FBEI First Bancorp Ind New (MM)

First Bancorp of Indiana, Inc. Announces Earnings EVANSVILLE, Ind., April 15 /PRNewswire-FirstCall/ -- First Bancorp of Indiana, Inc., (NASDAQ:FBEI), the holding company for First Federal Savings Bank (the "Bank"), reported earnings of $370,000 for the quarter ended March 31, 2005, compared to $271,000 for the same quarter in 2004, an increase of 36.5 percent. For the nine months ended March 31, 2005, net income was $1.16 million or 31.4 percent ahead of the $883,000 recognized over the like period a year ago. Earnings for the third fiscal quarter represented 24 cents per average outstanding share (diluted) compared to 17 cents for the quarter ended March 31, 2004. Diluted earnings per share for the first three quarters of fiscal 2005 totaled 74 cents on 1.57 million average shares compared to 57 cents on 1.56 million shares during the same period the preceding year. The improved net earnings for both the quarter and the year-to-date resulted primarily from growth in the loan and investment securities portfolios. Total interest income for the quarter ended March 31, 2005, grew $750,000, or 28.0 percent, from the same period a year ago. Total interest expenses increased $317,000, or 26.8 percent between the relative quarters. These changes produced a 28.9 percent improvement in net interest income. Fiscal year-to-date changes were similar. Noninterest income declined $165,000, or 31.5 percent, between the comparative third fiscal quarters. This variance was attributed primarily to lesser gains on loan sales. At the same time, noninterest expenses for the quarter ended March 31, 2005, were 4.9 percent above the same period in fiscal 2004. Increased advertising and software licensing fees were among the major contributors to the higher level of noninterest expenses. Again, fiscal year- to-date comparisons generally reflected the quarterly trends. 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. and First Federal Savings Bank, an FDIC- insured federal stock savings bank, operate from headquarters in Evansville, Indiana. First Bancorp of Indiana, Inc. Consolidated Financial Highlights (in thousands) 3/31/2005 6/30/2004 Selected Balance Sheet Data: (unaudited) Total assets 283,074 264,065 Investment securities 11,502 9,663 Mortgage-backed securities 55,507 65,846 Loans receivable, net 189,203 162,687 Deposit accounts 201,560 182,740 Short-term borrowings 4,000 12,500 Long-term debt 43,667 35,667 Equity capital 29,196 28,968 Three months Nine months ended March 31, ended March 31, 2005 2004 2005 2004 Operating Results: (unaudited) (unaudited) (unaudited) (unaudited) Interest income 3,431 2,681 10,088 7,823 Interest expense 1,496 1,180 4,382 3,401 Net interest income 1,935 1,501 5,706 4,422 Provision for loan losses 60 90 270 137 Net interest income after provision 1,875 1,411 5,436 4,285 Noninterest income 358 523 1,176 1,544 Noninterest expense 1,648 1,571 4,778 4,563 Income before income taxes and cumulative effect of a change in accounting principle 585 363 1,834 1,266 Income taxes 215 92 678 383 Cumulative effect of change in accounting principle 0 0 0 0 Net income 370 271 1,156 883 At or for At or for the three months the nine months ended March 31, ended March 31, Selected Financial Ratios: 2005 2004 2005 2004 Performance Ratios: (unaudited) (unaudited) (unaudited) (unaudited) Return on average assets 0.53% 0.48% 0.56% 0.57% Return on average equity 4.99% 3.61% 5.23% 3.93% Basic earnings per share 0.25 0.18 0.77 0.60 Diluted earnings per share 0.24 0.17 0.74 0.57 Interest rate spread 2.84% 2.73% 2.83% 2.91% Net interest margin 2.97% 2.91% 2.96% 3.12% Other expenses as a % of average total assets 2.35% 2.81% 2.31% 2.96% Asset Quality Ratios: Nonperforming loans as a % of total loans 0.07% 0.62% 0.07% 0.62% Nonperforming assets as a % of total assets 0.06% 0.39% 0.06% 0.39% Allowance for loan losses as a % of total loans 0.56% 0.72% 0.56% 0.72% Allowance for loan losses as a % of nonperforming loans 766.67% 115.27% 766.67% 115.27% DATASOURCE: First Bancorp of Indiana, Inc. CONTACT: Michael H. Head, President and CEO of First Bancorp of Indiana, +1-812-423-3196

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