First Bancorp of Indiana, Inc. Announces Third Quarter Earnings

Apr 20, 2001, 01:00 ET from First Bancorp of Indiana, Inc.

    EVANSVILLE, Ind., April 20 /PRNewswire Interactive News Release/ -- First
 Bancorp of Indiana, Inc., (Nasdaq:   FBEI), the holding company for First
 Federal Savings Bank ("First Federal"), reported earnings of $157,000 for the
 quarter ended March 31, 2001.  Net income for the nine months ended March 31,
 2001 was $750,000, compared to $787,000 in the like period a year ago.
     The $157,000 earnings for the quarter represents earnings of 8 cents per
 diluted share while the $750,000 earnings for the nine months ended March 31,
 2001 represents earnings of 39 cents per diluted share.
     The lower earnings for the quarter and nine months ended March 31, 2001,
 as compared to the same periods in 2000, was due to increased noninterest
 expenses, partially offset by increases in net interest income and noninterest
 income. The additional net interest income was primarily the result of growth
 in First Federal's loan portfolio. On November 18, 2000, First Federal
 acquired two existing offices in Evansville, Indiana from Old National Bank.
 First Federal acquired approximately $35.1 million in deposits and $22.7
 million in loans as part of the transaction. Also in November 2000, First
 Federal began processing commercial loans and opened a new office location in
 Newburgh, Indiana.
     The increase in noninterest income for the quarter ended March 31, 2001,
 as compared to the same period in 2000 was primarily attributable to increased
 service and overdraft fees on deposit accounts. The increase in noninterest
 income for the nine months ended March 31, 2001, as compared to the same
 period in 2000 was primarily attributable to a pre-tax gain of $389,000 on the
 sale of property First Federal had held for a possible future branch location.
     The increase in noninterest expense for the quarter and nine months ended
 March 31, 2001, as compared to the same periods in 2000, was partially due to
 increased staffing levels as First Federal began commercial lending operations
 and the operation of three new branches during November 2000. Awards made
 under the First Bancorp of Indiana, Inc. 1999 Stock-Based Incentive Plan,
 amortization of intangibles, and higher retirement expenses, also contributed
 to the increase in noninterest expense for the quarter and nine months ended
 March 31, 2001, as compared to the same periods in 2000.
 
 
                          First Bancorp of Indiana, Inc.
                         Consolidated Financial Highlights
                                  (in thousands)
 
                                                  03/31/2001        06/30/2000
     Selected Balance Sheet Data:                 (unaudited)
     Total assets                                   185,298           127,482
     Investment securities                           13,839            15,142
     Mortgage-backed securities                      41,417            31,891
     Loans receivable, net                           97,690            66,377
     Deposit accounts                               132,290            85,974
     Long-term debt                                  15,000             5,000
     Equity capital                                  35,119            34,912
 
 
                                       Three months          Nine months
                                      ended March 31,       ended March 31,
                                     2001        2000      2001       2000
                                  (unaudited)(unaudited)(unaudited)(unaudited)
     Selected Operating Data:
     Interest income                 3,118       2,201     8,200      6,298
     Interest expense                1,808       1,081     4,542      3,074
     Net interest income             1,310       1,120     3,658      3,224
     Provision for loan losses          59          45       338        139
     Net interest income after
       provision                     1,251       1,075     3,320      3,085
     Noninterest income                275         182     1,174        627
     Noninterest expense             1,311         823     3,402      2,537
     Income before income taxes
       and cumulative effect of a      215         434     1,092      1,175
       change in accounting principle
     Income taxes                       58         147       342        388
     Cumulative effect of change in
         accounting principle            0           0         0          0
     Net income                        157         287       750        787
 
 
 
                                          At or for            At or for
                                      the three months      the nine months
                                       ended March 31,       ended March 31,
     Selected Financial Ratios:       2001       2000       2001       2000
 
     Performance Ratios:           (unaudited)(unaudited)(unaudited)(unaudited)
     Return on average assets         0.35%      0.90%      0.65%      0.84%
     Return on average equity         1.79%      3.20%      2.86%      2.92%
     Interest rate spread             2.51%      2.54%      2.50%      2.46%
     Net interest margin              3.21%      3.74%      3.43%      3.68%
     Other expenses as a %
       of average
       total assets                   2.93%      2.58%      2.95%      2.72%
 
     Asset Quality Ratios:
     Nonperforming loans as
       a % of total loans             0.18%      0.15%      0.18%      0.15%
     Nonperforming assets as a %
       of total assets                0.11%      0.08%      0.11%      0.08%
     Allowance for loan losses
       as a % of total loans          0.62%      0.58%      0.62%      0.58%
     Allowance for loan losses as a %
       of nonperforming loans       348.28%    381.25%    348.28%    381.25%
 
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SOURCE First Bancorp of Indiana, Inc.
    EVANSVILLE, Ind., April 20 /PRNewswire Interactive News Release/ -- First
 Bancorp of Indiana, Inc., (Nasdaq:   FBEI), the holding company for First
 Federal Savings Bank ("First Federal"), reported earnings of $157,000 for the
 quarter ended March 31, 2001.  Net income for the nine months ended March 31,
 2001 was $750,000, compared to $787,000 in the like period a year ago.
     The $157,000 earnings for the quarter represents earnings of 8 cents per
 diluted share while the $750,000 earnings for the nine months ended March 31,
 2001 represents earnings of 39 cents per diluted share.
     The lower earnings for the quarter and nine months ended March 31, 2001,
 as compared to the same periods in 2000, was due to increased noninterest
 expenses, partially offset by increases in net interest income and noninterest
 income. The additional net interest income was primarily the result of growth
 in First Federal's loan portfolio. On November 18, 2000, First Federal
 acquired two existing offices in Evansville, Indiana from Old National Bank.
 First Federal acquired approximately $35.1 million in deposits and $22.7
 million in loans as part of the transaction. Also in November 2000, First
 Federal began processing commercial loans and opened a new office location in
 Newburgh, Indiana.
     The increase in noninterest income for the quarter ended March 31, 2001,
 as compared to the same period in 2000 was primarily attributable to increased
 service and overdraft fees on deposit accounts. The increase in noninterest
 income for the nine months ended March 31, 2001, as compared to the same
 period in 2000 was primarily attributable to a pre-tax gain of $389,000 on the
 sale of property First Federal had held for a possible future branch location.
     The increase in noninterest expense for the quarter and nine months ended
 March 31, 2001, as compared to the same periods in 2000, was partially due to
 increased staffing levels as First Federal began commercial lending operations
 and the operation of three new branches during November 2000. Awards made
 under the First Bancorp of Indiana, Inc. 1999 Stock-Based Incentive Plan,
 amortization of intangibles, and higher retirement expenses, also contributed
 to the increase in noninterest expense for the quarter and nine months ended
 March 31, 2001, as compared to the same periods in 2000.
 
 
                          First Bancorp of Indiana, Inc.
                         Consolidated Financial Highlights
                                  (in thousands)
 
                                                  03/31/2001        06/30/2000
     Selected Balance Sheet Data:                 (unaudited)
     Total assets                                   185,298           127,482
     Investment securities                           13,839            15,142
     Mortgage-backed securities                      41,417            31,891
     Loans receivable, net                           97,690            66,377
     Deposit accounts                               132,290            85,974
     Long-term debt                                  15,000             5,000
     Equity capital                                  35,119            34,912
 
 
                                       Three months          Nine months
                                      ended March 31,       ended March 31,
                                     2001        2000      2001       2000
                                  (unaudited)(unaudited)(unaudited)(unaudited)
     Selected Operating Data:
     Interest income                 3,118       2,201     8,200      6,298
     Interest expense                1,808       1,081     4,542      3,074
     Net interest income             1,310       1,120     3,658      3,224
     Provision for loan losses          59          45       338        139
     Net interest income after
       provision                     1,251       1,075     3,320      3,085
     Noninterest income                275         182     1,174        627
     Noninterest expense             1,311         823     3,402      2,537
     Income before income taxes
       and cumulative effect of a      215         434     1,092      1,175
       change in accounting principle
     Income taxes                       58         147       342        388
     Cumulative effect of change in
         accounting principle            0           0         0          0
     Net income                        157         287       750        787
 
 
 
                                          At or for            At or for
                                      the three months      the nine months
                                       ended March 31,       ended March 31,
     Selected Financial Ratios:       2001       2000       2001       2000
 
     Performance Ratios:           (unaudited)(unaudited)(unaudited)(unaudited)
     Return on average assets         0.35%      0.90%      0.65%      0.84%
     Return on average equity         1.79%      3.20%      2.86%      2.92%
     Interest rate spread             2.51%      2.54%      2.50%      2.46%
     Net interest margin              3.21%      3.74%      3.43%      3.68%
     Other expenses as a %
       of average
       total assets                   2.93%      2.58%      2.95%      2.72%
 
     Asset Quality Ratios:
     Nonperforming loans as
       a % of total loans             0.18%      0.15%      0.18%      0.15%
     Nonperforming assets as a %
       of total assets                0.11%      0.08%      0.11%      0.08%
     Allowance for loan losses
       as a % of total loans          0.62%      0.58%      0.62%      0.58%
     Allowance for loan losses as a %
       of nonperforming loans       348.28%    381.25%    348.28%    381.25%
 
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 SOURCE  First Bancorp of Indiana, Inc.