COMMUNITY INVESTORS BANCORP, INC. 
By BUCYRUS, Ohio, Nov. 4, 2013 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $154,000, or $.19 per basic share, for the quarter ended September 30, 2013, representing an increase of $80,000, (108.1%), compared to the net earnings of $74,000, or $.09 per basic share, reported for the quarter ended September 30, 2012. The increase in 2013 earnings reflects an increase in other income of $58,000, a decrease in general, administrative and other expense of $43,000. This was partially offset by a decrease in net interest income of $23,000 (2.2%) and an increase in provision for loan loss of $16,000 (16.8%). In addition, preferred dividends were reduced by $35,000 to $-0- as a result of the redemption of our preferred shares completed in March 2013. The decrease 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. We continue to work to help our distressed loan customers who make good faith efforts at repayment. At the same time, we are aggressively and proactively evaluating our past due loans to recognize the losses. Loan administration costs, regulatory compliance expense, and costs related to bank-owned properties remain elevated. Other income increases resulted from our gains on sales of mortgages into the secondary market. We continue to look for new opportunities and customers as we reinvent our Bank. We have expanded our geographic reach into northeast Ohio with a new secondary mortgage loan production office and we will continue to explore other opportunities for growth and expansion. We have raised the expectations for ourselves and our associates to make the changes required to return to a high level of profitability, through controlled growth and additional operational efficiency.
Community Investors Bancorp, Inc. reported total assets at September 30, 2013, of $123.3 million (increase of $4.0 million or 3.4% from June 30, 2013) including gross loans of $90.3 million (increase of $3.2 million or 3.7% from June 30, 2013). Investments decreased by $371,000 (2.0%), while the allowance for loan loss decreased by $100,000 (6.1%) since June 30, 2013. Total loans classified as substandard decreased by $200,000 to $4.7 million, with $2.4 million on nonaccrual status. Deposits increased by $.8 million (.8%) from June 30, 2013. We borrowed an additional $3.0 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $112.8 million (increase of $3.8 million or 3.5% from June 30, 2013). Total stockholders' equity increased by $168,000 to $10.5 million. As a result of the growth of our balance sheet, our capital as a percentage of assets decreased from 8.67% to 8.52%.
We are determined to reduce our classified assets, to grow strategically, and restore high profitability, while we prudently manage interest rate risk and liquidity through unprecedented times. We expect to rebuild our capital levels commensurate with that 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 STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
September 30, June 30,
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ASSETS 2013 2013
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Cash and cash equivalents $6,665 $5,338
Interest-bearing time deposits 2,232 2,232
Available-for-sale securities 17,884 18,255
Loans held-for-sale 782 1,803
Loans receivable 89,532 85,335
Less: Allowance for Loan Loss (1,550) (1,650)
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Loans receivable-net 87,982 83,685
Premises and equipment 4,060 4,063
Federal Home Loan Bank stock 2,237 2,237
Foreclosed assets held for sale 230 403
Interest receivable 481 456
Prepaid federal income tax 61 132
Deferred federal income tax 66 73
Prepaid FDIC insurance premiums - -
Other assets 649 631
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Total assets $123,329 $119,308
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits $96,908 $96,132
Federal Home Loan Bank advances 15,478 12,458
Advances from borrowers for taxes and
insurance 168 77
Interest payable 47 48
Accrued federal income tax - -
Deferred federal income tax - -
Preferred dividend payable - -
Other liabilities 221 254
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Total liabilities 112,822 108,969
Shareholders' equity
Preferred stock - -
Common stock 15 15
Additional Paid-in capital 5,299 5,299
Retained earnings 12,681 12,526
Accumulated other comprehensive income
( loss) (31) (44)
Treasury stock (7,457) (7,457)
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Total shareholders' equity 10,507 10,339
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Total liabilities and shareholders' equity $123,329 $119,308
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Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
UNAUDITED
Three months ended
September 30,
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2013 2012
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Total interest income $1,221 $1,306
Total interest expense 199 261
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Net interest income 1,022 1,045
Provision for losses on loans 111 95
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Net interest income after provision for
loan losses 911 950
Other income (losses) 385 327
General, administrative and other expenses 1,071 1,114
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Earnings (loss) before income taxes 225 163
Federal income taxes expense (benefit) 71 54
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NET EARNINGS $154 $109
Preferred dividends - 35
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NET EARNINGS AVAILABLE FOR COMMON SHARES $154 $74
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EARNINGS (LOSS) PER COMMON SHARE $0.19 $0.09
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SOURCE Community Investors Bancorp, Inc.
