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

BUCYRUS, Ohio, Jan. 22 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $356,000, or $.40 per basic share, for the six months ended December 31, 2009, representing an increase of $230,000, or 182.5%, compared to the net earnings of $126,000, or $.14 per basic share, reported for the six months ended December 31, 2008.  The increase in 2009 earnings reflects a $522,000, or 28.9%, increase in net interest income, an increase in other income of $46,000 or 16.4% along with a slight decrease of $12,000 or 6.6% in provision for loan loss. This was partially offset by an increase of 7.9% or $136,000 in general, administrative and other expense. The increase in our net interest income is due to the early payoff of above-market rate Federal Home Loan Bank (FHLB) advances in June.  The relatively high level of provision for loan losses reflects the continuing economic difficulties of some of our loan customers due to high unemployment in the local workforce as well as difficult business conditions. Through the efforts, teamwork and cooperation of our employees, we reduced personnel expense by $47,000 as well as other general, administrative and other expense of $43,000.  This partially offset the large increases  in FDIC insurance of $98,000, other regulatory and professional fees of $24,000 and data processing of $104,000. Data processing increases reflect the use of rebates available to us for the six months ended December 31, 2008 which are now fully utilized. We will continue to leverage our technology and internal resources to manage overhead expenses without compromising our ability to serve our customers. Again, the increasing regulatory burden, as well as increased FDIC costs will limit our ability to reduce overhead expenses.    

Community Investors Bancorp, Inc. reported total assets at December 31, 2009, of $127.2 million (decrease of $15.7 million or 11.0% from 2008) including gross loans of $103.6 million (decrease of $4.4 million or 4.1% from 2008). Continuing weak loan demand in our markets has allowed us to restructure our balance sheet. We repaid $21  million in above-market rate advances to the FHLB early, while we continued build deposits. The result is that total liabilities were $114.6 million (decrease of $15.1 million or 11.6% from 2008), including total deposits of $98.6 million (increase of $5.2 million or 5.6%). Total stockholders' equity grew from $12.1 million at June 30, 2009 to $12.6 and raised our capital as a percentage of assets from 9.42% to 9.88%.

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

UNAUDITED

ASSETS

December 31,

December 31,

June 30,

June 30,


2009

2008

2009

2008

Cash and cash equivalents

$ 4 ,278

$ 15,225

$ 5,592

$ 13,890

FHLB term deposits

2 ,774

2,350

1,500

4,600

Investment securities

5 ,208

6,657

4,640

5,394

Mortgage-backed securities

3 ,867

3,630

4,217

4,509

Loans receivable-gross

103,596

108,004

105,743

108,126

Less: Allowance for Loan Loss

      (1,650)

       (963)

   (1,600)

     (880)

Loans receivable-net

101,946

107,041

104,143

107,246

Premises and equipment

4 ,142

4,286

4,202

4,343

FHLB stock

2 ,237

2,237

2,237

2,207

Repossessed assets

679

281

260

293

Interest receivable

683

824

698

840

Prepaid federal income tax

154

65

366

130

Deferred federal income tax benefit

146

-

204

-

Prepaid expenses

      1,047

         323

         345

         441

Total assets

$ 127,161

$ 142,919

$ 128,404

$ 143,893

LIABILITIES AND SHAREHOLDERS' EQUITY





Deposits

$ 98,600

$ 93,358

$ 95,223

$ 93,142

Advances from FHLB

15,500

35,500

20,500

38,500

Interest payable

102

275

204

275

Other liabilities

372

459

360

1,095

Preferred dividend payable

18

-

18

-

Deferred federal income tax

             -

         65

            -

         96

Total liabilities

114,592

129,657

116,305

133,108

Shareholders. equity





Preferred stock

2,644

2,600

2,622

-

Common stock

15

15

15

15

Additional Paid-in capital

5,229

5,228

5,229

5,227

Retained earnings

11,451

12,509

11,117

12,572

Accumulated other comprehensive income (loss)

25

(295)

(89)

(234)

Treasury stock

    (6,795)

   (6,795)

    (6,795)

    (6,795)

Total shareholders' equity

    12,569

    13,262

    12,099

    10,785

Total liabilities and shareholders' equity

$ 127,161

$ 142,919

$ 128,404

$ 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,


2009

2008

2009

2008

Total interest income

$ 3,542

$ 4,075

$ 1,749

$  1,998

Total interest expense

     1,214

     2,269

       580

   1,104

Net interest income

2,328

1,806

1,169

894

Provision for losses on loans

        171

        183

      105

      124

Net interest income after provision for losses on loans

2,157

1,623

1,064

770

Other income (losses)

326

280

173

148

General, administrative and other expenses

    1,847

    1,711

     953

     856

Earnings (loss) before income taxes

636

192

284

62

Federal income taxes expense (benefit)

      209

        66

       91

       21

NET EARNINGS (LOSS)

$     427

$     126

$    193

$      41

Preferred dividends

        71

           -

       36

         -

NET EARNINGS (LOSS) AVAILABLE FOR COMMON SHARES

$     356

$     126

$    157

$      41

EARNINGS (LOSS) PER COMMON SHARE





Basic

$    0.40

$    0.14

$   0.18

$   0.05

Diluted

$    0.40

$    0.14

$   0.18

$   0.05


SOURCE Community Investors Bancorp, Inc.



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