Community Investors Bancorp, Inc. Reports Net Income For The Six Months and Three Months Ended December 31, 2015

Jan 20, 2016, 11:28 ET from Community Investors Bancorp, Inc.

BUCYRUS, Ohio, Jan. 20, 2016 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC-PINK: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common shareholders of $563,000, or $.71 per common share for the six months ended December 31, 2015, representing an increase of $216,000, (62.2%), compared to the net earnings of $347,000, or $.44 per common share reported for the six months ended December 31, 2014.  The increase in 2015 earnings reflects an increase in net interest income of $135,000 (5.5%) and an increase in other income of $146,000 (18.8%). It also reflects a decrease in general, administrative and other expenses of $29,000 (1.2%), and provision for losses on loans of $8,000 (3.0%). The increase in net interest income reflects the almost 5% growth in our loan portfolio coupled with continuing low deposit and FHLB advance rates. Other income increased as a result of our continuing success in our sold loans program. The provision for loan losses reflects continuing cleanup of troubled credits. General, administrative and other expenses decreased due to reductions of professional and consulting fees, as well as efficiencies derived from reengineering our loan department expenses. Our classified assets have levelled off from previous years but we continue to face many challenges as we work through distressed situations and move quickly to resolve those issues. Bank-owned properties continue at low levels. As we seek new opportunities and customers in all of our markets, we are working to maintain efficiency. The economy continues to recover slowly and unevenly throughout our various markets. Our customers require us to continually improve our service and provide them with current technological banking solutions. Our expectations for ourselves and our associates require us to provide excellent customer service to achieve a higher level of profitability, with continuing controlled growth and while maintaining operational efficiency.   

Community Investors Bancorp, Inc. reported total assets at December 31, 2015, of $140.5 million (increase of $3.5 million or 2.5% from June 30, 2015) including gross loans of $106.7 million (increase of $2.2 million or 2.1% from June 30, 2015). Investments increased by $1.3 million (9.6%), while the allowance for loan loss increased by $130,000 (9.5%) since June 30, 2015. Total loans classified as substandard increased by $953,000 to $4.2 million, with $2.5 million on nonaccrual status compared to $2.1 million at June 30, 2015. Deposits decreased by $.6 million (.6%) from June 30, 2015. We borrowed an additional $3.4 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $128.5 million for an increase of $3.0 million (2.4%) from June 30, 2015). Total stockholders' equity increased by $468,000 to $12.0 million. As a result, our capital as a percentage of assets went from 8.42% at June 30, 2015 to 8.55%.

As always, we continue to explore opportunities for strategic loan growth while we work to resolve and reduce our classified assets. We expect continued profitability, as we confront the challenges of managing interest rate risk, liquidity and capital levels. 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 







December 31,


June 30,


December 31,

ASSETS




2015


2015


2014


Cash and cash equivalents



$             8,173


$             6,710


$               5,794


Interest-bearing time deposits



-


992


1,984


Available-for-sale securities



14,493


13,223


13,501


Loans held-for-sale



4,700


4,998


3,045


Loans receivable



106,659


104,502


101,778



Less: Allowance for Loan Loss



(1,505)


(1,375)


(1,340)


Loans receivable-net



105,154


103,127


100,438


Premises and equipment



3,984


4,071


4,126


Federal Home Loan Bank stock



2,237


2,237


2,237


Foreclosed assets held for sale



88


68


27


Interest receivable



460


499


448


Prepaid federal income tax



45


-


-


Deferred federal income tax



-


-


-


Other assets



1,196


1,143


969




Total assets



$       140,530


$       137,068


$        132,569

LIABILITIES AND SHAREHOLDERS' EQUITY









Liabilities










Deposits



$           88,713


$           89,249


$             90,034



Federal Home Loan Bank advances



38,700


35,280


30,500



Advances from borrowers for taxes and insurance



469


211


400



Interest payable



42


33


47



Accrued federal income tax



-


-


86



Deferred federal income tax



359


367


112



Other liabilities



236


385


289




Total liabilities



128,519


125,525


121,468


Shareholders' equity










Preferred stock



-


-


-



Common stock



15


15


15



Additional Paid-in capital



5,299


5,299


5,299



Retained earnings



14,086


13,603


13,179



Accumulated other comprehensive income ( loss)



68


83


65



Treasury stock



(7,457)


(7,457)


(7,457)




 Total shareholders' equity



12,011


11,543


11,101

Total liabilities and shareholders' equity



$       140,530


$       137,068


$        132,569























 

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

UNAUDITED





 Six months ended 


 Three months ended 





December 31,


December 31,





2015


2014


2015


2014

Total interest income

$             2,897


$             2,798


$             1,466


$               1,403

Total interest expense

298


334


158


166


Net interest income

2,599


2,464


1,308


1,237

Provision for loan losses

263


271


123


129


Net interest income after provision for loan losses

2,336


2,193


1,185


1,108

Other income (losses)

921


775


453


337

General, administrative and other expenses

2,428


2,457


1,235


1,271


Earnings (loss) before income taxes

829


511


403


174

Federal income taxes expense (benefit)

266


164


128


55


NET INCOME

$              563


$               347


$               275


$                119












BASIC EARNINGS PER COMMON SHARE

$             0.71


$              0.44


$              0.35


$               0.15

SOURCE Community Investors Bancorp, Inc.