Community Investors Bancorp, Inc. Reports Net Earnings for the Three Months Ended September 30, 2004

Community Investors Bancorp, Inc. Reports Net Earnings for the
Three Months Ended September 30, 2004 


BUCYRUS, Ohio, Nov. 12  /PRNewswire-FirstCall/ -- Community Investors Bancorp,
Inc. (NASDAQ:CIBI), parent company of First Federal Community Bank of Bucyrus,
reported net earnings of $214,000, or $.20 per basic share, for the quarter
ended September 30, 2004, representing a decrease of $23,000, or 9.7%, compared
to the net earnings of $237,000, or $.23 per basic share, reported in the 2003
quarter.  The decrease in 2004 earnings was primarily attributable to a
$60,000, or 8.9%, increase in general, administrative and other expense, as
well as a decrease of $15,000 or 10.3% in other income. This was partially
offset by a $57,000, or 6.2% increase in net interest income. The increase in
general, administrative and other expense primarily reflects increased costs of
data and item processing, due to our offerings of internet banking and
operations of two new branches, as well as professional expense increases
related to regulatory compliance. These increases were partially offset by
reductions in our employee compensation and benefit plan expenses, mainly
reflecting our decision to freeze our defined benefit plan. Our new branches,
which opened in 2003, as well as our internet banking initiatives have shown
steady growth and will allow the Company to continue expand its product
offerings, provide better service to its customers and provide for future
growth. The Company continues to expand its product offerings and search for
new opportunities to serve its customers and shareholders, while looking for
opportunities to increase our efficiency.

Community Investors Bancorp, Inc. reported total assets at September 30, 2004,
of $122.4 million, total liabilities of $109.0 million, including total
deposits of $82.0 million and total stockholders' equity of $13.4 million.
Community Investors Bancorp, Inc.

                      Community Investors Bancorp, Inc.
         CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                              (In thousands)

                                                  September 30,    June 30,
  ASSETS                                              2004           2004

  Cash and cash equivalents                         $4,223         $6,720
  Investment securities                             13,027         12,928
  Mortgage-backed securities                           936          1,133
  Loans receivable                                  98,934         95,862
  Other assets                                       5,254          5,211

      Total assets                                $122,374       $121,854

      LIABILITIES AND SHAREHOLDERS' EQUITY

  Deposits                                        $ 81,962       $ 87,203
  Advances from the Federal Home Loan Bank          26,558         21,062
  Other liabilities                                    491            357
      Total liabilities                            109,011        108,622

  Shareholders' equity                              13,363         13,232

  Total liabilities and shareholders' equity      $122,374       $121,854


                    Community Investors Bancorp, Inc.
              CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                    (In thousands, except share data)

                                                     Three months ended
                                                         September 30,
                                                      2004          2003

  Total interest income                             $1,570        $$1,619

  Total interest expense                               600            706

      Net interest income                              970            913

  Provision for losses on loans                         38             22

      Net interest income after provision
       for losses on loans                             932            891

  Other income                                         130            145

  General, administrative and other expense            737            677

      Earnings before income taxes                     325            359

  Federal income taxes                                 111            122

      NET EARNINGS                                    $214           $237

      EARNINGS PER SHARE
       Basic                                         $ .20          $ .23

       Diluted                                       $ .19          $ .22


DATASOURCE: Community Investors Bancorp, Inc.



CONTACT:  Brian R. Buckley, Vice President of Community Investors

Bancorp, Inc., [phone]

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