Community Investors Bancorp, Inc. Reports Net Earnings for the Year and Three Months Ended June 30, 2009
BUCYRUS, Ohio, Aug. 11 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported a net loss of $1.2 million or $1.36 per common share, for the year ended June 30, 2009. This represents a decrease of $1.8 million compared to the net earnings of $608,000, or $.69 per common share, reported for the year ended June 30, 2008. The decrease in earnings also reflects a $432,000, or 10.8%, decrease in net interest income, an increase in provision for loan loss of $581,000, losses on repossessed property of $190,000 and other-than-temporary impairments of investments of $284,000. General, administrative and other expenses increased by $481,000 or 14.9%. FDIC premiums increased by $160,000, professional expenses were up by $103,000 including legal fees related to preferred stock issued to the US Treasury, as well as increased costs for EDP professionals. Personnel and occupancy expense increases reflect a full year of operations in our Marysville operation. In addition, the year ended June 30, 2008 reflected one-time savings in personnel expenses because of better than expected results from our termination of the defined benefit pension plan at June 30, 2007. Finally, in June 2009, the Bank prepaid $21 million in FHLB advances at a penalty fee of $833,000. The early payoff of FHLB advances significantly decreases our cost of funds. Other cost cutting measures have been implemented including an across-the-board pay freeze. Our focus for the future is a return to profitability sufficient to fund the repayment of preferred stock, restart shareholder dividends and begin to grow the Bank again, as soon as possible.
Community Investors Bancorp, Inc. reported total assets at June 30, 2009, of $128.6 million, total liabilities of $116.5 million, including total deposits of $95.2 million and common stockholders' equity of $9.5 million. Outstanding common shares at June 30, 2009 were approximately 882,000.
SOURCE Community Investors Bancorp, Inc.