Community Investors Bancorp, Inc. : Reports Net Income For The Six Months and Three Months Ended December 31, 2017

BUCYRUS, Ohio, Jan. 22, 2018 /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 $561,000 or $.71 per common share for the six months ended December 31, 2017, representing an increase of $175,000, (45.3%), compared to the net earnings of $386,000, or $.49 per common share reported for the six months ended December 31, 2016. Net interest income was virtually unchanged from 2016. The improvement is a result of significantly lower provision for loan loss ($126,000 or 52.5%), an incremental increase in other income ($40,000 or 4.4%), as well as a decrease in general, administrative and other expenses, ($59,000 or 2.2%). As a result, earnings before income tax increased by $223,000 (40.0%). We have maintained a relatively stable net interest margin despite increasing cost of funds over the past year. Provision for loan losses benefited from improved collection of collateral on written-off loans. In addition, collection efforts have reduced delinquent loans to low levels. Other income reflects our recent investment in bank-owned life insurance as well as steady, continuing success in our sold loans program. General, administrative and other expenses decreased due to management's continuing  focus on prudent reduction of technology consulting, personnel and professional expenses. Competition, customer-needs, criminal efforts and compliance continually challenge and require us to improve our technology. We continue to add the resources necessary to meet these challenges and continually improve our service. We have drastically reduced classified assets over the past year, reduced provision for loan losses but still increased our allowance for loan loss by 11.5% since June 30, 2017. While challenges remain, we have now worked through several difficult distressed situations. With those challenges behind us, we look forward to new opportunities to improve the Bank as well as our profitability. We have completed our most recent regulatory exam during the quarter as well with relatively minor disruptions to our focus and good results. Our mortgage loan origination operations are critical to our profitability and loan growth. We have strategically discontinued our mortgage loan office in Strongsville while opening a new office in high-growth Powell (northern suburb of Columbus). As always, the marketplace requires us to provide increasing customer solutions, access and banking opportunities through technology, without compromising security and meeting our regulatory requirements.

Community Investors Bancorp, Inc. reported total assets at December 31, 2017, of $145.0 million (increase of $1.6 million or 1.1% from June 30, 2017) including gross loans of $106.9 million (decrease of $.1 million or .1% from June 30, 2017). Investments increased by $.5 million (3.9%), while the allowance for loan loss increased by $135,000 (11.5%) since June 30, 2017. Total assets classified as substandard increased by $340,000 to $2.2 million compared to June 30, 2017, but $2.0 million less than December 31, 2016. Loans on nonaccrual status at December 31, 2017 were $1.1 million compared to $1.7 million at June 30, 2017 and $2.3 million at December 31, 2016. Deposits increased by $4.3 million (4.3%) from June 30, 2017. Federal Home Loan Bank borrowings decreased by $3.4 million (11.2%). Total liabilities were $132.2 million for an increase of $1.3 million (1.0%) from June 30, 2017). Total stockholders' equity increased by $343,000 (2.8%) to $12.8 million.

Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
						December 31,		June 30,		December 31,
ASSETS						2017		2017		2016
	Cash and cash equivalents					$        10,255		$        12,774		$          10,941
	Interest-bearing time deposits					986		-		-
	Available-for-sale securities					14,486		13,945		15,962
	Loans held-for-sale					2,585		2,680		3,336
	Loans receivable					106,869		107,017		104,737
		Less: Allowance for Loan Loss				(1,310)		(1,175)		(1,150)
	Loans receivable-net					105,559		105,842		103,587
	Premises and equipment					3,827		3,923		3,936
	Bank-owned Life Insurance					3,046		-		-
	Federal Home Loan Bank stock					2,265		2,265		2,246
	Foreclosed assets held for sale					261		10		79
	Interest receivable					447		462		480
	Prepaid federal income tax					-		133		-
	Deferred federal income tax					-		-		-
	Other assets					1,265		1,313		1,336
			Total assets			$      144,982		$     143,347		$        141,903
LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities
		Deposits				$      104,157		$       99,818		$          95,337
		Federal Home Loan Bank advances				26,626		29,978		32,831
		Advances from borrowers for taxes and insurance				473		221		464
		Interest payable				46		47		42
		Accrued federal income tax				87		-		46
		Deferred federal income tax				572		627		514
		Other liabilities				220		198		276
			Total liabilities			132,181		130,889		129,510
	Shareholders' equity
		Preferred stock				-				-
		Common stock				15		15		15
		Additional Paid-in capital				5,299		5,299		5,299
		Retained earnings				14,997		14,547		14,587
		Accumulated other comprehensive income ( loss)				(53)		54		(51)
		Treasury stock				(7,457)		(7,457)		(7,457)
			Total shareholders' equity			12,801		12,458		12,393
Total liabilities and shareholders' equity						$    144,982		$    143,347		$        141,903
			Book Value per share			$        16.10		$        15.67		$            15.58
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,
				2017		2016		2017		2016
Total interest income				$          2,973		$          2,935		$        1,469		$          1,478
Total interest expense				396		356		196		179
	Net interest income			2,577		2,579		1,273		1,299
Provision for loan losses				114		240		28		158
	Net interest income after provision for loan losses			2,463		2,339		1,245		1,141
Other income (losses)				958		918		418		374
General, administrative and other expenses				2,640		2,699		1,326		1,347
	Earnings (loss) before income taxes			781		558		337		168
Federal income taxes expense (benefit)				220		172		91		49
	NET INCOME			$             561		$              386		$           246		$            119
BASIC EARNINGS PER COMMON SHARE				$            0.71		$             0.49		$          0.31		$           0.15

 

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