Community Investors Bancorp, Inc. Reports Net Earnings For The Six and Three Months Ended December 31, 2007
22 Enero 2008 - 1:24PM
PR Newswire (US)
BUCYRUS, Ohio, Jan. 22 /PRNewswire-FirstCall/ -- Community
Investors Bancorp, Inc. (OTC Pink Sheets: CIBN), parent company of
First Federal Community Bank of Bucyrus, reported net earnings of
$369,000, or $.42 per basic share, for the six months ended
December 31, 2007, representing an increase of $26,000, or 7.6%,
compared to the net earnings of $343,000, or $.39 per basic share,
reported for the six months ended December 31, 2006. The increase
in 2007 earnings reflects a $68,000, or 3.4%, increase in net
interest income coupled with a reduction in provision for loan loss
of $25,000. In addition, general, administrative and other expense,
decreased by $25,000 or 1.5%. This was partially offset by a
reduction in other income of $81,000. The reduction in other income
reflects the recognition of losses on foreclosed real estate and
other repossessed collateral, as well as reduced activity in
production and sale of mortgage loans. General, administrative and
other expense reflects reduced pension liability costs partially
offset by increased costs related to conversion to a new core
processing system during August, as well as increases related to
opening our Marysville banking center. These increases were
partially offset by reductions in core processing monthly costs.
The Marysville banking center opened successfully 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 December 31, 2007, of $147.8 million, total liabilities of
$136.9 million, including total deposits of $96.8 million and total
stockholders' equity of $10.9 million. Community Investors Bancorp,
Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In
thousands) UNAUDITED December 31, June 30, ASSETS 2007 2007 Cash
and cash equivalents $14,705 $4,611 FHLB overnight deposits 2,400
2,500 Investment securities 6,078 10,846 Mortgage-backed securities
5,175 2,589 Loans receivable 110,997 110,627 Interest receivable
912 957 Prepaid federal income tax 92 285 FHLB stock 2,133 2,133
Prepaid expenses 367 574 Fixed assets 4,434 3,361 Other assets 529
490 Total assets $147,822 $138,973 LIABILITIES AND SHAREHOLDERS'
EQUITY Deposits $ 96,840 $ 86,197 Advances from the Federal Home
Loan Bank 38,500 40,506 Interest payable 345 352 Other liabilities
1,060 1,085 Deferred federal income tax 204 196 Total liabilities
136,949 128,336 Shareholders' equity 10,873 10,637 Total
liabilities and shareholders' equity $147,822 $138,973 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, 2007 2006 2007
2006 Total interest income $4,582 $4,112 $2,342 $2,103 Total
interest expense 2,520 2,118 1,303 1,077 Net interest income 2,062
1,994 1,039 1,026 Provision for losses on loans 75 100 50 55 Net
interest income after provision for losses on loans 1,987 1,894 989
971 Other income 265 346 138 197 General, administrative and other
expense 1,690 1,715 811 862 Earnings before income taxes 562 525
316 306 Federal income taxes 193 182 109 107 NET EARNINGS $369 $343
$207 $199 EARNINGS PER SHARE Basic $0.42 $0.39 $0.24 $0.23 Diluted
$0.42 $0.39 $0.24 $0.23 DATASOURCE: Community Investors Bancorp,
Inc. CONTACT: Phillip W. Gerber, President of Community Investors
Bancorp, Inc., +1-419-562-7055
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