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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.

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