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
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists discussed...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Internet of @ThingsExpo, 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 Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
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...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...