Welcome!

News Feed Item

Community Investors Bancorp, Inc. Reports Net Income For The Six Months and Three Months Ended December 31, 2013

BUCYRUS, Ohio, Jan. 27, 2014 /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 $230,000, or $.29 per common share for the six months ended December 31, 2013, representing an increase of $57,000, (32.9%), compared to the net earnings of $173,000, or $.22 per common share reported for the six months ended December 31, 2012.  The increase in 2013 earnings reflects an increase in net interest income of $22,000 (1.1%) and a decrease in general, administrative and other expense of $88,000 (3.9%). In addition, preferred dividends were reduced by $69,000 to $-0- as a result of the redemption of our preferred shares completed in March 2013. This was partially offset by a decrease in other income of $117,000 (16.1%), and an increase in provision for losses on loans of $26,000 (14.2%). The increase in net interest income reflects some stabilization of interest rate margins in a historically low interest rate environment as well as the beginnings of increased new loan demand. The provision for loan losses reflects continuing cleanup of troubled credits. Our classified assets remain unacceptably high but decreasing. As we continue to work to help our distressed loan customers who make good faith efforts at repayment, we continue to evaluate our past due loans to recognize the losses on a timely basis. Loan administration costs, regulatory compliance expense, and costs related to bank-owned properties remain elevated. Other income decreases resulted from the  expansion of our secondary  mortgage loan market into northeast Ohio (Strongsville) and southwest Ohio (Grove City). We are seeking new opportunities and customers in all of our markets with a renewed marketing effort in our Marysville market.  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, 2013, of $125.2 million (increase of $5.9 million or 5.0% from June 30, 2013) including gross loans of $91.9 million (increase of $6.5 million or 7.7% from June 30, 2013). Investments decreased by $622,000 (3.4%), while the allowance for loan loss decreased by $95,000 (5.8%) since June 30, 2013. Total loans classified as substandard decreased by $434,000 to $4.5 million, with $1.9 million on nonaccrual status. Deposits decreased by $2.0 million (2.1%) from June 30, 2013. We borrowed an additional $7.5 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $114.7 million increase of $5.7 million (5.2%) from June 30, 2013). Total stockholders' equity increased by $252,000 to $10.6 million. As a result of the growth of our balance sheet, our capital as a percentage of assets decreased from 8.67% to 8.46%.

We continue to reduce our classified assets, to grow strategically, and improve profitability, while we prudently manage interest rate risk and liquidity. We expect to 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.   

 

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

UNAUDITED




December 31,


December 31,


June 30,


June 30,

ASSETS

2013


2012


2013


2012


Cash and cash equivalents

$               6,054


$              16,173


$                5,338


$                11,775


Interest-bearing time deposits

2,232


2,232


2,232


$                  1,240


Available-for-sale securities

17,633


23,842


18,255


23,305


Loans held-for-sale

1,235


1,651


1,803


1,002


Loans receivable-gross

91,875


85,716


85,335


86,415



Less: Allowance for Loan Loss

(1,555)


(1,735)


(1,650)


(1,675)


Loans receivable-net

90,320


83,981


83,685


84,740


Premises and equipment

4,061


4,103


4,063


4,119


Federal Home Loan Bank stock

2,237


2,237


2,237


2,237


Foreclosed assets held for sale

361


516


403


583


Interest receivable

445


477


456


496


Prepaid federal income tax

32


14


132


-


Deferred federal income tax

62


-


73


-


Prepaid FDIC insurance premiums

-


256


-


312


Other assets

574


539


631


548



Total assets

$        125,246


$         136,021


$          119,308


$           130,357











LIABILITIES AND SHAREHOLDERS' EQUITY









Deposits

$             94,106


$            110,811


$              96,132


$              103,809


Federal Home Loan Bank advances

19,997


12,420


12,458


12,381


Advances from borrowers for taxes and insurance

303


234


77


12


Interest payable

48


57


48


63


Accrued federal income tax

-


-


-


85


Deferred federal income tax

-


103


-


118


Preferred dividend payable

-


9


-


18


Other liabilities

201


350


254


270



Total liabilities

114,655


123,984


108,969


116,756

Shareholders' equity









Preferred stock

-


1,303


-


2,730


Common stock

15


15


15


15


Additional Paid-in capital

5,299


5,298


5,299


5,229


Retained earnings

12,757


12,621


12,526


12,447


Accumulated other comprehensive income ( loss)

(23)


257


(44)


180


Treasury stock

(7,457)


(7,457)


(7,457)


(7,000)



 Total shareholders' equity

10,591


12,037


10,339


13,601

Total liabilities and shareholders' equity

$        125,246


$         136,021


$          119,308


$           130,357













Book value per common share outstanding

$             13.32


$              13.50


$               13.00


$                12.32

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

UNAUDITED




 Six months ended 


 Three months ended 




December 31,


December 31,




2013


2012


2013


2012











Total interest income

$               2,502


$                2,589


$                1,280


$                  1,283

Total interest expense

395


504


196


243












Net interest income

2,107


2,085


1,084


1,040

Provision for losses on loans

209


183


98


88


Net interest income after provision









  for losses on loans

1,898


1,902


986


952

Other income

608


725


223


398

General, administrative and other expenses

2,176


2,264


1,105


1,150












Earnings before income taxes

330


363


104


200

Federal income taxes expense 

100


121


28


67


NET EARNINGS

$                230


$                 242


$                    76


$                   133



Preferred dividends

-


69


-


34

NET INCOME AVAILABLE FOR COMMON SHARES

$                230


$                 173


$                    76


$                      99











BASIC EARNINGS  PER COMMON SHARE

$               0.29


$                0.22


$                 0.10


$                  0.13

 

 

SOURCE Community Investors Bancorp, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
yperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it....
With Cloud Foundry you can easily deploy and use apps utilizing websocket technology, but not everybody realizes that scaling them out is not that trivial. In his session at 21st Cloud Expo, Roman Swoszowski, CTO and VP, Cloud Foundry Services, at Grape Up, will show you an example of how to deal with this issue. He will demonstrate a cloud-native Spring Boot app running in Cloud Foundry and communicating with clients over websocket protocol that can be easily scaled horizontally and coordinate...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Any startup has to have a clear go –to-market strategy from the beginning. Similarly, any data science project has to have a go to production strategy from its first days, so it could go beyond proof-of-concept. Machine learning and artificial intelligence in production would result in hundreds of training pipelines and machine learning models that are continuously revised by teams of data scientists and seamlessly connected with web applications for tenants and users.
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, will address this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of t...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
IT organizations are moving to the cloud in hopes to approve efficiency, increase agility and save money. Migrating workloads might seem like a simple task, but what many businesses don’t realize is that application migration criteria differs across organizations, making it difficult for architects to arrive at an accurate TCO number. In his session at 21st Cloud Expo, Joe Kinsella, CTO of CloudHealth Technologies, will offer a systematic approach to understanding the TCO of a cloud application...