Community Investors Bancorp, Inc. Reports Net Earnings For The Year and Three Months Ended June 30, 2014

BUCYRUS, Ohio, Aug. 25, 2014 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets:  CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $465,000, or $.58 per basic share, for the year ended June 30, 2014, representing an increase of $385,000, (481.3%), compared to the net earnings of $80,000, or $.10 per basic share, reported for the year ended June 30, 2013.  The increase in 2014 earnings reflects an increase in net interest income of $236,000 (5.7%), a decrease in provision for loan loss of $399,000 (50.0%), and an increase in other income of $42,000 (3.7%). In addition, preferred dividends of $84,000 were eliminated as a result of the redemption of our preferred shares completed in March 2013. This was partially offset by an increase in general, administrative and other expenses of $255,000 (6.0%). The increase in net interest income reflects the expansion of our loan market through our new loan production offices in central Ohio as well as northeast Ohio. The provision for loan losses reflected a large write-off of a troubled credit which occurred in the previous fiscal year ended June 30, 2013. Our classified assets remain at unacceptably high levels, but we have made good progress in reducing those levels. Loan administration costs, regulatory compliance expense, and overhead generated by opening new markets increased our General, administrative and other expenses. Other income increases resulted from our gains on sales of mortgages into the secondary market. As we continue the process of remaking our Bank, our attitude and our profitability, we continue to look for new opportunities to expand our markets. Last year, we expanded our geographic reach into northeast Ohio and southwest Columbus with new secondary mortgage loan production offices. We have raised the expectations for our shareholders, ourselves and our associates to reach a high level of profitability, through controlled growth, improved operational efficiency and effective risk management.   

Community Investors Bancorp, Inc. reported total assets at June 30, 2014, of $130.4 million (increase of $11.1 million or 9.3% from 2013) including gross loans of $98.0 million (increase of $12.7 million or 14.9% from 2013). Our investments decreased by $3.7 million (20.5%) as we took the opportunity to harvest some gains and funded some of our loan growth. The allowance for loan loss decreased by $200,000 (13.8%) from June 30, 2013. Total loans classified as substandard decreased by $816,000 to $4.1 million and total nonperforming assets (nonaccrual loans plus bank owned real estate) decreased by $270,000 to $2.2 million. Deposits decreased by $103,000 (.1%) from June 30, 2013. Total liabilities were $119.5 million (increase of $10.6 million or 11.0% from June 30, 2013). Total stockholders' equity increased by $474,000 to $10.8 million as a result of net income plus improvement in unrealized gains on investments. In addition, dividends of $80,000 were paid on common shares during the fiscal year.

As we continue to improve operational efficiencies, grow strategically and reduce nonperforming assets, we continue to review and monitor and evaluate the Bank's risk factors. Our goals are to build our capital levels to support our growth in assets and profitability, while maintaining a regular quarterly dividend. Future earnings releases should be expected within 45 days of the end of each quarter.   

 

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


(In thousands)

UNAUDITED











June 30,


June 30,


June 30,

ASSETS

2014


2013


2012


Cash and cash equivalents

$               5,118


$                5,338


$              11,775


Interest-bearing time deposits

1,984


2,232


$                1,240


Available-for-sale securities

14,515


18,255


23,305


Loans held-for-sale

4,495


1,803


1,002


Loans receivable-gross

98,042


85,335


86,415



Less: Allowance for Loan Loss

(1,450)


(1,650)


(1,675)


Loans receivable-net

96,592


83,685


84,740


Premises and equipment

4,043


4,063


4,119


Federal Home Loan Bank stock

2,237


2,237


2,237


Foreclosed assets held for sale

111


403


583


Interest receivable

467


456


496


Prepaid federal income tax

-


132


-


Deferred federal income tax

27


73


-


Prepaid FDIC insurance premiums

-


-


312


Other assets

778


631


548



Total assets

$           130,367


$            119,308


$            130,357









LIABILITIES AND SHAREHOLDERS' EQUITY







Deposits

$             96,029


$              96,132


$            103,809


Federal Home Loan Bank advances

23,000


12,458


12,381


Advances from borrowers for taxes and insurance

144


77


12


Interest payable

46


48


63


Accrued federal income tax

66


-


85


Deferred federal income tax

-


-


118


Preferred dividend payable

-


-


18


Other liabilities

269


254


270



Total liabilities

119,554


108,969


116,756

Shareholders' equity







Preferred stock

-


-


2,730


Common stock

15


15


15


Additional Paid-in capital

5,299


5,299


5,229


Retained earnings

12,912


12,526


12,447


Accumulated other comprehensive income ( loss)

44


(44)


180


Treasury stock

(7,457)


(7,457)


(7,000)



 Total shareholders' equity

10,813


10,339


13,601

Total liabilities and shareholders' equity

$          130,367


$           119,308


$            130,357











Book value per common share outstanding

$              13.41


$                13.00


$                12.32

 

 

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

UNAUDITED




 Year ended


 Three months ended




June 30,


June 30,




2014


2013


2014


2013











Total interest income

$               5,090


$                5,044


$                1,310


$                  1,223

Total interest expense

726


916


169


202












Net interest income

4,364


4,128


1,141


1,021

Provision for losses on loans

399


798


92


223


Net interest income after provision









  for losses on loans

3,965


3,330


1,049


798

Other income

1,179


1,137


357


363

General, administrative and other expenses

4,481


4,226


1,176


1,119












Earnings before income taxes

663


241


230


42

Federal income taxes expense 

198


77


68


13


NET EARNINGS

$                465


$                 164


$                  162


$                      29



Preferred dividends

-


84


-


-

NET INCOME AVAILABLE FOR COMMON SHARES

$                465


$                    80


$                  162


$                      29











BASIC EARNINGS  PER COMMON SHARE

$               0.58


$                0.10


$                 0.20


$                  0.04











 

SOURCE Community Investors Bancorp, Inc.



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