2014

Community Investors Bancorp, Inc. Reports Net Earnings for the Six and Three Months Ended December 31, 2008

BUCYRUS, Ohio, Feb. 2 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $126,000, or $.14 per basic share, for the six months ended December 31, 2008, representing a decrease of $243,000, or 65.9%, compared to the net earnings of $369,000, or $.42 per basic share, reported for the six months ended December 31, 2007. The decrease in 2008 earnings reflects a $256,000, or 12.4%, decrease in net interest income coupled with an increase in provision for loan loss of $108,000. The reduction in net interest income is a result of lower interest rates earned on both our liquid funds and loans. Loan rates have adjusted more quickly than our borrowing costs and rates paid on liquid funds have fallen to virtually zero as the Federal Reserve has lowered interest rates to historically low levels. As we reduce and re-price our fixed borrowings over the next 12 to 18 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. Our Marysville banking center has now been open for more than a year. This is reflected in slightly higher general, administrative and other expenses. However, more than $5.5 million in deposits were added through our Marysville operations as of December 31, 2008. We will continue to search for new opportunities to serve our customers and shareholders, while also looking for opportunities to increase efficiencies, by leveraging the capabilities of our dedicated staff.

Community Investors Bancorp, Inc. reported total assets at December 31, 2008, of $142.9 million, total liabilities of $129.7 million, including total deposits of $93.4 million and total stockholders' equity of $13.3 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 is additional capital available to support lending activities as credit-worthy opportunities present themselves in these difficult economic times. The reduction in FHLB advances reflects our strategy to rely more on customer deposits for our funding while repaying borrowed funds as much as possible based on our needs.



                      Community Investors Bancorp, Inc.
           CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                (In thousands)
                                  UNAUDITED

                                                 December 31,       June 30,
    ASSETS                                              2008           2008

    Cash and cash equivalents                        $15,225        $13,890
    FHLB overnight deposits                            2,350          4,600
    Investment securities                              6,657          5,394
    Mortgage-backed securities                         3,630          4,509
    Loans receivable                                 107,041        107,246
    Interest receivable                                  824            840
    Prepaid federal income tax                            65            130
    FHLB stock                                         2,237          2,207
    Prepaid expenses                                     323            441
    Fixed assets                                       4,286          4,343
    Other assets                                         281            293

       Total assets                                 $142,919       $143,893

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Deposits                                        $ 93,358       $ 93,142
    Advances from the Federal Home Loan Bank          35,500         38,500
    Interest payable                                     275            275
    Other liabilities                                    459          1,095
    Deferred federal income tax                           65             96
       Total liabilities                             129,657        133,108

    Shareholders' equity                              13,262         10,785

       Total liabilities and shareholders' equity   $142,919       $143,893



                      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,
                                2008         2007         2008         2007

    Total interest income     $4,075       $4,582       $1,998       $2,342

    Total interest expense     2,269        2,520        1,104        1,303

      Net interest income      1,806        2,062          894        1,039
    Provision for losses on
     loans                       183           75          124           50
      Net interest income after
       provision for losses on
       loans                   1,623        1,987          770          989

    Other income                 280          265          148          138

    General, administrative
     and other expense         1,711        1,690          856          811

      Earnings before income
       taxes                     192          562           62          316

    Federal income taxes          66          193           21          109
      NET EARNINGS              $126         $369          $41         $207

      EARNINGS PER SHARE
        Basic                  $0.14        $0.42        $0.05        $0.24

        Diluted                $0.14        $0.42        $0.05        $0.24


SOURCE Community Investors Bancorp, Inc.



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