2014

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.

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