BUCYRUS, Ohio, July 25 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $675,000, or $.77 per basic share, for the year ended June 30, 2008, representing an increase of $608,000 compared to the net earnings of $67,000, or $.08 per basic share, reported for the year ended June 30, 2007. The increase in earnings reflects a $105,000, or 2.5%, decrease in net interest income as well as an increase in provision for loan loss of $28,000. Offsetting these decreases in income were drastic reductions in general, administrative and other expense, which decreased by $1,230,000. This reflects the termination of the defined benefit pension plan as well as one-time core processing conversion costs incurred in the final quarter of the fiscal year ended June 30, 2007. Other income was down by $176,000 reflecting the recognition of losses on foreclosed real estate and other repossessed collateral, as well as reduced activity in production and sale of mortgage loans. Our new core processing system has reduced expenses and improved our customer service on a real-time basis. The continued efficiencies will help us to face the challenges of our current environment and take advantage of our new Marysville banking center. We will continue to focus on our customers, shareholders and staff, providing opportunities to build value as well as increase our operational efficiency.

Community Investors Bancorp, Inc. reported total assets at June 30, 2008, of $144.0 million, total liabilities of $133.1 million, including total deposits of $93.1 million and total stockholders' equity of $10.9 million. Outstanding shares at June 30, 2008 were approximately 882,000.





                      Community Investors Bancorp, Inc.
           CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                (In thousands)
                                  UNAUDITED
                                                     June 30,       June 30,
    ASSETS                                              2008           2007

    Cash and cash equivalents                        $13,872         $4,611
    FHLB overnight deposits                            4,600          2,500
    Investment securities                              5,394         10,846
    Mortgage-backed securities                         4,509          2,589
    Loans receivable                                 107,346        110,627
    Interest receivable                                  840            957
    Prepaid federal income tax                           130            285
    FHLB stock                                         2,207          2,133
    Prepaid expenses                                     441            574
    Fixed assets                                       4,343          3,361
    Other assets                                         293            490

        Total assets                                $143,975       $138,973

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Deposits                                        $ 93,124       $ 86,197
    Advances from the Federal Home Loan Bank          38,500         40,506
    Interest payable                                     275            352
    Other liabilities                                  1,095          1,085
    Deferred federal income tax                          130            196
        Total liabilities                            133,124        128,336

    Shareholders' equity                              10,851         10,637

        Total liabilities and shareholders' equity  $143,975       $138,973



                      Community Investors Bancorp, Inc.
                CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                      (In thousands, except share data)
                                  UNAUDITED
                                         Year ended         Three months ended
                                           June 30,              June 30,
                                       2008        2007      2008        2007

    Total interest income            $8,972      $8,511    $2,127      $2,252
    Total interest expense            4,954       4,388     1,183       1,158
      Net interest income             4,018       4,123       944       1,094
    Provision for losses on loans       233         205       103          45
      Net interest income after
       provision for losses on loans  3,785       3,918       841       1,049
    Other income                        541         717       167         181
    General, administrative and
     other expense                    3,297       4,527       765       1,924
      Earnings before income taxes    1,029         108       243       (694)
    Federal income taxes                354          41        84       (237)
      NET EARNINGS                     $675         $67      $159      $(457)
      EARNINGS PER SHARE
        Basic                         $0.77       $0.08     $0.18     $(0.52)
        Diluted                       $0.77       $0.08     $0.18     $(0.52)

SOURCE Community Investors Bancorp, Inc.