COMMUNITY INVESTORS BANCORP, INC. BUCYRUS, Ohio, Jan. 24, 2017 /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 $386,000 or $.49 per common share for the six months ended December 31, 2016, representing a decrease of $177,000, (31.4%), compared to the net earnings of $563,000, or $.71 per common share reported for the six months ended December 31, 2015. The decrease in 2016 earnings generally reflects an increase in general, administrative and other expenses of $271,000 net of the income tax effect of the increase in expenses. Net interest income, provision for loan losses and other income remained relatively unchanged. We have maintained a relatively stable net interest margin despite a slight increase in the cost of funds over the past few months. Provision for loan losses was slightly lower due to increased collection efforts which have resulted in recoveries, although write-offs and write-downs in the first six months have more than offset recoveries plus our provision for loan loss. Other income is steady as a result of our continuing success in our sold loans program. General, administrative and other expenses increased due to increases in technology consulting, core processing, salaries and wages and professional expenses. Ohio sales tax is now collected on our core processing and technology consulting services and created an automatic 7.25% increase. Service enhancements to our mobile banking, cybersecurity and regulatory challenges continue to add to our technology needs. We continue to add staff and professional resources necessary to meet these challenges and improve our service. We have reduced classified assets but great challenges remain as we work through distressed situations. Real estate transactions in the local market remain relatively slow, making our efforts in our outlying mortgage loan origination offices even more critical. We have many challenges to face, as well as new opportunities and potential new customers in all of our market areas. Efficiency will improve as we are able to leverage our improved technologies. Marketplace and regulatory expectations as well as our own require us to provide increasing customer solutions, access and banking opportunities through technology, without compromising security.
Community Investors Bancorp, Inc. reported total assets at December 31, 2016, of $141.9 million (increase of $1.6 million or 1.1% from June 30, 2016) including gross loans of $104.7 million (decrease of $1.1 million or 1.0% from June 30, 2015). Investments increased by $1.6 million (11.2%), while the allowance for loan loss decreased by $195,000 (14.5%) since June 30, 2016. Total assets classified as substandard decreased by $.7 million to $4.2 million, with $2.3 million on nonaccrual status compared to $2.8 million at June 30, 2016. Deposits increased by $4.2 million (4.7%) from June 30, 2016. Federal Home Loan Bank borrowings decreased by $2.7 million (7.6%). Total liabilities were $129.5 million for an increase of $1.5 million (1.2%) from June 30, 2016). Total stockholders' equity increased by $93,000 to $12.4 million.
We have also included the quarterly results for the quarter ended September 30, 2016 with this release. Though we are not required to publish our quarterly results, it is our intent to do so and we apologize for the omission of the September 2016 quarterly release.
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
December 31, June 30, December 31,
ASSETS 2016 2016 2015
---- ---- ----
Cash and cash
equivalents $10,941 $7,002 $8,173
Interest-bearing
time deposits - - -
Available-for-sale
securities 15,962 14,347 14,493
Loans held-for-sale 3,336 6,423 4,700
Loans receivable 104,737 105,834 106,659
Less: Allowance
for Loan Loss (1,150) (1,345) (1,505)
------ ------ ------
Loans receivable-net 103,587 104,489 105,154
Premises and
equipment 3,936 4,017 3,984
Federal Home Loan
Bank stock 2,246 2,246 2,237
Foreclosed assets
held for sale 79 38 88
Interest receivable 480 460 460
Prepaid federal
income tax - - 45
Deferred federal
income tax - - -
Other assets 1,336 1,278 1,196
Total assets $141,903 $140,300 $140,530
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits $95,337 $91,089 $88,713
Federal Home Loan
Bank advances 32,831 35,515 38,700
Advances from
borrowers for
taxes and
insurance 464 260 469
Interest payable 42 41 42
Accrued federal
income tax 46 401 -
Deferred federal
income tax 514 392 359
Other liabilities 276 302 236
--- --- ---
Total liabilities 129,510 128,000 128,519
Shareholders' equity
Preferred stock - -
Common stock 15 15 15
Additional Paid-
in capital 5,299 5,299 5,299
Retained earnings 14,587 14,312 14,086
Accumulated other
comprehensive
income ( loss) (51) 131 68
Treasury stock (7,457) (7,457) (7,457)
------ ------ ------
Total shareholders' equity 12,393 12,300 12,011
------ ------ ------
Total liabilities and shareholders' equity $141,903 $140,300 $140,530
======== ======== ========
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,
------------ ------------
2016 2015 2016 2015
---- ---- ---- ----
Total interest income $2,935 $2,897 $1,478 $1,466
Total interest expense 356 298 179 158
--- --- --- ---
Net interest income 2,579 2,599 1,299 1,308
Provision for loan losses 240 263 158 123
--- --- --- ---
Net interest income
after provision for
loan losses 2,339 2,336 1,141 1,185
Other income (losses) 918 921 374 453
General, administrative and other expenses 2,699 2,428 1,347 1,235
----- ----- ----- -----
Earnings (loss)
before income taxes 558 829 168 403
Federal income taxes expense (benefit) 172 266 49 128
--- --- --- ---
NET INCOME $386 $563 $119 $275
====
BASIC EARNINGS PER COMMON SHARE $0.49 $0.71 $0.15 $0.35
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Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
September 30, June 30, September 30,
ASSETS 2016 2016 2015
------ ---- ---- ----
Cash and cash
equivalents $7,481 $7,002 $6,268
Interest-bearing
time deposits - - -
Available-for-sale
securities 15,587 14,347 14,342
Loans held-for-sale 6,273 6,423 4,457
Loans receivable 106,961 105,834 104,841
Less: Allowance
for Loan Loss (1,270) (1,345) (1,442)
------ ------ ------
Loans receivable-net 105,691 104,489 103,399
Premises and
equipment 4,003 4,017 4,043
Federal Home Loan
Bank stock 2,246 2,246 2,237
Foreclosed assets
held for sale 94 38 101
Interest receivable 514 460 505
Prepaid federal
income tax - - 173
Deferred federal
income tax - - -
Other assets 1,290 1,278 1,253
Total assets $143,179 $140,300 $136,778
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits $95,225 $91,089 $88,482
Federal Home Loan
Bank advances 34,127 35,515 35,491
Advances from
borrowers for
taxes and
insurance 318 260 352
Interest payable 41 41 34
Accrued federal
income tax 59 401 -
Deferred federal
income tax 606 392 378
Other liabilities 292 302 230
--- --- ---
Total liabilities 130,668 128,000 124,967
Shareholders' equity
Preferred stock - -
Common stock 15 15 15
Additional Paid-
in capital 5,299 5,299 5,299
Retained earnings 14,525 14,312 13,850
Accumulated other
comprehensive
income ( loss) 129 131 104
Treasury stock (7,457) (7,457) (7,457)
------ ------ ------
Total shareholders' equity 12,511 12,300 11,811
------ ------ ------
Total liabilities and shareholders' equity $143,179 $140,300 $136,778
======== ======== ========
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
UNAUDITED
Three months ended
September 30,
-------------
2016 2015
---- ----
Total interest income $1,457 $1,431
Total interest expense 176 140
--- ---
Net interest income 1,281 1,291
Provision for loan losses 81 140
--- ---
Net interest income
after provision for
loan losses 1,200 1,151
Other income (losses) 544 468
General, administrative and other expenses 1,352 1,193
----- -----
Earnings (loss)
before income taxes 392 426
Federal income taxes expense (benefit) 123 138
--- ---
NET INCOME $269 $288
Preferred
dividends - -
--- ---
NET INCOME AVAILABLE to COMMON SHAREHOLDERS $269 $288
==== ====
BASIC EARNINGS PER COMMON SHARE $0.34 $0.36
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SOURCE Community Investors Bancorp, Inc.
