Calif Indep Bancorp (NASDAQ:CIBN)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Calif Indep Bancorp Charts. Click Here for more Calif Indep Bancorp Charts.](/p.php?pid=staticchart&s=N%5ECIBN&p=8&t=15)
BUCYRUS, Ohio, July 25 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $675,000, or $.77 per basic share, for the year ended June 30, 2008, representing an increase of $608,000 compared to the net earnings of $67,000, or $.08 per basic share, reported for the year ended June 30, 2007. The increase in earnings reflects a $105,000, or 2.5%, decrease in net interest income as well as an increase in provision for loan loss of $28,000. Offsetting these decreases in income were drastic reductions in general, administrative and other expense, which decreased by $1,230,000. This reflects the termination of the defined benefit pension plan as well as one-time core processing conversion costs incurred in the final quarter of the fiscal year ended June 30, 2007. Other income was down by $176,000 reflecting the recognition of losses on foreclosed real estate and other repossessed collateral, as well as reduced activity in production and sale of mortgage loans. Our new core processing system has reduced expenses and improved our customer service on a real-time basis. The continued efficiencies will help us to face the challenges of our current environment and take advantage of our new Marysville banking center. We will continue to focus on our customers, shareholders and staff, providing opportunities to build value as well as increase our operational efficiency.
Community Investors Bancorp, Inc. reported total assets at June 30, 2008, of $144.0 million, total liabilities of $133.1 million, including total deposits of $93.1 million and total stockholders' equity of $10.9 million. Outstanding shares at June 30, 2008 were approximately 882,000.
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
June 30, June 30,
ASSETS 2008 2007
Cash and cash equivalents $13,872 $4,611
FHLB overnight deposits 4,600 2,500
Investment securities 5,394 10,846
Mortgage-backed securities 4,509 2,589
Loans receivable 107,346 110,627
Interest receivable 840 957
Prepaid federal income tax 130 285
FHLB stock 2,207 2,133
Prepaid expenses 441 574
Fixed assets 4,343 3,361
Other assets 293 490
Total assets $143,975 $138,973
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 93,124 $ 86,197
Advances from the Federal Home Loan Bank 38,500 40,506
Interest payable 275 352
Other liabilities 1,095 1,085
Deferred federal income tax 130 196
Total liabilities 133,124 128,336
Shareholders' equity 10,851 10,637
Total liabilities and shareholders' equity $143,975 $138,973
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
UNAUDITED
Year ended Three months ended
June 30, June 30,
2008 2007 2008 2007
Total interest income $8,972 $8,511 $2,127 $2,252
Total interest expense 4,954 4,388 1,183 1,158
Net interest income 4,018 4,123 944 1,094
Provision for losses on loans 233 205 103 45
Net interest income after
provision for losses on loans 3,785 3,918 841 1,049
Other income 541 717 167 181
General, administrative and
other expense 3,297 4,527 765 1,924
Earnings before income taxes 1,029 108 243 (694)
Federal income taxes 354 41 84 (237)
NET EARNINGS $675 $67 $159 $(457)
EARNINGS PER SHARE
Basic $0.77 $0.08 $0.18 $(0.52)
Diluted $0.77 $0.08 $0.18 $(0.52)
DATASOURCE: Community Investors Bancorp, Inc.
CONTACT: Phillip W. Gerber, President, Community Investors Bancorp,
Inc., +1-419-562-7055