COMMUNITY INVESTORS BANCORP, INC. BUCYRUS, Ohio, Oct. 27, 2017 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC-PINK: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net income of $315,000 or $.40 per common share for the three months ended September 30, 2017, representing an increase of $46,000 (17.1%), compared to the net earnings of $269,000, or $.34 per common share reported for the three months ended September 30, 2016. The increase in earnings reflects an increase in net interest income of $22,000 (1.7%), and a decrease in general, administrative and other expenses (SGA) of $38,000 (2.8%). Other income saw a small drop of $3,000 (.6%),while provision for loan loss increased by $5,000 (6.2%).
Community Investors Bancorp, Inc. reported total assets at September 30, 2017, of $144.2 million (increase of $1.0 million or .7% from September 30, 2016) including gross loans of $108.2 million (increase of $1.2 million or 1.2% from September 30, 2016). Investments and interest-bearing time deposits decreased by $.5 million (3.2%), while the allowance for loan loss decreased by $35,000 (2.8%) since September 30, 2016. Total assets classified as nonaccrual were $1.0 million compared to $2.0 million at September 30, 2016. Deposits increased by $7.4 million (7.8%) from September 30, 2016. Federal Home Loan Bank borrowings decreased by $6.5 million (19.0%). Total liabilities were $131.4 million for an increase of $.8 million (.6%) from September 30, 2016). Total stockholders' equity increased by $205,000 to $12.7 million. Book value per share is at $15.99 per share.
We have started our new fiscal year with a very healthy quarter. In addition to seeing net income improved over the previous year, net interest income improved and SGA expenses declined year over year. Continuing efforts in collections have reduced classified assets by $870,000 and lowered our 30-89 days past due loans by $1.3 million compared to year ago levels. Though challenges remain, we are encouraged by improving local economic conditions even as we plan to focus more resources on the vibrant economy in and around our Marysville location. We are focused on expanding our mortgage loan origination operations while we derive better efficiencies within that segment of our non-interest income. Finally, our management team has successfully identified specific expenses which can be reduced in the current year. We continue to review our operations for potential increased efficiencies without compromising safety, service or regulatory compliance. While we have only begun the year, we are optimistic that our hard work will continue to yield better results for the current year. Again, we have set challenging, but achievable goals for the Bank in the upcoming months and years and we are confident that we will meet those challenges to achieve success for our shareholders, employees, customers and community.
Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED
September 30, June 30, September 30,
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ASSETS 2017 2017 2016
---- ---- ----
Cash and cash equivalents $7,507 $12,774 $7,481
Interest-bearing time deposits 247 - -
Available-for-sale securities 14,849 13,945 15,587
Loans held-for-sale 3,307 2,680 6,273
Loans receivable 108,205 107,017 106,961
Less: Allowance for Loan Loss (1,235) (1,175) (1,270)
------ ------ ------
Loans receivable-net 106,970 105,842 105,691
Premises and equipment 3,893 3,923 4,003
Bank-owned Life Insurance 3,021 - -
Federal Home Loan Bank stock 2,265 2,265 2,246
Foreclosed assets held for sale 255 10 94
Interest receivable 522 462 514
Prepaid federal income tax 4 133 -
Deferred federal income tax - - -
Other assets 1,314 1,313 1,290
Total assets $144,154 $143,347 $143,179
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits $102,660 $99,818 $95,225
Federal Home Loan Bank advances 27,627 29,978 34,127
Advances from borrowers for taxes and
insurance 288 221 318
Interest payable 45 47 41
Accrued federal income tax - - 59
Deferred federal income tax 626 627 606
Other liabilities 192 198 292
--- --- ---
Total liabilities 131,438 130,889 130,668
Shareholders' equity
Preferred stock - -
Common stock 15 15 15
Additional Paid-in capital 5,299 5,299 5,299
Retained earnings 14,807 14,547 14,525
Accumulated other comprehensive income (
loss) 52 54 129
Treasury stock (7,457) (7,457) (7,457)
------ ------ ------
Total shareholders' equity 12,716 12,458 12,511
------ ------ ------
Total liabilities and shareholders' equity $144,154 $143,347 $143,179
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Book Value per common share outstanding $15.99 $15.67 $15.73
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Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
UNAUDITED
Three months ended
September 30,
-------------
2017 2016
---- ----
Total interest income $1,503 $1,457
Total interest expense 200 176
--- ---
Net interest income 1,303 1,281
Provision for loan losses 86 81
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Net interest income after provision for
loan losses 1,217 1,200
Other income (losses) 541 544
General, administrative and other expenses 1,314 1,352
----- -----
Earnings (loss) before income taxes 444 392
Federal income taxes expense (benefit) 129 123
--- ---
NET INCOME $315 $269
BASIC EARNINGS PER COMMON SHARE $0.40 $0.34
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SOURCE Community Investors Bancorp, Inc.
