Community Investors Bancorp, Inc. Reports Net Earnings for the Three Months Ended September 30, 2008

BUCYRUS, Ohio, Nov. 3 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $85,000, or $.10 per basic share, for the quarter ended September 30, 2008, representing a decrease of $77,000, or 47.5%, compared to the net earnings of $162,000, or $.18 per basic share, reported in the 2007 quarter. The decrease in 2008 earnings reflects a $145,000, or 14.5%, decrease in net interest income coupled with an increase in provision for loan loss of $34,000. This was partially offset by a $23,000, or 2.6% decrease in general, administrative and other expense, as well as an increase of $5,000 or, 3.9% in other income. The decrease in our net interest income can be attributed to the narrowing of our net interest margin. The increase in provision for loan losses reflects the recognition of the current economic climate in our local market and the resulting difficulties of some of our loan customers in light of recent plant closings and cutbacks in the local workforce. General, administrative and other expense primarily reflect our efforts to hold overhead costs down in an adverse market. Efficiencies gained through successful implementation of our core processing system have allowed us to reduce or maintain personnel costs.

Community Investors Bancorp, Inc. reported total assets at September 30, 2008, of $143.1 million, total liabilities of $132.5 million, including total deposits of $93.3 million and total stockholders' equity of $10.6 million.



                      Community Investors Bancorp, Inc.
           CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                (In thousands)

                                                  September 30, June 30,
    ASSETS                                             2008       2008

    Cash and cash equivalents                        $11,948    $13,890
    FHLB overnight and term deposits                   4,600      4,600
    Investment securities                              6,230      5,394
    Mortgage-backed securities                         4,339      4,509
    Loans receivable                                 107,764    107,246
    Interest receivable                                  831        840
    Prepaid federal income tax                            86        130
    FHLB stock                                         2,237      2,207
    Prepaid expenses                                     406        441
    Fixed assets                                       4,328      4,343
    Other assets                                         365        293

       Total assets                                 $143,134   $143,893

       LIABILITIES AND SHAREHOLDERS' EQUITY

    Deposits                                         $93,325    $93,142
    Advances from the Federal Home Loan Bank          38,500     38,500
    Interest payable                                     278        275
    Other liabilities                                    350      1,095
    Deferred federal income tax                           32         96
       Total liabilities                             132,485    133,108

    Shareholders' equity                              10,649     10,785

       Total liabilities and shareholders' equity   $143,134   $143,893



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

                                                     Three months ended
                                                        September 30,
                                                       2008       2007

    Total interest income                             $2,077     $2,240

    Total interest expense                             1,165      1,217

       Net interest income                               912      1,023

    Provision for losses on loans                         59         25
       Net interest income after provision
        for losses on loans                              853        998

    Other income                                         132        127

    General, administrative and other expense            856        879

       Earnings before income taxes                      129        246

    Federal income taxes                                  44         84

       NET EARNINGS                                     $ 85     $  162

       EARNINGS PER SHARE
         Basic                                         $ .10     $  .18

         Diluted                                       $ .10     $  .18

SOURCE Community Investors Bancorp, Inc.



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