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Back to Home » April 2011 News » First Bancorp of Indiana, Inc. Announces Financial Results |
First Bancorp of Indiana, Inc. Announces Financial Results |
April 23, 2011
EVANSVILLE, IN--(Marketwire - Apr 22, 2011) - First Bancorp of Indiana, Inc. (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $177,000 for the quarter ended March 31, 2011, compared to net income of $172,000 in the same quarter last year. The Company recognized earnings of $639,000 through the first nine months of fiscal 2011, down from the $1.0 million for the same period in fiscal 2010. The lower comparative quarterly and year-to-date earnings were due largely to a loan portfolio contraction coupled with lower yields resulting from the prolonged low interest rate environment. Impairment charges recorded on certain investment securities reduced quarterly and year-to-date net income approximately $103,000 and $429,000, respectively. These charges, which are presented as a reduction of noninterest income, do not represent realized losses and the eventual recovery of the total investment is possible. The impairment charges had no material effect on stockholders' equity as the year-to-date change was attributed to unrealized market value losses on securities available for sale and the 15.5 cents per share dividends that First Bancorp has paid to its shareholders in each of the past twelve quarters. Furthermore, First Federal's tier one capital ratio has strengthened from 9.0% to approximately 9.4% over the past twelve months, well in excess of the 5% regulatory standard for "well-capitalized" financial institutions. The bank's other capital measurements also continue to comfortably exceed "well-capitalized" standards.
Source URL: http://www.marketwire.com/mw/release.do?id=1505679&sourceType=3
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