First Bancorp of Indiana, Inc. Announces Earnings

EVANSVILLE, IN , the holding company for First Federal Savings Bank, reported earnings of $355,000 for the third fiscal quarter ended March 31, 2008, compared to earnings of $190,000 for the same quarter in fiscal 2007. The 86.8 percent improvement in quarterly net earnings was attributed largely to an improved net interest margin and fee income enhancements. For the first nine months of fiscal 2008, net income was $791,000, compared with $591,000 in the like period a year ago.

Third quarter earnings represented 20 cents per average outstanding share (diluted) compared to 10 cents for the quarter ended March 31, 2007. For the first three quarters of the fiscal 2008, diluted earnings per share totaled 44 cents on 1.80 million average shares compared to 34 cents on 1.72 million average shares during the same period the preceding year. The greater number of diluted shares in fiscal 2008 was attributed primarily to the 293,946 shares issued in conjunction with the October 1, 2006, acquisition of Home Building Bancorp, Inc.

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. and First Federal Savings Bank, an FDIC-insured federal stock savings bank, operate from headquarters in Evansville, Indiana.

                First Bancorp of Indiana, Inc.
              Consolidated Financial Highlights
                      (in thousands)


                         3/31/2008    6/30/2007
                        ===========  ===========
Selected Balance Sheet  (unaudited)
 Data:
Total assets                370,668      362,992
Investment securities        41,582       44,602
Mortgage-backed
 securities                  54,784       35,496
Loans receivable, net       231,259      233,237
Deposit accounts            228,135      251,234
Borrowings                  101,499       72,496
Equity capital               34,176       34,218


                           Three months ended        Nine months ended
                                March 31,                March 31,
                            2008         2007         2008        2007
                        ===========  ===========  ===========  ===========
Operating Results:      (unaudited)  (unaudited)  (unaudited)  (unaudited)
Interest income               5,276        5,085       15,779       14,194
Interest expense              3,227        3,215        9,951        8,709
                        -----------  -----------  -----------  -----------
Net interest income           2,049        1,870        5,828        5,485
Provision for loan
 losses                         135          105          330          300
                        -----------  -----------  -----------  -----------
Net interest income
 after provision              1,914        1,765        5,498        5,185
Noninterest income              527          492        1,623        1,451
Noninterest expense           1,973        2,018        6,113        5,876
                        -----------  -----------  -----------  -----------
Income before income
 taxes and cumulative
 effect of a change
 in accounting principle        468          239        1,008          760
Income taxes                    113           49          217          169
Cumulative effect of
 change in accounting
 principle                        0            0            0            0
                        -----------  -----------  -----------  -----------
Net income                      355          190          791          591



                             At or for the              At or for the
                          three months ended          nine months ended
                                March 31,                March 31,
                            2008         2007         2008        2007
                        ===========  ===========  ===========  ===========
Performance Ratios:     (unaudited)  (unaudited)  (unaudited)  (unaudited)
Return on average
 assets                        0.38%        0.21%        0.29%        0.23%
Return on average
 equity                        4.12%        2.22%        3.09%        2.45%
Basic earnings per
 share                         0.20         0.11         0.44         0.35
Diluted earnings per
 share                         0.20         0.10         0.44         0.34
Interest rate spread           2.22%        2.05%        2.12%        2.11%
Net interest margin            2.42%        2.26%        2.34%        2.38%
Other expenses as a %
 of average total
 assets                        2.12%        2.20%        2.22%        2.31%

Asset Quality Ratios:
Nonperforming loans as
 a % of total loans            0.10%        0.22%        0.10%        0.22%
Nonperforming assets as
 a % of total assets           0.10%        0.20%        0.10%        0.20%
Allowance for loan
 losses as a % of total
 loans                         0.45%        0.50%        0.45%        0.50%
Allowance for loan
 losses as a % of
 nonperforming loans         427.16%      226.97%      427.16%      226.97%

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

First Bancorp Ind New (MM) (NASDAQ:FBEI)
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