CIBN Community Investors Bancorp Inc (PK)

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.

SOURCE Community Investors Bancorp, Inc.