Calif Indep Bancorp (NASDAQ:CIBN)
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BUCYRUS, Ohio, April 22 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (OTC Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $516,000, or $.58 per basic share, for the nine months ended March 31, 2008, representing a decrease of $8,000, or 1.5%, compared to the net earnings of $524,000, or $.60 per basic share, reported for the nine months ended March 31, 2007. The decrease in earnings reflects a $45,000, or 1.5%, increase in net interest income coupled with a reduction in provision for loan loss of $30,000. In addition, general, administrative and other expense, decreased by $71,000 or 2.7%. This was offset by a reduction in other income of $161,000. The reduction in other income reflects the recognition of losses on foreclosed real estate and other repossessed collateral, as well as reduced activity in production and sale of mortgage loans. General, administrative and other expense reflects reduced pension liability costs partially offset by increased costs related to conversion to a new core processing system. We continue to see efficiencies from our new core processing system as well as improved service to our customers on a real-time basis. These efficiencies have allowed us to offset some of the expenses related to our new Marysville banking center. The Marysville banking center opened successfully in November, as the Company expands its geographic reach. We are continuing to focus on new opportunities to serve our customers and shareholders, while increasing our operational efficiency.
Community Investors Bancorp, Inc. reported total assets at March 31, 2008, of $148.3 million, total liabilities of $137.4 million, including total deposits of $97.6 million and total stockholders' equity of $10.9 million. Outstanding shares at March 31, 2008 were approximately 884,000.
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
March 31, June 30,
ASSETS 2008 2007
Cash and cash equivalents $ 16,571 $ 4,611
FHLB overnight deposits 4,600 2,500
Investment securities 4,481 10,846
Mortgage-backed securities 4,983 2,589
Loans receivable 109,334 110,627
Interest receivable 905 957
Prepaid federal income tax 114 285
FHLB stock 2,178 2,133
Prepaid expenses 371 574
Fixed assets 4,398 3,361
Other assets 385 490
Total assets $ 148,320 $ 138,973
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 97,567 $ 86,197
Advances from the Federal Home Loan Bank 38,500 40,506
Interest payable 297 352
Other liabilities 878 1,085
Deferred federal income tax 186 196
Total liabilities 137,428 128,336
Shareholders' equity 10,892 10,637
Total liabilities and
shareholders' equity $ 148,320 $ 138,973
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
UNAUDITED
Nine months ended Three months ended
March 31, March 31,
2008 2007 2008 2007
Total interest income $6,845 $6,259 $2,263 $2,147
Total interest expense 3,771 3,230 1,251 1,112
Net interest income 3,074 3,029 1,012 1,035
Provision for losses on loans 130 160 55 60
Net interest income after
provision for
losses on loans 2,944 2,869 957 975
Other income 375 536 109 190
General, administrative
and other expense 2,532 2,603 842 888
Earnings before
income taxes 787 802 224 277
Federal income taxes 271 278 77 96
NET EARNINGS $ 516 $ 524 $ 147 $ 181
EARNINGS PER SHARE
Basic $ 0.58 $ 0.60 $ 0.17 $ 0.21
Diluted $ 0.58 $ 0.59 $ 0.17 $ 0.20
DATASOURCE: Community Investors Bancorp, Inc.
CONTACT: Phillip W. Gerber, President of Community Investors Bancorp,
Inc., +1-419-562-7055