Community Investors Bancorp, Inc. Reports Net Earnings for the Three Months Ended September 30, 2008
03 Noviembre 2008 - 2:32PM
PR Newswire (US)
BUCYRUS, Ohio, Nov. 3 /PRNewswire-FirstCall/ -- Community Investors
Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal
Community Bank of Bucyrus, reported net earnings of $85,000, or
$.10 per basic share, for the quarter ended September 30, 2008,
representing a decrease of $77,000, or 47.5%, compared to the net
earnings of $162,000, or $.18 per basic share, reported in the 2007
quarter. The decrease in 2008 earnings reflects a $145,000, or
14.5%, decrease in net interest income coupled with an increase in
provision for loan loss of $34,000. This was partially offset by a
$23,000, or 2.6% decrease in general, administrative and other
expense, as well as an increase of $5,000 or, 3.9% in other income.
The decrease in our net interest income can be attributed to the
narrowing of our net interest margin. The increase in provision for
loan losses reflects the recognition of the current economic
climate in our local market and the resulting difficulties of some
of our loan customers in light of recent plant closings and
cutbacks in the local workforce. General, administrative and other
expense primarily reflect our efforts to hold overhead costs down
in an adverse market. Efficiencies gained through successful
implementation of our core processing system have allowed us to
reduce or maintain personnel costs. Community Investors Bancorp,
Inc. reported total assets at September 30, 2008, of $143.1
million, total liabilities of $132.5 million, including total
deposits of $93.3 million and total stockholders' equity of $10.6
million. Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION (In thousands) September 30, June
30, ASSETS 2008 2008 Cash and cash equivalents $11,948 $13,890 FHLB
overnight and term deposits 4,600 4,600 Investment securities 6,230
5,394 Mortgage-backed securities 4,339 4,509 Loans receivable
107,764 107,246 Interest receivable 831 840 Prepaid federal income
tax 86 130 FHLB stock 2,237 2,207 Prepaid expenses 406 441 Fixed
assets 4,328 4,343 Other assets 365 293 Total assets $143,134
$143,893 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $93,325
$93,142 Advances from the Federal Home Loan Bank 38,500 38,500
Interest payable 278 275 Other liabilities 350 1,095 Deferred
federal income tax 32 96 Total liabilities 132,485 133,108
Shareholders' equity 10,649 10,785 Total liabilities and
shareholders' equity $143,134 $143,893 Community Investors Bancorp,
Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands,
except share data) Three months ended September 30, 2008 2007 Total
interest income $2,077 $2,240 Total interest expense 1,165 1,217
Net interest income 912 1,023 Provision for losses on loans 59 25
Net interest income after provision for losses on loans 853 998
Other income 132 127 General, administrative and other expense 856
879 Earnings before income taxes 129 246 Federal income taxes 44 84
NET EARNINGS $ 85 $ 162 EARNINGS PER SHARE Basic $ .10 $ .18
Diluted $ .10 $ .18 DATASOURCE: Community Investors Bancorp, Inc.
CONTACT: Phillip W. Gerber, President of Community Investors
Bancorp, Inc., +1-419-562-7055
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