EVANSVILLE, Ind. - April 27, 2016 - PRLog -- First Bancorp of Indiana, Inc., (OTCBB:FBPI), the holding company for First Federal Savings Bank, reported earnings of $548,000 for the quarter ended March 31, 2016, compared to net income of $389,000 in the same quarter last year. The quarter-over-quarter change was attributed primarily to gains from sales of investment securities as reflected by the increase in noninterest income. These gains more than offset a 4.1% increase in noninterest expenses due largely to the transition to an outsourced IT management solution. In addition, net interest income for the most recent quarter improved marginally from the year-ago quarter.
The Company recognized earnings of $1,494,000 through the first nine months of fiscal 2016, up from $1,081,000 for the same period in fiscal 2015. In addition to the aforementioned investment sale, fiscal 2016 earnings have benefitted from a 5.1% increase in net interest income thanks to a lower cost of funds and improved performance of the investment portfolio. Furthermore, the modest provisions for loan losses reflect the improving credit quality of the loan portfolio.
At approximately 8.9%, First Federal's tier one capital ratio at March 31, 2016, 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 32 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 and CEO
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First Bancorp of Indiana, Inc. Announces Financial Results
April 27, 2016 at 17:50 PM EDT