CIBN Calif Indep Bancorp (MM)

BUCYRUS, Ohio, Jan. 22 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $356,000, or $.40 per basic share, for the six months ended December 31, 2009, representing an increase of $230,000, or 182.5%, compared to the net earnings of $126,000, or $.14 per basic share, reported for the six months ended December 31, 2008. The increase in 2009 earnings reflects a $522,000, or 28.9%, increase in net interest income, an increase in other income of $46,000 or 16.4% along with a slight decrease of $12,000 or 6.6% in provision for loan loss. This was partially offset by an increase of 7.9% or $136,000 in general, administrative and other expense. The increase in our net interest income is due to the early payoff of above-market rate Federal Home Loan Bank (FHLB) advances in June. The relatively high level of provision for loan losses reflects the continuing economic difficulties of some of our loan customers due to high unemployment in the local workforce as well as difficult business conditions. Through the efforts, teamwork and cooperation of our employees, we reduced personnel expense by $47,000 as well as other general, administrative and other expense of $43,000. This partially offset the large increases in FDIC insurance of $98,000, other regulatory and professional fees of $24,000 and data processing of $104,000. Data processing increases reflect the use of rebates available to us for the six months ended December 31, 2008 which are now fully utilized. We will continue to leverage our technology and internal resources to manage overhead expenses without compromising our ability to serve our customers. Again, the increasing regulatory burden, as well as increased FDIC costs will limit our ability to reduce overhead expenses. Community Investors Bancorp, Inc. reported total assets at December 31, 2009, of $127.2 million (decrease of $15.7 million or 11.0% from 2008) including gross loans of $103.6 million (decrease of $4.4 million or 4.1% from 2008). Continuing weak loan demand in our markets has allowed us to restructure our balance sheet. We repaid $21 million in above-market rate advances to the FHLB early, while we continued build deposits. The result is that total liabilities were $114.6 million (decrease of $15.1 million or 11.6% from 2008), including total deposits of $98.6 million (increase of $5.2 million or 5.6%). Total stockholders' equity grew from $12.1 million at June 30, 2009 to $12.6 and raised our capital as a percentage of assets from 9.42% to 9.88%. Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) UNAUDITED ASSETS December 31, December 31, June 30, June 30, ------------ ------------ -------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- Cash and cash equivalents $4 ,278 $15,225 $5,592 $13,890 FHLB term deposits 2 ,774 2,350 1,500 4,600 Investment securities 5 ,208 6,657 4,640 5,394 Mortgage-backed securities 3 ,867 3,630 4,217 4,509 Loans receivable-gross 103,596 108,004 105,743 108,126 Less: Allowance for Loan Loss (1,650) (963) (1,600) (880) ------ ---- ------ ---- Loans receivable-net 101,946 107,041 104,143 107,246 Premises and equipment 4 ,142 4,286 4,202 4,343 FHLB stock 2 ,237 2,237 2,237 2,207 Repossessed assets 679 281 260 293 Interest receivable 683 824 698 840 Prepaid federal income tax 154 65 366 130 Deferred federal income tax benefit 146 - 204 - Prepaid expenses 1,047 323 345 441 Total assets $127,161 $142,919 $128,404 $143,893 -------- -------- -------- -------- LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $98,600 $93,358 $95,223 $93,142 Advances from FHLB 15,500 35,500 20,500 38,500 Interest payable 102 275 204 275 Other liabilities 372 459 360 1,095 Preferred dividend payable 18 - 18 - Deferred federal income tax - 65 - 96 --- --- --- --- Total liabilities 114,592 129,657 116,305 133,108 Shareholders. equity Preferred stock 2,644 2,600 2,622 - Common stock 15 15 15 15 Additional Paid-in capital 5,229 5,228 5,229 5,227 Retained earnings 11,451 12,509 11,117 12,572 Accumulated other comprehensive income (loss) 25 (295) (89) (234) Treasury stock (6,795) (6,795) (6,795) (6,795) ------ ------ ------ ------ Total shareholders' equity 12,569 13,262 12,099 10,785 ------ ------ ------ ------ Total liabilities and shareholders' equity $127,161 $142,919 $128,404 $143,893 -------- -------- -------- -------- Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) UNAUDITED Six months ended Three months ended December 31, December 31, ------------ ------------ 2009 2008 2009 2008 ---- ---- ---- ---- Total interest income $3,542 $4,075 $1,749 $1,998 Total interest expense 1,214 2,269 580 1,104 Net interest income 2,328 1,806 1,169 894 Provision for losses on loans 171 183 105 124 --- --- --- --- Net interest income after provision for losses on loans 2,157 1,623 1,064 770 Other income (losses) 326 280 173 148 General, administrative and other expenses 1,847 1,711 953 856 ----- ----- --- --- Earnings (loss) before income taxes 636 192 284 62 Federal income taxes expense (benefit) 209 66 91 21 --- --- --- --- NET EARNINGS (LOSS) $427 $126 $193 $41 Preferred dividends 71 36 --- --- NET EARNINGS (LOSS) AVAILABLE FOR COMMON SHARES $356 $126 $157 $41 ---- ---- ---- --- EARNINGS (LOSS) PER COMMON SHARE Basic $0.40 $0.14 $0.18 $0.05 ----- ----- ----- ----- Diluted $0.40 $0.14 $0.18 $0.05 ----- ----- ----- ----- DATASOURCE: Community Investors Bancorp, Inc. CONTACT: Phillip W. Gerber, President of Community Investors Bancorp, Inc., P.O. Box 749, Bucyrus, Ohio 44820-0749, +1-419-562-7055

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