Community Investors Bancorp (NASDAQ:CIBI)
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Community Investors Bancorp, Inc. Reports Net Earnings for the
Nine and Three Months Ended March 31, 2005
BUCYRUS, Ohio, May 13 /PRNewswire-FirstCall/ -- Community Investors Bancorp,
Inc. (NASDAQ:CIBI), parent company of First Federal Community Bank of Bucyrus,
reported net earnings of $660,000, or $.62 per basic share, for the nine months
ended March 31, 2005, compared to the $609,000, or $.57 per basic share, of net
earnings recorded for the nine month period ended March 31, 2004. The Company
reported an increase in net interest income of $146,000 or 5.2%, coupled with a
reduction in loan loss provision of $14,000. These increases were partially
offset by a $90,000, or 4.2%, increase in general, administrative and other
expense and a $29,000 increase in federal income tax expense. The increase in
net interest income reflects reduced costs of deposits plus an improved mix of
interest-earning assets. General, administrative and other expense in the 2005
nine month period reflects expenses incurred with the Company's operation of
two new branch office facilities, as well as increased professional fees
related to increased audit, internal audit and computer consulting fees. The
branches, now in their first full year of service, will allow the Company to
provide better service to its customers and provide for future growth.
Net earnings for the quarter ended March 31, 2005 totaled $225,000, or $.21 per
basic share, an increase of $35,000, or 18.4%, compared to net earnings of
$190,000, or $.17 per basic share, reported in the 2004 quarter. The increase
in quarterly net earnings was due primarily to a $32,000, or 3.4% increase in
net interest income and a reduction in provision for loan loss of $34,000.
These increases were partially offset by an increase in general, administrative
and other expense of $22,000 or 3.0%, coupled with an increase of $19,000 in
federal income tax expense.
Community Investors Bancorp, Inc. reported total assets at March 31, 2005, of
$122.8 million, total liabilities of $109.8 million, including total deposits
of $83.5 million and total stockholders' equity of $13.0 million.
First Federal Community Bank of Bucyrus has served the Bucyrus and Crawford
County area since 1888. The Company currently has four office locations plus a
free-standing ATM facility in Crawford County.
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
March 31, June 30,
ASSETS 2005 2004
Cash and cash equivalents $7,105 $6,720
Investment securities 10,772 12,928
Mortgage-backed securities 782 1,133
Loans receivable 98,585 95,862
Other assets 5,518 5,211
Total assets $122,762 $121,854
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $83,520 $87,203
Advances from the Federal Home Loan Bank 25,734 21,062
Other liabilities 501 357
Total liabilities 109,755 108,622
Shareholders' equity 13,007 13,232
Total liabilities and shareholders' equity $122,762 $121,854
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Nine months ended Three months ended
March 31, March 31,
2005 2004 2005 2004
Total interest income $4,753 $4,771 $1,588 $1,564
Total interest expense 1,806 1,970 607 615
Net interest income 2,947 2,801 981 949
Provision for losses on loans 88 102 9 43
Net interest income after
provision for losses on loans 2,859 2,699 972 906
Other income 392 382 131 125
General, administrative
and other expense 2,252 2,162 763 745
Earnings before income taxes 999 919 340 286
Federal income taxes 339 310 115 96
NET EARNINGS $660 $609 $225 $190
EARNINGS PER SHARE
Basic $0.62 $0.57 $0.21 $0.17
Diluted $0.61 $0.56 $0.21 $0.17
DATASOURCE: Community Investors Bancorp, Inc.
CONTACT: Brian R. Buckley, Vice President of Community Investors
Bancorp, Inc., +1-419-562-7055
Web site: http://www.bucyrusfirstfederal.com/