Community Investors Bancorp, Inc. Reports Net Earnings for the Year and Three Months Ended June 30, 2010
BUCYRUS, Ohio, Aug. 13 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc., parent company of First Federal Community Bank of Bucyrus, reported net income available to common shareholders of $657,000 or $.74 per common share, for the year ended June 30, 2010. This represents a dramatic turnaround of almost $1.9 million compared to the net loss of $1.2 million, or $1.34 per common share, reported for the year ended June 30, 2009. The increase in earnings reflects a $1.2 million or 33.4% increase in net interest income, a decrease in provision for loan loss of $425,000, and increases in gains on investments of $94,000 and gains on sold loans of $122,000. Without regard to the FHLB prepayment penalty paid last year, general, administrative and other expenses decreased by $247,000 or 5.8% for the year ended June 30, 2010. Losses on temporary impairments and foreclosed assets, were down by $468,000. This reduction was partially offset by increases in data processing, FDIC insurance and personnel and occupancy costs related to the startup of our new secondary market mortgage loan operations. In June 2009, the Bank prepaid $21 million in FHLB advances at a penalty fee of $833,000. The early payoff of FHLB advances significantly decreased our cost of funds as reflected in our net interest income improvement. As part of our efforts to grow the Bank's income without growing our balance sheet significantly, we have initiated a new operation focused on underwriting and issuing mortgage loans and selling those loans without retaining servicing. This has allowed us access to more loan products and gives our customers more choices and allows the Bank exposure in new markets. We continue to focus on profitability sufficient to fund the repayment of preferred stock, restart shareholder dividends and allow controlled growth.
Community Investors Bancorp, Inc. reported total assets at June 30, 2010, of $124.6 million, total liabilities of $111.7 million, including total deposits of $94.8 million and common stockholders' equity of $10.2 million. Outstanding common shares at June 30, 2010 were approximately 884,000.
Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) UNAUDITED |
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June 30, |
June 30, |
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ASSETS |
2010 |
2009 |
|
Cash and due from banks |
$ 3,012 |
$ 1,854 |
|
Interest bearing deposits |
5,077 |
5,239 |
|
Cash and cash equivalents |
8,089 |
7,093 |
|
Available-for-sale securities |
7,747 |
8,812 |
|
Loans held for sale |
1,151 |
- |
|
Loans, net of allowance for loan losses of $1,540 and $1,600 at |
|||
June 30, 2010 and 2009, respectively |
98,186 |
104,143 |
|
Premises and equipment |
4,178 |
4,178 |
|
FHLB stock |
2,237 |
2,237 |
|
Foreclosed assets held for sale |
585 |
260 |
|
Interest receivable |
689 |
698 |
|
Prepaid federal income taxes |
216 |
366 |
|
Deferred federal income taxes |
127 |
204 |
|
Prepaid FDIC insurance premiums |
644 |
- |
|
Other assets |
488 |
413 |
|
Total assets |
$124,337 |
$128,404 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Liabilities |
|||
Deposits |
$ 94,778 |
$ 95,227 |
|
Advances from the Federal Home Loan Bank |
16,226 |
20,500 |
|
Interest payable |
77 |
204 |
|
Other liabilities |
330 |
355 |
|
Preferred dividend payable |
18 |
18 |
|
Total liabilities |
111,429 |
116,304 |
|
Shareholders' equity |
|||
Preferred stock |
2,665 |
2,622 |
|
Common stock, par $.01, issued 1,525,297 shares |
15 |
15 |
|
Additional paid-in capital |
5,229 |
5,229 |
|
Retained earnings |
11,732 |
11,118 |
|
Accumulated other comprehensive loss |
62 |
(89) |
|
Treasury stock, at cost - Common 641,086 shares |
(6,795) |
(6,795) |
|
Total shareholders' equity |
12,908 |
12,100 |
|
Total liabilities and shareholders' equity |
$124,337 |
$128,404 |
|
Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) UNAUDITED |
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Year ended |
Three months ended |
||||
2010 |
2009 |
2010 |
2009 |
||
Total interest income |
$6,877 |
$7,769 |
$1,651 |
$1,772 |
|
Total interest expense |
2,136 |
4,207 |
427 |
942 |
|
Net interest income |
4,741 |
3,562 |
1,224 |
830 |
|
Provision for losses on loans |
489 |
914 |
170 |
671 |
|
Net interest income after provision for losses on loans |
4,252 |
2,648 |
1,054 |
159 |
|
Other income (losses) |
947 |
742 |
315 |
280 |
|
General, administrative and other expense |
4,015 |
4,262 |
1,141 |
1,560 |
|
FHLB advance prepayment penalty |
- |
833 |
- |
833 |
|
Earnings (loss) before income taxes |
1,184 |
(1,705) |
228 |
(1,954) |
|
Federal income taxes expense (benefit) |
385 |
(580) |
72 |
(665) |
|
NET EARNINGS (LOSS) |
799 |
(1,125) |
156 |
(1,289) |
|
Preferred dividends |
142 |
73 |
35 |
35 |
|
NET EARNINGS (LOSS) AVAILABLE |
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TO COMMON SHARES |
$ 657 |
$ (1,198) |
$ 121 |
$ (1,324) |
|
EARNINGS (LOSS) PER COMMON SHARE |
$ .74 |
$ (1.36) |
$ .14 |
$ (1.50) |
|
SOURCE Community Investors Bancorp, Inc.
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