COMMUNITY INVESTORS BANCORP, INC. BUCYRUS, Ohio, Nov. 16, 2015 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $288,000, or $.36 per basic share, for the quarter ended September 30, 2015, representing an increase of $61,000, (26.9%), compared to the net earnings of $227,000, or $.29 per basic share, reported for the quarter ended September 30, 2014. The increase in 2015 earnings reflects an increase in net interest income of $64,000 (5.2%) and an increase in other income of $30,000 (6.8%). General, administrative and other expense increased $6,000 (.1%) while provision for loan loss decreased by $2,000 (1.4%). The increase in net interest income reflects the growth in our loan portfolio, some improvement in nonaccruals as well as continuing low deposit and borrowing rates. General, administrative and other expenses reflect the costs of regulatory compliance, loan administration expenses and normal overhead as we continue to expand our loan production offices. The provision for loan losses reflects continuing cleanup of troubled credits as well as positioning the Bank for eventual changes in our model for calculation of allowance for doubtful accounts. Classified assets increased during the quarter due mainly to a downgrade on a large credit. That credit continues to perform. In addition, there has been an increase in loans 90 days past due. Where possible, working with our distressed loan customers who make good faith efforts at repayment, we have had success in avoiding foreclosures. We also continue to aggressively write down our past due loans to recognize the losses as soon as they are reasonably estimable. Other income increases resulted from our gains on sales of mortgages into the secondary market. We continue to expand our network of mortgage professionals to build on our success in that key business segment.
Community Investors Bancorp, Inc. reported total assets at September 30, 2015, of $136.8 million (decrease of $.3 million or .2% from June 30, 2015) including gross loans of $104.8 million (increase of $.3 million or .3% from June 30, 2015). Investments increased by $1.1 million (8.5%), while the allowance for loan loss increased by $67,000 (4.9%) since June 30, 2015. Total loans classified as substandard increased by $1.4 million to $4.6 million, with $2.8 million on nonaccrual status. Deposits decreased by $.8 million (.9%) from June 30, 2015 while advances borrowed from the Federal Home Loan Bank increased by $211,00. Total liabilities were $125.0 million (decrease of $.5 million or .4% from June 30, 2015). Total stockholders' equity increased by $268,000 to $11.8 million. As a result of the growth of our balance sheet, our capital as a percentage of assets increased to 8.64% from 8.42% at June 30, 2015.
Our Bank will work to reduce our classified assets, to grow strategically, and improve profitability. At the same time, we will measure and manage our interest rate risk, operational risk and liquidity in this period of low interest rates and low growth. We plan to build our capital levels commensurate with our 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, September 30,
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ASSETS 2015 2015 2014
---- ---- ----
Cash and cash equivalents $6,268 $6,710 $5,855
Interest-bearing time deposits - 992 1,984
Available-for-sale securities 14,342 13,223 14,353
Loans held-for-sale 4,457 4,998 1,723
Loans receivable 104,841 104,502 101,071
Less: Allowance for Loan Loss (1,442) (1,375) (1,301)
------ ------ ------
Loans receivable-net 103,399 103,127 99,770
Premises and equipment 4,043 4,071 4,086
Federal Home Loan Bank stock 2,237 2,237 2,237
Foreclosed assets held for sale 101 68 104
Interest receivable 505 499 505
Prepaid federal income tax 173 - -
Deferred federal income tax - - -
Other assets 1,253 1,143 982
Total assets $136,778 $137,068 $131,599
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits $88,482 $89,249 $94,419
Federal Home Loan Bank advances 35,491 35,280 25,500
Advances from borrowers for
taxes and insurance 352 211 213
Interest payable 34 33 45
Accrued federal income tax - - 46
Deferred federal income tax 378 367 106
Other liabilities 230 385 261
--- --- ---
Total liabilities 124,967 125,525 120,590
Shareholders' equity
Preferred stock - - -
Common stock 15 15 15
Additional Paid-in capital 5,299 5,299 5,299
Retained earnings 13,850 13,603 13,099
Accumulated other comprehensive
income ( loss) 104 83 53
Treasury stock (7,457) (7,457) (7,457)
------ ------ ------
Total shareholders' equity 11,811 11,543 11,009
------ ------ ------
Total liabilities and shareholders' equity $136,778 $137,068 $131,599
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Book Value per common share outstanding $14.85 $14.52 $13.84
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Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
UNAUDITED
Three months ended
September 30,
-------------
2015 2014
---- ----
Total interest income $1,431 $1,395
Total interest expense 140 168
--- ---
Net interest income 1,291 1,227
Provision for loan losses 140 142
--- ---
Net interest income after provision
for loan losses 1,151 1,085
Other income (losses) 468 438
General, administrative and other expenses 1,193 1,187
----- -----
Earnings (loss) before income taxes 426 336
Federal income taxes expense (benefit) 138 109
--- ---
NET INCOME $288 $227
Preferred dividends - -
--- ---
NET INCOME AVAILABLE to COMMON SHAREHOLDERS $288 $227
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BASIC EARNINGS PER COMMON SHARE $0.36 $0.29
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SOURCE Community Investors Bancorp, Inc.
