INDIANAPOLIS, April 17 /PRNewswire-FirstCall/ -- First Indiana
Corporation today announced net income from continuing operations
of $6.0 million, or $0.36 per diluted share, for the quarter ended
March 31, 2007. Net income from continuing operations for the first
quarter of the previous year was $5.9 million, or $0.35 per diluted
share. Annualized return on average assets for the first quarter of
2007 was 1.16 percent, compared with 1.23 percent for the first
quarter of 2006 on continuing operations. Annualized return on
average equity for the first quarter of 2007 was 13.51 percent,
compared with 13.19 percent for the first quarter of 2006 on
continuing operations. The Corporation will host a conference call
to discuss first quarter financial results on Wednesday, April 18
at 2:00 p.m. EDT. To participate, please call (800) 278-9857 and
use conference ID: 4150442. A replay of the call will be available
from 4:00 p.m. EDT on Wednesday, April 18, 2007 through midnight
Wednesday, April 25, 2007. To hear the replay, call (800) 642-1687
and use conference ID: 4150442. First Indiana Corporation
(NASDAQ:FINB) is a full-service financial services company offering
comprehensive financial solutions to businesses and individuals. It
is the holding company for First Indiana Bank, N.A., the largest
commercial bank headquartered in Indianapolis. Founded in 1915,
First Indiana Bank is a national bank with 32 offices in central
Indiana. Information about First Indiana is available at (317)
269-1200, or at http://www.firstindiana.com/, which is not a part
of this news release. This document may contain forward-looking
statements. Forward-looking statements provide current expectations
or forecasts of future events and are not guarantees of future
performance, nor should they be relied upon as representing
management's views as of any subsequent date. The forward- looking
statements are based on management's expectations and are subject
to a number of risks and uncertainties. Although management
believes that the expectations reflected in such forward-looking
statements are reasonable, actual results may differ materially
from those expressed or implied in such statements. Information
concerning factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements is available in the Corporation's Annual Report on Form
10-K for the year ended December 31, 2006, and subsequent filings
with the United States Securities and Exchange Commission (SEC).
Copies of these filings are available at no cost on the SEC's Web
site at http://www.sec.gov/ or on the Corporation's Web site at
http://www.firstindiana.com/. Management may elect to update
forward-looking statements at some future point; however, it
specifically disclaims any obligation to do so. Financial
Highlights First Indiana Corporation and Subsidiaries (Dollars in
Thousands, Except Per Share Data) (Unaudited) For the Three Months
Ended -------------------------------------- March 31 December 31
March 31 2007 2006 2006 ---------- ------------ ---------- Net
Interest Income $18,492 $18,179 $17,854 Provision for Loan Losses
-- -- (250) Non-Interest Income 6,324 6,530 7,440 Non-Interest
Expense 15,309 15,345 16,172 Income from Continuing Operations, Net
of Taxes 6,022 6,010 5,910 Income from Discontinued Operations, Net
of Taxes -- -- 8,653 Net Income 6,022 6,010 14,563 Basic Earnings
Per Share Income from Continuing Operations, Net of Taxes $0.37
$0.36 $0.35 Income from Discontinued Operations, Net of Taxes -- --
0.52 ---------- ------------ ---------- Net Income $0.37 $0.36
$0.87 ========== ============ ========== Diluted Earnings Per Share
Income from Continuing Operations, Net of Taxes $0.36 $0.35 $0.35
Income from Discontinued Operations, Net of Taxes -- -- 0.50
---------- ------------ ---------- Net Income $0.36 $0.35 $0.85
========== ============ ========== Dividends Per Share $0.210
$0.200 $0.200 Net Interest Margin 3.75 % 3.65 % 3.90 % Efficiency
Ratio (1) 61.69 62.10 63.94 Annualized Return on Average Assets (2)
1.16 1.13 3.02 Annualized Return on Average Equity (2) 13.51 13.20
32.49 Average Basic Shares Outstanding 16,375,678 16,482,585
16,764,221 Average Diluted Shares Outstanding 16,665,528 16,842,036
17,193,914 March 31 December 31 March 31 2007 2006 2006 ----------
------------ ---------- Assets $2,124,363 $2,162,113 $2,035,657
Loans 1,675,780 1,694,687 1,567,656 Deposits 1,594,237 1,611,055
1,503,081 Shareholders' Equity 177,374 182,094 175,741
Shareholders' Equity/Assets 8.35 % 8.42 % 8.63 % Tangible
Equity/Tangible Assets 6.88 % 6.98 % 7.09 % Shareholders' Equity
Per Share $10.74 $10.87 $10.41 Market Closing Price 21.85 25.36
27.90 Shares Outstanding 16,521,468 16,767,727 16,888,805 (1) Based
on continuing operations. (2) Includes earnings from continuing and
discontinued operations. Condensed Consolidated Balance Sheets
First Indiana Corporation and Subsidiaries (Dollars in Thousands)
March 31 December 31 March 31 2007 2006 2006 (Unaudited)
(Unaudited) ---------- --------- ---------- Assets Cash $44,343
$53,511 $43,031 Interest-Bearing Due from Banks 2,598 6,317 2,459
Federal Funds Sold 42,700 41,500 75,000 Securities Available for
Sale 257,058 262,827 248,769 Other Investments 20,006 20,006 26,540
Loans Business 621,749 619,891 546,425 Commercial Real Estate
188,331 191,020 166,847 Single-Family Construction 133,454 126,916
103,357 Consumer 471,299 488,173 488,697 Residential Mortgage
260,947 268,687 262,330 ---------- --------- ---------- Total Loans
1,675,780 1,694,687 1,567,656 Allowance for Loan Losses (29,373)
(30,463) (38,435) ---------- ---------- ---------- Net Loans
1,646,407 1,664,224 1,529,221 Premises and Equipment 27,472 27,218
24,488 Accrued Interest Receivable 10,091 11,710 10,060 Goodwill
30,682 30,682 30,682 Other Intangible Assets 2,784 2,864 3,120
Other Assets 40,222 41,254 42,287 ---------- ----------- ----------
Total Assets $2,124,363 $2,162,113 $2,035,657 ========== ==========
========== Liabilities Non-Interest-Bearing Deposits $220,270
$242,975 $225,860 Interest-Bearing Deposits Demand Deposits 201,261
194,878 184,921 Savings Deposits 661,237 664,474 529,550
Certificates of Deposit 511,468 508,728 562,750 ----------
----------- ---------- Total Interest-Bearing Deposits 1,373,966
1,368,080 1,277,221 ---------- ----------- ---------- Total
Deposits 1,594,236 1,611,055 1,503,081 Short-Term Borrowings
259,380 277,888 232,033 Federal Home Loan Bank Advances 18,479
19,666 42,907 Subordinated Notes 46,936 46,905 46,812 Accrued
Interest Payable 3,331 2,612 2,747 Advances by Borrowers for Taxes
and Insurance 2,163 1,265 3,569 Other Liabilities 22,464 20,628
28,767 ---------- ----------- ---------- Total Liabilities
1,946,989 1,980,019 1,859,916 ---------- ----------- ----------
Shareholders' Equity Common Stock 206 205 204 Capital Surplus
18,685 18,121 16,108 Retained Earnings 227,418 225,365 217,006
Accumulated Other Comprehensive Income (Loss) (2,461) (2,908)
(4,000) Treasury Stock at Cost (66,474) (58,689) (53,577)
---------- ----------- ---------- Total Shareholders' Equity
177,374 182,094 175,741 ---------- ----------- ---------- Total
Liabilities and Shareholders' Equity $2,124,363 $2,162,113
$2,035,657 ========== ========== ========== Condensed Consolidated
Statements of Income First Indiana Corporation and Subsidiaries
(Dollars in Thousands, Except Per Share Data) Three Months Ended
-------------------- March 31 December 31 March 31 2007 2006 2006
(Unaudited) (Unaudited) ---------- --------- ---------- Interest
Income Interest-Bearing Due from Banks $34 $48 $103 Federal Funds
Sold 205 290 48 Securities Available for Sale 2,697 2,521 2,444
Dividends on Other Investments 246 274 348 Loans 31,761 31,763
27,188 ---------- ----------- ---------- Total Interest Income
34,943 34,896 30,131 Interest Expense Deposits 12,965 13,293 8,420
Short-Term Borrowings 2,394 2,310 2,239 Federal Home Loan Bank
Advances 254 271 779 Subordinated Notes 838 843 839 ----------
----------- ---------- Total Interest Expense 16,451 16,717 12,277
---------- ----------- ---------- Net Interest Income 18,492 18,179
17,854 Provision for Loan Losses -- -- (250) ---------- -----------
---------- Net Interest Income after Provision for Loan Losses
18,492 18,179 18,104 Non-Interest Income Deposit Charges 4,196
4,358 3,863 Loan Fees 245 320 509 Investment Product Sales
Commissions 307 191 221 Sale of Loans 1,182 1,119 2,053 Other 394
542 794 ---------- ----------- ---------- Total Non-Interest Income
6,324 6,530 7,440 Non-Interest Expense Salaries and Benefits 9,491
8,835 9,707 Net Occupancy 1,094 1,084 949 Equipment 1,316 1,378
2,159 Professional Services 776 1,038 881 Marketing 636 632 504
Telephone, Supplies, and Postage 712 676 714 Other Intangible Asset
Amortization 80 86 85 OREO Expenses (Income) (419) (52) (224) Other
1,623 1,668 1,397 ---------- ----------- ---------- Total
Non-Interest Expense 15,309 15,345 16,172 ---------- -----------
---------- Income from Continuing Operations 9,507 9,364 9,372
Income Taxes 3,485 3,354 3,462 ---------- ----------- ----------
Income from Continuing Operations, Net of Taxes 6,022 6,010 5,910
Discontinued Operations Income from Discontinued Operations -- --
14,254 Income Taxes -- -- 5,601 ---------- ----------- ----------
Income from Discontinued Operations, Net of Taxes -- -- 8,653
---------- ----------- ---------- Net Income $6,022 $6,010 $14,563
========== =========== ========== Basic Earnings Per Share Income
from Continuing Operations, Net of Taxes $0.37 $0.36 $0.35 Income
from Discontinued Operations, Net of Taxes -- -- 0.52 ----------
----------- ---------- Net Income $0.37 $0.36 $0.87 ==========
=========== ========== Diluted Earnings Per Share Income from
Continuing Operations, Net of Taxes $0.36 $0.35 $0.35 Income from
Discontinued Operations, Net of Taxes -- -- 0.50 ----------
----------- ---------- Net Income $0.36 $0.35 $0.85 ==========
=========== ========== Dividends Per Common Share $0.210 $0.200
$0.200 ========== =========== ========== Net Interest Margin First
Indiana Corporation and Subsidiaries (Dollars in Thousands)
(Unaudited) Three Months Ended ----------------------------- March
31, 2007 ----------------------------- Average Yield / Balance
Interest Rate --------- ---------- -------- Assets Interest-Bearing
Due from Banks $2,620 $34 5.08 % Federal Funds Sold 14,836 205 5.48
Securities Available for Sale 258,747 2,697 4.17 Other Investments
20,006 246 4.91 Loans Business 619,512 12,708 8.14 Commercial Real
Estate 186,572 3,963 8.43 Single-Family Construction 132,658 2,839
8.49 Consumer 480,518 8,729 7.27 Residential Mortgage 264,339 3,522
5.33 --------- ------ Total Loans 1,683,599 31,761 7.65 ---------
------ Total Earning Assets 1,979,808 34,943 7.03 Other Assets
122,910 ---------- Total Assets $2,102,718 ========== Liabilities
and Shareholders' Equity Interest-Bearing Deposits Demand Deposits
$195,425 $648 1.32 % Savings Deposits 676,524 6,303 3.70
Certificates of Deposit 511,766 6,014 4.66 --------- ------ Total
Interest-Bearing Deposits 1,383,715 12,965 3.72 Short-Term
Borrowings 227,984 2,394 4.17 Federal Home Loan Bank Advances
18,768 254 5.36 Subordinated Notes 46,925 838 7.14 --------- ------
Total Interest-Bearing Liabilities 1,677,392 16,451 3.89
Non-Interest-Bearing Demand Deposits 214,756 Other Liabilities
29,719 Shareholders' Equity 180,851 --------- Total Liabilities and
Shareholders' Equity $2,102,718 ========== ------- Net Interest
Income/Spread $18,492 3.14 % ======= ====== Net Interest Margin
3.75 % ====== Three Months Ended -----------------------------
March 31, 2006 ----------------------------- Average Yield /
Balance Interest Rate --------- ---------- --------- Assets
Interest-Bearing Due from Banks $8,987 $103 4.67 % Federal Funds
Sold 4,310 48 4.52 Securities Available for Sale 247,115 2,444 3.96
Other Investments 26,540 348 5.25 Loans Business 531,336 9,735 7.43
Commercial Real Estate 160,987 3,169 7.98 Single-Family
Construction 100,551 1,921 7.75 Consumer 497,205 9,070 7.30
Residential Mortgage 261,233 3,293 5.04 --------- ------ Total
Loans 1,551,312 27,188 7.06 --------- ------ Total Earning Assets
1,838,264 30,131 6.60 Other Assets 117,297 ---------- Total Assets
$1,955,561 ========== Liabilities and Shareholders' Equity
Interest-Bearing Deposits Demand Deposits $182,699 $323 0.72 %
Savings Deposits 499,109 3,319 2.70 Certificates of Deposit 482,600
4,778 4.02 --------- ----- Total Interest-Bearing Deposits
1,164,408 8,420 2.93 Short-Term Borrowings 239,319 2,239 3.79
Federal Home Loan Bank Advances 65,871 779 4.80 Subordinated Notes
46,802 839 7.17 --------- ------ Total Interest-Bearing Liabilities
1,516,400 12,277 3.28 Non-Interest-Bearing Demand Deposits 220,574
Other Liabilities 36,833 Shareholders' Equity 181,754 ----------
Total Liabilities and Shareholders' Equity $1,955,561 ==========
------- Net Interest Income/Spread $17,854 3.32 % ======= ======
Net Interest Margin 3.90 % ====== Loan Charge-Offs and Recoveries
First Indiana Corporation and Subsidiaries (Dollars in Thousands)
(Unaudited) Three Months Ended ------------------------------ March
31 December 31 March 31 2007 2006 2006 -------- -----------
-------- Allowance for Loan Losses at Beginning of Period $30,463
$34,972 $39,168 Charge-Offs Business 682 3,697 128 Commercial Real
Estate -- 498 -- Consumer 1,160 1,347 1,125 Residential Mortgage
102 22 139 ------- ------- ------- Total Charge-Offs 1,944 5,564
1,392 Recoveries Business 430 412 234 Single-Family Construction --
35 1 Consumer 406 608 674 Residential Mortgage 18 -- -- -------
------- ------- Total Recoveries 854 1,055 909 ------- -------
------- Net Charge-Offs 1,090 4,509 483 Provision for Loan Losses
-- -- (250) ------- ------- ------- Allowance for Loan Losses at
End of Period $29,373 $30,463 $38,435 ======= ======= ======= Net
Charge-Offs to Average Loans (Annualized) 0.26 % 1.05 % 0.13 %
Allowance for Loan Losses to Loans at End of Period 1.75 1.80 2.45
Allowance for Loan Losses to Non- Performing Loans at End of Period
592.80 232.52 848.08 Non-Performing Assets First Indiana
Corporation and Subsidiaries (Dollars in Thousands) March 31,
December 31, March 31, 2007 2006 2006 ---------- ------------
--------- Non-Performing Loans Non-Accrual Loans Business $1,277
$9,064 $728 Commercial Real Estate 753 723 -- Consumer 1,208 917
638 Residential Mortgage 948 705 426 ------- ------- ------- Total
Non-Accrual Loans 4,186 11,409 1,792 ------- ------- -------
Accruing Loans Past Due 90 Days or More Business 40 710 --
Commercial Real Estate 275 209 2,592 Single-Family Construction 345
- - Consumer 109 445 148 Residential Mortgage -- 303 -- -------
------- ------- Total Accruing Loans Past Due 90 Days or More 769
1,667 2,740 ------- ------- ------- Total Non-Performing Loans
4,955 13,076 4,532 Foreclosed Assets 25 25 18 ------- -------
------- Total Non-Performing Assets $4,980 $13,101 $4,550 =======
======= ======= Non-Performing Loans to Loans at End of Period 0.30
% 0.77 % 0.29 % Non-Performing Assets to Loans and Foreclosed
Assets at End of Period 0.30 0.77 0.29 DATASOURCE: First Indiana
Corporation CONTACT: William J. Brunner, CFO - Shareholders &
Analysts, of First Indiana Corporation, +1-317-269-1614; or Beth
Copeland - Media, +1-317-269-1395 Web site:
http://www.firstindiana.com/
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