Community Investors Bancorp, Inc. Reports Net Income For The Six Months and Three Months Ended December 31, 2017

BUCYRUS, Ohio, Jan. 22, 2018 /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 $561,000 or $.71 per common share for the six months ended December 31, 2017, representing an increase of $175,000, (45.3%), compared to the net earnings of $386,000, or $.49 per common share reported for the six months ended December 31, 2016. Net interest income was virtually unchanged from 2016. The improvement is a result of significantly lower provision for loan loss ($126,000 or 52.5%), an incremental increase in other income ($40,000 or 4.4%), as well as a decrease in general, administrative and other expenses, ($59,000 or 2.2%). As a result, earnings before income tax increased by $223,000 (40.0%). We have maintained a relatively stable net interest margin despite increasing cost of funds over the past year. Provision for loan losses benefited from improved collection of collateral on written-off loans. In addition, collection efforts have reduced delinquent loans to low levels. Other income reflects our recent investment in bank-owned life insurance as well as steady, continuing success in our sold loans program. General, administrative and other expenses decreased due to management's continuing  focus on prudent reduction of technology consulting, personnel and professional expenses. Competition, customer-needs, criminal efforts and compliance continually challenge and require us to improve our technology. We continue to add the resources necessary to meet these challenges and continually improve our service. We have drastically reduced classified assets over the past year, reduced provision for loan losses but still increased our allowance for loan loss by 11.5% since June 30, 2017. While challenges remain, we have now worked through several difficult distressed situations. With those challenges behind us, we look forward to new opportunities to improve the Bank as well as our profitability. We have completed our most recent regulatory exam during the quarter as well with relatively minor disruptions to our focus and good results. Our mortgage loan origination operations are critical to our profitability and loan growth. We have strategically discontinued our mortgage loan office in Strongsville while opening a new office in high-growth Powell (northern suburb of Columbus). As always, the marketplace requires us to provide increasing customer solutions, access and banking opportunities through technology, without compromising security and meeting our regulatory requirements.

Community Investors Bancorp, Inc. reported total assets at December 31, 2017, of $145.0 million (increase of $1.6 million or 1.1% from June 30, 2017) including gross loans of $106.9 million (decrease of $.1 million or .1% from June 30, 2017). Investments increased by $.5 million (3.9%), while the allowance for loan loss increased by $135,000 (11.5%) since June 30, 2017. Total assets classified as substandard increased by $340,000 to $2.2 million compared to June 30, 2017, but $2.0 million less than December 31, 2016. Loans on nonaccrual status at December 31, 2017 were $1.1 million compared to $1.7 million at June 30, 2017 and $2.3 million at December 31, 2016. Deposits increased by $4.3 million (4.3%) from June 30, 2017. Federal Home Loan Bank borrowings decreased by $3.4 million (11.2%). Total liabilities were $132.2 million for an increase of $1.3 million (1.0%) from June 30, 2017). Total stockholders' equity increased by $343,000 (2.8%) to $12.8 million.

SOURCE Community Investors Bancorp, Inc.