CIBI Community Investors Bancorp (MM)

Community Investors Bancorp, Inc. Reports Net Earnings for the Nine and Three Months Ended March 31, 2005 BUCYRUS, Ohio, May 13 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (NASDAQ:CIBI), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $660,000, or $.62 per basic share, for the nine months ended March 31, 2005, compared to the $609,000, or $.57 per basic share, of net earnings recorded for the nine month period ended March 31, 2004. The Company reported an increase in net interest income of $146,000 or 5.2%, coupled with a reduction in loan loss provision of $14,000. These increases were partially offset by a $90,000, or 4.2%, increase in general, administrative and other expense and a $29,000 increase in federal income tax expense. The increase in net interest income reflects reduced costs of deposits plus an improved mix of interest-earning assets. General, administrative and other expense in the 2005 nine month period reflects expenses incurred with the Company's operation of two new branch office facilities, as well as increased professional fees related to increased audit, internal audit and computer consulting fees. The branches, now in their first full year of service, will allow the Company to provide better service to its customers and provide for future growth. Net earnings for the quarter ended March 31, 2005 totaled $225,000, or $.21 per basic share, an increase of $35,000, or 18.4%, compared to net earnings of $190,000, or $.17 per basic share, reported in the 2004 quarter. The increase in quarterly net earnings was due primarily to a $32,000, or 3.4% increase in net interest income and a reduction in provision for loan loss of $34,000. These increases were partially offset by an increase in general, administrative and other expense of $22,000 or 3.0%, coupled with an increase of $19,000 in federal income tax expense. Community Investors Bancorp, Inc. reported total assets at March 31, 2005, of $122.8 million, total liabilities of $109.8 million, including total deposits of $83.5 million and total stockholders' equity of $13.0 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) March 31, June 30, ASSETS 2005 2004 Cash and cash equivalents $7,105 $6,720 Investment securities 10,772 12,928 Mortgage-backed securities 782 1,133 Loans receivable 98,585 95,862 Other assets 5,518 5,211 Total assets $122,762 $121,854 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $83,520 $87,203 Advances from the Federal Home Loan Bank 25,734 21,062 Other liabilities 501 357 Total liabilities 109,755 108,622 Shareholders' equity 13,007 13,232 Total liabilities and shareholders' equity $122,762 $121,854 Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Nine months ended Three months ended March 31, March 31, 2005 2004 2005 2004 Total interest income $4,753 $4,771 $1,588 $1,564 Total interest expense 1,806 1,970 607 615 Net interest income 2,947 2,801 981 949 Provision for losses on loans 88 102 9 43 Net interest income after provision for losses on loans 2,859 2,699 972 906 Other income 392 382 131 125 General, administrative and other expense 2,252 2,162 763 745 Earnings before income taxes 999 919 340 286 Federal income taxes 339 310 115 96 NET EARNINGS $660 $609 $225 $190 EARNINGS PER SHARE Basic $0.62 $0.57 $0.21 $0.17 Diluted $0.61 $0.56 $0.21 $0.17 DATASOURCE: Community Investors Bancorp, Inc. CONTACT: Brian R. Buckley, Vice President of Community Investors Bancorp, Inc., +1-419-562-7055 Web site: http://www.bucyrusfirstfederal.com/

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