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Business

Profit Drops for Evansville-Based Bank Holding Company

Evansville-based First Bancorp of Indiana’s profits dropped last quarter, because of a rise in overhead expenses along with a reduction in noninterest income.

First Bancorp is the bank holding company for First Federal Savings Bank, which holds nine offices in Evansville, Newburgh, Petersburg and Washington.

The company’s quarterly earnings for the quarter were down eight percent from the same period a year earlier. Noninterest expense went up four percent from the same period a year ago. Noninterest income dropped seven percent because it made less from loan sales last quarter than it did a year ago.

According to the Courier and Press, earnings also benefited because it set money aside to protect against possible losses from bad loans, making it count as an expense on a bank’s balance sheet. The bank said it reduced its provision because the quality of the loans on its books has improved.