COMMUNITY INVESTORS BANCORP, INC. BUCYRUS, Ohio, Aug. 25, 2014 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $465,000, or $.58 per basic share, for the year ended June 30, 2014, representing an increase of $385,000, (481.3%), compared to the net earnings of $80,000, or $.10 per basic share, reported for the year ended June 30, 2013. The increase in 2014 earnings reflects an increase in net interest income of $236,000 (5.7%), a decrease in provision for loan loss of $399,000 (50.0%), and an increase in other income of $42,000 (3.7%). In addition, preferred dividends of $84,000 were eliminated as a result of the redemption of our preferred shares completed in March 2013. This was partially offset by an increase in general, administrative and other expenses of $255,000 (6.0%). The increase in net interest income reflects the expansion of our loan market through our new loan production offices in central Ohio as well as northeast Ohio. The provision for loan losses reflected a large write-off of a troubled credit which occurred in the previous fiscal year ended June 30, 2013. Our classified assets remain at unacceptably high levels, but we have made good progress in reducing those levels. Loan administration costs, regulatory compliance expense, and overhead generated by opening new markets increased our General, administrative and other expenses. Other income increases resulted from our gains on sales of mortgages into the secondary market. As we continue the process of remaking our Bank, our attitude and our profitability, we continue to look for new opportunities to expand our markets. Last year, we expanded our geographic reach into northeast Ohio and southwest Columbus with new secondary mortgage loan production offices. We have raised the expectations for our shareholders, ourselves and our associates to reach a high level of profitability, through controlled growth, improved operational efficiency and effective risk management.
Community Investors Bancorp, Inc. reported total assets at June 30, 2014, of $130.4 million (increase of $11.1 million or 9.3% from 2013) including gross loans of $98.0 million (increase of $12.7 million or 14.9% from 2013). Our investments decreased by $3.7 million (20.5%) as we took the opportunity to harvest some gains and funded some of our loan growth. The allowance for loan loss decreased by $200,000 (13.8%) from June 30, 2013. Total loans classified as substandard decreased by $816,000 to $4.1 million and total nonperforming assets (nonaccrual loans plus bank owned real estate) decreased by $270,000 to $2.2 million. Deposits decreased by $103,000 (.1%) from June 30, 2013. Total liabilities were $119.5 million (increase of $10.6 million or 11.0% from June 30, 2013). Total stockholders' equity increased by $474,000 to $10.8 million as a result of net income plus improvement in unrealized gains on investments. In addition, dividends of $80,000 were paid on common shares during the fiscal year.
As we continue to improve operational efficiencies, grow strategically and reduce nonperforming assets, we continue to review and monitor and evaluate the Bank's risk factors. Our goals are to build our capital levels to support our growth in assets and profitability, while maintaining a regular quarterly dividend. 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
June 30, June 30, June 30,
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ASSETS 2014 2013 2012
---- ---- ----
Cash and cash equivalents $5,118 $5,338 $11,775
Interest-bearing time deposits 1,984 2,232 $1,240
Available-for-sale securities 14,515 18,255 23,305
Loans held-for-sale 4,495 1,803 1,002
Loans receivable-gross 98,042 85,335 86,415
Less: Allowance for Loan Loss (1,450) (1,650) (1,675)
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Loans receivable-net 96,592 83,685 84,740
Premises and equipment 4,043 4,063 4,119
Federal Home Loan Bank stock 2,237 2,237 2,237
Foreclosed assets held for sale 111 403 583
Interest receivable 467 456 496
Prepaid federal income tax - 132 -
Deferred federal income tax 27 73 -
Prepaid FDIC insurance premiums - - 312
Other assets 778 631 548
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Total assets $130,367 $119,308 $130,357
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $96,029 $96,132 $103,809
Federal Home Loan Bank advances 23,000 12,458 12,381
Advances from borrowers for taxes and
insurance 144 77 12
Interest payable 46 48 63
Accrued federal income tax 66 - 85
Deferred federal income tax - - 118
Preferred dividend payable - - 18
Other liabilities 269 254 270
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Total liabilities 119,554 108,969 116,756
Shareholders' equity
Preferred stock - - 2,730
Common stock 15 15 15
Additional Paid-in capital 5,299 5,299 5,229
Retained earnings 12,912 12,526 12,447
Accumulated other comprehensive income (
loss) 44 (44) 180
Treasury stock (7,457) (7,457) (7,000)
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Total shareholders' equity 10,813 10,339 13,601
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Total liabilities and shareholders' equity $130,367 $119,308 $130,357
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Book value per common share outstanding $13.41 $13.00 $12.32
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Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share data)
UNAUDITED
Year ended Three months ended
June 30, June 30,
-------- --------
2014 2013 2014 2013
---- ---- ---- ----
Total interest income $5,090 $5,044 $1,310 $1,223
Total interest expense 726 916 169 202
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Net interest income 4,364 4,128 1,141 1,021
Provision for losses on loans 399 798 92 223
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Net interest income after provision
for losses on loans 3,965 3,330 1,049 798
Other income 1,179 1,137 357 363
General, administrative and other expenses 4,481 4,226 1,176 1,119
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Earnings before income taxes 663 241 230 42
Federal income taxes expense 198 77 68 13
--- --- --- ---
NET EARNINGS $465 $164 $162 $29
Preferred dividends - 84 - -
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NET INCOME AVAILABLE FOR COMMON SHARES $465 $80 $162 $29
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BASIC EARNINGS PER COMMON SHARE $0.58 $0.10 $0.20 $0.04
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SOURCE Community Investors Bancorp, Inc.
