Community Investors Bancorp, Inc. Reports Net Earnings for the Six Months and Three Months Ended December 31, 2010

BUCYRUS, Ohio, Feb. 10, 2011 /PRNewswire/ -- Community Investors Bancorp, Inc., (Pink Sheets: CIBN) parent company of First Federal Community Bank of Bucyrus, reported net earnings of $287,000, or $.33 per basic share, for the six months ended December 31, 2010, representing a decrease of $69,000, or 11.7%, compared to the net earnings of $356,000, or $.40 per basic share, reported for the six months ended December 31, 2009.  The decrease in 2010 earnings reflects a $37,000, or 1.6%, decrease in net interest income, an increase of $43,000 or 25.1% in provision for loan loss and an increase of 20.8% or $385,000 in general, administrative and other expense. This was partially offset by an increase other income of $371,000 or 113.8%. The increase in both other income and general, administrative and other expense reflects our new secondary mortgage market initiative. The provision for loan losses continues to reflect the 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.

Community Investors Bancorp, Inc. reported total assets at December 31, 2010, of $125.4 million (decrease of $1.8 million or 1.4% from 2009) including gross loans of $95.0 million (decrease of $8.6 million or 8.3% from 2009). Continuing weak loan demand in our markets has allowed us to restructure our balance sheet. We repaid $2.2 million advances to the FHLB, while we maintain a strong deposit base. The result is that total liabilities were $112.3 million (decrease of $2.3 million or 2.0% from 2009), including total deposits of $98.3 million (decrease of $.3 million or 0.3%). Total stockholders' equity grew from $12.9 million at June 30, 2010 to $13.1 million and raised our capital as a percentage of assets from 10.37% to 10.45%.

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


December 31,

June 30,

ASSETS

2010

2010

Cash and cash equivalents

15,081

8,089

Available-for-sale securities

7,713

7,747

Loans held for sale

514

1,151

Loans, net of allowance for loan losses of $1,625 and $1,540 at



 December 31, and June 30, 2010, respectively

93,384

98,186

Premises and equipment

4,113

4,178

FHLB stock

2,237

2,237

Foreclosed assets held for sale

650

585

Interest receivable

667

689

Prepaid federal income taxes

-

507

Prepaid FDIC insurance premiums

544

644

Other assets

460

488

     Total assets

$125,363

$124,501




LIABILITIES AND SHAREHOLDERS' EQUITY



     Liabilities



Deposits

$ 98,299

$ 94,778

Advances from the Federal Home Loan Bank

13,265

16,226

Interest payable

78

77

Other liabilities

598

494

Preferred dividend payable

18

18

     Total liabilities

112,258

111,593




       Shareholders' equity



Preferred stock

2,687

2,665

Common stock, par $.01, issued 1,525,297 shares

15

15

Additional paid-in capital

5,229

5,229

Retained earnings

11,997

11,732

Accumulated other comprehensive loss

(28)

62

Treasury stock, at cost - Common 642,686 shares

(6,795)

(6,795)

        Total shareholders' equity

13,105

12,908

     Total liabilities and shareholders' equity

$125,363

$124,501







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,


2010

2009

2010

2009

Total interest income

$3,119

$3,542

$1,545

$1,749

Total interest expense

828

1,214

407

580

    Net interest income

2,291

2,328

1,138

1,169

Provision for losses on loans

214

171

139

105

     Net interest income after provision





       for losses on loans

2,077

2,157

999

1,064

Other income (losses)

697

326

372

173

General, administrative and other expense

2,232

1,847

1,071

953

     Earnings (loss) before income taxes

542

636

300

284

Federal income taxes expense (benefit)

184

209

102

91






NET EARNINGS (LOSS)

358

427

198

193

    Preferred dividends

71

71

36

36

NET EARNINGS (LOSS) AVAILABLE





    TO COMMON SHARES

$     287

$     356

$      162

$    157






EARNINGS (LOSS) PER COMMON SHARE  

$      .33

$        .40

$       .18

$      .18








SOURCE Community Investors Bancorp, Inc.



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