First Bancorp of Indiana, Inc. Announces Financial Results
July 19 2004 - 6:20PM
PR Newswire (US)
First Bancorp of Indiana, Inc. Announces Financial Results
EVANSVILLE, Ind., July 19 /PRNewswire-FirstCall/ -- First Bancorp
of Indiana, Inc., (NASDAQ:FBEI), the holding company for First
Federal Savings Bank (the "Bank"), reported a net loss of $578,000
for the quarter ended June 30, 2004, after recognizing expenses
associated with the withdrawal from the company's defined benefit
pension plan. The decision to withdraw from pension plan was based
on the size and volatility of prospective required contributions.
The company also recorded a prepayment penalty for the early
extinguishment of borrowed funds. Together these one-time charges
totaled $1.2 million. During the same quarter in 2003 the company
recognized net income of $535,000 which included significant
mortgage banking income. For the fiscal year ended June 30, 2004,
net income was $305,000 compared to last year's record $1.6
million. Fiscal 2004 earnings represented $0.20 per average
outstanding share (diluted), a decrease of 80.8 percent from the
$1.04 for the preceding fiscal year. The company repurchased 21,000
shares of common stock during the twelve months ended June 30,
2004, and 42,722 option shares were exercised. These transactions
resulted in 1,626,314 shares outstanding at June 30, 2004. The
company's board of directors paid dividends totaling 55.5 cents per
share during the year ended June 30, 2004, a 38.8 percent increase
from fiscal 2003. Net interest income for the year ended June 30,
2004, decreased just 2.1 percent despite the sustained low interest
rate environment during the past twelve months that has narrowed
the spread between the yield on earning assets and the cost of
funds. Noninterest income declined 15.9 percent between the
comparative years as gains on mortgage loan sales fell sharply in
fiscal 2004 following the heavy refinancing activity in fiscal year
2003. Noninterest expenses for the year ended June 30, 2004,
increased 35.0 percent from the preceding year's level. However,
nearly two-thirds of the increase was attributed to the
aforementioned withdrawal from the defined benefit pension plan and
the early extinguishment of debt. The balance of the change
consisted primarily of advertising expenses, compensation expenses,
and the fiscal 2004 required contributions to the pension plan.
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. Consolidated Financial Highlights (in thousands)
6/30/2004 6/30/2003 Selected Balance Sheet Data: (unaudited) Total
assets 264,065 188,506 Investment securities 9,663 0
Mortgage-backed securities 65,846 31,957 Loans receivable, net
162,687 135,022 Deposit accounts 182,740 115,891 Short-term
borrowings 10,000 0 Long-term debt 38,167 40,333 Equity capital
28,968 29,906 Twelve months ended June 30, 2004 2003 Selected
Operating Data: (unaudited) Interest income 10,775 10,903 Interest
expense 4,727 4,728 Net interest income 6,048 6,175 Provision for
loan losses 226 563 Net interest income after provision 5,822 5,612
Noninterest income 1,888 2,244 Noninterest expense 7,431 5,504
Income before income taxes and cumulative effect of a change in
accounting principle 279 2,352 Income taxes (26) 711 Net income 305
1,641 At or for the year ended June 30, Selected Financial Ratios:
2004 2003 Performance Ratios: (unaudited) Return on average assets
0.14% 0.89% Return on average equity 1.01% 5.41% Basic earnings per
share 0.21 1.10 Diluted earnings per share 0.20 1.04 Interest rate
spread 2.83% 3.35% Net interest margin 3.02% 3.66% Other expenses
as a % of average total assets 3.42% 2.89% Asset Quality Ratios:
Nonperforming loans as a % of total loans 0.19% 0.28% Nonperforming
assets as a % of total assets 0.13% 0.22% Allowance for loan losses
as a % of total loans 0.66% 0.70% Allowance for loan losses as a %
of nonperforming loans 353.44% 284.50% DATASOURCE: First Bancorp of
Indiana, Inc. CONTACT: Michael H. Head, President and CEO of First
Bancorp of Indiana, +1-812-423-3196
Copyright
First Bancorp Ind New (MM) (NASDAQ:FBEI)
Historical Stock Chart
From Jun 2024 to Jul 2024
First Bancorp Ind New (MM) (NASDAQ:FBEI)
Historical Stock Chart
From Jul 2023 to Jul 2024