Community Investors Bancorp, Inc. reported total assets at September 30, 2017, of $144.2 million (increase of $1.0 million or .7% from September 30, 2016) including gross loans of $108.2 million (increase of $1.2 million or 1.2% from September 30, 2016). Investments and interest-bearing time deposits decreased by $.5 million (3.2%), while the allowance for loan loss decreased by $35,000 (2.8%) since September 30, 2016. Total assets classified as nonaccrual were $1.0 million compared to $2.0 million at September 30, 2016. Deposits increased by $7.4 million (7.8%) from September 30, 2016. Federal Home Loan Bank borrowings decreased by $6.5 million (19.0%). Total liabilities were $131.4 million for an increase of $.8 million (.6%) from September 30, 2016). Total stockholders’ equity increased by $205,000 to $12.7 million. Book value per share is at $15.99 per share.  

We have started our new fiscal year with a very healthy quarter. In addition to seeing net income improved over the previous year, net interest income improved and SGA expenses declined year over year. Continuing efforts in collections have reduced classified assets by $870,000 and lowered our 30-89 days past due loans by $1.3 million compared to year ago levels. Though challenges remain, we are encouraged by improving local economic conditions even as we plan to focus more resources on the vibrant economy in and around our Marysville location. We are focused on expanding our mortgage loan origination operations while we derive better efficiencies within that segment of our non-interest income. Finally, our management team has successfully identified specific expenses which can be reduced in the current year. We continue to review our operations for potential increased efficiencies without compromising safety, service or regulatory compliance. While we have only begun the year, we are optimistic that our hard work will continue to yield better results for the current year. Again, we have set challenging, but achievable goals for the Bank in the upcoming months and years and we are confident that we will meet those challenges to achieve success for our shareholders, employees, customers and community.    

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

UNAUDITED 

September 30,

June 30,

September 30,

ASSETS

2017

2017

2016

Cash and cash equivalents

$             7,507

$           12,774

$               7,481

Interest-bearing time deposits

247

Available-for-sale securities

14,849

13,945

15,587

Loans held-for-sale

3,307

2,680

6,273

Loans receivable

108,205

107,017

106,961

Less: Allowance for Loan Loss

(1,235)

(1,175)

(1,270)

Loans receivable-net

106,970

105,842

105,691

Premises and equipment

3,893

3,923

4,003

Bank-owned Life Insurance

3,021

Federal Home Loan Bank stock

2,265

2,265

2,246

Foreclosed assets held for sale

255

10

94

Interest receivable

522

462

514

Prepaid federal income tax

4

133

Deferred federal income tax

Other assets

1,314

1,313

1,290

Total assets

$       144,154

$       143,347

$        143,179

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Deposits

$         102,660

$           99,818

$             95,225

Federal Home Loan Bank advances

27,627

29,978

34,127

Advances from borrowers for taxes and insurance

288

221

318

Interest payable

45

47

41

Accrued federal income tax

59

Deferred federal income tax

626

627

606

Other liabilities

192

198

292

Total liabilities

131,438

130,889

130,668

Shareholders’ equity

Preferred stock

Common stock

15

15

15

Additional Paid-in capital

5,299

5,299

5,299

Retained earnings

14,807

14,547

14,525

Accumulated other comprehensive income ( loss)

52

54

129

Treasury stock

(7,457)

(7,457)

(7,457)

 Total shareholders’ equity

12,716

12,458

12,511

Total liabilities and shareholders’ equity

$       144,154

$       143,347

$        143,179

Book Value per common share outstanding

$             15.99

$             15.67

$               15.73

Community Investors Bancorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except share data)

UNAUDITED

Three months ended

September 30,

2017

2016

Total interest income

$             1,503

$               1,457

Total interest expense

200

176

Net interest income

1,303

1,281

Provision for loan losses

86

81

Net interest income after provision for loan losses

1,217

1,200

Other income (losses)

541

544

General, administrative and other expenses

1,314

1,352

Earnings (loss) before income taxes

444

392

Federal income taxes expense (benefit)

129

123

NET INCOME

$               315

$                269

BASIC EARNINGS PER COMMON SHARE

$              0.40

$               0.34

SOURCE Community Investors Bancorp, Inc.

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