CIBN Community Investors Bancorp Inc (PK)

BUCYRUS, Ohio, Aug. 25, 2014 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $465,000, or $.58 per basic share, for the year ended June 30, 2014, representing an increase of $385,000, (481.3%), compared to the net earnings of $80,000, or $.10 per basic share, reported for the year ended June 30, 2013.  The increase in 2014 earnings reflects an increase in net interest income of $236,000 (5.7%), a decrease in provision for loan loss of $399,000 (50.0%), and an increase in other income of $42,000 (3.7%). In addition, preferred dividends of $84,000 were eliminated as a result of the redemption of our preferred shares completed in March 2013. This was partially offset by an increase in general, administrative and other expenses of $255,000 (6.0%). The increase in net interest income reflects the expansion of our loan market through our new loan production offices in central Ohio as well as northeast Ohio. The provision for loan losses reflected a large write-off of a troubled credit which occurred in the previous fiscal year ended June 30, 2013. Our classified assets remain at unacceptably high levels, but we have made good progress in reducing those levels. Loan administration costs, regulatory compliance expense, and overhead generated by opening new markets increased our General, administrative and other expenses. Other income increases resulted from our gains on sales of mortgages into the secondary market. As we continue the process of remaking our Bank, our attitude and our profitability, we continue to look for new opportunities to expand our markets. Last year, we expanded our geographic reach into northeast Ohio and southwest Columbus with new secondary mortgage loan production offices. We have raised the expectations for our shareholders, ourselves and our associates to reach a high level of profitability, through controlled growth, improved operational efficiency and effective risk management.   

Community Investors Bancorp, Inc. reported total assets at June 30, 2014, of $130.4 million (increase of $11.1 million or 9.3% from 2013) including gross loans of $98.0 million (increase of $12.7 million or 14.9% from 2013). Our investments decreased by $3.7 million (20.5%) as we took the opportunity to harvest some gains and funded some of our loan growth. The allowance for loan loss decreased by $200,000 (13.8%) from June 30, 2013. Total loans classified as substandard decreased by $816,000 to $4.1 million and total nonperforming assets (nonaccrual loans plus bank owned real estate) decreased by $270,000 to $2.2 million. Deposits decreased by $103,000 (.1%) from June 30, 2013. Total liabilities were $119.5 million (increase of $10.6 million or 11.0% from June 30, 2013). Total stockholders' equity increased by $474,000 to $10.8 million as a result of net income plus improvement in unrealized gains on investments. In addition, dividends of $80,000 were paid on common shares during the fiscal year.

As we continue to improve operational efficiencies, grow strategically and reduce nonperforming assets, we continue to review and monitor and evaluate the Bank's risk factors. Our goals are to build our capital levels to support our growth in assets and profitability, while maintaining a regular quarterly dividend. Future earnings releases should be expected within 45 days of the end of each quarter.   

SOURCE Community Investors Bancorp, Inc.