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

    BUCYRUS, Ohio, July 25 /PRNewswire-FirstCall/ -- Community Investors
 Bancorp, Inc. (Pink Sheets:   CIBN), parent company of First Federal
 Community Bank of Bucyrus, reported net earnings of $675,000, or $.77 per
 basic share, for the year ended June 30, 2008, representing an increase of
 $608,000 compared to the net earnings of $67,000, or $.08 per basic share,
 reported for the year ended June 30, 2007. The increase in earnings
 reflects a $105,000, or 2.5%, decrease in net interest income as well as an
 increase in provision for loan loss of $28,000. Offsetting these decreases
 in income were drastic reductions in general, administrative and other
 expense, which decreased by $1,230,000. This reflects the termination of
 the defined benefit pension plan as well as one-time core processing
 conversion costs incurred in the final quarter of the fiscal year ended
 June 30, 2007. Other income was down by $176,000 reflecting the recognition
 of losses on foreclosed real estate and other repossessed collateral, as
 well as reduced activity in production and sale of mortgage loans. Our new
 core processing system has reduced expenses and improved our customer
 service on a real-time basis. The continued efficiencies will help us to
 face the challenges of our current environment and take advantage of our
 new Marysville banking center. We will continue to focus on our customers,
 shareholders and staff, providing opportunities to build value as well as
 increase our operational efficiency.
 
     Community Investors Bancorp, Inc. reported total assets at June 30,
 2008, of $144.0 million, total liabilities of $133.1 million, including
 total deposits of $93.1 million and total stockholders' equity of $10.9
 million. Outstanding shares at June 30, 2008 were approximately 882,000.
 
 
Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) UNAUDITED June 30, June 30, ASSETS 2008 2007 Cash and cash equivalents $13,872 $4,611 FHLB overnight deposits 4,600 2,500 Investment securities 5,394 10,846 Mortgage-backed securities 4,509 2,589 Loans receivable 107,346 110,627 Interest receivable 840 957 Prepaid federal income tax 130 285 FHLB stock 2,207 2,133 Prepaid expenses 441 574 Fixed assets 4,343 3,361 Other assets 293 490 Total assets $143,975 $138,973 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 93,124 $ 86,197 Advances from the Federal Home Loan Bank 38,500 40,506 Interest payable 275 352 Other liabilities 1,095 1,085 Deferred federal income tax 130 196 Total liabilities 133,124 128,336 Shareholders' equity 10,851 10,637 Total liabilities and shareholders' equity $143,975 $138,973 Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) UNAUDITED Year ended Three months ended June 30, June 30, 2008 2007 2008 2007 Total interest income $8,972 $8,511 $2,127 $2,252 Total interest expense 4,954 4,388 1,183 1,158 Net interest income 4,018 4,123 944 1,094 Provision for losses on loans 233 205 103 45 Net interest income after provision for losses on loans 3,785 3,918 841 1,049 Other income 541 717 167 181 General, administrative and other expense 3,297 4,527 765 1,924 Earnings before income taxes 1,029 108 243 (694) Federal income taxes 354 41 84 (237) NET EARNINGS $675 $67 $159 $(457) EARNINGS PER SHARE Basic $0.77 $0.08 $0.18 $(0.52) Diluted $0.77 $0.08 $0.18 $(0.52)

SOURCE Community Investors Bancorp, Inc.

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