BUCYRUS, Ohio, Jan. 20, 2016 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC-PINK: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common shareholders of $563,000, or $.71 per common share for the six months ended December 31, 2015, representing an increase of $216,000, (62.2%), compared to the net earnings of $347,000, or $.44 per common share reported for the six months ended December 31, 2014. The increase in 2015 earnings reflects an increase in net interest income of $135,000 (5.5%) and an increase in other income of $146,000 (18.8%). It also reflects a decrease in general, administrative and other expenses of $29,000 (1.2%), and provision for losses on loans of $8,000 (3.0%). The increase in net interest income reflects the almost 5% growth in our loan portfolio coupled with continuing low deposit and FHLB advance rates. Other income increased as a result of our continuing success in our sold loans program. The provision for loan losses reflects continuing cleanup of troubled credits. General, administrative and other expenses decreased due to reductions of professional and consulting fees, as well as efficiencies derived from reengineering our loan department expenses. Our classified assets have levelled off from previous years but we continue to face many challenges as we work through distressed situations and move quickly to resolve those issues. Bank-owned properties continue at low levels. As we seek new opportunities and customers in all of our markets, we are working to maintain efficiency. The economy continues to recover slowly and unevenly throughout our various markets. Our customers require us to continually improve our service and provide them with current technological banking solutions. Our expectations for ourselves and our associates require us to provide excellent customer service to achieve a higher level of profitability, with continuing controlled growth and while maintaining operational efficiency.
Community Investors Bancorp, Inc. reported total assets at December 31, 2015, of $140.5 million (increase of $3.5 million or 2.5% from June 30, 2015) including gross loans of $106.7 million (increase of $2.2 million or 2.1% from June 30, 2015). Investments increased by $1.3 million (9.6%), while the allowance for loan loss increased by $130,000 (9.5%) since June 30, 2015. Total loans classified as substandard increased by $953,000 to $4.2 million, with $2.5 million on nonaccrual status compared to $2.1 million at June 30, 2015. Deposits decreased by $.6 million (.6%) from June 30, 2015. We borrowed an additional $3.4 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $128.5 million for an increase of $3.0 million (2.4%) from June 30, 2015). Total stockholders' equity increased by $468,000 to $12.0 million. As a result, our capital as a percentage of assets went from 8.42% at June 30, 2015 to 8.55%.
As always, we continue to explore opportunities for strategic loan growth while we work to resolve and reduce our classified assets. We expect continued profitability, as we confront the challenges of managing interest rate risk, liquidity and capital levels. Future earnings releases should be expected within 45 days of the end of each quarter.
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
December 31, June 30, December 31,
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ASSETS 2015 2015 2014
---- ---- ----
Cash and cash equivalents $8,173 $6,710 $5,794
Interest-bearing time deposits - 992 1,984
Available-for-sale securities 14,493 13,223 13,501
Loans held-for-sale 4,700 4,998 3,045
Loans receivable 106,659 104,502 101,778
Less: Allowance for Loan Loss (1,505) (1,375) (1,340)
------ ------ ------
Loans receivable-net 105,154 103,127 100,438
Premises and equipment 3,984 4,071 4,126
Federal Home Loan Bank stock 2,237 2,237 2,237
Foreclosed assets held for sale 88 68 27
Interest receivable 460 499 448
Prepaid federal income tax 45 - -
Deferred federal income tax - - -
Other assets 1,196 1,143 969
Total assets $140,530 $137,068 $132,569
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits $88,713 $89,249 $90,034
Federal Home Loan Bank advances 38,700 35,280 30,500
Advances from borrowers for
taxes and insurance 469 211 400
Interest payable 42 33 47
Accrued federal income tax - - 86
Deferred federal income tax 359 367 112
Other liabilities 236 385 289
--- --- ---
Total liabilities 128,519 125,525 121,468
Shareholders' equity
Preferred stock - - -
Common stock 15 15 15
Additional Paid-in capital 5,299 5,299 5,299
Retained earnings 14,086 13,603 13,179
Accumulated other comprehensive
income ( loss) 68 83 65
Treasury stock (7,457) (7,457) (7,457)
------ ------ ------
Total shareholders' equity 12,011 11,543 11,101
------ ------ ------
Total liabilities and shareholders' equity $140,530 $137,068 $132,569
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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,
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2015 2014 2015 2014
---- ---- ---- ----
Total interest income $2,897 $2,798 $1,466 $1,403
Total interest expense 298 334 158 166
--- --- --- ---
Net interest income 2,599 2,464 1,308 1,237
Provision for loan losses 263 271 123 129
--- --- --- ---
Net interest income after provision for
loan losses 2,336 2,193 1,185 1,108
Other income (losses) 921 775 453 337
General, administrative and other expenses 2,428 2,457 1,235 1,271
----- ----- ----- -----
Earnings (loss) before income taxes 829 511 403 174
Federal income taxes expense (benefit) 266 164 128 55
--- --- --- ---
NET INCOME $563 $347 $275 $119
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BASIC EARNINGS PER COMMON SHARE $0.71 $0.44 $0.35 $0.15
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SOURCE Community Investors Bancorp, Inc.
