Community Investors Bancorp, Inc. Reports Net Earnings for the Six Months and Three Months Ended December 31, 2011

BUCYRUS, Ohio, Feb. 2, 2012 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $207,000, or $.23 per basic share, for the six months ended December 31, 2011, representing a decrease of $80,000, or 27.9%, compared to the net earnings of $287,000, or $.33 per basic share, reported for the six months ended December 31, 2010.  The decrease in 2011 earnings reflects a $72,000, or 3.1%, decrease in net interest income, an increase of $70,000 or 32.7% in provision for loan loss and a decrease of 8.0% or $56,000 in other income. This was partially offset by a decrease in general, administrative and other expense of $75,000 or 3.4%. The decrease in net interest income reflects the continuing struggle to manage interest rate margins in an historically low interest rate environment coupled with a lack of new loan demand. Our secondary mortgage market has continued to generate other income but not at 2010 levels. The provision for loan losses reflects continuing economic difficulties of some of our loan customers due to high unemployment in the local workforce as well as difficult business conditions. We continue to manage our general and administrative costs. Through the efforts, teamwork and cooperation of our employees, we reduced personnel expense by $44,000 as well as other general, administrative expense by $57,000.

Community Investors Bancorp, Inc. reported total assets at December 31, 2011, of $128.8 million (increase of $3.4 million or 2.7% from 2010) including gross loans of $88.3 million (decrease of $6.7 million or 7.1% from 2010). Continuing weak loan demand in our markets has allowed us to restructure our balance sheet. We increased our investments by $10.0 million or 129.9%. We repaid $1.0 million advances to the FHLB, while deposits rose by 4% or $3.9 million. The result is that total liabilities were $115.2 million (increase of $3.0 million or 2.7% from 2010), including total deposits of $102.2 million. Total stockholders' equity grew from $13.1 million at December 31, 2010 to $13.6 million and raised our capital as a percentage of assets from 10.45% to 10.52%.

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

2011

2011

Cash and cash equivalents

15,964

16,745

Available-for-sale securities

17,731

11,896

Loans held for sale

417

659

Loans, net of allowance for loan losses of $1,725 and $1,550 at

  December 31, and June 30, 2011, respectively

86,580

90,222

Premises and equipment

4,003

4,042

FHLB stock

2,237

2,237

Foreclosed assets held for sale

547

799

Interest receivable

510

565

Prepaid FDIC insurance premiums

364

433

Other assets

444

512

     Total assets

$128,797

$128,110



LIABILITIES AND SHAREHOLDERS' EQUITY

     Liabilities



Deposits

$ 102,171

$ 101,994

Advances from the Federal Home Loan Bank

12,342

12,304

Interest payable

72

74

Accrued federal income tax

32

163

Deferred federal income tax

153

103

Preferred dividend payable

18

18

Other liabilities

458

207

           Total liabilities

115,246

114,863

       Shareholders' equity



Preferred stock

2,730

2,709

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

15

15

Additional paid-in capital

5,229

5,229

Retained earnings

12,225

12,039

Accumulated other comprehensive loss

147

50

Treasury stock, at cost - Common 642,686 shares

(6,795)

(6,795)

           Total shareholders' equity

13,551

13,247

     Total liabilities and shareholders' equity

$128,797

$128,110



Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
UNAUDITED






Six months ended
December 31,

Three months ended
December 31,


2011

2010

2011

2010

Total interest income

$2,895

$3,119

$1,415

$1,545

Total interest expense

676

828

324

407

      Net interest income

2,219

2,291

1,091

1,138

Provision for losses on loans

284

214

123

139

      Net interest income after provision

         for losses on loans

1,935

2,077

968

999

Other income

641

697

351

372

General, administrative and other expense

2,157

2,232

1,074

1,071

      Earnings (loss) before income taxes

419

542

245

300

Federal income taxes expense (benefit)

141

184

83

102

NET EARNINGS

278

358

162

198

      Preferred dividends

71

71

36

36

NET EARNINGS AVAILABLE

      TO COMMON SHARES

$     207

$     287

$      126

$    162






EARNINGS PER COMMON SHARE  

$      .23

$        .33

$       .14

$      .18



SOURCE Community Investors Bancorp, Inc.



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