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.