Community Investors Bancorp, Inc. Reports Net Income For The Six Months and Three Months Ended December 31, 2016

BUCYRUS, Ohio, Jan. 24, 2017 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC-PINK: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common shareholders of $386,000 or $.49 per common share for the six months ended December 31, 2016, representing a decrease of $177,000, (31.4%), compared to the net earnings of $563,000, or $.71 per common share reported for the six months ended December 31, 2015.  The decrease in 2016 earnings generally reflects an increase in general, administrative and other expenses of $271,000 net of the income tax effect of the increase in expenses. Net interest income, provision for loan losses and other income remained relatively unchanged. We have maintained a relatively stable net interest margin despite a slight increase in the cost of funds over the past few months. Provision for loan losses was slightly lower due to increased collection efforts which have resulted in recoveries, although write-offs and write-downs in the first six months have more than offset recoveries plus our provision for loan loss. Other income is steady as a result of our continuing success in our sold loans program. General, administrative and other expenses increased due to increases in technology consulting, core processing, salaries and wages and professional expenses. Ohio sales tax is now collected on our core processing and technology consulting services and created an automatic 7.25% increase. Service enhancements to our mobile banking, cybersecurity and regulatory challenges continue to add to our technology needs. We continue to add staff and professional resources necessary to meet these challenges and improve our service. We have  reduced classified assets but great challenges remain as we work through distressed situations. Real estate transactions in the local market remain relatively slow, making our efforts in our outlying mortgage loan origination offices even more critical. We have many challenges to face, as well as new opportunities and potential new customers in all of our market areas. Efficiency will improve as we are able to leverage our improved technologies. Marketplace and regulatory expectations as well as our own require us to provide increasing customer solutions, access and banking opportunities through technology, without compromising security.     

Community Investors Bancorp, Inc. reported total assets at December 31, 2016, of $141.9 million (increase of $1.6 million or 1.1% from June 30, 2016) including gross loans of $104.7 million (decrease of $1.1 million or 1.0% from June 30, 2015). Investments increased by $1.6 million (11.2%), while the allowance for loan loss decreased by $195,000 (14.5%) since June 30, 2016. Total assets classified as substandard decreased by $.7 million to $4.2 million, with $2.3 million on nonaccrual status compared to $2.8 million at June 30, 2016. Deposits increased by $4.2 million (4.7%) from June 30, 2016. Federal Home Loan Bank borrowings decreased by $2.7 million (7.6%). Total liabilities were $129.5 million for an increase of $1.5 million (1.2%) from June 30, 2016). Total stockholders' equity increased by $93,000 to $12.4 million.

We have also included the quarterly results for the quarter ended September 30, 2016 with this release. Though we are not required to publish our quarterly results, it is our intent to do so and we apologize for the omission of the September 2016 quarterly release.  

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SOURCE Community Investors Bancorp, Inc.