Community Investors Bancorp, Inc. Reports Net Earnings for the Six and Three Months Ended December 31, 2008
03 2월 2009 - 4:56AM
PR Newswire (US)
BUCYRUS, Ohio, Feb. 2 /PRNewswire-FirstCall/ -- Community Investors
Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal
Community Bank of Bucyrus, reported net earnings of $126,000, or
$.14 per basic share, for the six months ended December 31, 2008,
representing a decrease of $243,000, or 65.9%, compared to the net
earnings of $369,000, or $.42 per basic share, reported for the six
months ended December 31, 2007. The decrease in 2008 earnings
reflects a $256,000, or 12.4%, decrease in net interest income
coupled with an increase in provision for loan loss of $108,000.
The reduction in net interest income is a result of lower interest
rates earned on both our liquid funds and loans. Loan rates have
adjusted more quickly than our borrowing costs and rates paid on
liquid funds have fallen to virtually zero as the Federal Reserve
has lowered interest rates to historically low levels. As we reduce
and re-price our fixed borrowings over the next 12 to 18 months, we
expect to see significant reductions in our cost of funds. Prudent
banking in these times of economic distress requires us to bolster
loan loss reserves. Our Marysville banking center has now been open
for more than a year. This is reflected in slightly higher general,
administrative and other expenses. However, more than $5.5 million
in deposits were added through our Marysville operations as of
December 31, 2008. We will continue to search for new opportunities
to serve our customers and shareholders, while also looking for
opportunities to increase efficiencies, by leveraging the
capabilities of our dedicated staff. Community Investors Bancorp,
Inc. reported total assets at December 31, 2008, of $142.9 million,
total liabilities of $129.7 million, including total deposits of
$93.4 million and total stockholders' equity of $13.3 million. As
participants in the U.S. Treasury's Capital Purchase Program,
Community Investors Bancorp, Inc. has issued $2.6 million, in
preferred stock to the U.S. Treasury. This is additional capital
available to support lending activities as credit-worthy
opportunities present themselves in these difficult economic times.
The reduction in FHLB advances reflects our strategy to rely more
on customer deposits for our funding while repaying borrowed funds
as much as possible based on our needs. Community Investors
Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION (In thousands) UNAUDITED December 31, June 30, ASSETS
2008 2008 Cash and cash equivalents $15,225 $13,890 FHLB overnight
deposits 2,350 4,600 Investment securities 6,657 5,394
Mortgage-backed securities 3,630 4,509 Loans receivable 107,041
107,246 Interest receivable 824 840 Prepaid federal income tax 65
130 FHLB stock 2,237 2,207 Prepaid expenses 323 441 Fixed assets
4,286 4,343 Other assets 281 293 Total assets $142,919 $143,893
LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 93,358 $ 93,142
Advances from the Federal Home Loan Bank 35,500 38,500 Interest
payable 275 275 Other liabilities 459 1,095 Deferred federal income
tax 65 96 Total liabilities 129,657 133,108 Shareholders' equity
13,262 10,785 Total liabilities and shareholders' equity $142,919
$143,893 Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS (In thousands, except share data) UNAUDITED
Six months ended Three months ended December 31, December 31, 2008
2007 2008 2007 Total interest income $4,075 $4,582 $1,998 $2,342
Total interest expense 2,269 2,520 1,104 1,303 Net interest income
1,806 2,062 894 1,039 Provision for losses on loans 183 75 124 50
Net interest income after provision for losses on loans 1,623 1,987
770 989 Other income 280 265 148 138 General, administrative and
other expense 1,711 1,690 856 811 Earnings before income taxes 192
562 62 316 Federal income taxes 66 193 21 109 NET EARNINGS $126
$369 $41 $207 EARNINGS PER SHARE Basic $0.14 $0.42 $0.05 $0.24
Diluted $0.14 $0.42 $0.05 $0.24 DATASOURCE: Community Investors
Bancorp, Inc. CONTACT: Phillip W. Gerber, President of Community
Investors Bancorp, Inc., +1-419-562-7055
Copyright