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Community Investors Bancorp, Inc. Reports Net Income For The Three Months Ended September 30, 2017

BUCYRUS, Ohio, Oct. 27, 2017 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC-PINK: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net income of $315,000 or $.40 per common share for the three months ended September 30, 2017, representing an increase of $46,000 (17.1%), compared to the net earnings of $269,000, or $.34 per common share reported for the three months ended September 30, 2016. The increase in earnings reflects an increase in net interest income of $22,000 (1.7%), and a decrease in general, administrative and other expenses (SGA) of $38,000 (2.8%). Other income saw a small drop of $3,000 (.6%),while provision for loan loss increased by $5,000 (6.2%).

Community Investors Bancorp, Inc. reported total assets at September 30, 2017, of $144.2 million (increase of $1.0 million or .7% from September 30, 2016) including gross loans of $108.2 million (increase of $1.2 million or 1.2% from September 30, 2016). Investments and interest-bearing time deposits decreased by $.5 million (3.2%), while the allowance for loan loss decreased by $35,000 (2.8%) since September 30, 2016. Total assets classified as nonaccrual were $1.0 million compared to $2.0 million at September 30, 2016. Deposits increased by $7.4 million (7.8%) from September 30, 2016. Federal Home Loan Bank borrowings decreased by $6.5 million (19.0%). Total liabilities were $131.4 million for an increase of $.8 million (.6%) from September 30, 2016). Total stockholders' equity increased by $205,000 to $12.7 million. Book value per share is at $15.99 per share.

We have started our new fiscal year with a very healthy quarter. In addition to seeing net income improved over the previous year, net interest income improved and SGA expenses declined year over year. Continuing efforts in collections have reduced classified assets by $870,000 and lowered our 30-89 days past due loans by $1.3 million compared to year ago levels. Though challenges remain, we are encouraged by improving local economic conditions even as we plan to focus more resources on the vibrant economy in and around our Marysville location. We are focused on expanding our mortgage loan origination operations while we derive better efficiencies within that segment of our non-interest income. Finally, our management team has successfully identified specific expenses which can be reduced in the current year. We continue to review our operations for potential increased efficiencies without compromising safety, service or regulatory compliance. While we have only begun the year, we are optimistic that our hard work will continue to yield better results for the current year. Again, we have set challenging, but achievable goals for the Bank in the upcoming months and years and we are confident that we will meet those challenges to achieve success for our shareholders, employees, customers and community.




Community Investors Bancorp, Inc.




CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION




(In thousands)




UNAUDITED
















September 30,


June 30,


September 30,

ASSETS



2017


2017


2016


Cash and cash equivalents


$ 7,507


$ 12,774


$ 7,481


Interest-bearing time deposits


247


-


-


Available-for-sale securities


14,849


13,945


15,587


Loans held-for-sale


3,307


2,680


6,273


Loans receivable


108,205


107,017


106,961



Less: Allowance for Loan Loss


(1,235)


(1,175)


(1,270)


Loans receivable-net


106,970


105,842


105,691


Premises and equipment


3,893


3,923


4,003


Bank-owned Life Insurance


3,021


-


-


Federal Home Loan Bank stock


2,265


2,265


2,246


Foreclosed assets held for sale


255


10


94


Interest receivable


522


462


514


Prepaid federal income tax


4


133


-


Deferred federal income tax


-


-


-


Other assets


1,314


1,313


1,290




Total assets


$ 144,154


$ 143,347


$ 143,179

LIABILITIES AND SHAREHOLDERS' EQUITY








Liabilities









Deposits


$ 102,660


$ 99,818


$ 95,225



Federal Home Loan Bank advances


27,627


29,978


34,127



Advances from borrowers for taxes and insurance


288


221


318



Interest payable


45


47


41



Accrued federal income tax


-


-


59



Deferred federal income tax


626


627


606



Other liabilities


192


198


292




Total liabilities


131,438


130,889


130,668


Shareholders' equity









Preferred stock


-




-



Common stock


15


15


15



Additional Paid-in capital


5,299


5,299


5,299



Retained earnings


14,807


14,547


14,525



Accumulated other comprehensive income ( loss)


52


54


129



Treasury stock


(7,457)


(7,457)


(7,457)




Total shareholders' equity


12,716


12,458


12,511

Total liabilities and shareholders' equity


$ 144,154


$ 143,347


$ 143,179




Book Value per common share outstanding


$ 15.99


$ 15.67


$ 15.73

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

UNAUDITED


Three months ended


September 30,


2017


2016

Total interest income



$ 1,503


$ 1,457

Total interest expense



200


176


Net interest income



1,303


1,281

Provision for loan losses



86


81


Net interest income after provision for loan losses



1,217


1,200

Other income (losses)



541


544

General, administrative and other expenses



1,314


1,352


Earnings (loss) before income taxes



444


392

Federal income taxes expense (benefit)



129


123


NET INCOME



$ 315


$ 269










BASIC EARNINGS PER COMMON SHARE



$ 0.40


$ 0.34

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SOURCE Community Investors Bancorp, Inc.