Community Investors Bancorp, Inc. Reports Net Earnings For The Three Months Ended September 30, 2015

BUCYRUS, Ohio, Nov. 16, 2015 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets:  CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $288,000, or $.36 per basic share, for the quarter ended September 30, 2015, representing an increase of $61,000, (26.9%), compared to the net earnings of $227,000, or $.29 per basic share, reported for the quarter ended September 30, 2014.  The increase in 2015 earnings reflects an increase in net interest income of $64,000 (5.2%) and an increase in other income of $30,000 (6.8%). General, administrative and other expense increased $6,000 (.1%) while provision for loan loss decreased by $2,000 (1.4%). The increase in net interest income reflects the growth in our loan portfolio, some improvement in nonaccruals as well as continuing low deposit and borrowing rates. General, administrative and other expenses reflect the costs of regulatory compliance, loan administration expenses and normal overhead as we continue to expand our loan production offices.  The provision for loan losses reflects continuing cleanup of troubled credits as well as positioning the Bank for eventual changes in our model for calculation of allowance for doubtful accounts. Classified assets increased during the quarter due mainly to a downgrade on a large credit. That credit continues to perform. In addition, there has been an increase in loans 90 days past due. Where possible,  working with our distressed loan customers who make good faith efforts at repayment, we have had success in avoiding foreclosures. We also continue to aggressively write down our past due loans to recognize the losses as soon as they are reasonably estimable. Other income increases resulted from our gains on sales of mortgages into the secondary market. We continue to expand our network of mortgage professionals to build on our success in that key business segment.

Community Investors Bancorp, Inc. reported total assets at September 30, 2015, of $136.8 million (decrease of $.3 million or .2% from June 30, 2015) including gross loans of $104.8 million (increase of $.3 million or .3% from June 30, 2015). Investments increased by $1.1 million (8.5%), while the allowance for loan loss increased by $67,000 (4.9%) since June 30, 2015. Total loans classified as substandard increased by $1.4 million to $4.6 million, with $2.8 million on nonaccrual status. Deposits decreased by $.8 million (.9%) from June 30, 2015 while advances borrowed from the Federal Home Loan Bank increased by $211,00. Total liabilities were $125.0 million (decrease of $.5 million or .4% from June 30, 2015). Total stockholders' equity increased by $268,000 to $11.8 million. As a result of the growth of our balance sheet, our capital as a percentage of assets increased to 8.64% from 8.42% at June 30, 2015.

Our Bank will work to reduce our classified assets, to grow strategically, and improve profitability. At the same time, we will measure and manage our interest rate risk, operational risk and liquidity in this period of low interest rates and low growth. We plan to build our capital levels commensurate with our 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.