Community Investors Bancorp, Inc. Reports Net Earnings For The Year and Three Months Ended June 30, 2015 (Unaudited)

Aug 18, 2015, 11:08 ET from Community Investors Bancorp, Inc.

BUCYRUS, Ohio, Aug. 18, 2015 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets:  CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $850,000, or $1.07 per basic share, for the year ended June 30, 2015, representing an increase of $385,000, (82.8%), compared to the net earnings of $465,000, or $.58 per basic share, reported for the year ended June 30, 2014.  The increase in 2015 earnings reflects an increase in net interest income of $655,000 (15.0%), and an increase in other income of $490,000 (41.6%). This was partially offset by an increase in provision for loan loss of $167,000 (41.9%) and an increase in general, administrative and other expenses of $389,000 (8.7%). The increase in net interest income reflects both increased loan activity in all of our loan markets including our loan production offices. Other income increases resulted from our gains on sales of mortgages into the secondary market. The provision for loan losses reflects continuing write-offs of troubled credits as well as increased loan portfolios. Our classified assets remain at stubbornly high levels, as we continue to closely monitor our problem credits. Loan administration costs, regulatory compliance expense, and overhead generated by our loan production offices increased our General, administrative and other expenses. We continue to prepare our Bank for new opportunities to offer our customers additional products and expanded services in all of our markets. As we raise the expectations for our shareholders, ourselves and our associates to reach a higher level of profitability, we expect to grow at a pace commensurate with prudent risk management, conservative capital management. Achieving operational efficiency is difficult due to many issues including regulatory and compliance burdens, but our dedicated associates are determined to meet the challenges presented in this environment of hyper-regulation.

Community Investors Bancorp, Inc. reported total assets at June 30, 2015, of $137.1 million (increase of $6.7 million or 5.2% from 2014) including gross loans of $101.1 million (increase of $3.2 million or 3.2% from 2014). Our investments decreased by $1.3 million (8.9%) and loans held for sale increased by $3.8 million (123.3%). The allowance for loan loss decreased by $75,000 (5.2%) from the prior year. Total loans classified as substandard decreased by $867,000 to $3.3 million and total nonperforming assets (nonaccrual loans plus bank owned real estate) decreased by $53,000 to $2.17 million. Deposits decreased by $6.8 million (7.1%) and FHLB Advances increased by $12.3 million (53.4%) from June 30, 2014. Total liabilities were $125.5 million (increase of $6.0 million or 5.0%) from June 30, 2014. Total stockholders' equity increased by $729,000 to $11.5 million as a result of net income plus improvement in unrealized gains on investments. In addition, dividends of $160,000 were paid on common shares during the fiscal year.

Our Bank will continue to strive for improved operational efficiencies, strategic growth while reducing nonperforming assets. The Bank continues to measure and manage our interest rate risk, liquidity risk as well as operational risk balanced against the goals of improving profitability, maintaining a regular quarterly dividend and building our capital levels to support our anticipated growth in assets. 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

2015


2014


2013


Cash and cash equivalents

$               6,711


$               5,120


$               5,338


Interest-bearing time deposits

992


1,984


2,232


Available-for-sale securities

13,223


14,515


18,255


Loans held-for-sale

7,022


3,145


1,803


Loans receivable-gross

102,478


99,392


85,335



Less: Allowance for Loan Loss

(1,375)


(1,450)


(1,650)


Loans receivable-net

101,103


97,942


83,685


Premises and equipment

4,071


4,043


4,063


Federal Home Loan Bank stock

2,237


2,237


2,237


Foreclosed assets held for sale

68


111


403


Interest receivable

499


467


456


Prepaid federal income tax

-


63


132


Deferred federal income tax

-


-


73


Other assets

1,160


716


631



Total assets

$         137,086


$         130,343


$         119,308









LIABILITIES AND SHAREHOLDERS' EQUITY







Deposits

$             89,252


$             96,025


$             96,132


Federal Home Loan Bank advances

35,280


23,000


12,458


Advances from borrowers for taxes and insurance

277


124


77


Interest payable

33


46


48


Accrued federal income tax

265


-


-


Deferred federal income tax

122


102


-


Other liabilities

315


233


254



Total liabilities

125,544


119,530


108,969

Shareholders' equity















Common stock

15


15


15


Additional Paid-in capital

5,299


5,299


5,299


Retained earnings

13,602


12,912


12,526


Accumulated other comprehensive income ( loss)

83


44


(44)


Treasury stock

(7,457)


(7,457)


(7,457)



 Total shareholders' equity

11,542


10,813


10,339

Total liabilities and shareholders' equity

$         137,086


$         130,343


$          119,308











Book value per common share outstanding

$              14.51


$              13.60


$              13.00









 

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

UNAUDITED




Year ended


Three months ended




June 30,


June 30,




2015


2014


2015


2014

Total interest income

$               5,674


$               5,090


$               1,514


$               1,310

Total interest expense

655


726


147


169


Net interest income

5,019


4,364


1,367


1,141

Provision for losses on loans

566


399


161


92


Net interest income after provision for loan losses

4,453


3,965


1,206


1,049

Other income

1,669


1,179


430


357

General, administrative and other expenses

4,870


4,481


1,244


1,176


Earnings before income taxes

1,252


663


392


230

Federal income taxes expense 

402


198


125


68


NET INCOME

$                 850


$                 465


$                 267


$                 162











BASIC EARNINGS  PER COMMON SHARE

$                1.07


$                0.58


$                0.34


$                0.20

 

SOURCE Community Investors Bancorp, Inc.