CIBI Community Investors Bancorp (MM)

Community Investors Bancorp, Inc. Reports Net Earnings For The Three Months Ended September 30, 2003 BUCYRUS, Ohio, Nov. 6 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. , parent company of First Federal Community Bank of Bucyrus, reported net earnings of $237,000, or $.23 per basic share, for the quarter ended September 30, 2003, representing a decrease of $57,000, or 19.4%, compared to the net earnings of $294,000, or $.28 per basic share, reported in the 2002 quarter. The decrease in 2003 earnings was primarily attributable to a $80,000, or 13.4%, increase in general, administrative and other expense, coupled with a $43,000, or 4.5% decrease in net interest income, which were partially offset by a $57,000, or 64.8% increase in other income. The increase in general, administrative and other expense primarily reflects an increase in health and other benefit plan costs, and expenses incurred as the Company continues its expansion, including the introduction of internet banking services and the construction of two new branch office facilities. These strategic initiatives will allow the Company to expand its product offerings, provide better service to its customers and provide for future growth. The Company opened new full service branch offices in June and October of 2003. Community Investors Bancorp, Inc. reported total assets at September 30, 2003, of $121.4 million, total liabilities of $108.4 million, including total deposits of $86.7 million and total stockholders' equity of $13.0 million. Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) September 30, June 30, ASSETS 2003 2003 Cash and cash equivalents $10,633 $14,375 Investment securities 9,224 7,249 Mortgage-backed securities 1,728 2,065 Loans receivable 94,880 94,523 Other assets 4,910 4,446 Total assets $121,375 $122,658 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $86,656 $88,065 Advances from the Federal Home Loan Bank 21,130 21,244 Other liabilities 635 505 Total liabilities 108,421 109,814 Shareholders' equity 12,954 12,844 Total liabilities and shareholders' equity $121,375 $122,658 Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Three months ended September 30, 2003 2002 Total interest income $1,619 $1,895 Total interest expense 706 939 Net interest income 913 956 Provision for losses on loans 22 2 Net interest income after provision for losses on loans 891 954 Other income 145 88 General, administrative and other expense 677 597 Earnings before income taxes 359 445 Federal income taxes 122 151 NET EARNINGS $237 $294 EARNINGS PER SHARE Basic $ .23 $ .28 Diluted $ .22 $ .27 DATASOURCE: Community Investors Bancorp, Inc. CONTACT: Brian R. Buckley, Vice President of Community Investors Bancorp, Inc., +1-419-562-7055 Web site: http://www.bucyrusfirstfederal.com/

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