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. |
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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. |
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
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(In thousands, except share data) |
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UNAUDITED |
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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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