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.