CIBI Community Investors Bancorp (MM)

Community Investors Bancorp, Inc. Reports Net Earnings for the Twelve and Three Months Ending June 30, 2004. BUCYRUS, Ohio, Aug. 20 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (NASDAQ:CIBI) parent company of First Federal Community Bank of Bucyrus reported net earnings of $862,000, or $.80 cents per basic share for the fiscal year ended June 30, 2004 representing a decrease of $238,000, or 28% compared to net earnings of $1.1 million or $1.05 per basic share reported in 2003. The decrease in 2004 earnings was primarily attributable to $460,000, or 18.3% increase in general, administrative and other expense as well as an increase in the provision for losses on loans of $110,000, which were partially offset by an increase in other income of $114,000, or 25.2%. The increase in general, administrative, and other expense in 2004 reflect the expense associated with the Company's continued growth initiatives with the construction of two new branch office facilities in strategic locations in Bucyrus and New Washington during this fiscal year. Also contributing significantly to our expenses has been the contribution required to maintain our employee benefits including our defined benefit pension plan and healthcare insurance. The retirement program has been frozen at its current level and will decrease our costs going forward. Our employees are now sharing in a greater percentage of the premium cost for healthcare coverage. Return on average assets was .71% in fiscal year 2004 compared to .91% in fiscal year 2003, and return on average equity was 6.47% in fiscal year 2004 compared to 8.71% in fiscal year 2003. Net earnings for the quarter ending June 30, 2004 totaled $253,000, or $.23 cents per basic share, a decrease of $16,000, or 6.32% compared to $269,000, or $.26 cents per basic share in the June 2003 quarter. The decrease in net earnings was due primarily to an increase in general, administrative and other expense of $80,000 and a $43,000 increase in the provision for losses on loans which was partially offset by a $34,000 increase in other income and a $66,000 increase in net interest income. Community Investors Bancorp, Inc. reported total assets at June 30, 2004 of $121.8 million, total liabilities of $108.6 million, including total deposits of $87.2 million and stockholders equity of $13.2 million. Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) June 30, June 30, ASSETS 2004 2003 Cash and cash equivalents $6,720 $14,375 Investment securities 12,928 7,249 Mortgage-backed securities 1,133 2,065 Loans receivable 95,862 94,523 Other assets 5,201 4,446 Total assets $121,844 $122,658 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $87,203 $88,065 Advances from the Federal Home Loan Bank 21,062 21,244 Other liabilities 347 505 Total liabilities 108,612 109,814 Shareholders' equity 13,232 12,844 Total liabilities and shareholders' equity $121,844 $122,658 Community Investors Bancorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Fiscal year ended Three months ended June 30, June 30, 2004 2003 2004 2003 Total interest income $6,377 $7,198 $1,606 $1,706 Total interest expense 2,568 3,421 598 764 Net interest income 3,809 3,777 1,008 942 Provision for losses on loans 143 33 41 (2) Net interest income after provision for losses on loans 3,666 3,744 967 944 Other income 567 453 185 151 General, administrative and other expense 2,932 2,511 770 690 Earnings before income taxes 1,301 1,686 382 405 Federal income taxes 439 571 129 136 NET EARNINGS $862 $1,115 $253 $269 EARNINGS PER SHARE Basic $0.80 $1.05 $0.23 $0.26 Diluted $0.78 $1.01 $0.22 $0.24 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/

Copyright