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First Bancorp of Indiana, Inc. Announces Financial Results

EVANSVILLE, IN -- (Marketwire) -- 01/18/13 -- First Bancorp of Indiana, Inc., (OTCBB: FBPI), the holding company for First Federal Savings Bank, reported earnings of $349,000 for the quarter ended December 31, 2012, compared to net income of $360,000 in the same quarter last year. The quarter-over-quarter change was attributed largely to higher overhead expenses. The increase in these expenses more than offset a 3.9% increase in net interest income associated with strong loan growth and lower funding costs.

The Company recognized earnings of $781,000 in the first half of fiscal 2013, up from $667,000 for the same period last year. The greater comparative year-to-date earnings were due in large part to a 17.8% increase in noninterest income, particularly gains from the sale of loans. Also, net interest income improved 3.0% as net loans grew 15.6% over the past six months and 27.7% from the same time last year. A new operations center, a new branch facility in Petersburg, Indiana, and additional staffing needs were the factors primarily responsible for the increased noninterest expenses.

At approximately 8.5%, First Federal's tier one capital ratio was well in excess of the five percent regulatory standard for "well-capitalized" financial institutions. The bank's other capital measurements also continue to comfortably exceed "well-capitalized" standards. In addition, First Bancorp paid a dividend of 15.5 cents per outstanding share for the 19th consecutive quarter.

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)


                                                12/31/2012      6/30/2012
                                             =============== ===============
Selected Balance Sheet Data:                   (unaudited)
Total assets                                         390,271         381,186
Investment securities                                 98,541         115,680
Loans receivable, net                                210,765         182,381
Deposit accounts                                     271,871         269,197
Borrowings                                            73,155          73,155
Stockholders' equity                                  35,546          34,778



                                  Three months              Six months
                               ended December 31,       ended December 31,
                                2012         2011        2012        2011
                            ===========  =========== =========== ===========
Operating Results:          (unaudited)  (unaudited) (unaudited) (unaudited)
Interest income                   3,307        3,452       6,681       6,981
Interest expense                    954        1,187       1,987       2,423
                            -----------  ----------- ----------- -----------
Net interest income               2,353        2,265       4,694       4,558
Provision for loan losses           120          100         225         250
                            -----------  ----------- ----------- -----------
Net interest income after
 provision                        2,233        2,165       4,469       4,308
Noninterest income                  885          896       1,909       1,621
Noninterest expense               2,772        2,648       5,578       5,181
                            -----------  ----------- ----------- -----------

Income before income taxes
 and cumulative effect of a
 change in accounting
 principle                          346          413         800         748
Income taxes                         (3)          53          19          81
                            -----------  ----------- ----------- -----------

Net income                          349          360         781         667
                            ===========  =========== =========== ===========

CONTACT:
Michael H. Head
President and CEO
First Bancorp of Indiana
812-492-8100

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