Community Investors Bancorp, Inc. Reports Net Earnings For The Three Months Ended September 30, 2015

16 Nov, 2015, 09:53 ET from Community Investors Bancorp, Inc.

BUCYRUS, Ohio, Nov. 16, 2015 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets:   CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $288,000, or $.36 per basic share, for the quarter ended September 30, 2015, representing an increase of $61,000, (26.9%), compared to the net earnings of $227,000, or $.29 per basic share, reported for the quarter ended September 30, 2014.  The increase in 2015 earnings reflects an increase in net interest income of $64,000 (5.2%) and an increase in other income of $30,000 (6.8%). General, administrative and other expense increased $6,000 (.1%) while provision for loan loss decreased by $2,000 (1.4%). The increase in net interest income reflects the growth in our loan portfolio, some improvement in nonaccruals as well as continuing low deposit and borrowing rates. General, administrative and other expenses reflect the costs of regulatory compliance, loan administration expenses and normal overhead as we continue to expand our loan production offices.  The provision for loan losses reflects continuing cleanup of troubled credits as well as positioning the Bank for eventual changes in our model for calculation of allowance for doubtful accounts. Classified assets increased during the quarter due mainly to a downgrade on a large credit. That credit continues to perform. In addition, there has been an increase in loans 90 days past due. Where possible,  working with our distressed loan customers who make good faith efforts at repayment, we have had success in avoiding foreclosures. We also continue to aggressively write down our past due loans to recognize the losses as soon as they are reasonably estimable. Other income increases resulted from our gains on sales of mortgages into the secondary market. We continue to expand our network of mortgage professionals to build on our success in that key business segment.

Community Investors Bancorp, Inc. reported total assets at September 30, 2015, of $136.8 million (decrease of $.3 million or .2% from June 30, 2015) including gross loans of $104.8 million (increase of $.3 million or .3% from June 30, 2015). Investments increased by $1.1 million (8.5%), while the allowance for loan loss increased by $67,000 (4.9%) since June 30, 2015. Total loans classified as substandard increased by $1.4 million to $4.6 million, with $2.8 million on nonaccrual status. Deposits decreased by $.8 million (.9%) from June 30, 2015 while advances borrowed from the Federal Home Loan Bank increased by $211,00. Total liabilities were $125.0 million (decrease of $.5 million or .4% from June 30, 2015). Total stockholders' equity increased by $268,000 to $11.8 million. As a result of the growth of our balance sheet, our capital as a percentage of assets increased to 8.64% from 8.42% at June 30, 2015.

Our Bank will work to reduce our classified assets, to grow strategically, and improve profitability. At the same time, we will measure and manage our interest rate risk, operational risk and liquidity in this period of low interest rates and low growth. We plan to build our capital levels commensurate with our growth in assets and profitability. Future earnings releases should be expected within 45 days of the end of each quarter.   

 

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

UNAUDITED 







September 30,


June 30,


September 30,

ASSETS




2015


2015


2014


Cash and cash equivalents



$             6,268


$             6,710


$               5,855


Interest-bearing time deposits



-


992


1,984


Available-for-sale securities



14,342


13,223


14,353


Loans held-for-sale



4,457


4,998


1,723


Loans receivable



104,841


104,502


101,071



Less: Allowance for Loan Loss



(1,442)


(1,375)


(1,301)


Loans receivable-net



103,399


103,127


99,770


Premises and equipment



4,043


4,071


4,086


Federal Home Loan Bank stock



2,237


2,237


2,237


Foreclosed assets held for sale



101


68


104


Interest receivable



505


499


505


Prepaid federal income tax



173


-


-


Deferred federal income tax



-


-


-


Other assets



1,253


1,143


982




Total assets



$       136,778


$       137,068


$        131,599

LIABILITIES AND SHAREHOLDERS' EQUITY









Liabilities










Deposits



$           88,482


$           89,249


$             94,419



Federal Home Loan Bank advances



35,491


35,280


25,500



Advances from borrowers for taxes and insurance



352


211


213



Interest payable



34


33


45



Accrued federal income tax



-


-


46



Deferred federal income tax



378


367


106



Other liabilities



230


385


261




Total liabilities



124,967


125,525


120,590


Shareholders' equity










Preferred stock



-


-


-



Common stock



15


15


15



Additional Paid-in capital



5,299


5,299


5,299



Retained earnings



13,850


13,603


13,099



Accumulated other comprehensive income ( loss)



104


83


53



Treasury stock



(7,457)


(7,457)


(7,457)




 Total shareholders' equity



11,811


11,543


11,009

Total liabilities and shareholders' equity



$       136,778


$       137,068


$        131,599




Book Value per common share outstanding



$             14.85


$             14.52


$               13.84












Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

UNAUDITED









 Three months ended 









September 30,









2015


2014

Total interest income





$             1,431


$               1,395

Total interest expense





140


168


Net interest income





1,291


1,227

Provision for loan losses





140


142


Net interest income after provision for loan losses





1,151


1,085

Other income (losses)





468


438

General, administrative and other expenses





1,193


1,187


Earnings (loss) before income taxes





426


336

Federal income taxes expense (benefit)





138


109


NET INCOME





$               288


$                227



Preferred dividends





-


-

NET INCOME AVAILABLE to COMMON SHAREHOLDERS





$               288


$                227

BASIC EARNINGS PER COMMON SHARE





$              0.36


$               0.29

 

 

SOURCE Community Investors Bancorp, Inc.