2014

Community Investors Bancorp, Inc. Reports Net Earnings for the Nine and Three Months Ended March 31, 2009

BUCYRUS, Ohio, May 15 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $164,000, or $.19 per basic share, for the nine months ended March 31, 2009, representing a decrease of $352,000, or 68.2%, compared to the net earnings of $516,000, or $.58 per basic share, reported for the nine months ended March 31, 2008. The decrease in 2008-09 earnings reflects a $346,000, or 11.3%, decrease in net interest income coupled with an increase in provision for loan loss of $113,000. Net interest income has been adversely impacted by falling interest rates earned on both liquid funds and loans. Loan rates continued to fall during the quarter, while rates paid for liquid funds have fallen to virtually zero. Deposit rates continue to fall as well, offsetting some of the effect of the reduction in interest income. The rates on our fixed borrowings of $35.5 million have not reduced. However, as we repay and re-price our fixed borrowings over the next 9 to 15 months, we expect to see significant reductions in our cost of funds. Prudent banking in these times of economic distress requires us to bolster loan loss reserves, which we continue to do. Our Marysville banking center has now been open for more than a year, which has increased general, administrative and other expenses. More than $5.9 million in deposits were added through our Marysville operations as of March 31, 2009. Net earnings available to common shares, as shown, have been reduced by the preferred dividend due quarterly to the US Treasury.

Community Investors Bancorp, Inc. reported total assets at March 31, 2009, of $145.8 million, total liabilities of $132.7 million, including total deposits of $96.5 million and total stockholders' equity of $13.2 million. As participants in the U.S. Treasury's Capital Purchase Program, Community Investors Bancorp, Inc. has issued $2.6 million, in preferred stock to the U.S. Treasury. This additional capital is available to leverage our deposit base, which in turn supports our lending as opportunities present themselves in these difficult economic times. We continue to build liquidity to repay our FHLB advances. Since June 30 2008, we have repaid $3.0 million in FHLB advances while deposits have increased by $3.3 million. This is part of our strategy to build deposits and rely less on borrowed funds for our loan funding and liquidity needs.

                           Community Investors Bancorp, Inc.
                CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                   (In thousands)
                                     UNAUDITED
                                                     March  31,  June 30,
    ASSETS                                                2009      2008
                                                     ---------- ---------
    Cash and cash equivalents                          $22,087   $13,890
    FHLB overnight deposits                              2,350     4,600
    Investment securities                                4,525     5,394
    Mortgage-backed securities                           4,537     4,509
          Loans receivable-gross                       104,966   108,126
          Less: Allowance for loan loss                  1,000       880
                                                     ---------- ---------
    Loans receivable-net                               103,966   107,246
    Interest receivable                                    806       840
    Prepaid federal income tax                              75       130
    FHLB stock                                           2,237     2,207
    Prepaid expenses                                       448       441
    Fixed assets                                         4,242     4,343
    Other assets                                           572       293
                                                     ---------- ---------
          Total assets                                $145,845  $143,893
                                                     ========== =========

    LIABILITIES AND SHAREHOLDERS' EQUITY
        Liabilities
    Deposits                                          $ 96,470   $93,142
    Advances from the Federal Home Loan Bank            35,500    38,500
    Interest payable                                       269       275
    Other liabilities                                      368     1,095
    Preferred dividend payable                              17         -
    Deferred federal income tax                             44        96
                                                     ---------- ---------
          Total liabilities                            132,668   133,108
         Shareholders' equity
    Preferred stock                                      2,611         -
    Common stock                                            15        15
    Additional paid-in capital                           5,217     5,227
    Retained earnings                                   12,465    12,572
    Accumulated other comprehensive loss                  (336)     (234)
    Treasury stock                                      (6,795)   (6,795)
                                                     ---------- ---------
          Total shareholders equity                     13,177    10,785
                                                     ---------- ---------
          Total liabilities and shareholders' equity  $145,845  $143,893
                                                     ========== =========



                           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,
                                        2009       2008      2009       2008

    Total interest income             $5,997     $6,845    $1,922     $2,263
    Total interest expense             3,265      3,771       996      1,251
                                      ------     ------    ------     ------
      Net interest income              2,732      3,074       926      1,012
    Provision for losses on loans        243        130        60         55
                                      ------     ------    ------     ------
      Net interest income after
       provision for losses on loans   2,489      2,944       866        957
    Other income                         462        375       182        109
    General, administrative and other
     expense                           2,702      2,532       990        842
                                      ------     ------    ------     ------
      Earnings before income taxes       249        787        58        224
    Federal income taxes                  85        271        20         77
                                      ------     ------    ------     ------
    NET EARNINGS                        $164       $516       $38       $147
                                      ======     ======    ======     ======
     Preferred dividends                  38                   38
                                      ------               ------
    NET EARNINGS AVAILABLE TO COMMON
     SHARES                             $126                   $0
                                      ======               ======
      EARNINGS PER SHARE
        Basic                          $0.19      $0.58     $0.04      $0.17
                                      ======     ======    ======     ======
        Diluted                        $0.19      $0.58     $0.04      $0.17
                                      ======     ======    ======     ======
    Diluted-Available to common shares $0.14                $0.00
                                      ======               ======

SOURCE Community Investors Bancorp, Inc.



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