Community Investors Bancorp, Inc. Reports Net Income For The Six Months and Three Months Ended December 31, 2014

BUCYRUS, Ohio, Feb. 17, 2015 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets:  CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common shareholders of $347,000, or $.44 per common share for the six months ended December 31, 2014, representing an increase of $117,000, (50.9%), compared to the net earnings of $230,000, or $.29 per common share reported for the six months ended December 31, 2013.  The increase in 2014 earnings reflects an increase in net interest income of $357,000 (16.9%) and an increase in other income of $167,000 (27.5%). This was partially offset by an increase in general, administrative and other expenses of $281,000 (12.9%), and an increase in provision for losses on loans of $62,000 (29.6%). The increase in net interest income reflects the approximate 11% growth in our loan portfolio coupled with continuing low deposit and FHLB advance rate. Other income increased due mainly to our sold loans program. The provision for loan losses reflects continuing cleanup of troubled credits. General, administrative and other expenses increased due to expansion of our sold loans operations to additional locations as well as increased professional and consulting fees related to cyber security, additional regulatory and compliance costs and other loan administration expenses. Our classified assets continue to decrease as we proactively assist those with distressed situations but recognize losses on a timely basis and move quickly to resolve those issues. Bank-owned properties have been reduced to our lowest levels in several years. We continue to seek new opportunities and customers in all of our markets. As the slow recovery of the economy continues we are poised to provide our customers with the services they will want..  We have raised the expectations for ourselves and our associates to make the changes required to achieve a higher level of profitability, through controlled growth and additional operational efficiency.   

Community Investors Bancorp, Inc. reported total assets at December 31, 2014, of $132.6 million (increase of $2.2 million or 1.7% from June 30, 2014) including gross loans of $101.8 million (increase of $2.4 million or 2.4% from June 30, 2014). Investments decreased by $1.0 million (7.0%), while the allowance for loan loss decreased by $90,000 (6.2%) since June 30, 2014. Total loans classified as substandard decreased by $453,000 to $3.2 million, with $2.1 million on nonaccrual status. Deposits decreased by $5.9 million (6.2%) from June 30, 2014. We borrowed an additional $7.5 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $121.5 million for an increase of $2.0 million (1.6%) from June 30, 2014). Total stockholders' equity increased by $288,000 to $11.1 million. As a result of the growth of our balance sheet, our capital as a percentage of assets went from 8.30%  at June 30, 2014 to 8.37%.

Our expectations are to continue reduce our classified assets, to grow strategically, and improve profitability, while we prudently manage interest rate risk, liquidity and maintain our capital levels commensurate with growth in assets and profitability. Future earnings releases should be expected within 45 days of the end of each quarter.   

SOURCE Community Investors Bancorp, Inc.