Community Investors Bancorp, Inc. Reports Net Income For The Six Months and Three Months Ended December 31, 2015

BUCYRUS, Ohio, Jan. 20, 2016 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC-PINK: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common shareholders of $563,000, or $.71 per common share for the six months ended December 31, 2015, representing an increase of $216,000, (62.2%), compared to the net earnings of $347,000, or $.44 per common share reported for the six months ended December 31, 2014.  The increase in 2015 earnings reflects an increase in net interest income of $135,000 (5.5%) and an increase in other income of $146,000 (18.8%). It also reflects a decrease in general, administrative and other expenses of $29,000 (1.2%), and provision for losses on loans of $8,000 (3.0%). The increase in net interest income reflects the almost 5% growth in our loan portfolio coupled with continuing low deposit and FHLB advance rates. Other income increased as a result of our continuing success in our sold loans program. The provision for loan losses reflects continuing cleanup of troubled credits. General, administrative and other expenses decreased due to reductions of professional and consulting fees, as well as efficiencies derived from reengineering our loan department expenses. Our classified assets have levelled off from previous years but we continue to face many challenges as we work through distressed situations and move quickly to resolve those issues. Bank-owned properties continue at low levels. As we seek new opportunities and customers in all of our markets, we are working to maintain efficiency. The economy continues to recover slowly and unevenly throughout our various markets. Our customers require us to continually improve our service and provide them with current technological banking solutions. Our expectations for ourselves and our associates require us to provide excellent customer service to achieve a higher level of profitability, with continuing controlled growth and while maintaining operational efficiency.   

Community Investors Bancorp, Inc. reported total assets at December 31, 2015, of $140.5 million (increase of $3.5 million or 2.5% from June 30, 2015) including gross loans of $106.7 million (increase of $2.2 million or 2.1% from June 30, 2015). Investments increased by $1.3 million (9.6%), while the allowance for loan loss increased by $130,000 (9.5%) since June 30, 2015. Total loans classified as substandard increased by $953,000 to $4.2 million, with $2.5 million on nonaccrual status compared to $2.1 million at June 30, 2015. Deposits decreased by $.6 million (.6%) from June 30, 2015. We borrowed an additional $3.4 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $128.5 million for an increase of $3.0 million (2.4%) from June 30, 2015). Total stockholders' equity increased by $468,000 to $12.0 million. As a result, our capital as a percentage of assets went from 8.42% at June 30, 2015 to 8.55%.

As always, we continue to explore opportunities for strategic loan growth while we work to resolve and reduce our classified assets. We expect continued profitability, as we confront the challenges of managing interest rate risk, liquidity and capital levels. Future earnings releases should be expected within 45 days of the end of each quarter.

SOURCE Community Investors Bancorp, Inc.