Oct. 27, 2009 (PR Newswire) --

BUCYRUS, Ohio, Oct. 27 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $199,000, or $.23 per basic share, for the quarter ended September 30, 2009, representing an increase of $114,000, or 134.1%, compared to the net earnings of $85,000, or $.10 per basic share, reported in the September 2008 quarter. The increase in 2009 earnings reflects a $246,000, or 27.0%, increase in net interest income coupled with an increase in other income of $23,000 or 17.4%. This was partially offset by a $7,000, or 11.9% increase in provision for loan loss as well as an increase of 4.4% or $38,000 in general, administrative and other expense. The increase in our net interest income is due to the early payoff of above-market rate Federal Home Loan Bank (FHLB) advances in June. The increase in provision for loan losses reflects the continuing economic difficulties of some of our loan customers due to high unemployment in the local workforce as well as difficult business conditions. We were successful in reducing general, administrative and other expense except for a $53,000 increase in our FDIC insurance premium. Personnel expense was reduced through the teamwork, efficiency and cooperation of our employees. We continue to scrutinize overhead costs for opportunities to reduce expenses without compromising our ability to serve our customers. However, the rapidly increasing regulatory burden as well as FDIC costs will challenge our ability to reduce overhead expenses.

Community Investors Bancorp, Inc. reported total assets at September 30, 2009, of $129.4 million (decrease of $13.7 million or 9.6%) including net loans of $103.1 million (decrease of $4.6 million or 4.3%). Total liabilities were $117.0 million (decrease of $15.5 million or 11.7%), including total deposits of $97.9 million (increase of $4.6 million or 4.9%). Total stockholders' equity grew to $12.4 million (increase of $1.65 million or 16.4%). The reduction in assets and liabilities is attributable to the net reduction of $20 million in advances to the FHLB, as well as weak loan demand in our current economic environment.

Community Investors Bancorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
UNAUDITED

Sept. 30,   Sept.