1St Independence Financial Group, Inc. (946738) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2007

EX-99
2
jb8k222007ex991.txt
EXHIBIT 99.1 TO FORM 8-K FILED ON 2/2/2007

                                                                 Exhibit 99.1
                                                                 ------------

News Release


                                           Contact:     N. William White
                                                        President and Chief
                                                        Executive Officer
                                                        (502)753-0500

                1st Independence Financial Group, Inc. Announces
                Net Income for Fourth Quarter and Full Year 2006

LOUISVILLE, KENTUCKY (February 2, 2007) - 1st Independence Financial Group,
Inc. (the "Company")(NASDAQ:FIFG), the holding company of 1st Independence Bank,
reported today the unaudited results for the fourth quarter and year ended
December 31, 2006.

For the year ended December 31, 2006, the Company reported net income of
$1,940,000 or $0.99 per diluted share compared to net income of $4,481,000 or
$2.32 per diluted share for the year ended December 31, 2005. The decreases in
net income and net income per diluted share for the year ended December 31, 2006
were primarily due to after tax securities gains of $3,308,000 taken in the
first quarter of 2005 and the increase of $325,000 after taxes in the provision
for loan losses in the year 2006 compared to the year 2005. Partially offsetting
these factors was an increase in net interest income of $245,000 after taxes and
an after tax charge of $235,000 recorded in the first quarter of 2005 for
severance expenses related to the retirement of the Company's former Chairman
and Chief Executive Officer. Other factors were decreased incentive expense,
employee benefit expense, marketing expense, professional fees and other
noninterest expense items. Partially offsetting these factors were increased net
occupancy expense and data processing expense. The Company reported fourth
quarter net income of $470,000 or $0.24 per diluted share compared to $427,000
or $0.22 per diluted share for the fourth quarter ended December 31, 2005.

1st Independence Financial Group is headquartered in Louisville, Kentucky and
includes 1st Independence Bank and 1st Independence Mortgage, a division of the
Bank. The Bank has eight full service banking offices. The banking offices are
located in Harrodsburg, Lawrenceburg and two locations (St. Matthews branch and
Stony Brook branch) in Louisville, Kentucky, and New Albany, Jeffersonville,
Marengo and Clarksville, Indiana. 1st Independence Mortgage operates in
Louisville, Kentucky and southern Indiana.

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors,
which may cause the Company's actual results to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such statements are subject to certain risks and
uncertainties including changes in economic conditions in the market areas the
Company conducts business, changes in policies by regulatory agencies,
fluctuations in interest rates, demand for loans in the market areas the Company
conducts business, and competition that could cause actual results to differ
materially from historical earnings and those presently anticipated or
projected. The Company wishes to caution readers not to place undue reliance on
any such forward-looking statements, which speak only as of the date made.
Additionally, the Company wishes to advise readers that the factors listed above
could affect the Company's financial performance and could cause the Company's
actual results for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current statements.