First Bancorp of Indiana, Inc. Reports Earnings Results for the First Quarter Ended September 30, 2018
October 26, 2018 at 06:30 am EDT
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First Bancorp of Indiana, Inc. reported earnings results for the first quarter ended September 30, 2018. For the quarter, the company reported earnings of $405,000 compared to $438,000 for the same quarter a year ago. Net interest income 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.
First Bancorp of Indiana, Inc. is a bank holding company. The Companyâs principal activity is the ownership and management of its wholly owned subsidiary, First Federal Savings Bank (the bank). The Bank provides a variety of banking services to individuals and business customers through nine full-service locations in southwestern Indiana and one loan production office in Henderson, Kentucky. The Bank operates some of its branches under Home Building Savings Bank, a division of the Bank. The Bankâs deposit products include certificates of deposit, checking accounts, health savings accounts, individual retirement account, money market accounts and savings accounts. Its loan products include consumer loans, mortgage loans and home equity loans, among others. The Bankâs e-banking services include First Direct Online Banking, First BillPay, Zelle, Mobile Banking, Digital Wallet, Mobile Check Deposit and eStatements. It is also engaged in treasury management and business lending services.
FIRST BANCORP OF INDIANA, INC. 
