Community Investors Bancorp Inc., the parent company of First Federal Community Bank of Bucyrus, reported a profit of of $563,000, or $0.71 per common share, for the second half of 2015 compared with $347,000, or $0.44 per common share, for the second half of 2014 – an increase of $216,000, or 62.2 percent.
The increase in 2015 earnings reflects an increase in net interest income of $135,000, or 5.5 percent, because of growth in its loan portfolio along with low deposit and advance rates.
Earnings last year also reflect an increase of $146,000, or 18.8 percent, in other income because of the company’s success with its sold loans program.
The company profited from a decrease in general, administrative and other expenses of $29,000 because of reductions in professional and consulting fees and the restructuring of its loan department expenses.
“Our classified assets have levelled off from previous years but we continue to face many challenges as we work through distressed situations and move quickly to resolve those issues,” the company said in a statement. “Bank-owned properties continue at low levels. As we seek new opportunities and customers in all of our markets, we are working to maintain efficiency. The economy continues to recover slowly and unevenly throughout our various markets. Our customers require us to continually improve our service and provide them with current technological banking solutions. Our expectations for ourselves and our associates require us to provide excellent customer service to achieve a higher level of profitability, with continuing controlled growth and while maintaining operational efficiency.”
Additionally, Community Investors Bancorp Inc. reported total assets at of $140.5 million as of 2015.
“As always, we continue to explore opportunities for strategic loan growth while we work to resolve and reduce our classified assets,” the company said. “We expect continued profitability, as we confront the challenges of managing interest rate risk, liquidity and capital levels.”
First Federal Community Bank of Bucyrus is the fourth largest bank in Crawford County with four offices in Bucyrus and one in the New Washington area.
Reach Klein at 419-468-1117, ext. 2048 or on Twitter at @brandoneklein.