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Community Investors Bancorp, Inc. Reports Net Earnings For The Three Months Ended September 30, 2012

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BUCYRUS, Ohio, Nov. 14, 2012 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $74,000, or $.09 per basic share, for the three months ended September 30, 2012, representing a decrease of $7,000, (8.6%), compared to the net earnings of $81,000, or $.09 per basic share, reported for the three months ended September 30, 2011.  The decrease in 2012 earnings reflects a decrease in net interest income of $84,000 (7.4%) as well as an increase in general, administrative and other expenses of $31,000 (2.9%), This was partially offset by a $38,000 (13.1%), increase in net interest income and a decrease of $65,000 (40.6%) in provision for loan loss. The decrease in net interest income reflects the continuing struggle to manage interest rate margins in an historically low interest rate environment coupled with a lack of new loan demand. Other income increases resulted from our gains on sales of mortgages into the secondary market.  The provision for loan losses, though improved in the first quarter, remains high and reflects continuing economic difficulties of some of our economically distressed loan customers. Until the high unemployment rate in the local workforce moderates, we expect difficult business conditions for our customers.  We continue to look for efficiencies in our workforce. However, the regulatory burden continues to increase and general, administrative and other expenses reflect the costs of doing business in a highly-regulated industry in a difficult business environment. Loan administration costs, compliance expense and costs related to bank-owned properties remain elevated. Our staff continues to display the teamwork and cooperation required to manage our way through this difficult environment.   

Community Investors Bancorp, Inc. reported total assets at September 30, 2012, of $136.4 million (increase of $6.0 million or 4.6% from June 30, 2012). That increase reflected a very short-term deposit of more than $6.0 million which artificially increased our asset size at the end of the quarter. Loans decreased by $642,000 while the allowance for loan loss increased by $75,000 for a net change of .8% since June 30, 2012. Total loans classified as substandard increased by $116,000 to $5.9 million. Deposits rose by $6.2 million or 5.9% due to the short-term deposit previously mentioned. The result is that total liabilities were $123.1 million (increase of $6.3 million or 5.4% from June 30, 2012). Total stockholders' equity decreased by $245,000 to $13.4 million as a result of the buyback of the remaining 60,398 shares which remained outstanding at June 30, 2012 as part of the termination of our ESOP. Our capital as a percentage of assets decreased from 10.43% to 9.79%.

Our goal remains to build our capital through steady earnings while maintaining liquidity through diligent management of our balance sheet. We continue to prepare for the repurchase of our preferred shares held by the US Treasury, without reducing capital levels below acceptable levels. This repurchase will allow us to improve our annual earnings available to common shareholders by $142,000 or $.18 per common share.

Community Investors Bancorp, Inc.


CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


(In thousands)


UNAUDITED










September 30,


June 30,


ASSETS


2012


2012



Cash and cash equivalents


$           17,231


$             11,775



Interest-bearing time deposits


2,232


1,240



Available-for-sale securities


23,467


23,305



Loans held-for-sale


985


1,002



Loans receivable


85,773


86,415




Less: Allowance for Loan Loss


(1,750)


(1,675)



Loans receivable-net


84,023


84,740



Premises and equipment


4,146


4,119



Federal Home Loan Bank stock


2,237


2,237



Foreclosed assets held for sale


569


583



Interest receivable


523


496



Prepaid federal income tax


81


-



Prepaid FDIC insurance premiums


283


312



Other assets


641


548





Total assets


$       136,418


$        130,357


LIABILITIES AND SHAREHOLDERS' EQUITY







Liabilities








Deposits


$         109,984


$           103,809




Federal Home Loan Bank advances


12,400


12,381




Advances from borrowers for taxes and insurance


118


12




Interest payable


58


63




Accrued federal income tax


-


85




Deferred federal income tax


189


118




Preferred dividend payable


18


18




Other liabilities


295


270





Total liabilities


123,062


116,756



Shareholders' equity








Preferred stock


2,730


2,730




Common stock


15


15




Additional Paid-in capital


5,229


5,229




Retained earnings


12,521


12,447




Accumulated other comprehensive income ( loss)


318


180




Treasury stock


(7,457)


(7,000)





 Total shareholders' equity


13,356


13,601


Total liabilities and shareholders' equity


$       136,418


$        130,357














Community Investors Bancorp, Inc.


CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS


(In thousands, except share data)


UNAUDITED




 Three months ended 




September 30,




2012


2011


Total interest income


$             1,306


$               1,481


Total interest expense


261


352



Net interest income


1,045


1,129


Provision for loan losses


95


160



Net interest income after provision for loan losses


950


969


Other income (losses)


327


289


General, administrative and other expenses


1,114


1,083



Earnings (loss) before income taxes


163


175


Federal income taxes expense (benefit)


54


59



NET INCOME


$               109


$                116




Preferred dividends


35


35


NET INCOME AVAILABLE to COMMON SHAREHOLDERS


$                 74


$                   81


BASIC EARNINGS PER COMMON SHARE


$              0.09


$                0.09














SOURCE Community Investors Bancorp, Inc.



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