Community Investors Bancorp, Inc. Reports Net Earnings for the Year and Three Months Ended June 30, 2010

BUCYRUS, Ohio, Aug. 13 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc., parent company of First Federal Community Bank of Bucyrus, reported net income available to common shareholders of $657,000 or $.74 per common share, for the year ended June 30, 2010. This represents a dramatic turnaround of almost $1.9 million compared to the net loss of $1.2 million, or $1.34 per common share, reported for the year ended June 30, 2009. The increase in earnings reflects a $1.2 million or 33.4% increase in net interest income, a decrease in provision for loan loss of $425,000, and increases in gains on investments of $94,000 and gains on sold loans of $122,000. Without regard to the FHLB prepayment penalty paid last year, general, administrative and other expenses decreased by $247,000 or 5.8% for the year ended June 30, 2010. Losses on temporary impairments and foreclosed assets, were down by $468,000. This reduction was partially offset by increases in data processing, FDIC insurance and personnel and occupancy costs related to the startup of our new secondary market mortgage loan operations. 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 decreased our cost of funds as reflected in our net interest income improvement. As part of our efforts to grow the Bank's income without growing our balance sheet significantly, we have initiated a new operation focused on underwriting and issuing mortgage loans and selling those loans without retaining servicing. This has allowed us access to more loan products and gives our customers more choices and allows the Bank exposure in new markets. We continue to focus on profitability sufficient to fund the repayment of preferred stock, restart shareholder dividends and allow controlled growth.  

Community Investors Bancorp, Inc. reported total assets at June 30, 2010, of $124.6 million, total liabilities of $111.7 million, including total deposits of $94.8 million and common  stockholders' equity of $10.2 million. Outstanding common shares at June 30, 2010 were approximately 884,000.

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

UNAUDITED



June 30,

June 30,

ASSETS

2010

2009

Cash and due from banks

$   3,012

$    1,854

Interest bearing deposits

5,077

5,239

            Cash and cash equivalents

8,089

7,093

Available-for-sale securities

7,747

8,812

Loans held for sale

1,151

-

Loans, net of allowance for loan losses of $1,540 and $1,600 at



   June 30, 2010 and  2009, respectively

98,186

104,143

Premises and equipment

4,178

4,178

FHLB stock

2,237

2,237

Foreclosed assets held for sale

585

260

Interest receivable

689

698

Prepaid federal income taxes

216

366

Deferred federal income taxes

127

204

Prepaid FDIC insurance premiums

644

-

Other assets

488

413

     Total assets

$124,337

$128,404




LIABILITIES AND SHAREHOLDERS' EQUITY



     Liabilities



Deposits

$ 94,778

$ 95,227

Advances from the Federal Home Loan Bank

16,226

20,500

Interest payable

77

204

Other liabilities

330

355

Preferred dividend payable

18

18

            Total liabilities

111,429

116,304

       Shareholders' equity



Preferred stock

2,665

2,622

Common stock, par $.01, issued 1,525,297 shares

15

15

Additional paid-in capital

5,229

5,229

Retained earnings

11,732

11,118

Accumulated other comprehensive loss

62

(89)

Treasury stock, at cost - Common 641,086 shares

(6,795)

(6,795)

            Total shareholders' equity

12,908

12,100

     Total liabilities and shareholders' equity

$124,337

$128,404



Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

UNAUDITED


Year ended
June 30,

Three months ended
June 30,


2010

2009

2010

2009






Total interest income

$6,877

$7,769

$1,651

$1,772

Total interest expense

2,136

4,207

427

942

    Net interest income

4,741

3,562

1,224

830

Provision for losses on loans

489

914

170

671

     Net interest income after provision  for losses on loans

4,252

2,648

1,054

159

Other income (losses)

947

742

315

280

General, administrative and other expense

4,015

4,262

1,141

1,560

FHLB advance prepayment penalty

-

833

-

833

     Earnings (loss) before income taxes

1,184

(1,705)

228

(1,954)

Federal income taxes expense (benefit)

385

(580)

72

(665)

NET EARNINGS (LOSS)

799

(1,125)

156

(1,289)

     Preferred dividends

142

73

35

35

NET EARNINGS (LOSS) AVAILABLE





     TO COMMON SHARES

$     657

$ (1,198)

$      121

$ (1,324)






EARNINGS (LOSS) PER  COMMON SHARE  

$      .74

$    (1.36)

$       .14

$  (1.50)



SOURCE Community Investors Bancorp, Inc.



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