Community Investors Bancorp, Inc. Reports Net Income For The Year and Three Months Ended June 30, 2016

News provided by

Sep 01, 2016, 08:48 ET

BUCYRUS, Ohio, Sept. 1, 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 $900,000, or $1.13 per common share for the year ended June 30, 2016, representing an increase of $50,000, (5.8%), compared to the net earnings of $850,000, or $1.07 per common share reported for the year ended June 30, 2015. The increase in 2016 earnings reflects an increase in net interest income of $166,000 (3.3%), an increase in other income of $110,000 (6.6%) and a decrease in provision for loan losses of $144,000 (25.4%). This was partially offset by an increase in general, administrative and other expenses of $350,000 (7.2%), 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 success in recovering previous write-offs of troubled credits. General, administrative and other expenses increased due to increases related to technology consulting and professional expenses. Ohio sales tax is now collected on our core processing and technology consulting services. The addition of mobile banking as well as cybersecurity challenges and regulatory requirements continue to add to our needs for technology. Classified assets remain at high levels as we work through distressed situations. The economy continues its slow and uneven recovery in our various markets. During the quarter, we added a full-time staff member to reduce delinquencies on an ongoing basis and collect current delinquent or written off credits. Early results are promising. We continue to seek new opportunities and customers in all of our markets, while we strive to improve efficiency. Continuing customer demands, as well as regulator requirements, require us to continually improve our service and provide the latest technology and banking options. Our expectations 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 June 30, 2016, of $140.3 million (increase of $3.2 million or 2.4% from June 30, 2015) including gross loans of $105.8 million (increase of $1.3 million or 1.3% from June 30, 2015). Investments increased by $1.1 million (8.5%), while the allowance for loan loss decreased by $30,000 (2.2%) since June 30, 2015. Total loans classified as substandard increased by $1.6 million to $4.9 million, with $2.7 million on nonaccrual status compared to $2.1 million at June 30, 2015. Deposits increased by $1.8 million (2.1%) from June 30, 2015. Federal Home Loan Bank borrowings increased by $235,000 (.7%). Total liabilities were $128.0 million for an increase of $2.5 million (2.0%) from June 30, 2015). Total stockholders' equity increased by $757,000 to $12.3 million. As a result, our capital as a percentage of assets went from 8.42% at June 30, 2015 to 8.77%.

We have also included the quarterly results for the quarter ended March 31, 2016 with this release. Though we are not required to publish our quarterly results, it is our intent to do so and we apologize for the omission of the March 2016 quarterly release.

Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
			June 30,		June 30,		June 30,
ASSETS			2016		2015		2014
Cash and cash equivalents			$	7,002	$	6,710	$	5,120
Interest-bearing time deposits			-		992		1,984
Available-for-sale securities			14,347		13,223		14,515
Loans held-for-sale			6,423		4,998		3,145
Loans receivable-gross			105,834		104,502		99,392
Less: Allowance for Loan Loss			(1,345)		(1,375)		(1,450)
Loans receivable-net			104,489		103,127		97,942
Premises and equipment			4,017		4,071		4,043
Federal Home Loan Bank stock			2,246		2,237		2,237
Foreclosed assets held for sale			38		68		111
Interest receivable			460		499		467
Prepaid federal income tax			-		-		63
Deferred federal income tax			-		-		-
Other assets			1,278		1,143		716
Total assets			$	140,300	$	137,068	$	130,343

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits			$	91,089	$	89,249	$	96,025
Federal Home Loan Bank advances			35,515		35,280		23,000
Advances from borrowers for taxes and insurance			260		211		124
Interest payable			41		33		46
Accrued federal income tax			401		-		-
Deferred federal income tax			392		367		102
Other liabilities			302		385		233
Total liabilities			128,000		125,525		119,530
Shareholders' equity
					-
Common stock			15		15		15
Additional Paid-in capital			5,299		5,299		5,299
Retained earnings			14,312		13,603		12,912
Accumulated other comprehensive income ( loss)			131		83		44
Treasury stock			(7,457)		(7,457)		(7,457)
Total shareholders' equity			12,300		11,543		10,813
Total liabilities and shareholders' equity			$	140,300	$	137,068	$	130,343
Book value per common share outstanding			$	15.47	$	14.52	$	13.60
			8.77%		8.42%		8.30%
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share data)
UNAUDITED
	Year ended				Three months ended
	June 30,				June 30,
	2016		2015		2016		2015
Total interest income	$	5,824	$	5,674	$	1,488	$	1,514
Total interest expense	639		655		172		147
Net interest income	5,185		5,019		1,316		1,367
Provision for losses on loans	422		566		61		161
Net interest income after provision for loan losses	4,763		4,453		1,255		1,206
Other income	1,779		1,669		427		430
General, administrative and other expenses	5,220		4,870		1,455		1,244
Earnings before income taxes	1,322		1,252		227		392
Federal income taxes expense	422		402		70		125
NET INCOME	$	900	$	850	$	157	$	267

BASIC EARNINGS PER COMMON SHARE	$	1.13	$	1.07	$	0.20	$	0.34

Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
			March 31,		June 30,		March 31,
ASSETS			2016		2015		2015
Cash and cash equivalents			$	6,144	$	6,710	$	7,373
Interest-bearing time deposits			-		992		1,240
Available-for-sale securities			14,439		13,223		13,439
Loans held-for-sale			4,132		4,998		4,515
Loans receivable-gross			107,049		104,502		100,691
Less: Allowance for Loan Loss			(1,375)		(1,375)		(1,380)
Loans receivable-net			105,674		103,127		99,311
Premises and equipment			3,915		4,071		4,115
Federal Home Loan Bank stock			2,237		2,237		2,237
Foreclosed assets held for sale			84		68		58
Interest receivable			497		499		497
Prepaid federal income tax			-		-		-
Deferred federal income tax			-		-		-
Other assets			1,303		1,143		1,044
Total assets			$	138,425	$	137,068	$	133,829

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits			$	91,385	$	89,249	$	90,642
Federal Home Loan Bank advances			33,901		35,280		30,922
Advances from borrowers for taxes and insurance			304		211		297
Interest payable			43		33		51
Accrued federal income tax			41		-		169
Deferred federal income tax			381		367		143
Other liabilities			194		385		249
Total liabilities			126,249		125,525		122,473
Shareholders' equity
					-
Common stock			15		15		15
Additional Paid-in capital			5,299		5,299		5,299
Retained earnings			14,210		13,603		13,375
Accumulated other comprehensive income ( loss)			109		83		124
Treasury stock			(7,457)		(7,457)		(7,457)
Total shareholders' equity			12,176		11,543		11,356
Total liabilities and shareholders' equity			$	138,425	$	137,068	$	133,829
Book value per common share outstanding			$	15.31	$	14.52	$	14.28
			8.80%		8.42%		8.49%
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share data)
UNAUDITED
	Nine months ended				Three months ended
	March 31,				March 31,
	2016		2015		2016		2015
Total interest income	$	4,336	$	4,160	$	1,439	$	1,362
Total interest expense	468		508		169		174
Net interest income	3,868		3,652		1,270		1,188
Provision for losses on loans	361		405		99		135
Net interest income after provision for loan losses	3,507		3,247		1,171		1,053
Other income	1,353		1,239		432		464
General, administrative and other expenses	3,765		3,626		1,351		1,168
Earnings before income taxes	1,095		860		252		349
Federal income taxes expense	352		277		81		113
NET INCOME	$	743	$	583	$	171	$	236

BASIC EARNINGS PER COMMON SHARE	$	0.93	$	0.73	$	0.22	$	0.30