CIBI Community Investors Bancorp (MM)

Community Investors Bancorp, Inc. Reports Net Earnings for the Six and Three Months Ended December 31, 2004 BUCYRUS, Ohio, Feb. 14 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (NASDAQ:CIBI), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $435,000, or $.41 per basic share, for the six months ended December 31, 2004, compared to the $419,000, or $.40 per basic share, of net earnings recorded for the six month period ended December 31, 2003. The Company reported a $114,000, or 6.2%, increase in net interest income which was partially offset by a $72,000 or 5.1% increase in general, administrative and other expense, and a $10,000 increase in federal income tax expense. The increase in net interest income reflects an improved interest margin as well as repositioning of interest-earning assets. The increase in general, administrative and other expense reflects expenses incurred with the Company's growth initiatives, including the growth of Internet banking and the operation of two new branch office facilities. Net earnings for the quarter ended December 31, 2004 totaled $221,000, or $.21 per basic share, an increase of $29,000, compared to net earnings of $182,000, or $.17 per basic share, reported in the 2003 quarter. The increase in quarterly net earnings was due primarily to a $57,000 increase in net interest income which was partially offset by a $12,000 increase in general, administrative and other expense, in other income, coupled with an increase of $21,000 in federal income tax expense. Community Investors Bancorp, Inc. reported total assets at December 31, 2004, of $118.6 million, total liabilities of $105.4 million, including total deposits of $81.5 million and total stockholders' equity of $13.2 million. First Federal Community Bank of Bucyrus has served the Bucyrus and Crawford County area since 1888. The Company currently has four office locations plus a free-standing ATM facility in Crawford County. Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) December 31, June 30, ASSETS 2004 2004 Cash and cash equivalents $4,414 $6,720 Investment securities 10,477 12,928 Mortgage-backed securities 873 1,133 Loans receivable 97,876 95,862 Other assets 4,982 5,211 Total assets $118,622 $121,854 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $81,510 $87,203 Advances from the Federal Home Loan Bank 23,238 21,062 Other liabilities 629 357 Total liabilities 105,377 108,622 Shareholders' equity 13,245 13,232 Total liabilities and shareholders' equity $118,622 $121,854 Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Six months ended Three months ended December 31, December 31, 2004 2003 2004 2003 Total interest income $3,165 $3,207 $1,595 $1,588 Total interest expense 1,199 1,355 599 649 Net interest income 1,966 1,852 996 939 Provision for losses on loans 79 59 41 37 Net interest income after provision for losses on loans 1,887 1,793 955 902 Other income 261 257 131 112 General, administrative and other expense 1,489 1,417 752 740 Earnings before income taxes 659 633 334 274 Federal income taxes 224 214 113 92 NET EARNINGS $435 $419 $221 $182 EARNINGS PER SHARE Basic $0.41 $0.40 $0.21 $0.17 Diluted $0.40 $0.39 $0.20 $0.17 DATASOURCE: Community Investors Bancorp, Inc. CONTACT: Brian R. Buckley, Vice President of Community Investors Bancorp, Inc., +1-419-562-7055

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