Community Investors Bancorp, Inc. Reports Net Earnings For The Year and Three Months Ended June 30, 2012

BUCYRUS, Ohio, July 20, 2012 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC Other: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $429,000, or $.49 per basic share, for the year ended June 30, 2012, representing an increase of $79,000, (22.6%), compared to the net earnings of $350,000, or $.40 per basic share, reported for the year ended June 30, 2011.  The increase in 2012 earnings reflects an increase in other income of $240,000 (21.2%). This was partially offset by a $29,000 (.7%), decrease in net interest income an increase in general administrative and other expenses of $96,000 (2.2%), and an increase of $2,000 (.4%) in provision for loan loss. The decrease in net interest income reflects the continuing struggle to manage interest rate margins in an historically low interest rate environment coupled with a lack of new loan demand. Other income increases resulted from our secondary mortgage market gains as well as a gain on investments. The provision for loan losses remains high and reflects continuing economic difficulties of some of our loan customers due to high unemployment in the local workforce as well as difficult business conditions.  The regulatory burden continues to increase. We incurred additional professional expenses related to technology upgrades and the termination of our employee stock ownership plan (ESOP). The expenses related to bank-owned properties remain elevated as well. But through the teamwork and cooperation of our employees, we limited our general, administrative and other expenses to a 2.2% increase.  

Community Investors Bancorp, Inc. reported total assets at June 30, 2012, of $130.5 million (increase of $2.4 million or 1.8% from 2011) including gross loans of $86.4 million (decrease of $5.4 million or 6.2% from 2011). Continuing weak loan demand in our markets has allowed us to restructure our balance sheet. We increased our investments by $12.6 million or 106.3%.  Deposits rose by $1.8 million or 1.8%. The result is that total liabilities were $117.3 million (increase of $2.4 million or 2.1% from 2011), including total deposits of $103.8 million. Total stockholders' equity decreased by $103,000 to $13.1 million as a result of the buyback of 87,419 shares as part of the termination of our ESOP. Our capital as a percentage of assets decreased from 10.34% to 10.08%.

Our goal is to build our capital through continued steady earnings while maintaining liquidity through diligent management of our balance sheet. We continue to prepare for the repurchase of our preferred shares held by the US Treasury, without reducing capital levels to unacceptable levels. This repurchase will allow us to improve our annual earnings available to common shareholders by $142,000 or $.18 per common share.  

  

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

UNAUDITED







June 30,


June 30,

ASSETS




2012


2011


Cash and cash equivalents



$         11,776


$           16,745


Available-for-sale securities



24,545


11,896


Loans held-for-sale



1,002


659


Loans receivable



86,415


91,772



Less: Allowance for Loan Loss



(1,675)


(1,550)


Loans receivable-net



84,740


90,222


Premises and equipment



4,119


4,042


Federal Home Loan Bank stock



2,237


2,237


Foreclosed assets held for sale



583


799


Interest receivable



496


565


Prepaid FDIC insurance premiums



312


433


Other assets



651


512




Total assets



$       130,461


$         128,110

LIABILITIES AND SHAREHOLDERS' EQUITY







Liabilities








Deposits



$       103,812


$         101,994



Federal Home Loan Bank advances



12,381


12,304



Advances from borrowers for taxes and insurance


15


23



Interest payable



63


74



Accrued federal income tax



33


163



Deferred federal income tax



170


103



Preferred dividend payable



18


18



Other liabilities



825


184




Total liabilities



117,317


114,863


Shareholders' equity








Preferred stock



2,730


2,709



Common stock



15


15



Additional Paid-in capital



5,229


5,229



Retained earnings



12,447


12,039



Accumulated other comprehensive income ( loss)


180


50



Treasury stock



(7,457)


(6,795)




 Total shareholders' equity



13,144


13,247

Total liabilities and shareholders' equity



$       130,461


$         128,110


Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

UNAUDITED





 Year ended 


 Three months ended 





June 30,


June 30,





2012


2011


2012


2011

Total interest income

$           5,646


$            6,019


$            1,373


$             1,386

Total interest expense

1,250


1,594


279


377


Net interest income

4,396


4,425


1,094


1,009

Provision for losses on loans

537


535


174


189


Net interest income after provision









  for losses on loans

3,859


3,890


920


820

Other income (losses)

1,369


1,129


385


200

General, administrative and other expenses

4,371


4,275


1,074


886


Earnings (loss) before income taxes

857


744


231


134

Federal income taxes expense (benefit)

286


252


77


45


NET EARNINGS

$               571


$               492


$               154


$                   89



Preferred dividends

142


142


36


36

NET EARNINGS AVAILABLE 









 FOR COMMON SHARES

$               429


$               350


$               118


$                   53

EARNINGS (LOSS) PER COMMON SHARE

$              0.49


$              0.40


$              0.13


$                0.06












SOURCE Community Investors Bancorp, Inc.



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