Community Investors Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2015
May 01, 2015 at 12:21 pm EDT
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Community Investors Bancorp, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2015. For the quarter, the company reported total interest income of $1,362,000 compared with $1,278,000 for the same period last year. Net interest income was $1,188,000 compared with $1,117,000 for the same period last year. Earnings before income taxes were $349,000 compared with $104,000 for the same period last year. Net income available for common shares was $236,000 or $0.38 basic per share compared with net loss available for common shares $73,000 or $0.09 basic per share for the same period last year.
For the nine months, the company reported total interest income of $4,160,000 compared with $3,780,000 for the same period last year. Net interest income was $3,652,000 compared with $3,223,000 for the same period last year. Earnings before income taxes were $860,000 compared with $434,000 for the same period last year. Net income available for common shares was $583,000 or $0.73 basic per share compared with $303,000 or $0.38 basic per share for the same period last year. The increase in 2015 earnings reflects an increase in net interest income of $429,000 (13.3%) and an increase in other income of $417,000 (50.7%). This was partially offset by an increase in general, administrative and other expenses of $322,000 (9.7%), and an increase in provision for losses on loans of $98,000 (31.9%). The increase in net interest income reflects the approximate 7.5% growth in loan portfolio coupled with continuing low deposit and FHLB advance rates.
Community Investors Bancorp, Inc. is a holding company whose principal activity is the ownership and management of its wholly owned subsidiary, First Federal Community Bank of Bucyrus (Bank). The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers in northern Ohio. It provides personal banking and business banking services. Its deposit accounts include checking, savings, money market, Christmas club, health savings, certificates of deposit and individual retirement accounts. Its online services include online banking, bill pay, eStatements, mobile banking, remote deposit capture and cash management. It provides consumer loans, home equity loans, home equity line of credit, auto & RV loans, mortgage loans, construction loans and others. It also offers secured loans, credit cards, commercial investment real estate, construction loans, equipment financing, business loan applications and others.