2014

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

(In thousands)

UNAUDITED


September 30, 2010

September 30, 2009

June 30, 2010

         ASSETS




Cash and cash equivalents

$    10,792

$    9,082

$    8,089

Available-for-sale securities

6,559

8,794

7,747

Loans held for sale

1,254

-

1,151

Loans receivable-(net of Allowance for Loan
 Loss of $1,593-9/30/10; $1,625-9/30/019 &
 $1,540-6/30/10)

96,130

103,147

98,186

Premises and equipment  

4,154

4,180

4,178

Federal Home Loan Bank stock

2,237

2,237

2,237

Foreclosed assets held for sale

519

543

585

Interest receivable

684

708

689

Prepaid federal income tax

425

245

507

Prepaid FDIC expense    

592

-

644

Other assets    

482

471

488





     Total assets  

$  123,828

$ 129,407

$124,501





     LIABILITIES AND SHAREHOLDERS' EQUITY








Deposits    

$    96,893

$ 97,913

$ 94,778

Advances from the Federal Home Loan Bank  

13,246

18,500

16,226

Advances from borrowers for taxes and insurance  

131

123

68

Interest payable                  

78

118

77

Deferred federal income tax  

165

-

164

Other liabilities          

281

355

280

     Total liabilities

110,794

117,009

111,593





Preferred stock      

2,676

2,633

2,665

Common stock equity      

10,358

9,765

10,243

Shareholders' equity        

13,034

12,398

12,908





     Total liabilities and shareholders' equity

$123,828

$129,407

$124,501










Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

UNAUDITED


Three months ended


September 30,


2010

2009




Total interest income

$1,573

$1,793

Total interest expense

420

635

   Net interest income

1,153

1,158

Provision for losses on loans

75

66

   Net interest income after provision for losses on loans

1,078

1,092

Other income

325

155

General, administrative and other expense

1,161

894

   Earnings before income taxes

242

353

Federal income taxes

82

119

   NET EARNINGS

$       160

$     234

   Preferred dividends

$         35

$       35

NET EARNINGS AVAILABLE FOR COMMON SHARES

$       125

$     199




   EARNINGS PER SHARE



     Basic

$ .14

$ . 23




     Diluted

$ .14

$ . 23






SOURCE Community Investors Bancorp, Inc.



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