Community Investors Bancorp, Inc. Reports Net Earnings for The Nine and Three Months Ended March 31, 2001.

Apr 18, 2001, 01:00 ET from Community Investors Bancorp, Inc.

    BUCYRUS, Ohio, April 18 /PRNewswire/ -- Community Investors Bancorp, Inc.
 (Nasdaq:   CIBI), parent company of First Federal Community Bank of Bucyrus
 reported net earnings of $762,000, or $.68 basic earnings per share, for the
 nine months ended March 31, 2001, compared to net earnings of $441,000, or
 $.39 basic earnings per share reported for the fiscal 2000 period.  The
 increase in net earnings primarily reflects the effects of a $240,000 after-
 tax charge related to the sale of the mobile home loan portfolio recorded in
 the fiscal 2000 period, coupled with a $142,000, or 5.6%, increase in net
 interest income, which were partially offset by a $43,000, or 2.6%, increase
 in general, administrative and other expense.
     Net earnings for the quarter ended March 31, 2001 totaled $272,000, or
 $.24 per basic share, compared to a net loss of $34,000, or $.03 per basic
 share reported for the same quarter in 2000.  The $306,000 increase in net
 earnings resulted primarily from the absence of the $240,000 after-tax charge
 on the sale of the mobile home loan portfolio, coupled with a $62,000, or 7.4%
 increase in net interest income.
     Community Investors Bancorp, Inc. reported total assets at March 31, 2001,
 of $116.0 million, total liabilities of $104.6 million, including total
 deposits of $81.9 million and total stockholders' equity of $11.4 million.
     First Federal Community Bank of Bucyrus has served the Bucyrus and
 Crawford County area since 1888 and currently has three office locations plus
 a free standing ATM facility in the Bucyrus area.
 
 
                       Community Investors Bancorp, Inc.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                       (In thousands, except share data)
 
                                                       March 31,      June 30,
             ASSETS                                      2001           2000
 
     Cash and due from banks                           $3,579         $1,701
     Federal funds sold                                   275            310
     Interest-bearing deposits in other
       financial institutions                           1,359            302
         Cash and cash equivalents                      5,313          2,313
 
     Investment securities available
       for sale - at market                             4,421          5,773
     Investment securities held to
       maturity - at amortized cost,
       approximate market value of $2,339 and
       $3,556 as of March 31, 2001 and June 30, 2000    2,327          3,616
     Mortgage-backed securities available for
       sale - at market                                 7,698          9,103
     Mortgage-backed securities held to
       maturity - at amortized cost, approximate
       market value of $658 and $742 as of
       March 31, 2001 and June 30, 2000                   662            766
     Loans receivable - net                            92,868         94,366
     Property acquired in settlement of loans               1             69
     Office premises and equipment - at
       depreciated cost                                   668            692
     Federal Home Loan Bank stock - at cost             1,592          1,507
     Accrued interest receivable on loans                 114             86
     Accrued interest receivable on
       mortgage-backed securities                          46             52
     Accrued interest receivable on investments
       and interest-bearing deposits                      121            118
     Prepaid expenses and other assets                    136            170
     Prepaid federal income taxes                         172            235
     Deferred federal income taxes                          7            168
 
       Total assets                                  $116,046       $119,034
 
             LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Deposits                                         $81,917        $79,138
     Advances from the Federal Home Loan Bank          22,213         28,611
     Advances by borrowers for taxes and insurance        111              5
     Accrued interest payable                             220            329
     Other liabilities                                    171            188
       Total liabilities                              104,632        108,271
 
     Stockholders' equity
     Preferred stock, 1,000,000 shares authorized,
       no par value; no shares issued                      --             --
     Common stock, 4,000,000 shares authorized,
       $.01 par value; 1,660,850 shares issued             17             17
     Additional paid-in capital                         7,242          7,191
     Retained earnings, restricted                      9,260          8,728
     Shares acquired by stock benefit plans              (380)          (461)
     Less 504,512 and 468,062 shares of
       treasury stock - at cost                        (4,711)        (4,408)
     Accumulated other comprehensive
       losses - unrealized losses on securities
       designated as available for sale, net of
       related tax effects                                (14)          (304)
       Total stockholders' equity                      11,414         10,763
       Total liabilities and stockholders' equity    $116,046       $119,034
 
 
                       Community Investors Bancorp, Inc.
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                       (In thousands, except share data)
 
                              Nine months ended          Three months ended
                                   March 31,                  March 31,
                               2001         2000         2001          2000
     Interest income
     Loans                   $5,722        $5,301       $1,915        $1,778
     Mortgage-backed
       securities               409           490          127           160
     Investment securities      368           486           43           175
     Interest-bearing
       deposits and other       151            33          113             9
       Total interest income  6,650         6,310        2,198         2,122
 
     Interest expense
     Deposits                 2,721         2,618          922           860
     Borrowings               1,256         1,161          374           422
       Total interest expense 3,977         3,779        1,296         1,282
 
       Net interest income    2,673         2,531          902           840
 
     Provision for
       losses on loans           46            68           15            29
 
       Net interest income
         after provision
         for losses on loans  2,627         2,463          887           811
 
     Other income (expense)
     Loss on disposition
       of mobile home
       loan portfolio            --          (374)          --          (374)
     Gain (loss) on sale
       of other repossessed
       assets                   (16)            8           --            (6)
     Other operating            224           215           76            67
       Total other income
         (expense)              208          (151)          76          (313)
 
     General, administrative
       and other expense
     Employee compensation
       and benefits             916           852          308           289
     Occupancy and equipment    106           105           38            38
     Federal deposit insurance
       premiums                  12            28            4             4
     Franchise taxes            109            93           33            28
     Expenses of property
       acquired in settlement
       of loans                   4            39            2            13
     Data processing            194           183           66            63
     Other operating            346           344          102           108
       Total general,
         administrative and
         other expense        1,687         1,644          553           543
 
       Earnings (loss) before
         income taxes
         (credits)            1,148           668          410           (45)
 
     Federal income taxes
       (credits)
     Current                    349           157          139           (27)
     Deferred                    37            70           (1)           16
       Total federal
         income taxes
         (credits)              386           227          138           (11)
 
       NET EARNINGS (LOSS)     $762          $441         $272          $(34)
 
       EARNINGS (LOSS) PER SHARE
         Basic                 $.68          $.39         $.24         $(.03)
 
         Diluted               $.67          $.38         $.24         $(.03)
 
 

SOURCE Community Investors Bancorp, Inc.
    BUCYRUS, Ohio, April 18 /PRNewswire/ -- Community Investors Bancorp, Inc.
 (Nasdaq:   CIBI), parent company of First Federal Community Bank of Bucyrus
 reported net earnings of $762,000, or $.68 basic earnings per share, for the
 nine months ended March 31, 2001, compared to net earnings of $441,000, or
 $.39 basic earnings per share reported for the fiscal 2000 period.  The
 increase in net earnings primarily reflects the effects of a $240,000 after-
 tax charge related to the sale of the mobile home loan portfolio recorded in
 the fiscal 2000 period, coupled with a $142,000, or 5.6%, increase in net
 interest income, which were partially offset by a $43,000, or 2.6%, increase
 in general, administrative and other expense.
     Net earnings for the quarter ended March 31, 2001 totaled $272,000, or
 $.24 per basic share, compared to a net loss of $34,000, or $.03 per basic
 share reported for the same quarter in 2000.  The $306,000 increase in net
 earnings resulted primarily from the absence of the $240,000 after-tax charge
 on the sale of the mobile home loan portfolio, coupled with a $62,000, or 7.4%
 increase in net interest income.
     Community Investors Bancorp, Inc. reported total assets at March 31, 2001,
 of $116.0 million, total liabilities of $104.6 million, including total
 deposits of $81.9 million and total stockholders' equity of $11.4 million.
     First Federal Community Bank of Bucyrus has served the Bucyrus and
 Crawford County area since 1888 and currently has three office locations plus
 a free standing ATM facility in the Bucyrus area.
 
 
                       Community Investors Bancorp, Inc.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                       (In thousands, except share data)
 
                                                       March 31,      June 30,
             ASSETS                                      2001           2000
 
     Cash and due from banks                           $3,579         $1,701
     Federal funds sold                                   275            310
     Interest-bearing deposits in other
       financial institutions                           1,359            302
         Cash and cash equivalents                      5,313          2,313
 
     Investment securities available
       for sale - at market                             4,421          5,773
     Investment securities held to
       maturity - at amortized cost,
       approximate market value of $2,339 and
       $3,556 as of March 31, 2001 and June 30, 2000    2,327          3,616
     Mortgage-backed securities available for
       sale - at market                                 7,698          9,103
     Mortgage-backed securities held to
       maturity - at amortized cost, approximate
       market value of $658 and $742 as of
       March 31, 2001 and June 30, 2000                   662            766
     Loans receivable - net                            92,868         94,366
     Property acquired in settlement of loans               1             69
     Office premises and equipment - at
       depreciated cost                                   668            692
     Federal Home Loan Bank stock - at cost             1,592          1,507
     Accrued interest receivable on loans                 114             86
     Accrued interest receivable on
       mortgage-backed securities                          46             52
     Accrued interest receivable on investments
       and interest-bearing deposits                      121            118
     Prepaid expenses and other assets                    136            170
     Prepaid federal income taxes                         172            235
     Deferred federal income taxes                          7            168
 
       Total assets                                  $116,046       $119,034
 
             LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Deposits                                         $81,917        $79,138
     Advances from the Federal Home Loan Bank          22,213         28,611
     Advances by borrowers for taxes and insurance        111              5
     Accrued interest payable                             220            329
     Other liabilities                                    171            188
       Total liabilities                              104,632        108,271
 
     Stockholders' equity
     Preferred stock, 1,000,000 shares authorized,
       no par value; no shares issued                      --             --
     Common stock, 4,000,000 shares authorized,
       $.01 par value; 1,660,850 shares issued             17             17
     Additional paid-in capital                         7,242          7,191
     Retained earnings, restricted                      9,260          8,728
     Shares acquired by stock benefit plans              (380)          (461)
     Less 504,512 and 468,062 shares of
       treasury stock - at cost                        (4,711)        (4,408)
     Accumulated other comprehensive
       losses - unrealized losses on securities
       designated as available for sale, net of
       related tax effects                                (14)          (304)
       Total stockholders' equity                      11,414         10,763
       Total liabilities and stockholders' equity    $116,046       $119,034
 
 
                       Community Investors Bancorp, Inc.
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                       (In thousands, except share data)
 
                              Nine months ended          Three months ended
                                   March 31,                  March 31,
                               2001         2000         2001          2000
     Interest income
     Loans                   $5,722        $5,301       $1,915        $1,778
     Mortgage-backed
       securities               409           490          127           160
     Investment securities      368           486           43           175
     Interest-bearing
       deposits and other       151            33          113             9
       Total interest income  6,650         6,310        2,198         2,122
 
     Interest expense
     Deposits                 2,721         2,618          922           860
     Borrowings               1,256         1,161          374           422
       Total interest expense 3,977         3,779        1,296         1,282
 
       Net interest income    2,673         2,531          902           840
 
     Provision for
       losses on loans           46            68           15            29
 
       Net interest income
         after provision
         for losses on loans  2,627         2,463          887           811
 
     Other income (expense)
     Loss on disposition
       of mobile home
       loan portfolio            --          (374)          --          (374)
     Gain (loss) on sale
       of other repossessed
       assets                   (16)            8           --            (6)
     Other operating            224           215           76            67
       Total other income
         (expense)              208          (151)          76          (313)
 
     General, administrative
       and other expense
     Employee compensation
       and benefits             916           852          308           289
     Occupancy and equipment    106           105           38            38
     Federal deposit insurance
       premiums                  12            28            4             4
     Franchise taxes            109            93           33            28
     Expenses of property
       acquired in settlement
       of loans                   4            39            2            13
     Data processing            194           183           66            63
     Other operating            346           344          102           108
       Total general,
         administrative and
         other expense        1,687         1,644          553           543
 
       Earnings (loss) before
         income taxes
         (credits)            1,148           668          410           (45)
 
     Federal income taxes
       (credits)
     Current                    349           157          139           (27)
     Deferred                    37            70           (1)           16
       Total federal
         income taxes
         (credits)              386           227          138           (11)
 
       NET EARNINGS (LOSS)     $762          $441         $272          $(34)
 
       EARNINGS (LOSS) PER SHARE
         Basic                 $.68          $.39         $.24         $(.03)
 
         Diluted               $.67          $.38         $.24         $(.03)
 
 SOURCE  Community Investors Bancorp, Inc.