Community Investors Bancorp, Inc. Reports Net Earnings for the Nine and Three Months Ended March 31, 2010

BUCYRUS, Ohio, April 20 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc., parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common stock of $536,000 or $.61 per common share, for the nine months ended March 31, 2010. This represents an increase of $410,000 compared to the net earnings of $126,000, or $.14 per common share, reported for the nine months ended March 31, 2009. The increase in earnings reflects a $786,000, or 28.8%, increase in net interest income, and is a direct result of the early payoff of above-market rate advances at the Federal Home Loan Bank (FHLB) in June 2009. It also reflects an increase in other income of $169,000 as a result of gains on sale of investments. We increased our provision for loan loss by $76,000, from a year earlier, which reflects the difficulties of our local economy and widespread unemployment. General, administrative and other expenses increased by $172,000 or 6.4%. Increases of $110,000 in FDIC premiums, $82,000 in data processing and $32,000 in professional expenses were partially offset by reductions in personnel expense of $36,000. Data processing increases reflect the use of rebates available to us in the prior period and which are now fully utilized. These results also reflect a full nine months of preferred dividend payments in the current period versus three months in the prior period which decreased earnings available to common shareholders by $70,000. Our intent is to repay the preferred shares to the US Treasury as soon as we are permitted to do so by our primary regulator, The Office of Thrift Supervision. We will continue our efforts to reduce overhead expenses in the face of the increasing regulatory burden and high FDIC costs imposed on us. We will focus on serving our customers, stockholders, and staff while improving our profitability and financial position.

Community Investors Bancorp, Inc. reported total assets at March 31, 2010, of $126.6 million, (decrease of $19.2 million or 13.2% from March 31, 2009). This includes gross loans of $102.3 million (decrease of $2.7 million or 2.5% from the prior year). Our balance sheet has been restructured to rely more on deposits, which have increased by $1.4 million, as we have repaid FHLB borrowings by $20.0 million. As a result, total liabilities have shrunk by $18.8 million to $113.9 million (14.2% decrease from March 31, 2009). Common stockholders' equity has grown from $9.5 million at June 30, 2009 to $10.1 million (an increase of 6.4% over the last nine months). Total stockholders' equity grew from $12.1 million at June 30, 2009 to $12.7 and raised our capital as a percentage of assets from 9.42% to 10.05%.

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

UNAUDITED


March 31,

June 30,

ASSETS

2010

2009

2009

2008






Cash and due from banks

$3,819

$22,087

$1,854

$2,042

Interest-bearing deposits

4,964

2,350

5,239

16,448

            Cash and cash equivalents

8,783

24,437

7,093

18,490

Investment securities

4,326

4,480

4,595

5,349

Mortgage-backed securities

3,432

4,537

4,217

4,509

Loans receivable-gross

102,261

104,966

105,743

108,126

      Less: Allowance for loan loss

(1,675)

(1,000)

(1,600)

(880)

Loans receivable-net

100,586

103,966

104,143

107,246

Premises and equipment

4,198

4,218

4,178

4,319

Federal Home Loan Bank stock

2,237

2,237

2,237

2,207

Foreclosed assets held for sale

462

572

260

293

Interest receivable

704

806

698

840

Prepaid federal income tax

89

75

366

130

Deferred federal income taxes

157

-

204

-

Other assets

1,663

517

413

510

       Total assets

$126,637

$145,845

$128,404

$143,893

LIABILITIES AND SHAREHOLDERS' EQUITY





   Liabilities





Deposits

97,905

96,470

95,227

93,996

Advances from the Federal Home Loan Bank

15,500

35,500

20,500

38,500

Interest payable

85

269

204

275

Other liabilities

403

368

355

241

Preferred dividend payable

18

17

18

-

Deferred federal income taxes

-

44

-

96

     Total liabilities

113,911

132,668

116,304

133,108

            Shareholders' equity





Preferred stock

2,655

2,611

2,622

-

Common stock

15

15

15

15

Additional paid-in capital

5,229

5,217

5,229

5,227

Retained earnings

11,620

12,465

11,118

12,572

Accumulated other comprehensive loss

2

(336)

(89)

(234)

Treasury stock

(6,795)

(6,795)

(6,795)

(6,795)

            Total shareholders' equity

12,726

13,177

12,100

10,785

     Total liabilities and shareholders' equity

$126,637

$145,845

$128,404

$143,893



Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share data)

UNAUDITED


Nine months ended

Three months ended


March 31,

March 31


2010

2009

2010

2009

Total interest income

$5,226

$5,997

$1,684

$1,922

Total interest expense

1,708

3,265

494

996

            Net interest income

3,518

2,732

1,190

926

Provision for loan losses

319

243

148

60

             Net interest income after provision





              for loan losses

3,199

2,489

1,042

866

Other income

631

462

304

182

General, administrative and other expense

2,874

2,702

1,027

990

             Earnings (loss) before income taxes

956

249

319

58

Federal income taxes expense (benefit)

313

85

103

20

NET EARNINGS

643

164

216

38

             Preferred dividends

107

38

36

38

NET EARNINGS AVAILABLE





             TO COMMON SHARES

$536

$126

$180

$-

EARNINGS PER COMMON SHARE-fully diluted

$.61

$.14

$.20

$.-

             (882,611 shares outstanding)







SOURCE Community Investors Bancorp, Inc.



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