EVANSVILLE, Ind. - April 27, 2018 - PRLog -- First Bancorp of Indiana, Inc., (OTCBB:FBPI), the holding company for First Federal Savings Bank, reported earnings of $335,000 for the quarter ended March 31, 2018, compared to net income of $261,000 in the same quarter last year. The quarter-over-quarter change was largely attributed to a 13.6% improvement in net interest income that was partially offset by a 6.0% increase in noninterest expense. Compensation and benefits comprised much of the added expenses.
Net loans grew $16.1 million, or 6.3%, through the first nine months of fiscal 2018, resulting in year-to-date net interest income improving $827,000 over the same period last year. At the same time, noninterest expenses were $690,000 over last year's total with staffing costs primarily responsible for the increase. In addition to a modest decrease in noninterest revenues, the company recorded an $89,000 one-time charge to income tax expense due to the tax reform legislation passed in December 2017.
At approximately 8.5%, First Federal's tier one capital ratio at March 31, 2018, 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 40 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 & CEO
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First Bancorp of Indiana, Inc. Announces Financial Results
April 27, 2018 at 20:42 PM EDT