CIBN Community Investors Bancorp Inc (PK)

BUCYRUS, Ohio, Jan. 27, 2014 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets:  CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common shareholders of $230,000, or $.29 per common share for the six months ended December 31, 2013, representing an increase of $57,000, (32.9%), compared to the net earnings of $173,000, or $.22 per common share reported for the six months ended December 31, 2012.  The increase in 2013 earnings reflects an increase in net interest income of $22,000 (1.1%) and a decrease in general, administrative and other expense of $88,000 (3.9%). In addition, preferred dividends were reduced by $69,000 to $-0- as a result of the redemption of our preferred shares completed in March 2013. This was partially offset by a decrease in other income of $117,000 (16.1%), and an increase in provision for losses on loans of $26,000 (14.2%). The increase in net interest income reflects some stabilization of interest rate margins in a historically low interest rate environment as well as the beginnings of increased new loan demand. The provision for loan losses reflects continuing cleanup of troubled credits. Our classified assets remain unacceptably high but decreasing. As we continue to work to help our distressed loan customers who make good faith efforts at repayment, we continue to evaluate our past due loans to recognize the losses on a timely basis. Loan administration costs, regulatory compliance expense, and costs related to bank-owned properties remain elevated. Other income decreases resulted from the  expansion of our secondary  mortgage loan market into northeast Ohio (Strongsville) and southwest Ohio (Grove City). We are seeking new opportunities and customers in all of our markets with a renewed marketing effort in our Marysville market.  We have raised the expectations for ourselves and our associates to make the changes required to achieve a higher level of profitability, through controlled growth and additional operational efficiency.   

Community Investors Bancorp, Inc. reported total assets at December 31, 2013, of $125.2 million (increase of $5.9 million or 5.0% from June 30, 2013) including gross loans of $91.9 million (increase of $6.5 million or 7.7% from June 30, 2013). Investments decreased by $622,000 (3.4%), while the allowance for loan loss decreased by $95,000 (5.8%) since June 30, 2013. Total loans classified as substandard decreased by $434,000 to $4.5 million, with $1.9 million on nonaccrual status. Deposits decreased by $2.0 million (2.1%) from June 30, 2013. We borrowed an additional $7.5 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $114.7 million increase of $5.7 million (5.2%) from June 30, 2013). Total stockholders' equity increased by $252,000 to $10.6 million. As a result of the growth of our balance sheet, our capital as a percentage of assets decreased from 8.67% to 8.46%.

We continue to reduce our classified assets, to grow strategically, and improve profitability, while we prudently manage interest rate risk and liquidity. We expect to maintain our capital levels commensurate with growth in assets and profitability. Future earnings releases should be expected within 45 days of the end of each quarter.   

SOURCE Community Investors Bancorp, Inc.