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Community Investors Bancorp, Inc. Reports Net Income For The Nine Months and Three Months Ended March 31, 2018 and restated Net income for the Six Months ended December 31, 2017

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Community Investors Bancorp, Inc. Reports Net Income For The Nine Months and Three Months Ended March 31, 2018 and restated Net income for the Six Months ended December 31, 2017

PR Newswire

BUCYRUS, Ohio, May 15, 2018 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC:CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common shareholders of $958,000 or $1.20 per common share for the nine months ended March 31, 2018, representing an increase of $499,000, (108.7%), compared to the net earnings of $459,000, or $.58 per common share reported for the nine months ended March 31, 2017. The improvement is a result of significantly lower provision for loan loss ($183,000 or 56.9%), an incremental increase in other income ($78,000 or 6.6%), as well as a decrease in general, administrative and other expenses, ($45,000 or 1.1%). This was partially offset by a decrease in net interest income ($18,000 or .5%). As a result, earnings before income tax increased by $288,000 (43.4%). Interest margins remained relatively stable despite increasing cost of funds over the past year. Our continuing emphasis on collections has allowed our provision for loan losses to shrink even as we increase our allowance for loan loss by $125,000 from June 30, 2017. Other income reflects our recent investment in bank-owned life insurance as well as steady, continuing success in our sold loans program. General, administrative and other expenses decreased due to management's continuing focus on prudent reduction of technology consulting, personnel and professional expenses.

The other big factor in the net income improvement was the reduction in tax rates for corporations from 35% to 21%. As a result of these changes we have restated our first six months results to recognize the new blended rates in effect for the current fiscal year income tax liability as of December 31, 2017. This resulted in a reduction of current income taxes of $58,000 from previously issued income statement. In addition, the reduction in rates lowered our deferred income tax liability as of December 31, 2017 by $191,000. The income tax reduction lowered our overall federal income tax liability by $249,000 as of December 31, 2017. We have included restated financial statements for December 31, 2017 and September 30, 2017 which reflect the changes. Competition, customer-needs, criminal efforts and compliance require continual expansion of our technological capabilities. We will continue to add resources as necessary to meet these challenges and improve the Bank. We will continue to look for opportunities to expand our reach and improve our services, with the goal of becoming a better bank for our customers, associates, community and shareholders.

Community Investors Bancorp, Inc. (OTC:CIBN) reported total assets at March 31, 2018, of $144.1 million (increase of $.8 million or .6% from June 30, 2017) including gross loans of $106.1 million (decrease of $.9 million or .9% from June 30, 2017). Investments decreased by $.6 million (4.5%), while the allowance for loan loss increased by $125,000 (10.6%) since June 30, 2017. Total nonperforming assets declined to $1.1 million from $1.7 million compared to June 30, 2017, and $2.0 million at March 31, 2017. Loans on nonaccrual status at March 31, 2017 were $.7 million compared to $1.7 million at June 30, 2017 and $2.0 million at March 31, 2017. Deposits increased by $9.0 million (9.0%) from June 30, 2017. Federal Home Loan Bank borrowings decreased by $8.6 million (28.8%). Total liabilities were $131.1 million for an increase of $.2 million (.2%) from June 30, 2017). Total stockholders' equity increased by $586,000 (4.7%) to $13.0 million.

 

 




Community Investors Bancorp, Inc.




CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION




(In thousands)




UNAUDITED 







March 31,


June 30,


March 31,

ASSETS




2018


2017


2017


Cash and cash equivalents



$               9,426


$             12,774


$             12,693


Interest-bearing time deposits



986


-


-


Available-for-sale securities



13,312


13,945


15,878


Loans held-for-sale



4,197


2,680


3,465


Loans receivable



106,088


107,017


105,944




Less: Allowance for Loan Loss



(1,300)


(1,175)


(1,250)


Loans receivable-net



104,788


105,842


104,694


Premises and equipment



3,847


3,923


3,889


Bank-owned Life Insurance



3,072


-


-


Federal Home Loan Bank stock



2,269


2,265


2,246


Foreclosed assets held for sale



358


10


20


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