Community Investors Bancorp, Inc. Reports Net Earnings for the Three Months Ended September 30, 2010
BUCYRUS, Ohio, Oct. 27 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc., parent company of First Federal Community Bank of Bucyrus, reported net earnings of $125,000, or $.14 per basic share, for the quarter ended September 30, 2010, representing a decrease of $74,000, or 37.2%, compared to the net earnings of $199,000, or $.23 per basic share, reported in the September 2009 quarter. The decrease in 2010 earnings reflects a $5,000, or .4%, decrease in net interest income, a $9,000 or 13.6% increase in provision for loan loss as well as an increase in general, administrative and other expenses of $267,000 or 29.9%. This was partially offset by an increase in other income of $170,000 or 109.7%. The increase in other income mainly reflects income earned through our new secondary mortgage market initiative. Much of the increase in general administrative and other expenses reflects salaries and overhead related to the secondary mortgage division, as well as continuing high expenses related to dealing with repossessed properties, implementation of an upgrade in our banking computer core systems and higher regulatory, consulting and FDIC expenses. The increase in provision for loan losses reflects the 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 look for areas to reduce general, administrative and other expenses. Personnel expense continues to present significant challenges as we balance the need to reduce overhead against ongoing and ever increasing regulatory burdens. This will continue to represent a formidable challenge to community banks.
Community Investors Bancorp, Inc. reported total assets at September 30, 2010, of $123.8 million (decrease of $5.6 million or 4.3%) including net loans of $96.1 million (decrease of $7.0 million or 6.8%). Total liabilities were $110.8 million (decrease of $6.2 million or 5.3%), including total deposits of $96.9 million (decrease of $1.0 million or 1.0%). Total stockholders' equity grew to $13.0 million (increase of $.6 million or 5.1%). The reduction in assets and liabilities is attributable to our management of the balance sheet in an effort to reduce our idle assets while maintaining reasonable liquidity. It also reflects the current economic environment with very low levels of loan demand. All balance sheet comparisons are to September 30, 2009.
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2010
September 30, 2009
June 30, 2010
Cash and cash equivalents
Loans held for sale
Loans receivable-(net of Allowance for Loan
Premises and equipment
Federal Home Loan Bank stock
Foreclosed assets held for sale
Prepaid federal income tax
Prepaid FDIC expense
LIABILITIES AND SHAREHOLDERS' EQUITY
Advances from the Federal Home Loan Bank
Advances from borrowers for taxes and insurance
Deferred federal income tax
Common stock equity
Total liabilities and shareholders' equity
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended
Total interest income
Total interest expense
Net interest income
Provision for losses on loans
Net interest income after provision for losses on loans
General, administrative and other expense
Earnings before income taxes
Federal income taxes
NET EARNINGS AVAILABLE FOR COMMON SHARES
EARNINGS PER SHARE
SOURCE Community Investors Bancorp, Inc.
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