EVANSVILLE, Ind. - Oct. 26, 2018 - PRLog -- First Bancorp of Indiana, Inc. (OTCBB:FBPI), the holding company for First Federal Savings Bank, reported earnings of $405,000 for the first fiscal quarter ended September 30, 2018, compared to $438,000 for the same quarter a year ago.
Net interest income for quarter ended September 30, 2018, improved 4.7% from the same quarter last fiscal year as the net loan portfolio grew $18.5 million, or 6.8%, over the intervening 12 months. Noninterest income was $221,000 below the year-ago quarter due to reduced sales of single-family residential mortgage loans, the discontinuation of a securities brokerage relationship, and several non-recurring items recorded last year. Lower legal fees were largely responsible for the modest decrease in noninterest expenses between the comparative quarters.
At approximately 8.4%, First Federal's tier one leverage 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 42 consecutive quarters.
In addition, John Zeidler, President and owner of Tri-State Aero, was welcomed to the First Bancorp and First Federal boards of directors during the recent quarter.
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
Photos: (Click photo to enlarge)
Read Full Story - First Bancorp of Indiana, Inc. Announces Financial Results | More news from this source
Press release distribution by PRLog
First Bancorp of Indiana, Inc. Announces Financial Results
October 26, 2018 at 19:42 PM EDT