BUCYRUS, Ohio, July 20, 2012 /PRNewswire/ -- Community
Investors Bancorp, Inc. (OTC Other: CIBN), parent company of First
Federal Community Bank of Bucyrus,
reported net earnings of $429,000, or
$.49 per basic share, for the year
ended June 30, 2012, representing an
increase of $79,000, (22.6%),
compared to the net earnings of $350,000, or $.40
per basic share, reported for the year ended June 30, 2011. The increase in 2012
earnings reflects an increase in other income of $240,000 (21.2%). This was partially offset by a
$29,000 (.7%), decrease in net
interest income an increase in general administrative and other
expenses of $96,000 (2.2%), and an
increase of $2,000 (.4%) 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. Other income increases resulted from our secondary
mortgage market gains as well as a gain on investments. The
provision for loan losses remains high and reflects continuing
economic difficulties of some of our loan customers due to high
unemployment in the local workforce as well as difficult business
conditions. The regulatory burden continues to increase. We
incurred additional professional expenses related to technology
upgrades and the termination of our employee stock ownership plan
(ESOP). The expenses related to bank-owned properties remain
elevated as well. But through the teamwork and cooperation of our
employees, we limited our general, administrative and other
expenses to a 2.2% increase.
Community Investors Bancorp, Inc. reported total assets at
June 30, 2012, of $130.5 million (increase of $2.4 million or 1.8% from 2011) including gross
loans of $86.4 million (decrease of
$5.4 million or 6.2% from 2011).
Continuing weak loan demand in our markets has allowed us to
restructure our balance sheet. We increased our investments by
$12.6 million or 106.3%.
Deposits rose by $1.8 million
or 1.8%. The result is that total liabilities were $117.3 million (increase of $2.4 million or 2.1% from 2011), including total
deposits of $103.8 million. Total
stockholders' equity decreased by $103,000 to $13.1
million as a result of the buyback of 87,419 shares as part
of the termination of our ESOP. Our capital as a percentage of
assets decreased from 10.34% to 10.08%.
Our goal is to build our capital through continued steady
earnings while maintaining 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 reducing capital
levels to unacceptable levels. This repurchase will allow us to
improve our annual earnings available to common shareholders by
$142,000 or $.18 per common share.
Community Investors Bancorp, Inc.
|
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION
|
(In
thousands)
|
UNAUDITED
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
ASSETS
|
|
|
|
2012
|
|
2011
|
|
Cash and
cash equivalents
|
|
|
$
11,776
|
|
$
16,745
|
|
Available-for-sale securities
|
|
|
24,545
|
|
11,896
|
|
Loans
held-for-sale
|
|
|
1,002
|
|
659
|
|
Loans
receivable
|
|
|
86,415
|
|
91,772
|
|
|
Less:
Allowance for Loan Loss
|
|
|
(1,675)
|
|
(1,550)
|
|
Loans
receivable-net
|
|
|
84,740
|
|
90,222
|
|
Premises
and equipment
|
|
|
4,119
|
|
4,042
|
|
Federal
Home Loan Bank stock
|
|
|
2,237
|
|
2,237
|
|
Foreclosed
assets held for sale
|
|
|
583
|
|
799
|
|
Interest
receivable
|
|
|
496
|
|
565
|
|
Prepaid
FDIC insurance premiums
|
|
|
312
|
|
433
|
|
Other
assets
|
|
|
651
|
|
512
|
|
|
|
Total
assets
|
|
|
$
130,461
|
|
$
128,110
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Deposits
|
|
|
$
103,812
|
|
$
101,994
|
|
|
Federal
Home Loan Bank advances
|
|
|
12,381
|
|
12,304
|
|
|
Advances
from borrowers for taxes and insurance
|
|
15
|
|
23
|
|
|
Interest
payable
|
|
|
63
|
|
74
|
|
|
Accrued
federal income tax
|
|
|
33
|
|
163
|
|
|
Deferred
federal income tax
|
|
|
170
|
|
103
|
|
|
Preferred
dividend payable
|
|
|
18
|
|
18
|
|
|
Other
liabilities
|
|
|
825
|
|
184
|
|
|
|
Total
liabilities
|
|
|
117,317
|
|
114,863
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
2,730
|
|
2,709
|
|
|
Common
stock
|
|
|
15
|
|
15
|
|
|
Additional
Paid-in capital
|
|
|
5,229
|
|
5,229
|
|
|
Retained
earnings
|
|
|
12,447
|
|
12,039
|
|
|
Accumulated other comprehensive income (
loss)
|
|
180
|
|
50
|
|
|
Treasury
stock
|
|
|
(7,457)
|
|
(6,795)
|
|
|
|
Total
shareholders' equity
|
|
|
13,144
|
|
13,247
|
Total
liabilities and shareholders' equity
|
|
|
$
130,461
|
|
$
128,110
|
Community Investors Bancorp, Inc.
|
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS
|
(In
thousands, except share data)
|
UNAUDITED
|
|
|
|
|
Year
ended
|
|
Three
months ended
|
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Total
interest income
|
$
5,646
|
|
$
6,019
|
|
$
1,373
|
|
$
1,386
|
Total
interest expense
|
1,250
|
|
1,594
|
|
279
|
|
377
|
|
Net
interest income
|
4,396
|
|
4,425
|
|
1,094
|
|
1,009
|
Provision
for losses on loans
|
537
|
|
535
|
|
174
|
|
189
|
|
Net
interest income after provision
|
|
|
|
|
|
|
|
|
for losses on
loans
|
3,859
|
|
3,890
|
|
920
|
|
820
|
Other
income (losses)
|
1,369
|
|
1,129
|
|
385
|
|
200
|
General,
administrative and other expenses
|
4,371
|
|
4,275
|
|
1,074
|
|
886
|
|
Earnings
(loss) before income taxes
|
857
|
|
744
|
|
231
|
|
134
|
Federal
income taxes expense (benefit)
|
286
|
|
252
|
|
77
|
|
45
|
|
NET
EARNINGS
|
$
571
|
|
$
492
|
|
$
154
|
|
$
89
|
|
|
Preferred
dividends
|
142
|
|
142
|
|
36
|
|
36
|
NET
EARNINGS AVAILABLE
|
|
|
|
|
|
|
|
|
FOR COMMON
SHARES
|
$
429
|
|
$
350
|
|
$
118
|
|
$
53
|
EARNINGS
(LOSS) PER COMMON SHARE
|
$
0.49
|
|
$
0.40
|
|
$
0.13
|
|
$
0.06
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Community Investors Bancorp, Inc.