana, Inc., (OTCBB:FBPI)
, the holding company for First Federal Savings Bank
, reported earnings of $232,000 for the quarter ended March 31, 2020, compared to net income of $509,000 in the same quarter last year. Similarly, earnings of $1.2 million in the first three quarters of fiscal 2020 were down $594,000 from the same period last year. The results partly reflect margin compression traced to the 225 basis points of cuts to the fed fund and prime rates since the beginning of the current fiscal year. Also, strong competition for deposits, particularly in the first half of fiscal 2020, was responsible for the 10.0% increase in year-to-date interest expense. Compensation and data processing costs were the greatest contributors to the 4.5% increase in noninterest expenses between the comparative nine-month periods.
At 8.6%, 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 48 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.