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Community Investors Bancorp, Inc. Reports Net Earnings For The Nine Months and Three Months Ended March 31, 2012

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BUCYRUS, Ohio, May 3, 2012 /PRNewswire/ -- Community Investors Bancorp, Inc., parent company of First Federal Community Bank of Bucyrus, reported net earnings of $310,000, or $.35 per basic share, for the nine months ended March 31, 2012, representing an increase of $13,000, (4.4%), compared to the net earnings of $297,000, or $.34 per basic share, reported for the nine months ended March 31, 2011.  The increase in 2011 earnings reflects an increase in other income of $55,000 (5.9%) and a decrease in general administrative and other expenses of $92,000 (2.7%). This was partially offset by a $115,000 (3.1%), decrease in net interest income and an increase of $16,000 (4.6%) in provision for loan loss. The decrease in net interest income reflects the continuing struggle to manage interest rate margins in an historically low interest rate environment coupled with a lack of new loan demand. Our secondary mortgage market has continued to generate other income as reflected by the increase. The provision for loan losses reflects continuing economic difficulties of some of our loan customers due to high unemployment in the local workforce as well as difficult business conditions. We continue to manage our general and administrative costs. Through the efforts, teamwork and cooperation of our employees, we reduced personnel expense by $69,000 as well as other general, administrative expense by $23,000.

Community Investors Bancorp, Inc. reported total assets at March 31, 2012, of $134.3 million (increase of 830,000 or .6% from 2011) including gross loans of $86.7 million (decrease of $6.6 million or 7.1% from 2011). Continuing weak loan demand in our markets has allowed us to restructure our balance sheet. We increased our investments by $12.2 million or 122.9%. We repaid $1.0 million advances to the FHLB, while deposits rose by 1.2% or $1.3 million. The result is that total liabilities were $120.6 million (increase of $321,000 or .3% from 2011), including total deposits of $107.6 million. Total stockholders' equity grew from $13.1 million at March 31, 2011 to $13.6 million and raised our capital as a percentage of assets from 9.83% to 10.15%.

We continue to build our capital through continued steady earnings and liquidity through diligent management of our balance sheet. We continue to prepare for the repurchase of our  preferred shares held by the US Treasury, without impairing capital levels. This repurchase would allow us to improve our annual earnings by $142,000 or $.16 per common share.

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

UNAUDITED









March 31,


June 30,

ASSETS






2012


2011


Cash and cash equivalents





$           18,025


$             16,745


Available-for-sale securities





22,161


11,896


Loans held-for-sale





906


659



March 31, 2012 and June 30, 2011, respectively




84,941


90,222


Premises and equipment





3,995


4,042


Federal Home Loan Bank stock





2,237


2,237


Foreclosed assets held for sale





509


799


Interest receivable





512


565


Prepaid federal income tax





-


-


Deferred federal income tax





-


-


Prepaid FDIC insurance premiums





324


433


Other assets





669


512




Total assets





$       134,279


$        128,110

LIABILITIES AND SHAREHOLDERS' EQUITY









Liabilities










Deposits





$         107,635


$           101,994



Federal Home Loan Bank advances





12,362


12,304



Advances from borrowers for taxes and insurance




108


23



Interest payable





73


74



Accrued federal income tax





28


163



Deferred federal income tax





142


103



Preferred dividend payable





18


18



Other liabilities





280


184




Total liabilities





120,646


114,863


Shareholders' equity










Preferred stock





2,730


2,709



Common stock





15


15



Additional Paid-in capital





5,229


5,229



Retained earnings





12,328


12,039



Accumulated other comprehensive income ( loss)




126


50



Treasury stock





(6,795)


(6,795)




 Total shareholders' equity





13,633


13,247

Total liabilities and shareholders' equity





$       134,279


$        128,110

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,





2012


2011


2012


2011

Total interest income

$             4,273


$             4,633


$             1,378


$               1,515

Total interest expense

971


1,216


295


389


Net interest income

3,302


3,417


1,083


1,126

Provision for losses on loans

362


346


79


131


Net interest income after provision









  for losses on loans

2,940


3,071


1,004


995

Other income (losses)

984


929


344


232

General, administrative and other expenses

3,297


3,389


1,140


1,158


Earnings (loss) before income taxes

627


611


208


69

Federal income taxes expense (benefit)

210


207


69


23


NET EARNINGS

$              417


$               404


$               139


$                   46



Preferred dividends

107


107


36


36

NET EARNINGS AVAILABLE









 FOR COMMON SHARES

$              310


$               297


$               103


$                   10

EARNINGS (LOSS) PER COMMON SHARE

$             0.35


$              0.34


$              0.12


$               0.01












 

 

SOURCE Community Investors Bancorp, Inc.



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