Community Investors Bancorp, Inc. Reports Net Income For The Three Months Ended September 30, 2017

BUCYRUS, Ohio, Oct. 27, 2017 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC-PINK: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net income of $315,000 or $.40 per common share for the three months ended September 30, 2017, representing an increase of $46,000 (17.1%), compared to the net earnings of $269,000, or $.34 per common share reported for the three months ended September 30, 2016. The increase in earnings reflects an increase in net interest income of $22,000 (1.7%), and a decrease in general, administrative and other expenses (SGA) of $38,000 (2.8%). Other income saw a small drop of $3,000 (.6%),while provision for loan loss increased by $5,000 (6.2%).

Community Investors Bancorp, Inc. reported total assets at September 30, 2017, of $144.2 million (increase of $1.0 million or .7% from September 30, 2016) including gross loans of $108.2 million (increase of $1.2 million or 1.2% from September 30, 2016). Investments and interest-bearing time deposits decreased by $.5 million (3.2%), while the allowance for loan loss decreased by $35,000 (2.8%) since September 30, 2016. Total assets classified as nonaccrual were $1.0 million compared to $2.0 million at September 30, 2016. Deposits increased by $7.4 million (7.8%) from September 30, 2016. Federal Home Loan Bank borrowings decreased by $6.5 million (19.0%). Total liabilities were $131.4 million for an increase of $.8 million (.6%) from September 30, 2016). Total stockholders' equity increased by $205,000 to $12.7 million. Book value per share is at $15.99 per share.  

We have started our new fiscal year with a very healthy quarter. In addition to seeing net income improved over the previous year, net interest income improved and SGA expenses declined year over year. Continuing efforts in collections have reduced classified assets by $870,000 and lowered our 30-89 days past due loans by $1.3 million compared to year ago levels. Though challenges remain, we are encouraged by improving local economic conditions even as we plan to focus more resources on the vibrant economy in and around our Marysville location. We are focused on expanding our mortgage loan origination operations while we derive better efficiencies within that segment of our non-interest income. Finally, our management team has successfully identified specific expenses which can be reduced in the current year. We continue to review our operations for potential increased efficiencies without compromising safety, service or regulatory compliance. While we have only begun the year, we are optimistic that our hard work will continue to yield better results for the current year. Again, we have set challenging, but achievable goals for the Bank in the upcoming months and years and we are confident that we will meet those challenges to achieve success for our shareholders, employees, customers and community.    

SOURCE Community Investors Bancorp, Inc.