Community Investors Bancorp, Inc. Reports Net Earnings for the Nine and Three Months Ended March 31, 2008

    BUCYRUS, Ohio, April 22 /PRNewswire-FirstCall/ -- Community Investors
 Bancorp, Inc. (OTC Pink Sheets:   CIBN), parent company of First Federal
 Community Bank of Bucyrus, reported net earnings of $516,000, or $.58 per
 basic share, for the nine months ended March 31, 2008, representing a
 decrease of $8,000, or 1.5%, compared to the net earnings of $524,000, or
 $.60 per basic share, reported for the nine months ended March 31, 2007.
 The decrease in earnings reflects a $45,000, or 1.5%, increase in net
 interest income coupled with a reduction in provision for loan loss of
 $30,000. In addition, general, administrative and other expense, decreased
 by $71,000 or 2.7%. This was offset by a reduction in other income of
 $161,000. The reduction in other income reflects the recognition of losses
 on foreclosed real estate and other repossessed collateral, as well as
 reduced activity in production and sale of mortgage loans. General,
 administrative and other expense reflects reduced pension liability costs
 partially offset by increased costs related to conversion to a new core
 processing system. We continue to see efficiencies from our new core
 processing system as well as improved service to our customers on a
 real-time basis. These efficiencies have allowed us to offset some of the
 expenses related to our new Marysville banking center. The Marysville
 banking center opened successfully in November, as the Company expands its
 geographic reach. We are continuing to focus on new opportunities to serve
 our customers and shareholders, while increasing our operational
 efficiency.
 
     Community Investors Bancorp, Inc. reported total assets at March 31,
 2008, of $148.3 million, total liabilities of $137.4 million, including
 total deposits of $97.6 million and total stockholders' equity of $10.9
 million. Outstanding shares at March 31, 2008 were approximately 884,000.
 
 

 
 
                       Community Investors Bancorp, Inc.
            CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                 (In thousands)
                                   UNAUDITED
 
                                               March  31,   June 30,
     ASSETS                                          2008       2007
 
     Cash and cash equivalents                  $  16,571  $   4,611
     FHLB overnight deposits                        4,600      2,500
     Investment securities                          4,481     10,846
     Mortgage-backed securities                     4,983      2,589
     Loans receivable                             109,334    110,627
     Interest receivable                              905        957
     Prepaid federal income tax                       114        285
     FHLB stock                                     2,178      2,133
     Prepaid expenses                                 371        574
     Fixed assets                                   4,398      3,361
     Other assets                                     385        490
 
         Total assets                           $ 148,320  $ 138,973
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Deposits                                   $  97,567  $  86,197
     Advances from the Federal Home Loan Bank      38,500     40,506
     Interest payable                                 297        352
     Other liabilities                                878      1,085
     Deferred federal income tax                      186        196
         Total liabilities                        137,428    128,336
 
     Shareholders' equity                          10,892     10,637
 
         Total liabilities and
          shareholders' equity                  $ 148,320  $ 138,973
 
 
 
                       Community Investors Bancorp, Inc.
                 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                       (In thousands, except share data)
                                   UNAUDITED
 
                                   Nine months ended     Three months ended
                                        March 31,              March 31,
                                      2008    2007           2008    2007
 
     Total interest income           $6,845  $6,259         $2,263  $2,147
 
     Total interest expense           3,771   3,230          1,251   1,112
 
         Net interest income          3,074   3,029          1,012   1,035
     Provision for losses on loans      130     160             55      60
         Net interest income after
          provision for
          losses on loans             2,944   2,869            957     975
 
     Other income                       375     536            109     190
 
     General, administrative
      and other expense               2,532   2,603            842     888
 
              Earnings before
               income taxes             787     802            224     277
 
     Federal income taxes               271     278             77      96
 
                  NET EARNINGS       $  516  $  524         $  147  $  181
 
      EARNINGS PER SHARE
        Basic                        $ 0.58  $ 0.60         $ 0.17  $ 0.21
 
        Diluted                      $ 0.58  $ 0.59         $ 0.17  $ 0.20
 
 
 

SOURCE Community Investors Bancorp, Inc.