Evansville-based First Bancorp of Indiana saw its earnings improve last quarter, the company reported Friday.
First Bancorp is the bank holding company for First Federal Savings Bank. The company reported a net income of $380,000 for the quarter ending Dec. 31, an 8.57 percent improvement over the $350,000 in net income it reported during the same period the previous year.
The company attributed its improved earnings to two factors: noninterest revenues were up, and its need to put aside money for possible loan losses was down.
Noninterest income for the quarter rose 39.57 percent year-over-year, to $843,000. The bank’s provision for loan losses dropped 75 percent, to $100,000.
For the first six months of its fiscal year, though, the bank’s earnings are down as compared to the previous year.
Net income for the sixth-month period ending Dec. 31 was $462,000, down 45.96 percent from the same period a year earlier.
First Bancorp said its reduced year-to-date earnings were due mostly to pretax impairment charges of $545,000 on certain investment securities. The charges reduced the bank’s net income by about $330,000.
The impairment charges do not represent realized losses, the company said in its earnings release, “and the eventual recovery of the total investment is possible.”
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