CIBN Community Investors Bancorp Inc (PK)

BUCYRUS, Ohio, May 1, 2015 /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 $583,000, or $.73 per common share for the nine months ended March 31, 2015, representing an increase of $280,000 (92.4%), compared to the net earnings of $303,000, or $.38 per common share reported for the nine months ended March 31, 2014.  The increase in 2015 earnings reflects an increase in net interest income of $429,000 (13.3%) and an increase in other income of $417,000 (50.7%). This was partially offset by an increase in general, administrative and other expenses of $322,000 (9.7%), and an increase in provision for losses on loans of $98,000 (31.9%). The increase in net interest income reflects the approximate 7.5% growth in our loan portfolio coupled with continuing low deposit and FHLB advance rates. Continued growth and success of our sold loans program drove both the increase in other income as well as the increase in general, administrative and other expenses. The provision for loan losses reflects our aggressive recognition and cleanup of troubled credits. Increased professional, consulting fees related to cyber security, additional regulatory and compliance costs and other loan administration expenses also contributed to the increase in general, administrative and other expenses. Our classified assets held steady. We continue to proactively assist those with distressed situations but recognize losses on a timely basis and move quickly to recover as much as we can. Bank-owned properties have been maintained at very low levels. We continue to seek new opportunities and customers in all of our markets. The slow recovery of the housing market in the area has encouraged us to continue to expand our reach in mortgage loan origination and sales in our loan origination offices in central and northeast Ohio. We have plans to enhance customer service through new and better online technology. We expect to continue to increase profitability, with the help of all of our associates through controlled growth and additional operational efficiency.   

Community Investors Bancorp, Inc. reported total assets at March 31, 2015, of $133.8 million (increase of $3.5 million or 2.7% from June 30, 2014) including gross loans of $100.7 million (increase of $1.3 million or 1.3% from June 30, 2014). Investments decreased by $1.1 million (7.4%), while the allowance for loan loss decreased by $70,000 (4.8%) since June 30, 2014. Total loans classified as substandard decreased by $451,000 to $3.2 million, with $2.0 million on nonaccrual status. Deposits decreased by $5.4 million (5.6%) from June 30, 2014. We borrowed an additional $7.9 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $122.5 million for an increase of $2.9 million (2.5%) from June 30, 2014. Total stockholders' equity increased by $543,000 to $11.4 million. As a result of the growth of our balance sheet, our capital as a percentage of assets went from 8.30%  at June 30, 2014 to 8.49%.

Our expectations are to continue reduce our classified assets, to grow strategically, and improve profitability, while we prudently manage interest rate risk, liquidity and 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.   

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/community-investors-bancorp-inc-reports-net-income-for-the-nine-months-and-three-months-ended-march-31-2015-300076010.html

SOURCE Community Investors Bancorp, Inc.