First Bancorp of Indiana, Inc. Announces Financial Results
22 Julio 2005 - 4:00PM
PR Newswire (US)
First Bancorp of Indiana, Inc. Announces Financial Results
EVANSVILLE, Ind., July 22 /PRNewswire-FirstCall/ -- First Bancorp
of Indiana, Inc., (NASDAQ:FBEI), the holding company for First
Federal Savings Bank (the "Bank"), reported net earnings of
$376,000 for the quarter ended June 30, 2005, compared to a
$578,000 net loss for the same quarter last year. Last year's
comparative quarter included one-time charges associated with the
withdrawal from the company's defined benefit pension plan and the
early extinguishment of borrowed funds that together totaled $1.2
million before tax. For the fiscal year ended June 30, 2005, net
income was $1.5 million compared to last year's $305,000. Earnings
for the year ended June 30, 2005, represented $0.98 per average
outstanding share (diluted) compared to $0.20 the preceding fiscal
year. The company repurchased 61,239 shares of common stock during
the twelve months ended June 30, 2005, and 32,574 option shares
were exercised. These transactions resulted in 1,597,649 shares
outstanding at June 30, 2005. The company's board of directors
authorized the payment of dividends totaling 59 cents per share
during the year ended June 30, 2005, a 6.3 percent increase from
fiscal 2004. Total interest income for the year ended June 30,
2005, increased $2.9 million, or 27.1 percent, from the preceding
fiscal year due primarily to growth in the average loan and
investment securities portfolios. At the same time, higher average
balances of deposits and borrowings together with a rising cost of
funds produced a $1.3 million increase in total interest expenses.
Consequently, net interest income improved 27.3 percent.
Noninterest income declined $210,000, or 11.1 percent, between the
comparative fiscal years. This change was attributed primarily to
lesser gains on loan sales. At the same time, noninterest expenses
for the year ended June 30, 2005, were 11.4 percent below the same
period in fiscal 2004. However, excluding last year's one-time
costs associated with the withdrawal from the defined benefit
pension plan and the early extinguishment of debt, noninterest
expenses increased approximately 5.7 percent. Increased advertising
and software licensing fees were among the major contributors to
the higher level of recurring noninterest expenses. 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. First Bancorp of Indiana, Inc.
Consolidated Financial Highlights (in thousands) 6/30/2005
6/30/2004 Selected Balance Sheet Data: (unaudited) Total assets
277,368 264,065 Investment securities 13,821 9,663 Mortgage-backed
securities 51,498 65,846 Loans receivable, net 154,546 162,687
Deposit accounts 195,733 182,740 Short-term borrowings 0 12,500
Long-term debt 45,000 35,667 Equity capital 29,921 28,968 Twelve
months ended June 30, 2005 2004 Selected Operating Data:
(unaudited) Interest income 13,700 10,775 Interest expense 6,003
4,727 Net interest income 7,697 6,048 Provision for loan losses 360
226 Net interest income after provision 7,337 5,822 Noninterest
income 1,678 1,888 Noninterest expense 6,586 7,431 Income before
income taxes and cumulative effect of a change in accounting
principle 2,429 279 Income taxes 897 (26) Net income 1,532 305 At
or for the year ended June 30, Selected Financial Ratios: 2005 2004
Performance Ratios: (unaudited) Return on average assets 0.55%
0.14% Return on average equity 5.19% 1.01% Basic earnings per share
1.02 0.21 Diluted earnings per share 0.98 0.20 Interest rate spread
2.84% 2.83% Net interest margin 2.97% 3.02% Other expenses as a %
of average total assets 2.37% 3.42% Asset Quality Ratios:
Nonperforming loans as a % of total loans 0.27% 0.19% Nonperforming
assets as a % of total assets 0.17% 0.13% Allowance for loan losses
as a % of total loans 0.55% 0.66% Allowance for loan losses as a %
of nonperforming loans 204.06% 353.44% DATASOURCE: First Bancorp of
Indiana, Inc. CONTACT: Michael H. Head, President & CEO of
First Bancorp of Indiana, Inc., +1-812-423-3196
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