Community Investors Bancorp, Inc. Reports Net Earnings for the Three Months Ended September 30, 2007
BUCYRUS, Ohio, Oct. 19 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $162,000, or $.18 per basic share, for the quarter ended September 30, 2007, representing an increase of $18,000, or 12.5%, compared to the net earnings of $144,000, or $.17 per basic share, reported in the 2006 quarter. The increase in 2007 earnings reflects a $55,000, or 5.7%, increase in net interest income coupled with a reduction in provision for loan loss of $20,000. This was partially offset by a $26,000, or 3.0% increase in general, administrative and other expense, as well as a decrease of $22,000 or, 14.8% in other income. The reduction in other income reflects the recognition of losses on foreclosed real estate and other repossessed collateral. General, administrative and other expense primarily reflects increased costs related to the costs of our conversion to a new core processing system during August, as well as increased personnel and other costs related to preparation for the opening of our Marysville branch. These increases were partially offset by reductions in core processing monthly costs. The Marysville branch will open in November, as the Company expands its geographic reach. At the same time, we will continue to search for new opportunities to serve its customers and shareholders, while looking for opportunities to increase our efficiency. Community Investors Bancorp, Inc. reported total assets at September 30, 2007, of $141.5 million, total liabilities of $130.8 million, including total deposits of $88.0 million and total stockholders' equity of $10.7 million. Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) September 30, June 30, ASSETS 2007 2007 Cash and cash equivalents $9,016 $4,611 FHLB overnight and term deposits 1,000 2,500 Investment securities 9,882 10,846 Mortgage-backed securities 2,423 2,589 Loans receivable 110,969 110,627 Interest receivable 1,042 957 Prepaid federal income tax 201 285 FHLB stock 2,133 2,133 Prepaid expenses 387 574 Fixed assets 4,017 3,361 Other assets 479 490 Total assets $141,549 $138,973 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 88,083 $ 86,197 Advances from the Federal Home Loan Bank 40,502 40,506 Interest payable 317 352 Other liabilities 1,729 1,085 Deferred federal income tax 199 196 Total liabilities 130,830 128,336 Shareholders' equity 10,719 10,637 Total liabilities and shareholders' equity $141,549 $138,973 Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Three months ended September 30, 2007 2006 Total interest income $2,240 $2,009 Total interest expense 1,217 1,041 Net interest income 1,023 968 Provision for losses on loans 25 45 Net interest income after provision for losses on loans 998 923 Other income 127 149 General, administrative and other expense 879 853 Earnings before income taxes 246 219 Federal income taxes 84 75 NET EARNINGS $ 162 $144 EARNINGS PER SHARE Basic $ .18 $ . 17 Diluted $ .18 $ .16
SOURCE Community Investors Bancorp, Inc.
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