Jan. 30, 2019 / PRZen
/ EVANSVILLE, Ind. -- First Bancorp of Indiana, Inc., (OTCBB:FBPI), the holding company for First Federal Savings Bank
, reported earnings of $832,000 for the quarter ended December 31, 2018, compared to net income of $185,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to a 9.1% improvement in net interest income combined with an 8.2% decrease in noninterest expenses. The successful resolution of a troubled loan was responsible for the higher noninterest income in the most recent quarter. Earnings for second quarter last fiscal year included an $89,000 one-time charge to income tax expense related to the corporate tax reform legislation.
The Company recognized earnings of $1.2 million in the first half of fiscal 2019, nearly double the same period last fiscal year. Total interest income improved 13.1% thanks to net loan growth of $14.4 million over the past twelve months along with improved loan yields. Intense competition for deposits led to a 36.1% increase in total interest expense. Personnel costs and professional fees were the greatest contributors to the 4.6% reduction 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 43 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.
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Source: First Bancorp of Indiana Inc (OTCBB:FBPI)
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