Community Investors Bancorp, Inc. Reports Net Earnings for the Three Months Ended September 30, 2007
19 10월 2007 - 10:31PM
PR Newswire (US)
BUCYRUS, Ohio, Oct. 19 /PRNewswire-FirstCall/ -- Community
Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of
First Federal Community Bank of Bucyrus, reported net earnings of
$162,000, or $.18 per basic share, for the quarter ended September
30, 2007, representing an increase of $18,000, or 12.5%, compared
to the net earnings of $144,000, or $.17 per basic share, reported
in the 2006 quarter. The increase in 2007 earnings reflects a
$55,000, or 5.7%, increase in net interest income coupled with a
reduction in provision for loan loss of $20,000. This was partially
offset by a $26,000, or 3.0% increase in general, administrative
and other expense, as well as a decrease of $22,000 or, 14.8% in
other income. The reduction in other income reflects the
recognition of losses on foreclosed real estate and other
repossessed collateral. General, administrative and other expense
primarily reflects increased costs related to the costs of our
conversion to a new core processing system during August, as well
as increased personnel and other costs related to preparation for
the opening of our Marysville branch. These increases were
partially offset by reductions in core processing monthly costs.
The Marysville branch will open in November, as the Company expands
its geographic reach. At the same time, we will continue to 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, 2007, of $141.5 million, total liabilities of $130.8
million, including total deposits of $88.0 million and total
stockholders' equity of $10.7 million. Community Investors Bancorp,
Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In
thousands) September 30, June 30, ASSETS 2007 2007 Cash and cash
equivalents $9,016 $4,611 FHLB overnight and term deposits 1,000
2,500 Investment securities 9,882 10,846 Mortgage-backed securities
2,423 2,589 Loans receivable 110,969 110,627 Interest receivable
1,042 957 Prepaid federal income tax 201 285 FHLB stock 2,133 2,133
Prepaid expenses 387 574 Fixed assets 4,017 3,361 Other assets 479
490 Total assets $141,549 $138,973 LIABILITIES AND SHAREHOLDERS'
EQUITY Deposits $ 88,083 $ 86,197 Advances from the Federal Home
Loan Bank 40,502 40,506 Interest payable 317 352 Other liabilities
1,729 1,085 Deferred federal income tax 199 196 Total liabilities
130,830 128,336 Shareholders' equity 10,719 10,637 Total
liabilities and shareholders' equity $141,549 $138,973 Community
Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS (In thousands, except share data) Three months ended
September 30, 2007 2006 Total interest income $2,240 $2,009 Total
interest expense 1,217 1,041 Net interest income 1,023 968
Provision for losses on loans 25 45 Net interest income after
provision for losses on loans 998 923 Other income 127 149 General,
administrative and other expense 879 853 Earnings before income
taxes 246 219 Federal income taxes 84 75 NET EARNINGS $ 162 $144
EARNINGS PER SHARE Basic $ .18 $ . 17 Diluted $ .18 $ .16
DATASOURCE: Community Investors Bancorp, Inc. CONTACT: Phillip W.
Gerber, President of Community Investors Bancorp, Inc.,
+1-419-562-7055
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