Community Investors Bancorp, Inc. Reports Net Earnings For The Six and Three Months Ended December 31, 2007

    BUCYRUS, Ohio, Jan. 22 /PRNewswire-FirstCall/ -- Community Investors
 Bancorp, Inc. (OTC Pink Sheets:   CIBN), parent company of First Federal
 Community Bank of Bucyrus, reported net earnings of $369,000, or $.42 per
 basic share, for the six months ended December 31, 2007, representing an
 increase of $26,000, or 7.6%, compared to the net earnings of $343,000, or
 $.39 per basic share, reported for the six months ended December 31, 2006.
 The increase in 2007 earnings reflects a $68,000, or 3.4%, increase in net
 interest income coupled with a reduction in provision for loan loss of
 $25,000. In addition, general, administrative and other expense, decreased
 by $25,000 or 1.5%. This was partially offset by a reduction in other
 income of $81,000. 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 during August, as well as increases related to opening
 our Marysville banking center. These increases were partially offset by
 reductions in core processing monthly costs. The Marysville banking center
 opened successfully in November, as the Company expands its geographic
 reach. At the same time, we will continue to search for new opportunities
 to serve its customers and shareholders, while looking for opportunities to
 increase our efficiency.
 
     Community Investors Bancorp, Inc. reported total assets at December 31,
 2007, of $147.8 million, total liabilities of $136.9 million, including
 total deposits of $96.8 million and total stockholders' equity of $10.9
 million.
 
 

 
 
                       Community Investors Bancorp, Inc.
            CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                 (In thousands)
                                   UNAUDITED
 
                                                  December 31,       June 30,
     ASSETS                                              2007           2007
 
     Cash and cash equivalents                        $14,705         $4,611
     FHLB overnight deposits                            2,400          2,500
     Investment securities                              6,078         10,846
     Mortgage-backed securities                         5,175          2,589
     Loans receivable                                 110,997        110,627
     Interest receivable                                  912            957
     Prepaid federal income tax                            92            285
     FHLB stock                                         2,133          2,133
     Prepaid expenses                                     367            574
     Fixed assets                                       4,434          3,361
     Other assets                                         529            490
 
          Total assets                               $147,822       $138,973
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Deposits                                        $ 96,840       $ 86,197
     Advances from the Federal Home Loan Bank          38,500         40,506
     Interest payable                                     345            352
     Other liabilities                                  1,060          1,085
     Deferred federal income tax                          204            196
          Total liabilities                           136,949        128,336
 
     Shareholders' equity                              10,873         10,637
 
          Total liabilities and shareholders'
           equity                                    $147,822       $138,973
 
 
 
                       Community Investors Bancorp, Inc.
                 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                       (In thousands, except share data)
                                   UNAUDITED
 
                               Six months ended         Three months ended
                                  December 31,              December 31,
                               2007         2006         2007         2006
 
     Total interest income   $4,582       $4,112       $2,342       $2,103
     Total interest expense   2,520        2,118        1,303        1,077
      Net interest income     2,062        1,994        1,039        1,026
     Provision for losses
      on loans                   75          100           50           55
      Net interest income
       after provision for
       losses on loans        1,987        1,894          989          971
     Other income               265          346          138          197
     General, administrative
      and other expense       1,690        1,715          811          862
      Earnings before income
       taxes                    562          525          316          306
     Federal income taxes       193          182          109          107
      NET EARNINGS             $369         $343         $207         $199
 
      EARNINGS PER SHARE
       Basic                  $0.42        $0.39        $0.24        $0.23
 
       Diluted                $0.42        $0.39        $0.24        $0.23
 
 
 

SOURCE Community Investors Bancorp, Inc.