Community Investors Bancorp, Inc. Reports Net Earnings For The
Three Months Ended September 30, 2012
BUCYRUS, Ohio, Nov. 14, 2012 /PRNewswire/ -- Community Investors
Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal
Community Bank of Bucyrus,
reported net earnings of $74,000, or
$.09 per basic share, for the three
months ended September 30, 2012,
representing a decrease of $7,000,
(8.6%), compared to the net earnings of $81,000, or $.09
per basic share, reported for the three months ended September 30, 2011. The decrease in 2012
earnings reflects a decrease in net interest income of $84,000 (7.4%) as well as an increase in general,
administrative and other expenses of $31,000 (2.9%), This was partially offset by a
$38,000 (13.1%), increase in net
interest income and a decrease of $65,000 (40.6%) 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. Other income
increases resulted from our gains on sales of mortgages into the
secondary market. The provision for loan losses, though
improved in the first quarter, remains high and reflects continuing
economic difficulties of some of our economically distressed loan
customers. Until the high unemployment rate in the local workforce
moderates, we expect difficult business conditions for our
customers. We continue to look for efficiencies in our
workforce. However, the regulatory burden continues to increase and
general, administrative and other expenses reflect the costs of
doing business in a highly-regulated industry in a difficult
business environment. Loan administration costs, compliance expense
and costs related to bank-owned properties remain elevated. Our
staff continues to display the teamwork and cooperation required to
manage our way through this difficult environment.
Community Investors Bancorp, Inc. reported total assets at
September 30, 2012, of $136.4 million (increase of $6.0 million or 4.6% from June 30, 2012). That increase reflected a very
short-term deposit of more than $6.0
million which artificially increased our asset size at the
end of the quarter. Loans decreased by $642,000 while the allowance for loan loss
increased by $75,000 for a net change
of .8% since June 30, 2012. Total
loans classified as substandard increased by $116,000 to $5.9
million. Deposits rose by $6.2
million or 5.9% due to the short-term deposit previously
mentioned. The result is that total liabilities were $123.1 million (increase of $6.3 million or 5.4% from June 30, 2012). Total stockholders' equity
decreased by $245,000 to $13.4 million as a result of the buyback of the
remaining 60,398 shares which remained outstanding at June 30, 2012 as part of the termination of our
ESOP. Our capital as a percentage of assets decreased from 10.43%
to 9.79%.
Our goal remains to build our capital through 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 below acceptable 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.
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|
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION
|
|
(In
thousands)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
June
30,
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|
ASSETS
|
|
2012
|
|
2012
|
|
|
Cash and
cash equivalents
|
|
$
17,231
|
|
$
11,775
|
|
|
Interest-bearing time deposits
|
|
2,232
|
|
1,240
|
|
|
Available-for-sale securities
|
|
23,467
|
|
23,305
|
|
|
Loans
held-for-sale
|
|
985
|
|
1,002
|
|
|
Loans
receivable
|
|
85,773
|
|
86,415
|
|
|
|
Less:
Allowance for Loan Loss
|
|
(1,750)
|
|
(1,675)
|
|
|
Loans
receivable-net
|
|
84,023
|
|
84,740
|
|
|
Premises
and equipment
|
|
4,146
|
|
4,119
|
|
|
Federal
Home Loan Bank stock
|
|
2,237
|
|
2,237
|
|
|
Foreclosed
assets held for sale
|
|
569
|
|
583
|
|
|
Interest
receivable
|
|
523
|
|
496
|
|
|
Prepaid
federal income tax
|
|
81
|
|
-
|
|
|
Prepaid
FDIC insurance premiums
|
|
283
|
|
312
|
|
|
Other
assets
|
|
641
|
|
548
|
|
|
|
|
Total
assets
|
|
$
136,418
|
|
$
130,357
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|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Deposits
|
|
$
109,984
|
|
$
103,809
|
|
|
|
Federal
Home Loan Bank advances
|
|
12,400
|
|
12,381
|
|
|
|
Advances
from borrowers for taxes and insurance
|
|
118
|
|
12
|
|
|
|
Interest
payable
|
|
58
|
|
63
|
|
|
|
Accrued
federal income tax
|
|
-
|
|
85
|
|
|
|
Deferred
federal income tax
|
|
189
|
|
118
|
|
|
|
Preferred
dividend payable
|
|
18
|
|
18
|
|
|
|
Other
liabilities
|
|
295
|
|
270
|
|
|
|
|
Total
liabilities
|
|
123,062
|
|
116,756
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
Preferred
stock
|
|
2,730
|
|
2,730
|
|
|
|
Common
stock
|
|
15
|
|
15
|
|
|
|
Additional
Paid-in capital
|
|
5,229
|
|
5,229
|
|
|
|
Retained
earnings
|
|
12,521
|
|
12,447
|
|
|
|
Accumulated other comprehensive income (
loss)
|
|
318
|
|
180
|
|
|
|
Treasury
stock
|
|
(7,457)
|
|
(7,000)
|
|
|
|
|
Total shareholders' equity
|
|
13,356
|
|
13,601
|
|
Total
liabilities and shareholders' equity
|
|
$
136,418
|
|
$
130,357
|
|
|
|
|
|
|
|
|
|
|
|
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Community Investors Bancorp, Inc.
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CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS
|
|
(In
thousands, except share data)
|
|
UNAUDITED
|
|
|
|
Three months ended
|
|
|
|
September 30,
|
|
|
|
2012
|
|
2011
|
|
Total
interest income
|
|
$
1,306
|
|
$
1,481
|
|
Total
interest expense
|
|
261
|
|
352
|
|
|
Net
interest income
|
|
1,045
|
|
1,129
|
|
Provision
for loan losses
|
|
95
|
|
160
|
|
|
Net
interest income after provision for loan losses
|
|
950
|
|
969
|
|
Other
income (losses)
|
|
327
|
|
289
|
|
General,
administrative and other expenses
|
|
1,114
|
|
1,083
|
|
|
Earnings
(loss) before income taxes
|
|
163
|
|
175
|
|
Federal
income taxes expense (benefit)
|
|
54
|
|
59
|
|
|
NET
INCOME
|
|
$
109
|
|
$
116
|
|
|
|
Preferred
dividends
|
|
35
|
|
35
|
|
NET INCOME
AVAILABLE to COMMON SHAREHOLDERS
|
|
$
74
|
|
$
81
|
|
BASIC
EARNINGS PER COMMON SHARE
|
|
$
0.09
|
|
$
0.09
|
|
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SOURCE Community Investors Bancorp, Inc.