First Bancorp of Indiana, Inc. Reports Unaudited Consolidated Earnings Results for the Quarter and Nine Months Ended March 31, 2016
April 26, 2016
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First Bancorp of Indiana Inc. reported unaudited consolidated earnings results for the quarter and nine months ended March 31, 2016. For the quarter, the company recognized Net income was $548,000 compared to $389,000 a year ago. The quarter-over-quarter change was attributed primarily to gains from sales of investment securities as reflected by the increase in noninterest income. These gains more than offset a 4.1% increase in noninterest expenses due largely to the transition to an outsourced IT management solution. In addition, net interest income for the most recent quarter improved marginally from the year-ago quarter. Interest income was $3,420,000 compared to $3,441,000 a year ago. Income before income taxes and cumulative effect of a change in accounting principle was $619,000 compared to $440,000 a year ago. Net interest income was $2,690,000 compared to $2,666,000 a year ago.
For the nine months, the company recognized interest income of $10,460,000 compared to $10,240,000 a year ago. Income before income taxes and cumulative effect of a change in accounting principle was $1,815,000 compared to $1,188,000 a year ago. Net income was $1,494,000 compared to $1,081,000 a year ago. Net interest income was $8,192,000 compared to $7,795,000 a year ago.
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.