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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