BUCYRUS, Ohio, Feb. 10, 2011 /PRNewswire/ -- Community Investors
Bancorp, Inc., (Pink Sheets: CIBN) parent company of First Federal
Community Bank of Bucyrus,
reported net earnings of $287,000, or
$.33 per basic share, for the six
months ended December 31, 2010,
representing a decrease of $69,000,
or 11.7%, compared to the net earnings of $356,000, or $.40
per basic share, reported for the six months ended December 31, 2009. The decrease in 2010
earnings reflects a $37,000, or 1.6%,
decrease in net interest income, an increase of $43,000 or 25.1% in provision for loan loss and
an increase of 20.8% or $385,000 in
general, administrative and other expense. This was partially
offset by an increase other income of $371,000 or 113.8%. The increase in both other
income and general, administrative and other expense reflects our
new secondary mortgage market initiative. The provision for loan
losses continues to reflect the economic difficulties of some of
our loan customers due to high unemployment in the local workforce
as well as difficult business conditions. Through the efforts,
teamwork and cooperation of our employees, we reduced personnel
expense by $47,000 as well as other
general, administrative and other expense of $43,000.
Community Investors Bancorp, Inc. reported total assets at
December 31, 2010, of $125.4 million (decrease of $1.8 million or 1.4% from 2009) including gross
loans of $95.0 million (decrease of
$8.6 million or 8.3% from 2009).
Continuing weak loan demand in our markets has allowed us to
restructure our balance sheet. We repaid $2.2 million advances to the FHLB, while we
maintain a strong deposit base. The result is that total
liabilities were $112.3 million
(decrease of $2.3 million or 2.0%
from 2009), including total deposits of $98.3 million (decrease of $.3 million or 0.3%). Total stockholders' equity
grew from $12.9 million at
June 30, 2010 to $13.1 million and raised our capital as a
percentage of assets from 10.37% to 10.45%.
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.
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Community
Investors Bancorp, Inc.
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CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(In
thousands)
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UNAUDITED
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December 31,
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June 30,
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ASSETS
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2010
|
2010
|
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Cash and cash
equivalents
|
15,081
|
8,089
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Available-for-sale
securities
|
7,713
|
7,747
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Loans held for sale
|
514
|
1,151
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Loans, net of allowance for loan
losses of $1,625 and $1,540 at
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|
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December 31, and June 30,
2010, respectively
|
93,384
|
98,186
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Premises and
equipment
|
4,113
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4,178
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FHLB stock
|
2,237
|
2,237
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Foreclosed assets held for
sale
|
650
|
585
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Interest receivable
|
667
|
689
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Prepaid federal income
taxes
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-
|
507
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Prepaid FDIC insurance
premiums
|
544
|
644
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Other assets
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460
|
488
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Total
assets
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$125,363
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$124,501
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LIABILITIES AND SHAREHOLDERS'
EQUITY
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Liabilities
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Deposits
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$ 98,299
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$ 94,778
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Advances from the Federal Home
Loan Bank
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13,265
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16,226
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Interest payable
|
78
|
77
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Other liabilities
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598
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494
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Preferred dividend
payable
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18
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18
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Total
liabilities
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112,258
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111,593
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Shareholders' equity
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Preferred stock
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2,687
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2,665
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Common stock, par $.01, issued
1,525,297 shares
|
15
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15
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Additional paid-in
capital
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5,229
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5,229
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Retained earnings
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11,997
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11,732
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Accumulated other comprehensive
loss
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(28)
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62
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Treasury stock, at cost - Common
642,686 shares
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(6,795)
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(6,795)
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Total shareholders' equity
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13,105
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12,908
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Total
liabilities and shareholders' equity
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$125,363
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$124,501
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Community
Investors Bancorp, Inc.
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CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS
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(In
thousands, except share data)
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UNAUDITED
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Six months
ended
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Three months
ended
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December
31,
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December
31,
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2010
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2009
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2010
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2009
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Total interest income
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$3,119
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$3,542
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$1,545
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$1,749
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Total interest
expense
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828
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1,214
|
407
|
580
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Net interest
income
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2,291
|
2,328
|
1,138
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1,169
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Provision for losses on
loans
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214
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171
|
139
|
105
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Net interest
income after provision
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for
losses on loans
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2,077
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2,157
|
999
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1,064
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Other income (losses)
|
697
|
326
|
372
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173
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General, administrative and
other expense
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2,232
|
1,847
|
1,071
|
953
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Earnings
(loss) before income taxes
|
542
|
636
|
300
|
284
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Federal income taxes expense
(benefit)
|
184
|
209
|
102
|
91
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NET EARNINGS (LOSS)
|
358
|
427
|
198
|
193
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Preferred
dividends
|
71
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71
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36
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36
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NET EARNINGS (LOSS)
AVAILABLE
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TO COMMON
SHARES
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$
287
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$
356
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$
162
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$
157
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EARNINGS (LOSS) PER COMMON SHARE
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$
.33
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$
.40
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$
.18
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$
.18
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SOURCE Community Investors Bancorp, Inc.