Community Investors Bancorp, Inc. Reports Net Earnings For The Year and Three Months Ended June 30, 2015 (Unaudited)

BUCYRUS, Ohio, Aug. 18, 2015 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $850,000, or $1.07 per basic share, for the year ended June 30, 2015, representing an increase of $385,000, (82.8%), compared to the net earnings of $465,000, or $.58 per basic share, reported for the year ended June 30, 2014.  The increase in 2015 earnings reflects an increase in net interest income of $655,000 (15.0%), and an increase in other income of $490,000 (41.6%). This was partially offset by an increase in provision for loan loss of $167,000 (41.9%) and an increase in general, administrative and other expenses of $389,000 (8.7%). The increase in net interest income reflects both increased loan activity in all of our loan markets including our loan production offices. Other income increases resulted from our gains on sales of mortgages into the secondary market. The provision for loan losses reflects continuing write-offs of troubled credits as well as increased loan portfolios. Our classified assets remain at stubbornly high levels, as we continue to closely monitor our problem credits. Loan administration costs, regulatory compliance expense, and overhead generated by our loan production offices increased our General, administrative and other expenses. We continue to prepare our Bank for new opportunities to offer our customers additional products and expanded services in all of our markets. As we raise the expectations for our shareholders, ourselves and our associates to reach a higher level of profitability, we expect to grow at a pace commensurate with prudent risk management, conservative capital management. Achieving operational efficiency is difficult due to many issues including regulatory and compliance burdens, but our dedicated associates are determined to meet the challenges presented in this environment of hyper-regulation.

Community Investors Bancorp, Inc. reported total assets at June 30, 2015, of $137.1 million (increase of $6.7 million or 5.2% from 2014) including gross loans of $101.1 million (increase of $3.2 million or 3.2% from 2014). Our investments decreased by $1.3 million (8.9%) and loans held for sale increased by $3.8 million (123.3%). The allowance for loan loss decreased by $75,000 (5.2%) from the prior year. Total loans classified as substandard decreased by $867,000 to $3.3 million and total nonperforming assets (nonaccrual loans plus bank owned real estate) decreased by $53,000 to $2.17 million. Deposits decreased by $6.8 million (7.1%) and FHLB Advances increased by $12.3 million (53.4%) from June 30, 2014. Total liabilities were $125.5 million (increase of $6.0 million or 5.0%) from June 30, 2014. Total stockholders' equity increased by $729,000 to $11.5 million as a result of net income plus improvement in unrealized gains on investments. In addition, dividends of $160,000 were paid on common shares during the fiscal year.

Our Bank will continue to strive for improved operational efficiencies, strategic growth while reducing nonperforming assets. The Bank continues to measure and manage our interest rate risk, liquidity risk as well as operational risk balanced against the goals of improving profitability, maintaining a regular quarterly dividend and building our capital levels to support our anticipated growth in assets. Future earnings releases should be expected within 45 days of the end of each quarter.

SOURCE Community Investors Bancorp, Inc.