CIBI Community Investors Bancorp (MM)

Community Investors Bancorp, Inc. Reports Net Earnings for the Three Months Ended September 30, 2004 BUCYRUS, Ohio, Nov. 12 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (NASDAQ:CIBI), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $214,000, or $.20 per basic share, for the quarter ended September 30, 2004, representing a decrease of $23,000, or 9.7%, compared to the net earnings of $237,000, or $.23 per basic share, reported in the 2003 quarter. The decrease in 2004 earnings was primarily attributable to a $60,000, or 8.9%, increase in general, administrative and other expense, as well as a decrease of $15,000 or 10.3% in other income. This was partially offset by a $57,000, or 6.2% increase in net interest income. The increase in general, administrative and other expense primarily reflects increased costs of data and item processing, due to our offerings of internet banking and operations of two new branches, as well as professional expense increases related to regulatory compliance. These increases were partially offset by reductions in our employee compensation and benefit plan expenses, mainly reflecting our decision to freeze our defined benefit plan. Our new branches, which opened in 2003, as well as our internet banking initiatives have shown steady growth and will allow the Company to continue expand its product offerings, provide better service to its customers and provide for future growth. The Company continues to expand its product offerings and search for new opportunities to serve its customers and shareholders, while looking for opportunities to increase our efficiency. Community Investors Bancorp, Inc. reported total assets at September 30, 2004, of $122.4 million, total liabilities of $109.0 million, including total deposits of $82.0 million and total stockholders' equity of $13.4 million. Community Investors Bancorp, Inc. Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) September 30, June 30, ASSETS 2004 2004 Cash and cash equivalents $4,223 $6,720 Investment securities 13,027 12,928 Mortgage-backed securities 936 1,133 Loans receivable 98,934 95,862 Other assets 5,254 5,211 Total assets $122,374 $121,854 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 81,962 $ 87,203 Advances from the Federal Home Loan Bank 26,558 21,062 Other liabilities 491 357 Total liabilities 109,011 108,622 Shareholders' equity 13,363 13,232 Total liabilities and shareholders' equity $122,374 $121,854 Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Three months ended September 30, 2004 2003 Total interest income $1,570 $$1,619 Total interest expense 600 706 Net interest income 970 913 Provision for losses on loans 38 22 Net interest income after provision for losses on loans 932 891 Other income 130 145 General, administrative and other expense 737 677 Earnings before income taxes 325 359 Federal income taxes 111 122 NET EARNINGS $214 $237 EARNINGS PER SHARE Basic $ .20 $ .23 Diluted $ .19 $ .22 DATASOURCE: Community Investors Bancorp, Inc. CONTACT: Brian R. Buckley, Vice President of Community Investors Bancorp, Inc., +1-419-562-7055

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