CIBN.. $4.00 X $47.50
Again thin,, 882,000 Shares Outstanding..
Community Investors Bancorp, Inc. Reports Net Earnings for the Three Months Ended September 30, 2009
PR Newswire - Oct 27 at 09:13 NONE
Company Symbols: OTC-PINK:CIBN
BUCYRUS, Ohio, Oct. 27 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $199,000, or $.23 per basic share, for the quarter ended September 30, 2009, representing an increase of $114,000, or 134.1%, compared to the net earnings of $85,000, or $.10 per basic share, reported in the September 2008 quarter. The increase in 2009 earnings reflects a $246,000, or 27.0%, increase in net interest income coupled with an increase in other income of $23,000 or 17.4%. This was partially offset by a $7,000, or 11.9% increase in provision for loan loss as well as an increase of 4.4% or $38,000 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 increase in 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. We were successful in reducing general, administrative and other expense except for a $53,000 increase in our FDIC insurance premium. Personnel expense was reduced through the teamwork, efficiency and cooperation of our employees. We continue to scrutinize overhead costs for opportunities to reduce expenses without compromising our ability to serve our customers. However, the rapidly increasing regulatory burden as well as FDIC costs will challenge our ability to reduce overhead expenses.
Community Investors Bancorp, Inc. reported total assets at September 30, 2009, of $129.4 million (decrease of $13.7 million or 9.6%) including net loans of $103.1 million (decrease of $4.6 million or 4.3%). Total liabilities were $117.0 million (decrease of $15.5 million or 11.7%), including total deposits of $97.9 million (increase of $4.6 million or 4.9%). Total stockholders' equity grew to $12.4 million (increase of $1.65 million or 16.4%). The reduction in assets and liabilities is attributable to the net reduction of $20 million in advances to the FHLB, as well as weak loan demand in our current economic environment.
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
Sept. 30, Sept. 30, June 30, June 30,
ASSETS 2009 2008 2009 2008
Cash and cash equivalents $6,435 $11,948 $5,592 $13,890
FHLB term deposits 2,647 4,600 1,500 4,600
Investment securities 4,714 6,230 4,640 5,394
Mortgage-backed securities 4,080 4,339 4,217 4,509
Loans receivable-gross 104,772 108,679 105,743 108,126
Less: Allowance for Loan
Loss (1,625) (915) (1,600) (880)
Loans receivable-net 103,147 107,764 104,143 107,246
Premises and equipment 4,180 4,328 4,202 4,343
FHLB stock 2,237 2,237 2,237 2,207
Repossessed assets 543 365 260 293
Interest receivable 708 831 698 840
Prepaid federal income tax 245 86 366 130
Deferred federal income tax 116 204
Prepaid expenses 355 406 345 441
Total assets $129,407 $143,134 $128,404 $143,893
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $97,913 $93,325 $95,223 $93,142
Advances from FHLB 18,500 38,500 20,500 38,500
Interest payable 118 278 204 275
Other liabilities 460 350 360 1,095
Preferred dividend payable 18 - 18 -
Deferred federal income tax - 32 - 96
Total liabilities 117,009 132,485 116,305 133,108
Shareholders' equity
Preferred stock 2,633 - 2,622 -
Common stock 15 15 15 15
Additional Paid-in capital 5,229 5,227 5,229 5,227
Retained earnings 11,306 12,562 11,117 12,572
Accumulated other comprehensive
loss 10 (360) (89) (234)
Treasury stock (6,795) (6,795) (6,795) (6,795)
Total shareholders' equity 12,398 10,649 12,099 10,785
Total liabilities and shareholders'
equity $129,407 $143,134 $128,404 $143,893
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
UNAUDITED
Three months ended
September 30,
2009 2008
Total interest income $ 1,793 $ 2,077
Total interest expense 635 1,165
Net interest income 1,158 912
Provision for losses on loans 66 59
Net interest income after provision
for losses on loans 1,092 853
Other income (losses) 155 132
General, administrative and other expenses 894 856
Earnings (loss) before income taxes 353 129
Federal income taxes expense (benefit) 119 44
NET EARNINGS (LOSS) $ 234 $ 85
Preferred dividends 35 -
NET EARNINGS (LOSS) AVAILABLE FOR COMMON SHARES $ 199 $ 85
EARNINGS (LOSS) PER COMMON SHARE
Basic $ 0.23 $ 0.10
Diluted $ 0.23 $ 0.10
SOURCE Community Investors Bancorp, Inc.
