UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
or
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________________ to _________________
Commission File Number 0-29814
FIRST BANCORP OF INDIANA, INC.
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(Exact name of registrant as specified in its charter)
Indiana 35-2061832
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(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
2200 West Franklin Street, Evansville, Indiana 47712
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(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (812) 423-3196
Not Applicable
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(Former name, former address and former fiscal year, if changes since last
report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [_]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: 2,139,056 shares of common
stock, par value $0.01 per share, were outstanding as of November 1, 2000.
<PAGE>
FIRST BANCORP OF INDIANA, INC. AND SUBSIDIARY
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000
INDEX
Page
Part I Financial Information
Item 1. Consolidated Financial Statements 2
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 6
Item 3. Quantitative and Qualitative Disclosures about Market Risk 10
Part II Other Information
Item 1. Legal Proceedings 11
Item 2. Changes in Securities and Use of Proceeds 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
1
<PAGE>
FIRST BANCORP OF INDIANA, INC.
AND SUBSIDIARY
Consolidated Balance Sheet
<TABLE>
<CAPTION>
September 30, 2000 June 30, 2000
---------------------------------------------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C>
Assets
Cash and due from banks $ 1,606,416 $ 1,448,002
Interest-bearing demand deposits 8,813,313 3,590,492
Federal funds sold 1,070,000 1,355,000
------------------- -----------------
Total cash and cash equivalents 11,489,729 6,393,494
Interest-bearing deposits 1,089,000 1,188,000
Investment securities
Available for sale 8,414,300 8,541,057
Held to maturity 37,383,257 38,492,081
------------------- -----------------
Total investment securities 45,797,557 47,033,138
Loans 67,432,859 66,773,042
Allowance for loan losses (401,560) (395,638)
------------------- -----------------
Net loans 67,031,299 66,377,404
Premises and equipment 2,092,436 1,647,253
Federal Home Loan Bank stock 727,400 727,400
Other assets 4,431,259 4,115,537
------------------- -----------------
Total assets $ 132,658,680 $ 127,482,226
=================== =================
Liabilities
Deposits
Non-interest bearing $ 862,230 $ 673,479
Interest bearing 89,697,415 85,300,789
------------------- -----------------
Total deposits 90,559,645 85,974,268
Borrowings 5,000,000 5,000,000
Advances by borrowers for
taxes and insurance 532,414 339,217
Other liabilities 1,721,807 1,257,094
------------------- -----------------
Total liabilities 97,813,866 92,570,579
------------------- -----------------
Stockholders' Equity
Preferred stock, $.01 par value
Authorized and unissued - 1,000,000 shares
Common stock, $.01 par value
Authorized - 9,000,000 shares
Issued and outstanding - 2,272,400 shares 22,724 22,724
Additional paid-in capital 21,843,433 21,841,913
Retained earnings 16,569,999 16,472,853
Accumulated other comprehensive income 68,940 30,699
------------------- -----------------
38,505,096 38,368,189
Less:
Unallocated employee stock ownership plan shares (1,585,162) (1,623,809)
Treasury stock (1,291,636) (1,006,511)
Unallocated MRP shares (783,484) (826,222)
------------------- -----------------
Total stockholders' equity 34,844,814 34,911,647
------------------- -----------------
Total liabilities and stockholders' equity $ 132,658,680 $ 127,482,226
=================== =================
</TABLE>
See notes to unaudited consolidated financial statements
2
<PAGE>
FIRST BANCORP OF INDIANA, INC.
AND SUBSIDIARY
Consolidated Statement of Income
<TABLE>
<CAPTION>
For the
Three Months Ended
September 30,
--------------------------------------
2000 1999
--------------------------------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C>
Interest Income
Loans receivable $ 1,370,190 $ 1,150,982
Investment securities 795,483 708,325
Deposits with financial institutions 144,257 152,481
Federal funds sold 12,135 9,077
Other interest and dividend income 15,575 19,581
------------------ ------------------
Total interest income 2,337,640 2,040,446
------------------ ------------------
Interest Expense
Deposits 1,109,275 1,001,501
Borrowings 82,608 0
Other 17,264 14,417
------------------ ------------------
Total interest expense 1,209,147 1,015,918
------------------ ------------------
Net Interest Income 1,128,493 1,024,528
------------------ ------------------
Provision for Loan Losses 45,000 45,000
------------------ ------------------
Net Interest Income after Provision 1,083,493 979,528
Noninterest Income
Increase in cash surrrender values
of life insurance 22,974 24,048
Net gains on loan sales 130,935 154,652
Other Income 79,217 41,116
------------------ ------------------
Total noninterest income 233,126 219,816
------------------ ------------------
Noninterest Expense
Salaries and employee benefits 564,758 410,916
Net occupancy expense 42,501 44,723
Equipment expense 63,671 44,612
Deposit insurance expense 4,397 16,253
Data processing fees 34,971 30,700
Other expense 240,350 215,129
------------------ ------------------
Total noninterest expense 950,648 762,333
------------------ ------------------
Income Before Income Tax 365,971 437,011
Income tax expense 114,776 147,287
------------------ ------------------
Net Income $ 251,195 $ 289,724
================== ==================
Basic earnings per share $ 0.13 $ 0.14
Diluted earnings per share $ 0.13 $ 0.14
Weighted average number shares outstanding - Basic 1,906,341 2,130,257
Weighted average number shares outstanding - Diluted 1,940,279 2,130,257
</TABLE>
See notes to unaudited consolidated financial statements
3
<PAGE>
FIRST BANCORP OF INDIANA, INC.
AND SUBSIDIARY
Consolidated Statement of Changes in Equity Capital
<TABLE>
<CAPTION>
Common Stock Accumulated
------------------------ Additional Other
Shares Paid-in Comprehensive Retained Comprehensive
Outstanding Amount Capital Income Earnings Income
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balances, June 30, 2000 2,272,400 $22,724 $21,841,913 $16,472,853 $30,699
Net income $251,195 251,195
Other comprehensive income,
net of tax--Unrealized losses on
securities (unaudited) 38,241 38,241
-------------
Comprehensive income (unaudited) $289,436
=============
Cash dividends paid ($0.08 per share) (154,049)
Employee Stock Ownership Plan
shares allocated 2,784
MRP shares allocated (1,264)
Treasury shares purchased
--------------------------------------- ----------------------------------
Balances, Sept 30, 2000 (unaudited) 2,272,400 $22,724 $21,843,433 $16,569,999 $68,940
======================================= ==================================
</TABLE>
<TABLE>
<CAPTION>
Unallocated Unallocated
ESOP MRP Treasury
Shares Shares Shares Total
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Balances, June 30, 2000 ($1,623,809) ($826,222) ($1,006,511) $34,911,647
Net income 251,195
Other comprehensive income,
net of tax--Unrealized losses on
securities (unaudited) 38,241
Comprehensive income (unaudited)
Cash dividends paid ($0.08 per share) (154,049)
Employee Stock Ownership Plan
shares allocated 38,647 41,431
MRP shares allocated 42,738 41,474
Treasury shares purchased (285,125) (285,125)
-----------------------------------------------------------
Balances, Sept 30, 2000 (unaudited) ($1,585,162) ($783,484) ($1,291,636) $34,844,814
===========================================================
</TABLE>
4
<PAGE>
FIRST BANCORP OF INDIANA
AND SUBSIDIARY
Consolidated Statement of Cash Flows
<TABLE>
<CAPTION>
Three Months Ended
September 30,
------------------------------------
2000 1999
------------------ -----------------
(Unaudited)
<S> <C> <C>
Net Cash Provided by Operating Activities $530,555 $1,040,175
Investing Activities
Net change in interest-bearing deposits 99,000 396,000
Proceeds from maturities of securities available for sale 201,047 742,189
Purchases of securities held to maturity (4,057,420) (10,273,981)
Proceeds from maturities of securities held to maturity 5,168,884 5,198,525
Net change in loans (698,895) (2,869,137)
Purchases of premises and equipment (486,336) (11,860)
------------------ -----------------
Net cash provided (used) by investing activities 226,280 (6,818,264)
------------------ -----------------
Financing Activities
Net change in
Non-interest bearing, interest-bearing demand
and savings deposits 32,577 260,835
Certificates of deposit 4,552,800 (1,856,545)
Advances by borrows for taxes and insurance 193,197 159,231
Refunded conversion expenses 0 20,816
Purchase of ESOP shares 0 (980,411)
Purchase treasury shares (285,125) 0
Dividends paid (154,049) 0
------------------ -----------------
Net cash provided (used) by financing activities 4,339,400 (2,396,074)
------------------ -----------------
Net Change in Cash and Cash Equivalents 5,096,235 (8,174,163)
Cash and Cash Equivalents, Beginning of Period 6,393,494 16,698,123
------------------ -----------------
Cash and Cash Equivalents, End of Period $11,489,729 $8,523,960
================== =================
Additional Cash Flow Information
Interest paid $748,769 $590,120
Income tax paid 40,500 135,858
</TABLE>
See notes to unaudited consolidated financial statements
5
<PAGE>
FIRST BANCORP OF INDIANA, INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PRESENTATION
The accompanying consolidated financial statements of First Bancorp of
Indiana, Inc. (the "Company") have been prepared in accordance with instructions
to Form 10-Q. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. However, such information reflects all adjustments
(consisting solely of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of results for the interim period.
The results of operations for the three months ended September 30, 2000 are not
necessarily indicative of the results to be expected for the year ending June
30, 2001. The consolidated financial statements and notes thereto should be read
in conjunction with the audited consolidated financial statements and notes
thereto for the year ended June 30, 2000, contained in the Company's annual
report to shareholders.
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of the
federal securities laws. These statements are not historical facts, rather they
are statements based on the Company's current expectations regarding its
business strategies and their intended results and its future performance.
Forward-looking statements are preceded by terms such as "expects," "believes,"
"anticipates," "intends," and similar expressions. Forward-looking statements
are not guarantees of future performance. Numerous risks and uncertainties could
cause or contribute to the Company's actual results, performance, and
achievements to be materially different from those expressed or implied by the
forward-looking statements. Factors that may cause or contribute to these
differences include, without limitation, general economic conditions, including
changes in market interest rates and changes in monetary and fiscal policies of
the federal government; legislative and regulatory changes; and other factors
disclosed periodically in the Company's filings with the Securities and Exchange
Commission. Because of the risks and uncertainties inherent in forward-looking
statements, readers are cautioned not to place undue reliance on them, whether
included in this report or made elsewhere from time to time by the Company or on
its behalf. The Company assumes no obligation to update any forward-looking
statements.
GENERAL
Management's discussion and analysis of financial condition and results of
operations is intended to assist in understanding the financial condition and
results of operations of the Company. The information contained in this section
should be read in conjunction with the unaudited consolidated financial
statements and accompanying notes thereto.
6
<PAGE>
COMPARISON OF FINANCIAL CONDITION AT SEPTEMBER 30, 2000 AND JUNE 30, 2000
Total consolidated assets of the Company increased $5.2 million from $127.5
million at June 30, 2000 to $132.7 million at September 30, 2000. This growth in
assets occurred primarily in cash and cash equivalents and loans offset by a
decline in investment securities. The growth in total assets was primarily
funded by growth in total deposits. First Federal Savings Bank ("First
Federal"), a wholly owned subsidiary of the Company, will open a new office
location in Newburgh, Indiana during November 2000. Also, in July 2000, First
Federal entered into an agreement to acquire two existing offices in Evansville,
Indiana from Old National Bank. First Federal will acquire approximately $42
million in deposits and $22 million in loans as part of the transaction.
Cash and cash equivalents, which are primarily comprised of demand deposits
at the Federal Home Loan Bank of Indianapolis (FHLB), increased by $5.1 million
from $6.4 million at June 30, 2000 to $11.5 million at September 30, 2000. This
increase was the result of higher liquidity needs as First Federal increased its
emphasis on both mortgage and consumer lending.
Investment securities decreased $1.2 million from $47.0 million at June 30,
2000 to $45.8 million at September 30, 2000. This decline was the result of the
Bank reinvesting a portion of the proceeds from investment security maturities
and principal repayments into its mortgage and consumer loan portfolios.
Net loans grew $654,000 from $66.4 million at June 30, 2000 to $67.0
million at September 30, 2000. This increase is primarily attributable to a
$954,000 increase in mortgage loans, which grew to $46.6 million at September
30, 2000. First Federal has always been a strong mortgage lender and continues
to expand its consumer lending operation. In addition, First Federal has formed
a commercial loan department, which will begin operations by December 2000.
During the quarter, First Federal originated $9.0 million of indirect automobile
loans of which it retained $1.0 million for its own portfolio. It is
management's intent to sell 60%-80% of indirect automobile loan production and
retain the remainder in the Company's own portfolio.
The allowance for loan losses increased from $396,000 at June 30, 2000 to
$402,000 at September 30, 2000. The ratios of the Company's allowance for loan
losses to total loans were 0.60% and 0.59% at September 30, 2000 and June 30,
2000, respectively. During that same period, the Company's non-performing assets
increased from $112,000 to $163,000. The ratios of the Company's allowance for
loan losses to total nonperforming loans were 355.75% and 465.88% at September
30, 2000 and June 30, 2000, respectively.
Total deposits increased $4.6 million from $86.0 million at June 30, 2000
to $90.6 million at September 30, 2000. This increase occurred in certificates
of deposit and was primarily the result of aggressive pricing for deposits.
Total stockholders' equity decreased $67,000 from $34.9 million at June 30,
2000 to $34.8 million at September 30, 2000. This decline was attributable to a
$154,000 dividend to shareholders and, in accordance with its stock repurchase
program, the purchase of First Bancorp stock totaling $285,000. Increasing
stockholders' equity were net income of $251,000, an increase of $38,000 in net
unrealized gains on securities available for sale and an $83,000 allocation of
ESOP and MRP shares.
7
<PAGE>
COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000
AND 1999
GENERAL. Net income for the quarter ended September 30, 2000 decreased
$39,000, or 13%, from $290,000 for the quarter ended September 30, 1999 to
$251,000 for the quarter ended September 30, 2000. This was attributable to an
increase in noninterest expense and was partially offset by increases in both
net interest and noninterest income. The Company's net interest rate spread
increased from 2.28% for the quarter ended September 30, 1999 to 2.48% for the
quarter ended September 30, 2000. The return on average assets was 0.77% for the
quarter ended September 30, 2000 compared to 0.93% for the same quarter during
1999 and the return on average equity was 2.88% for the quarter ended September
30, 2000 compared to 3.22% for the same quarter during 1999.
NET INTEREST INCOME. Net interest income for the quarter ended September
30, 2000 increased $104,000, or 10%, from $1.0 million during the quarter ended
September 30, 1999 to $1.1 million for the quarter ended September 30, 2000.
The increase in net interest income was attributable to a $297,000 increase
in total interest income from $2.0 million for the quarter ended September 30,
1999 to $2.3 million for the same quarter during 2000. This increase was
primarily the result of a $219,000 increase in interest income from loans and an
$87,000 increase in interest income from investment securities. Average loans
outstanding increased to $66.5 million with an average yield of 8.24% for the
quarter ended September 30, 2000 from $57.9 with an average yield of 7.96% for
the same period in the prior year. The increase in interest income from
investment securities was due to a higher average yield of 6.94% for the quarter
ended September 30, 2000 as compared to 6.12% for the same period in 1999. The
higher average yields were a result of a higher rate environment for the quarter
ended September 30, 2000 as compared to the same period in 1999.
The increase in interest income was partially offset by a $193,000 increase
in interest expense from $1.0 million during the quarter ended September 30,
1999 to $1.2 million for the quarter ended September 30, 2000. This was the
result of average deposits increasing from $86.1 million for the quarter ended
September 30, 1999 to $88.1 million for the quarter ended September 30, 2000,
and the average cost of those deposits increasing from 4.66% to 5.03% for the
same respective periods. In addition, interest expense on borrowings from the
FHLB was $83,000 as compared to none for the same period one year ago.
PROVISION FOR LOAN LOSSES. The provision for loan losses for the quarter
ended September 30, 2000 was $45,000, consistent with the same quarter in the
prior year. The provision reflects management's analysis of the Company's loan
portfolio based on information which is currently available to it at such time.
In particular, management considers the level of non-performing loans (if any)
and potential problem loans. While Company management believes that the
allowance for loan losses is sufficient based on information currently available
to it, no assurances can be made that future events, conditions, or regulatory
directives will not result in increased provisions for loan losses or additions
to the allowance for loan losses which may adversely affect net income.
NONINTEREST INCOME. Noninterest income totaled $233,000 for the quarter
ended September 30, 2000 compared to $220,000 for the same period in the prior
year, an increase of $13,000. The increase was attributable to a $38,000
increase in other income, which consisted of delinquency fees, ATM fees, service
and overdraft fees, and insurance sales fees. This increase was partially offset
by a decline in fee income generated through the sale of consumer loans into the
secondary market.
8
<PAGE>
NONINTEREST EXPENSE. Total noninterest expense increased to $951,000 for
the quarter ended September 30, 2000 as compared to $762,000 for the same period
in 1999, an increase of $189,000. Salaries and employee benefits totaled
$565,000 during the quarter ended September 30, 2000, $154,000 higher than the
$411,000 recorded during the same period in 1999. Approximately $41,000 of the
increase in salaries and employee benefits expense is a result of awards made
under the First Bancorp of Indiana, Inc. 1999 Stock-Based Incentive Plan that
was approved by shareholders at the annual meeting in November 1999.
Compensation expense is also approximately $51,000 higher for the three months
ended September 30, 2000 due to increased staffing levels as First Federal
prepared to begin commercial lending operations and the opening of three new
branches during November 2000. Retirement and medical expenses were also higher
by $26,000 and $10,000, respectively, for the quarter ended September 30, 2000.
The balance of the increase in salaries and employee benefits is mainly due to
incentive compensation bonuses and normal salary increases for employees other
than those previously noted.
Equipment expense increased $19,000, to $64,000 during the quarter ended
September 30, 2000 as compared to $45,000 during the same period last year. This
increase was primarily the result of increased depreciation. During the past
year, First Federal upgraded three ATM machines and continued to invest in and
upgrade equipment to enhance data communications within and between offices.
First Federal also invested in equipment and software to automate the loan
approval and underwriting process.
Other noninterest expense increased $25,000, to $240,000 during the quarter
ended September 30, 2000 as compared to $215,000 during the same period in 1999.
This was primarily attributable to a $19,000 increase in advertising expenses as
First Federal took a more aggressive role in marketing its products. The balance
of the increase was due to small increases in several noninterest expense
categories.
INCOME TAXES. Total income tax expense was $115,000 for the quarter ended
September 30, 2000, compared to $147,000 for the same period in 1999. The
decrease is attributable to a lower taxable income for the quarter. The
effective tax rates for the quarters ended September 30, 2000 and 1999 were
31.4% and 33.6%.
LIQUIDITY AND CAPITAL RESOURCES
Federal regulations require First Federal to maintain levels of liquid
assets, such as cash and eligible investments. The required percentage has
varied from time to time based upon economic conditions and savings flows and is
currently 4% of the average daily balance of its net withdrawable savings
deposits and short-term borrowings. At September 30, 2000, First Federal's
liquidity ratio, defined as liquid assets as a percentage of net withdrawable
savings deposits and short-term borrowings, was 18.4%.
First Federal must maintain an adequate level of liquidity to ensure the
availability of sufficient funds to fund loan originations and deposit
withdrawals, to satisfy other financial commitments and to take advantage of
investment opportunities. First Federal invests excess funds in overnight
deposits and other short-term interest-bearing assets to provide liquidity to
meet these needs. At September 30, 2000, cash and cash equivalents totaled $11.5
million, or 8.7% of total assets. At September 30, 2000, First Federal had
commitments to fund loans of $3.7 million. At the same time, certificates of
deposit which are scheduled to mature in one year or less totaled $38.5 million.
Based upon historical experience, management believes the majority of maturing
certificates of deposit will remain with First Federal. In addition, management
of First Federal believes it can adjust the offering rates of certificates of
deposit to retain deposits in changing interest rate environments. If a
significant portion of these deposits are not retained by First Federal, First
Federal would be able to utilize Federal Home Loan Bank advances to fund deposit
withdrawals, which would result in an increase in interest expense to the extent
that the average rate paid on such advances exceeds the average rate paid on
deposits of similar duration.
9
<PAGE>
Management believes its ability to generate funds internally will satisfy its
liquidity requirements. If First Federal requires funds beyond its ability to
generate them internally, it has the ability to borrow funds from the Federal
Home Loan Bank. At September 30, 2000, First Federal had approximately $10.0
million remaining available to it under its borrowing arrangement with the
Federal Home Loan Bank. At September 30, 2000, First Federal had $5.0 million of
borrowings from the Federal Home Loan Bank.
Office of Thrift Supervision ("OTS") regulations require First Federal to
maintain specific amounts of capital. As of September 30, 2000, First Federal
exceeded its minimum capital requirements.
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
First Bancorp does not maintain a trading account for any class of
financial instrument nor does it engage in hedging activities or purchase
high-risk derivative instruments. Furthermore, First Bancorp is not subject to
foreign currency exchange rate risk or commodity price risk.
First Bancorp uses interest rate sensitivity analysis to measure its
interest rate risk by computing changes in net portfolio value of its cash flows
from assets, liabilities and off-balance sheet items in the event of a range of
assumed changes in market interest rates. Net portfolio value represents the
market value of portfolio equity and is equal to the market value of assets
minus the market value of liabilities, with adjustments made for off-balance
sheet items. This analysis assesses the risk of loss in market risk sensitive
instruments in the event of a sudden and sustained 100 to 400 basis point
increase or decrease in market interest rates with no effect given to any steps
that management might take to counter the effect of that interest rate movement.
First Bancorp measures interest rate risk by modeling the change in net
portfolio value over a variety of interest rate scenarios.
Although First Bancorp has not yet completed its interest rate sensitivity
analysis for September 30, 2000, management anticipates there has been no
material change from the information disclosed in the Company's annual report to
shareholders at June 30, 2000.
10
<PAGE>
PART II. OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS.
Periodically, there have been various claims and lawsuits involving First
Federal, such as claims to enforce liens, condemnation proceedings on properties
in which First Federal holds security interests, claims involving the making and
servicing of real property loans and other issues incident to First Federal's
business. In the opinion of management, after consultation with First Federal's
legal counsel, no significant loss is expected from any of such pending claims
or lawsuits. First Federal is not a party to any material pending legal
proceedings.
ITEM 2.
CHANGES IN SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 5.
OTHER INFORMATION.
None.
ITEM 6.
EXHIBITS AND REPORTS ON FORM 8-K.
a. Exhibits
27 - Financial Data Schedule
b. Forms 8-K
No Forms 8-K were filed during the quarter ended September 30, 2000.
11
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST BANCORP OF INDIANA, INC.
Dated: November 9, 2000 By: /s/ Harold Duncan
----------------------------------------
Harold Duncan
President, Chief Executive Officer
and Chairman of the Board
(principal executive officer)
Dated: November 9, 2000 By: /s/ Christopher A. Bengert
-----------------------------------------
Christopher A. Bengert
Treasurer
(principal financial and accounting officer)
12
