Community Investors Bancorp, Inc. Reports Net Earnings for the Twelve and Three Months Ending June 30, 2004.

Community Investors Bancorp, Inc. Reports Net Earnings for the
Twelve and Three Months Ending June 30, 2004. 


BUCYRUS, Ohio, Aug. 20  /PRNewswire-FirstCall/ -- Community Investors Bancorp,
Inc. (NASDAQ:CIBI) parent company of First Federal Community Bank of Bucyrus
reported net earnings of $862,000, or $.80 cents per basic share for the fiscal
year ended June 30, 2004 representing a decrease of $238,000, or 28% compared
to net earnings of $1.1 million or $1.05 per basic share reported in 2003. The
decrease in 2004 earnings was primarily attributable to $460,000, or 18.3%
increase in general, administrative and other expense as well as an increase in
the provision for losses on loans of $110,000, which were partially offset by
an increase in other income of $114,000, or 25.2%. The increase in general,
administrative, and other expense in 2004 reflect the expense associated with
the Company's continued growth initiatives with the construction of two new
branch office facilities in strategic locations in Bucyrus and New Washington
during this fiscal year. Also contributing significantly to our expenses has
been the contribution required to maintain our employee benefits including our
defined benefit pension plan and healthcare insurance. The retirement program
has been frozen at its current level and will decrease our costs going forward.
Our employees are now sharing in a greater percentage of the premium cost for
healthcare coverage. Return on average assets was .71% in fiscal year 2004
compared to .91% in fiscal year 2003, and return on average equity was 6.47% in
fiscal year 2004 compared to 8.71% in fiscal year 2003.

Net earnings for the quarter ending June 30, 2004 totaled $253,000, or $.23
cents per basic share, a decrease of $16,000, or 6.32% compared to $269,000, or
$.26 cents per basic share in the June 2003 quarter. The decrease in net
earnings was due primarily to an increase in general, administrative and other
expense of $80,000 and a $43,000 increase in the provision for losses on loans
which was partially offset by a $34,000 increase in other income and a $66,000
increase in net interest income.

Community Investors Bancorp, Inc. reported total assets at June 30, 2004 of
$121.8 million, total liabilities of $108.6 million, including total deposits
of $87.2 million and stockholders equity of $13.2 million.

                    Community Investors Bancorp, Inc.
         CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                              (In thousands)
                                                   June 30,       June 30,
  ASSETS                                             2004           2003

  Cash and cash equivalents                         $6,720        $14,375
  Investment securities                             12,928          7,249
  Mortgage-backed securities                         1,133          2,065
  Loans receivable                                  95,862         94,523
  Other assets                                       5,201          4,446

  Total assets                                    $121,844       $122,658



  LIABILITIES AND SHAREHOLDERS' EQUITY

  Deposits                                         $87,203        $88,065
  Advances from the Federal Home Loan Bank          21,062         21,244
  Other liabilities                                    347            505
    Total liabilities                              108,612        109,814

  Shareholders' equity                              13,232         12,844

    Total liabilities and shareholders' equity    $121,844       $122,658


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

                                   Fiscal year ended     Three months ended
                                         June 30,            June 30,
                                      2004      2003      2004      2003

  Total interest income              $6,377    $7,198    $1,606    $1,706

  Total interest expense              2,568     3,421       598       764

  Net interest income                 3,809     3,777     1,008       942

  Provision for losses on loans         143        33        41        (2)

  Net interest income after
   provision for losses on loans      3,666     3,744       967       944

  Other income                          567       453       185       151

  General, administrative
   and other expense                  2,932     2,511       770       690

    Earnings before income taxes      1,301     1,686       382       405

  Federal income taxes                  439       571       129       136

    NET EARNINGS                       $862    $1,115      $253      $269

    EARNINGS PER SHARE
    Basic                             $0.80     $1.05     $0.23     $0.26

    Diluted                           $0.78     $1.01     $0.22     $0.24


DATASOURCE: Community Investors Bancorp, Inc.



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

Bancorp, Inc., [phone]



Web site:  http://www.bucyrusfirstfederal.com/ 

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