First Bancorp of Indiana Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016
January 26, 2017
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First Bancorp of Indiana Inc. reported unaudited consolidated earnings results for the second quarter and half year ended December 31, 2016. For the quarter, the company reported interest income of USD 3,404,000 compared to USD 3,583,000 a year ago. Net interest income was USD 2,621,000 compared to USD 2,817,000 a year ago. Income before income taxes and cumulative effect of a change in accounting principle was USD 365,000 compared to USD 629,000 a year ago. Net income was USD 360,000 compared to USD 486,000 a year ago. The quarter-over-quarter change in net income was attributed largely to a 7.0% decrease in net interest income coupled with a 2.9% increase in noninterest expenses.
For the six months, the company reported interest income of USD 6,876,000 compared to USD 7,040,000 a year ago. Net interest income was USD 5,337,000 compared to USD 5,502,000 a year ago. Income before income taxes and cumulative effect of a change in accounting principle was USD 791,000 compared to USD 1,196,000 a year ago. Net income was USD 754,000 compared to USD 947,000 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.
FIRST BANCORP OF INDIANA, INC. 
