CIBN Community Investors Bancorp Inc (PK)

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.  

SOURCE Community Investors Bancorp, Inc.