Community Investors Bancorp, Inc. Reports Net Income For The Year and Three Months Ended June 30, 2016
BUCYRUS, Ohio, Sept. 1, 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 $900,000, or $1.13 per common share for the year ended June 30, 2016, representing an increase of $50,000, (5.8%), compared to the net earnings of $850,000, or $1.07 per common share reported for the year ended June 30, 2015. The increase in 2016 earnings reflects an increase in net interest income of $166,000 (3.3%), an increase in other income of $110,000 (6.6%) and a decrease in provision for loan losses of $144,000 (25.4%). This was partially offset by an increase in general, administrative and other expenses of $350,000 (7.2%), 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 success in recovering previous write-offs of troubled credits. General, administrative and other expenses increased due to increases related to technology consulting and professional expenses. Ohio sales tax is now collected on our core processing and technology consulting services. The addition of mobile banking as well as cybersecurity challenges and regulatory requirements continue to add to our needs for technology. Classified assets remain at high levels as we work through distressed situations. The economy continues its slow and uneven recovery in our various markets. During the quarter, we added a full-time staff member to reduce delinquencies on an ongoing basis and collect current delinquent or written off credits. Early results are promising. We continue to seek new opportunities and customers in all of our markets, while we strive to improve efficiency. Continuing customer demands, as well as regulator requirements, require us to continually improve our service and provide the latest technology and banking options. Our expectations 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 June 30, 2016, of $140.3 million (increase of $3.2 million or 2.4% from June 30, 2015) including gross loans of $105.8 million (increase of $1.3 million or 1.3% from June 30, 2015). Investments increased by $1.1 million (8.5%), while the allowance for loan loss decreased by $30,000 (2.2%) since June 30, 2015. Total loans classified as substandard increased by $1.6 million to $4.9 million, with $2.7 million on nonaccrual status compared to $2.1 million at June 30, 2015. Deposits increased by $1.8 million (2.1%) from June 30, 2015. Federal Home Loan Bank borrowings increased by $235,000 (.7%). Total liabilities were $128.0 million for an increase of $2.5 million (2.0%) from June 30, 2015). Total stockholders' equity increased by $757,000 to $12.3 million. As a result, our capital as a percentage of assets went from 8.42% at June 30, 2015 to 8.77%.
We have also included the quarterly results for the quarter ended March 31, 2016 with this release. Though we are not required to publish our quarterly results, it is our intent to do so and we apologize for the omission of the March 2016 quarterly release.
Community Investors Bancorp, Inc. |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
|||||||||||
(In thousands) |
|||||||||||
UNAUDITED |
|||||||||||
June 30, |
June 30, |
June 30, |
|||||||||
ASSETS |
2016 |
2015 |
2014 |
||||||||
Cash and cash equivalents |
$ |
7,002 |
$ |
6,710 |
$ |
5,120 |
|||||
Interest-bearing time deposits |
- |
992 |
1,984 |
||||||||
Available-for-sale securities |
14,347 |
13,223 |
14,515 |
||||||||
Loans held-for-sale |
6,423 |
4,998 |
3,145 |
||||||||
Loans receivable-gross |
105,834 |
104,502 |
99,392 |
||||||||
Less: Allowance for Loan Loss |
(1,345) |
(1,375) |
(1,450) |
||||||||
Loans receivable-net |
104,489 |
103,127 |
97,942 |
||||||||
Premises and equipment |
4,017 |
4,071 |
4,043 |
||||||||
Federal Home Loan Bank stock |
2,246 |
2,237 |
2,237 |
||||||||
Foreclosed assets held for sale |
38 |
68 |
111 |
||||||||
Interest receivable |
460 |
499 |
467 |
||||||||
Prepaid federal income tax |
- |
- |
63 |
||||||||
Deferred federal income tax |
- |
- |
- |
||||||||
Other assets |
1,278 |
1,143 |
716 |
||||||||
Total assets |
$ |
140,300 |
$ |
137,068 |
$ |
130,343 |
|||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||
Deposits |
$ |
91,089 |
$ |
89,249 |
$ |
96,025 |
|||||
Federal Home Loan Bank advances |
35,515 |
35,280 |
23,000 |
||||||||
Advances from borrowers for taxes and insurance |
260 |
211 |
124 |
||||||||
Interest payable |
41 |
33 |
46 |
||||||||
Accrued federal income tax |
401 |
- |
- |
||||||||
Deferred federal income tax |
392 |
367 |
102 |
||||||||
Other liabilities |
302 |
385 |
233 |
||||||||
Total liabilities |
128,000 |
125,525 |
119,530 |
||||||||
Shareholders' equity |
|||||||||||
- |
|||||||||||
Common stock |
15 |
15 |
15 |
||||||||
Additional Paid-in capital |
5,299 |
5,299 |
5,299 |
||||||||
Retained earnings |
14,312 |
13,603 |
12,912 |
||||||||
Accumulated other comprehensive income ( loss) |
131 |
83 |
44 |
||||||||
Treasury stock |
(7,457) |
(7,457) |
(7,457) |
||||||||
Total shareholders' equity |
12,300 |
11,543 |
10,813 |
||||||||
Total liabilities and shareholders' equity |
$ |
140,300 |
$ |
137,068 |
$ |
130,343 |
|||||
Book value per common share outstanding |
$ |
15.47 |
$ |
14.52 |
$ |
13.60 |
|||||
8.77% |
8.42% |
8.30% |
|||||||||
Community Investors Bancorp, Inc. |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(In thousands, except share data) |
|||||||||||
UNAUDITED |
|||||||||||
Year ended |
Three months ended |
||||||||||
June 30, |
June 30, |
||||||||||
2016 |
2015 |
2016 |
2015 |
||||||||
Total interest income |
$ |
5,824 |
$ |
5,674 |
$ |
1,488 |
$ |
1,514 |
|||
Total interest expense |
639 |
655 |
172 |
147 |
|||||||
Net interest income |
5,185 |
5,019 |
1,316 |
1,367 |
|||||||
Provision for losses on loans |
422 |
566 |
61 |
161 |
|||||||
Net interest income after provision for loan losses |
4,763 |
4,453 |
1,255 |
1,206 |
|||||||
Other income |
1,779 |
1,669 |
427 |
430 |
|||||||
General, administrative and other expenses |
5,220 |
4,870 |
1,455 |
1,244 |
|||||||
Earnings before income taxes |
1,322 |
1,252 |
227 |
392 |
|||||||
Federal income taxes expense |
422 |
402 |
70 |
125 |
|||||||
NET INCOME |
$ |
900 |
$ |
850 |
$ |
157 |
$ |
267 |
|||
BASIC EARNINGS PER COMMON SHARE |
$ |
1.13 |
$ |
1.07 |
$ |
0.20 |
$ |
0.34 |
Community Investors Bancorp, Inc. |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
|||||||||||
(In thousands) |
|||||||||||
UNAUDITED |
|||||||||||
March 31, |
June 30, |
March 31, |
|||||||||
ASSETS |
2016 |
2015 |
2015 |
||||||||
Cash and cash equivalents |
$ |
6,144 |
$ |
6,710 |
$ |
7,373 |
|||||
Interest-bearing time deposits |
- |
992 |
1,240 |
||||||||
Available-for-sale securities |
14,439 |
13,223 |
13,439 |
||||||||
Loans held-for-sale |
4,132 |
4,998 |
4,515 |
||||||||
Loans receivable-gross |
107,049 |
104,502 |
100,691 |
||||||||
Less: Allowance for Loan Loss |
(1,375) |
(1,375) |
(1,380) |
||||||||
Loans receivable-net |
105,674 |
103,127 |
99,311 |
||||||||
Premises and equipment |
3,915 |
4,071 |
4,115 |
||||||||
Federal Home Loan Bank stock |
2,237 |
2,237 |
2,237 |
||||||||
Foreclosed assets held for sale |
84 |
68 |
58 |
||||||||
Interest receivable |
497 |
499 |
497 |
||||||||
Prepaid federal income tax |
- |
- |
- |
||||||||
Deferred federal income tax |
- |
- |
- |
||||||||
Other assets |
1,303 |
1,143 |
1,044 |
||||||||
Total assets |
$ |
138,425 |
$ |
137,068 |
$ |
133,829 |
|||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||
Deposits |
$ |
91,385 |
$ |
89,249 |
$ |
90,642 |
|||||
Federal Home Loan Bank advances |
33,901 |
35,280 |
30,922 |
||||||||
Advances from borrowers for taxes and insurance |
304 |
211 |
297 |
||||||||
Interest payable |
43 |
33 |
51 |
||||||||
Accrued federal income tax |
41 |
- |
169 |
||||||||
Deferred federal income tax |
381 |
367 |
143 |
||||||||
Other liabilities |
194 |
385 |
249 |
||||||||
Total liabilities |
126,249 |
125,525 |
122,473 |
||||||||
Shareholders' equity |
|||||||||||
- |
|||||||||||
Common stock |
15 |
15 |
15 |
||||||||
Additional Paid-in capital |
5,299 |
5,299 |
5,299 |
||||||||
Retained earnings |
14,210 |
13,603 |
13,375 |
||||||||
Accumulated other comprehensive income ( loss) |
109 |
83 |
124 |
||||||||
Treasury stock |
(7,457) |
(7,457) |
(7,457) |
||||||||
Total shareholders' equity |
12,176 |
11,543 |
11,356 |
||||||||
Total liabilities and shareholders' equity |
$ |
138,425 |
$ |
137,068 |
$ |
133,829 |
|||||
Book value per common share outstanding |
$ |
15.31 |
$ |
14.52 |
$ |
14.28 |
|||||
8.80% |
8.42% |
8.49% |
|||||||||
Community Investors Bancorp, Inc. |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(In thousands, except share data) |
|||||||||||
UNAUDITED |
|||||||||||
Nine months ended |
Three months ended |
||||||||||
March 31, |
March 31, |
||||||||||
2016 |
2015 |
2016 |
2015 |
||||||||
Total interest income |
$ |
4,336 |
$ |
4,160 |
$ |
1,439 |
$ |
1,362 |
|||
Total interest expense |
468 |
508 |
169 |
174 |
|||||||
Net interest income |
3,868 |
3,652 |
1,270 |
1,188 |
|||||||
Provision for losses on loans |
361 |
405 |
99 |
135 |
|||||||
Net interest income after provision for loan losses |
3,507 |
3,247 |
1,171 |
1,053 |
|||||||
Other income |
1,353 |
1,239 |
432 |
464 |
|||||||
General, administrative and other expenses |
3,765 |
3,626 |
1,351 |
1,168 |
|||||||
Earnings before income taxes |
1,095 |
860 |
252 |
349 |
|||||||
Federal income taxes expense |
352 |
277 |
81 |
113 |
|||||||
NET INCOME |
$ |
743 |
$ |
583 |
$ |
171 |
$ |
236 |
|||
BASIC EARNINGS PER COMMON SHARE |
$ |
0.93 |
$ |
0.73 |
$ |
0.22 |
$ |
0.30 |
SOURCE Community Investors Bancorp, Inc.
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