CIBI Community Investors Bancorp (MM)

Community Investors Bancorp, Inc. Reports Net Earnings for the Nine and Three Months Ended March 31, 2004 BUCYRUS, Ohio, April 26 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. , parent company of First Federal Community Bank of Bucyrus, reported net earnings of $609,000, or $.57 per basic share, for the nine months ended March 31, 2004, compared to the $846,000, or $.79 per basic share, of net earnings recorded for the nine month period ended March 31, 2003. The Company reported a $341,000, or 18.7%, increase in general, administrative and other expense, which was partially offset by an $80,000, or 26.5%, increase in other income and a $125,000 decrease in federal income tax expense. The increase in general, administrative and other expense in the 2004 nine month period reflects expenses incurred with the Company's growth initiatives, including the implementation of Internet banking and the construction of two new branch office facilities. The Internet banking system, implemented in the second quarter, will allow the Company to provide better service to its customers and provide for future growth. Net earnings for the quarter ended March 31, 2004 totaled $190,000, or $.17 per basic share, a decrease of $67,000, or 26.1%, compared to net earnings of $257,000, or $.24 per basic share, reported in the 2003 quarter. The decrease in quarterly net earnings was due primarily to a $132,000, or 21.5% increase in general, administrative and other expense, which was partially offset by a $20,000, or 19.0% increase in other income, coupled with a decrease of $37,000 in federal income tax expense. Community Investors Bancorp, Inc. reported total assets at March 31, 2004, of $121.6 million, total liabilities of $108.2 million, including total deposits of $86.6 million and total stockholders' equity of $13.4 million. First Federal Community Bank of Bucyrus has served the Bucyrus and Crawford County area since 1888. The Company currently has four office locations plus a free-standing ATM facility in Crawford County. Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) March 31, June 30, ASSETS 2004 2003 Cash and cash equivalents $7,503 $14,375 Investment securities 10,831 7,249 Mortgage-backed securities 1,316 2,065 Loans receivable 96,493 94,523 Other assets 5,409 4,446 Total assets $121,552 $122,658 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $86,554 $88,065 Advances from the Federal Home Loan Bank 21,067 21,244 Other liabilities 533 505 Total liabilities 108,154 109,814 Shareholders' equity 13,398 12,844 Total liabilities and shareholders' equity $121,552 $122,658 Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Nine months ended Three months ended March 31, March 31, 2004 2003 2004 2003 Total interest income $4,771 $5,492 $1,564 $1,740 Total interest expense 1,970 2,657 615 834 Net interest income 2,801 2,835 949 906 Provision for losses on loans 102 35 43 8 Net interest income after provision for losses on loans 2,699 2,800 906 898 Other income 382 302 125 105 General, administrative and other expense 2,162 1,821 745 613 Earnings before income taxes 919 1,281 286 390 Federal income taxes 310 435 96 133 NET EARNINGS $609 $846 $190 $257 EARNINGS PER SHARE Basic $0.57 $0.79 $0.17 $0.24 Diluted $0.56 $0.77 $0.17 $0.23 DATASOURCE: Community Investors Bancorp, Inc. CONTACT: Brian R. Buckley, Vice President, Community Investors Bancorp, Inc., +1-419-562-7055 Web site: http://www.ffcb.com/

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