Community Investors Bancorp, Inc. Reports Net Earnings for the Nine and Three Months Ended March 31, 2010

BUCYRUS, Ohio, April 20 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc., parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common stock of $536,000 or $.61 per common share, for the nine months ended March 31, 2010. This represents an increase of $410,000 compared to the net earnings of $126,000, or $.14 per common share, reported for the nine months ended March 31, 2009. The increase in earnings reflects a $786,000, or 28.8%, increase in net interest income, and is a direct result of the early payoff of above-market rate advances at the Federal Home Loan Bank (FHLB) in June 2009. It also reflects an increase in other income of $169,000 as a result of gains on sale of investments. We increased our provision for loan loss by $76,000, from a year earlier, which reflects the difficulties of our local economy and widespread unemployment. General, administrative and other expenses increased by $172,000 or 6.4%. Increases of $110,000 in FDIC premiums, $82,000 in data processing and $32,000 in professional expenses were partially offset by reductions in personnel expense of $36,000. Data processing increases reflect the use of rebates available to us in the prior period and which are now fully utilized. These results also reflect a full nine months of preferred dividend payments in the current period versus three months in the prior period which decreased earnings available to common shareholders by $70,000. Our intent is to repay the preferred shares to the US Treasury as soon as we are permitted to do so by our primary regulator, The Office of Thrift Supervision. We will continue our efforts to reduce overhead expenses in the face of the increasing regulatory burden and high FDIC costs imposed on us. We will focus on serving our customers, stockholders, and staff while improving our profitability and financial position.

Community Investors Bancorp, Inc. reported total assets at March 31, 2010, of $126.6 million, (decrease of $19.2 million or 13.2% from March 31, 2009). This includes gross loans of $102.3 million (decrease of $2.7 million or 2.5% from the prior year). Our balance sheet has been restructured to rely more on deposits, which have increased by $1.4 million, as we have repaid FHLB borrowings by $20.0 million. As a result, total liabilities have shrunk by $18.8 million to $113.9 million (14.2% decrease from March 31, 2009). Common stockholders' equity has grown from $9.5 million at June 30, 2009 to $10.1 million (an increase of 6.4% over the last nine months). Total stockholders' equity grew from $12.1 million at June 30, 2009 to $12.7 and raised our capital as a percentage of assets from 9.42% to 10.05%.

SOURCE Community Investors Bancorp, Inc.