BUCYRUS, Ohio, Feb. 2, 2012 /PRNewswire/ -- Community Investors
Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal
Community Bank of Bucyrus,
reported net earnings of $207,000, or
$.23 per basic share, for the six
months ended December 31, 2011,
representing a decrease of $80,000,
or 27.9%, compared to the net earnings of $287,000, or $.33
per basic share, reported for the six months ended December 31, 2010. The decrease in 2011
earnings reflects a $72,000, or 3.1%,
decrease in net interest income, an increase of $70,000 or 32.7% in provision for loan loss and a
decrease of 8.0% or $56,000 in other
income. This was partially offset by a decrease in general,
administrative and other expense of $75,000 or 3.4%. The decrease in net interest
income reflects the continuing struggle to manage interest rate
margins in an historically low interest rate environment coupled
with a lack of new loan demand. Our secondary mortgage market has
continued to generate other income but not at 2010 levels. The
provision for loan losses reflects continuing economic difficulties
of some of our loan customers due to high unemployment in the local
workforce as well as difficult business conditions. We continue to
manage our general and administrative costs. Through the efforts,
teamwork and cooperation of our employees, we reduced personnel
expense by $44,000 as well as other
general, administrative expense by $57,000.
Community Investors Bancorp, Inc. reported total assets at
December 31, 2011, of $128.8 million (increase of $3.4 million or 2.7% from 2010) including gross
loans of $88.3 million (decrease of
$6.7 million or 7.1% from 2010).
Continuing weak loan demand in our markets has allowed us to
restructure our balance sheet. We increased our investments by
$10.0 million or 129.9%. We repaid
$1.0 million advances to the FHLB,
while deposits rose by 4% or $3.9
million. The result is that total liabilities were
$115.2 million (increase of
$3.0 million or 2.7% from 2010),
including total deposits of $102.2
million. Total stockholders' equity grew from $13.1 million at December
31, 2010 to $13.6 million and
raised our capital as a percentage of assets from 10.45% to
10.52%.
We continue to build our capital through continued steady
earnings and liquidity through diligent management of our balance
sheet. We continue to prepare for the repurchase of our preferred
shares held by the US Treasury, without impairing capital levels.
This repurchase would allow us to improve our annual earnings by
$142,000 or $.16 per common share.
Community
Investors Bancorp, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
June
30,
|
|
ASSETS
|
2011
|
2011
|
|
Cash and cash
equivalents
|
15,964
|
16,745
|
|
Available-for-sale
securities
|
17,731
|
11,896
|
|
Loans held for sale
|
417
|
659
|
|
Loans, net of allowance for loan
losses of $1,725 and $1,550 at
December 31, and June 30,
2011, respectively
|
86,580
|
90,222
|
|
Premises and
equipment
|
4,003
|
4,042
|
|
FHLB stock
|
2,237
|
2,237
|
|
Foreclosed assets held for
sale
|
547
|
799
|
|
Interest receivable
|
510
|
565
|
|
Prepaid FDIC insurance
premiums
|
364
|
433
|
|
Other assets
|
444
|
512
|
|
Total
assets
|
$128,797
|
$128,110
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
Liabilities
|
|
|
|
Deposits
|
$ 102,171
|
$ 101,994
|
|
Advances from the Federal Home
Loan Bank
|
12,342
|
12,304
|
|
Interest payable
|
72
|
74
|
|
Accrued federal income
tax
|
32
|
163
|
|
Deferred federal income
tax
|
153
|
103
|
|
Preferred dividend
payable
|
18
|
18
|
|
Other liabilities
|
458
|
207
|
|
Total liabilities
|
115,246
|
114,863
|
|
Shareholders' equity
|
|
|
|
Preferred stock
|
2,730
|
2,709
|
|
Common stock, par $.01, issued
1,525,297 shares
|
15
|
15
|
|
Additional paid-in
capital
|
5,229
|
5,229
|
|
Retained earnings
|
12,225
|
12,039
|
|
Accumulated other comprehensive
loss
|
147
|
50
|
|
Treasury stock, at cost - Common
642,686 shares
|
(6,795)
|
(6,795)
|
|
Total shareholders' equity
|
13,551
|
13,247
|
|
Total
liabilities and shareholders' equity
|
$128,797
|
$128,110
|
|
|
|
|
Community
Investors Bancorp, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS
(In thousands, except share
data)
UNAUDITED
|
|
|
|
|
|
|
Six months
ended
December
31,
|
Three months
ended
December 31,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Total interest income
|
$2,895
|
$3,119
|
$1,415
|
$1,545
|
|
Total interest
expense
|
676
|
828
|
324
|
407
|
|
Net
interest income
|
2,219
|
2,291
|
1,091
|
1,138
|
|
Provision for losses on
loans
|
284
|
214
|
123
|
139
|
|
Net
interest income after provision
for losses on loans
|
1,935
|
2,077
|
968
|
999
|
|
Other income
|
641
|
697
|
351
|
372
|
|
General, administrative and
other expense
|
2,157
|
2,232
|
1,074
|
1,071
|
|
Earnings
(loss) before income taxes
|
419
|
542
|
245
|
300
|
|
Federal income taxes expense
(benefit)
|
141
|
184
|
83
|
102
|
|
NET EARNINGS
|
278
|
358
|
162
|
198
|
|
Preferred
dividends
|
71
|
71
|
36
|
36
|
|
NET EARNINGS
AVAILABLE
TO COMMON
SHARES
|
$
207
|
$
287
|
$
126
|
$
162
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE
|
$
.23
|
$
.33
|
$
.14
|
$
.18
|
|
|
|
|
|
|
SOURCE Community Investors Bancorp, Inc.