Community Investors Bancorp, Inc. Reports Net Income For The Year and Three Months Ended June 30, 2016

BUCYRUS, Ohio, Sept. 1, 2016 /PRNewswire/ -- Community Investors Bancorp, Inc. (OTC–PINK: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings available to common shareholders of $900,000, or $1.13 per common share for the year ended June 30, 2016, representing an increase of $50,000, (5.8%), compared to the net earnings of $850,000, or $1.07 per common share reported for the year ended June 30, 2015.  The increase in 2016 earnings reflects an increase in net interest income of $166,000 (3.3%), an increase in other income of $110,000 (6.6%) and a decrease in provision for loan losses of $144,000 (25.4%). This was partially offset by an increase in general, administrative and other expenses of $350,000 (7.2%), and provision for losses on loans of $8,000 (3.0%). The increase in net interest income reflects the almost 5% growth in our loan portfolio coupled with continuing low deposit and FHLB advance rates. Other income increased as a result of our continuing success in our sold loans program. The provision for loan losses reflects success in recovering previous write-offs of troubled credits. General, administrative and other expenses increased due to increases related to technology consulting and professional expenses. Ohio sales tax is now collected on our core processing and technology consulting services. The addition of mobile banking as well as cybersecurity challenges and regulatory requirements continue to add to our needs for technology. Classified assets remain at high levels as we work through distressed situations. The economy continues its slow and uneven recovery in our various markets. During the quarter, we added a full-time staff member to reduce delinquencies on an ongoing basis and collect current delinquent or written off credits. Early results are promising. We continue to seek new opportunities and customers in all of our markets, while we strive to improve efficiency. Continuing customer demands, as well as regulator requirements, require us to continually improve our service and provide the latest technology and banking options. Our expectations require us to provide excellent customer service to achieve a higher level of profitability, with continuing controlled growth and while maintaining operational efficiency.