Community Investors Bancorp, Inc. Reports Net Earnings for the Six Months and Three Months Ended December 31, 2009

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Jan 22, 2010, 01:53 ET

BUCYRUS, Ohio, Jan. 22 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $356,000, or $.40 per basic share, for the six months ended December 31, 2009, representing an increase of $230,000, or 182.5%, compared to the net earnings of $126,000, or $.14 per basic share, reported for the six months ended December 31, 2008. The increase in 2009 earnings reflects a $522,000, or 28.9%, increase in net interest income, an increase in other income of $46,000 or 16.4% along with a slight decrease of $12,000 or 6.6% in provision for loan loss. This was partially offset by an increase of 7.9% or $136,000 in general, administrative and other expense. The increase in our net interest income is due to the early payoff of above-market rate Federal Home Loan Bank (FHLB) advances in June. The relatively high level of provision for loan losses reflects the continuing economic difficulties of some of our loan customers due to high unemployment in the local workforce as well as difficult business conditions. Through the efforts, teamwork and cooperation of our employees, we reduced personnel expense by $47,000 as well as other general, administrative and other expense of $43,000. This partially offset the large increases in FDIC insurance of $98,000, other regulatory and professional fees of $24,000 and data processing of $104,000. Data processing increases reflect the use of rebates available to us for the six months ended December 31, 2008 which are now fully utilized. We will continue to leverage our technology and internal resources to manage overhead expenses without compromising our ability to serve our customers. Again, the increasing regulatory burden, as well as increased FDIC costs will limit our ability to reduce overhead expenses.

Community Investors Bancorp, Inc. reported total assets at December 31, 2009, of $127.2 million (decrease of $15.7 million or 11.0% from 2008) including gross loans of $103.6 million (decrease of $4.4 million or 4.1% from 2008). Continuing weak loan demand in our markets has allowed us to restructure our balance sheet. We repaid $21 million in above-market rate advances to the FHLB early, while we continued build deposits. The result is that total liabilities were $114.6 million (decrease of $15.1 million or 11.6% from 2008), including total deposits of $98.6 million (increase of $5.2 million or 5.6%). Total stockholders' equity grew from $12.1 million at June 30, 2009 to $12.6 and raised our capital as a percentage of assets from 9.42% to 9.88%.

Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
ASSETS	December 31,	December 31,	June 30,	June 30,
	2009	2008	2009	2008
Cash and cash equivalents	$ 4 ,278	$ 15,225	$ 5,592	$ 13,890
FHLB term deposits	2 ,774	2,350	1,500	4,600
Investment securities	5 ,208	6,657	4,640	5,394
Mortgage-backed securities	3 ,867	3,630	4,217	4,509
Loans receivable-gross	103,596	108,004	105,743	108,126
Less: Allowance for Loan Loss	(1,650)	(963)	(1,600)	(880)
Loans receivable-net	101,946	107,041	104,143	107,246
Premises and equipment	4 ,142	4,286	4,202	4,343
FHLB stock	2 ,237	2,237	2,237	2,207
Repossessed assets	679	281	260	293
Interest receivable	683	824	698	840
Prepaid federal income tax	154	65	366	130
Deferred federal income tax benefit	146	-	204	-
Prepaid expenses	1,047	323	345	441
Total assets	$ 127,161	$ 142,919	$ 128,404	$ 143,893
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits	$ 98,600	$ 93,358	$ 95,223	$ 93,142
Advances from FHLB	15,500	35,500	20,500	38,500
Interest payable	102	275	204	275
Other liabilities	372	459	360	1,095
Preferred dividend payable	18	-	18	-
Deferred federal income tax	-	65	-	96
Total liabilities	114,592	129,657	116,305	133,108
Shareholders. equity
Preferred stock	2,644	2,600	2,622	-
Common stock	15	15	15	15
Additional Paid-in capital	5,229	5,228	5,229	5,227
Retained earnings	11,451	12,509	11,117	12,572
Accumulated other comprehensive income (loss)	25	(295)	(89)	(234)
Treasury stock	(6,795)	(6,795)	(6,795)	(6,795)
Total shareholders' equity	12,569	13,262	12,099	10,785
Total liabilities and shareholders' equity	$ 127,161	$ 142,919	$ 128,404	$ 143,893

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,
	2009	2008	2009	2008
Total interest income	$ 3,542	$ 4,075	$ 1,749	$ 1,998
Total interest expense	1,214	2,269	580	1,104
Net interest income	2,328	1,806	1,169	894
Provision for losses on loans	171	183	105	124
Net interest income after provision for losses on loans	2,157	1,623	1,064	770
Other income (losses)	326	280	173	148
General, administrative and other expenses	1,847	1,711	953	856
Earnings (loss) before income taxes	636	192	284	62
Federal income taxes expense (benefit)	209	66	91	21
NET EARNINGS (LOSS)	$ 427	$ 126	$ 193	$ 41
Preferred dividends	71	-	36	-
NET EARNINGS (LOSS) AVAILABLE FOR COMMON SHARES	$ 356	$ 126	$ 157	$ 41
EARNINGS (LOSS) PER COMMON SHARE
Basic	$ 0.40	$ 0.14	$ 0.18	$ 0.05
Diluted	$ 0.40	$ 0.14	$ 0.18	$ 0.05