BUCYRUS, Ohio, May 3, 2012 /PRNewswire/ -- Community
Investors Bancorp, Inc., parent company of First Federal Community
Bank of Bucyrus, reported net
earnings of $310,000, or $.35 per basic share, for the nine months ended
March 31, 2012, representing an
increase of $13,000, (4.4%), compared
to the net earnings of $297,000, or
$.34 per basic share, reported for
the nine months ended March 31,
2011. The increase in 2011 earnings reflects an increase in
other income of $55,000 (5.9%) and a
decrease in general administrative and other expenses of
$92,000 (2.7%). This was partially
offset by a $115,000 (3.1%), decrease
in net interest income and an increase of $16,000 (4.6%) in provision for loan loss. 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 as reflected
by the increase. 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 $69,000 as well as other general, administrative
expense by $23,000.
Community Investors Bancorp, Inc. reported total assets at
March 31, 2012, of $134.3 million (increase of 830,000 or .6% from
2011) including gross loans of $86.7
million (decrease of $6.6
million or 7.1% from 2011). Continuing weak loan demand in
our markets has allowed us to restructure our balance sheet. We
increased our investments by $12.2
million or 122.9%. We repaid $1.0
million advances to the FHLB, while deposits rose by 1.2% or
$1.3 million. The result is that
total liabilities were $120.6 million
(increase of $321,000 or .3% from
2011), including total deposits of $107.6
million. Total stockholders' equity grew from $13.1 million at March 31,
2011 to $13.6 million and
raised our capital as a percentage of assets from 9.83% to
10.15%.
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
|
|
|
|
|
|
|
|
|
March
31,
|
|
June
30,
|
ASSETS
|
|
|
|
|
|
2012
|
|
2011
|
|
Cash and
cash equivalents
|
|
|
|
|
$
18,025
|
|
$
16,745
|
|
Available-for-sale securities
|
|
|
|
|
22,161
|
|
11,896
|
|
Loans
held-for-sale
|
|
|
|
|
906
|
|
659
|
|
|
March 31,
2012 and June 30, 2011, respectively
|
|
|
|
84,941
|
|
90,222
|
|
Premises
and equipment
|
|
|
|
|
3,995
|
|
4,042
|
|
Federal
Home Loan Bank stock
|
|
|
|
|
2,237
|
|
2,237
|
|
Foreclosed
assets held for sale
|
|
|
|
|
509
|
|
799
|
|
Interest
receivable
|
|
|
|
|
512
|
|
565
|
|
Prepaid
federal income tax
|
|
|
|
|
-
|
|
-
|
|
Deferred
federal income tax
|
|
|
|
|
-
|
|
-
|
|
Prepaid
FDIC insurance premiums
|
|
|
|
|
324
|
|
433
|
|
Other
assets
|
|
|
|
|
669
|
|
512
|
|
|
|
Total
assets
|
|
|
|
|
$
134,279
|
|
$
128,110
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
$
107,635
|
|
$
101,994
|
|
|
Federal
Home Loan Bank advances
|
|
|
|
|
12,362
|
|
12,304
|
|
|
Advances
from borrowers for taxes and insurance
|
|
|
|
108
|
|
23
|
|
|
Interest
payable
|
|
|
|
|
73
|
|
74
|
|
|
Accrued
federal income tax
|
|
|
|
|
28
|
|
163
|
|
|
Deferred
federal income tax
|
|
|
|
|
142
|
|
103
|
|
|
Preferred
dividend payable
|
|
|
|
|
18
|
|
18
|
|
|
Other
liabilities
|
|
|
|
|
280
|
|
184
|
|
|
|
Total
liabilities
|
|
|
|
|
120,646
|
|
114,863
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
|
|
2,730
|
|
2,709
|
|
|
Common
stock
|
|
|
|
|
15
|
|
15
|
|
|
Additional
Paid-in capital
|
|
|
|
|
5,229
|
|
5,229
|
|
|
Retained
earnings
|
|
|
|
|
12,328
|
|
12,039
|
|
|
Accumulated other comprehensive income (
loss)
|
|
|
|
126
|
|
50
|
|
|
Treasury
stock
|
|
|
|
|
(6,795)
|
|
(6,795)
|
|
|
|
Total shareholders' equity
|
|
|
|
|
13,633
|
|
13,247
|
Total
liabilities and shareholders' equity
|
|
|
|
|
$
134,279
|
|
$
128,110
|
Community Investors Bancorp, Inc.
|
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS
|
(In
thousands, except share data)
|
UNAUDITED
|
|
|
|
|
Nine months ended
|
|
Three months ended
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Total
interest income
|
$
4,273
|
|
$
4,633
|
|
$
1,378
|
|
$
1,515
|
Total
interest expense
|
971
|
|
1,216
|
|
295
|
|
389
|
|
Net
interest income
|
3,302
|
|
3,417
|
|
1,083
|
|
1,126
|
Provision
for losses on loans
|
362
|
|
346
|
|
79
|
|
131
|
|
Net
interest income after provision
|
|
|
|
|
|
|
|
|
for
losses on loans
|
2,940
|
|
3,071
|
|
1,004
|
|
995
|
Other
income (losses)
|
984
|
|
929
|
|
344
|
|
232
|
General,
administrative and other expenses
|
3,297
|
|
3,389
|
|
1,140
|
|
1,158
|
|
Earnings
(loss) before income taxes
|
627
|
|
611
|
|
208
|
|
69
|
Federal
income taxes expense (benefit)
|
210
|
|
207
|
|
69
|
|
23
|
|
NET
EARNINGS
|
$
417
|
|
$
404
|
|
$
139
|
|
$
46
|
|
|
Preferred
dividends
|
107
|
|
107
|
|
36
|
|
36
|
NET
EARNINGS AVAILABLE
|
|
|
|
|
|
|
|
|
FOR
COMMON SHARES
|
$
310
|
|
$
297
|
|
$
103
|
|
$
10
|
EARNINGS
(LOSS) PER COMMON SHARE
|
$
0.35
|
|
$
0.34
|
|
$
0.12
|
|
$
0.01
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Community Investors Bancorp, Inc.