Community Investors Bancorp, Inc. Reports Net Earnings for the Six Months and Three Months Ended December 31, 2010

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.  

SOURCE Community Investors Bancorp, Inc.