Community Investors Bancorp, Inc. Reports Net Income For The Nine Months and Three Months Ended March 31, 2014 - KYTX CBS 19 Tyler Longview News Weather Sports

Community Investors Bancorp, Inc. Reports Net Income For The Nine Months and Three Months Ended March 31, 2014

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SOURCE Community Investors Bancorp, Inc.

BUCYRUS, Ohio, May 2, 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 $303,000, or $.38 per common share for the nine months ended March 31, 2014, representing an increase of $253,000, compared to the net earnings of $50,000, or $.06 per common share reported for the nine months ended March 31, 2013.  The increase in 2014 earnings reflects an increase in net interest income of $116,000 (3.7%), a decrease in provision for loan losses of $269,000 and an increase in other income $48,000 (6.2%). In addition, preferred dividends were reduced by $84,000 to $-0- as a result of the redemption of our preferred shares completed in March 2013. This was partially offset by an increase in general, administrative and other expenses of $197,000 (6.3%). The increase in net interest income reflects stabilization of interest rate margins in a continuing low interest rate environment as well as increased loan demand. The reduction in provision for loan losses reflects a large write off from March 2013 which cleaned up a large troubled credit. Our classified assets remain elevated but decreasing. We continue to work to help our distressed loan customers who make good faith efforts at repayment while we recognize potential losses on a timely basis. Increases in other income are largely related to the expansion of our secondary mortgage loan market. Those new markets also increased our general, administrative and other expenses along with increased loan administration costs, regulatory compliance expense, and costs related to bank-owned properties.  We continue to seek new opportunities and customers in all of our markets with a renewed emphasis on our newer locations. We expect continuing improvement in our classified asset, controlled growth in  all of our markets and improved operational efficiency to achieve a higher level of profitability.

Community Investors Bancorp, Inc. reported total assets at March 31, 2014, of $126.2 million (increase of $6.9 million or 5.8% from June 30, 2013) including gross loans of $93.6 million (increase of $8.3 million or 9.7% from June 30, 2013). Investments decreased by $2.5 million (13.5%), while the allowance for loan loss decreased by $220,000 (13.3%) since June 30, 2013. Total loans classified as substandard decreased by $1,084,000 from June 30, 2013 to $3.9 million, while total nonperforming assets (nonaccrual loans plus bank owned real estate) decreased by $607,000 to $1.9 million. Deposits increased by $3.0 million (3.1%) from June 30, 2013. We borrowed an additional $4.5 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $115.6 million increase of $6.6 million (6.1%) from June 30, 2013). Total stockholders' equity increased by $321,000 to $10.7 million. As a result of the growth of our balance sheet, our capital as a percentage of assets decreased from 8.67% to 8.44%.

As we reduce our classified assets, improve profitability, and grow strategically, we continue to prudently manage interest rate risk, liquidity and maintain our capital levels commensurate with growth in assets and profitability. As you know, we were also very pleased to reinstate paying a dividend during the quarter to reward our patient investors. Future earnings releases should be expected within 45 days of the end of each quarter.

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

UNAUDITED














March 31,


March 31,


June 30,


June 30,

ASSETS

2014


2013


2013


2012


Cash and cash equivalents

$               6,258


$              10,719


$                5,338


$                11,775


Interest-bearing time deposits

1,984


2,232


2,232


$                  1,240


Available-for-sale securities

15,799


19,170


18,255


23,305


Loans held-for-sale

2,289


2,354


1,803


1,002


Loans receivable-gross

93,621


84,587


85,335


86,415



Less: Allowance for Loan Loss

(1,430)


(1,485)


(1,650)


(1,675)


Loans receivable-net

92,191


83,102


83,685


84,740


Premises and equipment

4,054


4,062


4,063


4,119


Federal Home Loan Bank stock

2,237


2,237


2,237


2,237


Foreclosed assets held for sale

169


591


403


583


Interest receivable

476


490


456


496


Prepaid federal income tax

1


91


132


-


Deferred federal income tax

43


-


73


-


Prepaid FDIC insurance premiums

-


230


-


312


Other assets

743


782


631


548



Total assets

$        126,244


$         126,060


$          119,308


$           130,357











LIABILITIES AND SHAREHOLDERS' EQUITY









Deposits

$             99,159


$            102,344


$              96,132


$              103,809


Federal Home Loan Bank advances

16,000


12,439


12,458


12,381


Advances from borrowers for taxes and insurance

204


194


77


12


Interest payable

43


51


48


63


Accrued federal income tax

-


-


-


85


Deferred federal income tax

-


90


-


118


Preferred dividend payable

-


-


-


18


Other liabilities

178


357


254


270



Total liabilities

115,584


115,475


108,969


116,756

Shareholders' equity









Preferred stock

-


-


-


2,730


Common stock

15


15


15


15


Additional Paid-in capital

5,299


5,299


5,299


5,229


Retained earnings

12,790


12,497


12,526


12,447


Accumulated other comprehensive income ( loss)

13


231


(44)


180


Treasury stock

(7,457)


(7,457)


(7,457)


(7,000)



 Total shareholders' equity

10,660


10,585


10,339


13,601

Total liabilities and shareholders' equity

$        126,244


$         126,060


$          119,308


$           130,357













Book value per common share outstanding

$             13.41


$              13.31


$               13.00


$                12.32



Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

UNAUDITED




 Nine months ended 


 Three months ended 




March 31,


March 31,




2014


2013


2014


2013











Total interest income

$               3,780


$                3,821


$                1,278


$                  1,232

Total interest expense

557


714


161


211












Net interest income

3,223


3,107


1,117


1,021

Provision for losses on loans

307


576


98


393


Net interest income after provision









  for losses on loans

2,916


2,531


1,019


628

Other income

822


774


214


275

General, administrative and other expenses

3,304


3,107


1,129


1,069












Earnings before income taxes

434


198


104


(166)

Federal income taxes expense 

131


64


31


(58)


NET EARNINGS

$                303


$                 134


$                    73


$                  (108)



Preferred dividends

-


84


-


15

NET INCOME AVAILABLE FOR COMMON SHARES

$                303


$                    50


$                    73


$                  (123)











BASIC EARNINGS  PER COMMON SHARE

$               0.38


$                0.06


$                 0.09


$                 (0.15)











 

   

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