Welcome!

Microsoft Cloud Authors: Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham, Steven Mandel

News Feed Item

Community Investors Bancorp, Inc. Reports Net Income For The Six Months and Three Months Ended December 31, 2013

BUCYRUS, Ohio, Jan. 27, 2014 /PRNewswire/ -- Community Investors Bancorp, Inc. (Pink Sheets:  CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common shareholders of $230,000, or $.29 per common share for the six months ended December 31, 2013, representing an increase of $57,000, (32.9%), compared to the net earnings of $173,000, or $.22 per common share reported for the six months ended December 31, 2012.  The increase in 2013 earnings reflects an increase in net interest income of $22,000 (1.1%) and a decrease in general, administrative and other expense of $88,000 (3.9%). In addition, preferred dividends were reduced by $69,000 to $-0- as a result of the redemption of our preferred shares completed in March 2013. This was partially offset by a decrease in other income of $117,000 (16.1%), and an increase in provision for losses on loans of $26,000 (14.2%). The increase in net interest income reflects some stabilization of interest rate margins in a historically low interest rate environment as well as the beginnings of increased new loan demand. The provision for loan losses reflects continuing cleanup of troubled credits. Our classified assets remain unacceptably high but decreasing. As we continue to work to help our distressed loan customers who make good faith efforts at repayment, we continue to evaluate our past due loans to recognize the losses on a timely basis. Loan administration costs, regulatory compliance expense, and costs related to bank-owned properties remain elevated. Other income decreases resulted from the  expansion of our secondary  mortgage loan market into northeast Ohio (Strongsville) and southwest Ohio (Grove City). We are seeking new opportunities and customers in all of our markets with a renewed marketing effort in our Marysville market.  We have raised the expectations for ourselves and our associates to make the changes required to achieve a higher level of profitability, through controlled growth and additional operational efficiency.   

Community Investors Bancorp, Inc. reported total assets at December 31, 2013, of $125.2 million (increase of $5.9 million or 5.0% from June 30, 2013) including gross loans of $91.9 million (increase of $6.5 million or 7.7% from June 30, 2013). Investments decreased by $622,000 (3.4%), while the allowance for loan loss decreased by $95,000 (5.8%) since June 30, 2013. Total loans classified as substandard decreased by $434,000 to $4.5 million, with $1.9 million on nonaccrual status. Deposits decreased by $2.0 million (2.1%) from June 30, 2013. We borrowed an additional $7.5 million from the Federal Home Loan Bank at favorable rates. Total liabilities were $114.7 million increase of $5.7 million (5.2%) from June 30, 2013). Total stockholders' equity increased by $252,000 to $10.6 million. As a result of the growth of our balance sheet, our capital as a percentage of assets decreased from 8.67% to 8.46%.

We continue to reduce our classified assets, to grow strategically, and improve profitability, while we prudently manage interest rate risk and liquidity. We expect to maintain our capital levels commensurate with growth in assets and profitability. Future earnings releases should be expected within 45 days of the end of each quarter.   

 

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

UNAUDITED




December 31,


December 31,


June 30,


June 30,

ASSETS

2013


2012


2013


2012


Cash and cash equivalents

$               6,054


$              16,173


$                5,338


$                11,775


Interest-bearing time deposits

2,232


2,232


2,232


$                  1,240


Available-for-sale securities

17,633


23,842


18,255


23,305


Loans held-for-sale

1,235


1,651


1,803


1,002


Loans receivable-gross

91,875


85,716


85,335


86,415



Less: Allowance for Loan Loss

(1,555)


(1,735)


(1,650)


(1,675)


Loans receivable-net

90,320


83,981


83,685


84,740


Premises and equipment

4,061


4,103


4,063


4,119


Federal Home Loan Bank stock

2,237


2,237


2,237


2,237


Foreclosed assets held for sale

361


516


403


583


Interest receivable

445


477


456


496


Prepaid federal income tax

32


14


132


-


Deferred federal income tax

62


-


73


-


Prepaid FDIC insurance premiums

-


256


-


312


Other assets

574


539


631


548



Total assets

$        125,246


$         136,021


$          119,308


$           130,357











LIABILITIES AND SHAREHOLDERS' EQUITY









Deposits

$             94,106


$            110,811


$              96,132


$              103,809


Federal Home Loan Bank advances

19,997


12,420


12,458


12,381


Advances from borrowers for taxes and insurance

303


234


77


12


Interest payable

48


57


48


63


Accrued federal income tax

-


-


-


85


Deferred federal income tax

-


103


-


118


Preferred dividend payable

-


9


-


18


Other liabilities

201


350


254


270



Total liabilities

114,655


123,984


108,969


116,756

Shareholders' equity









Preferred stock

-


1,303


-


2,730


Common stock

15


15


15


15


Additional Paid-in capital

5,299


5,298


5,299


5,229


Retained earnings

12,757


12,621


12,526


12,447


Accumulated other comprehensive income ( loss)

(23)


257


(44)


180


Treasury stock

(7,457)


(7,457)


(7,457)


(7,000)



 Total shareholders' equity

10,591


12,037


10,339


13,601

Total liabilities and shareholders' equity

$        125,246


$         136,021


$          119,308


$           130,357













Book value per common share outstanding

$             13.32


$              13.50


$               13.00


$                12.32

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

UNAUDITED




 Six months ended 


 Three months ended 




December 31,


December 31,




2013


2012


2013


2012











Total interest income

$               2,502


$                2,589


$                1,280


$                  1,283

Total interest expense

395


504


196


243












Net interest income

2,107


2,085


1,084


1,040

Provision for losses on loans

209


183


98


88


Net interest income after provision









  for losses on loans

1,898


1,902


986


952

Other income

608


725


223


398

General, administrative and other expenses

2,176


2,264


1,105


1,150












Earnings before income taxes

330


363


104


200

Federal income taxes expense 

100


121


28


67


NET EARNINGS

$                230


$                 242


$                    76


$                   133



Preferred dividends

-


69


-


34

NET INCOME AVAILABLE FOR COMMON SHARES

$                230


$                 173


$                    76


$                      99











BASIC EARNINGS  PER COMMON SHARE

$               0.29


$                0.22


$                 0.10


$                  0.13

 

 

SOURCE Community Investors Bancorp, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...