CINCINNATI, July 23, 2007 (PRIME NEWSWIRE) -- Cheviot Financial Corp. (Nasdaq:CHEV), the parent company of Cheviot Savings Bank, today reported net earnings in the second fiscal quarter of 2007 of $272,000, or $0.03 cents per share compared with net earnings of $406,000, or $0.04 cents per share for the second fiscal quarter of 2006. For the six months ended June 30, 2007 net earnings was $478,000, or $0.05 cents per share compared with net earnings of $867,000, or $0.09 cents per share for the six months ended June 30, 2006.
The quarter-over-quarter decrease in net earnings reflects a $121,000 decrease in net interest income and a $100,000 increase in general, administrative and other expenses, which were partially offset by a $26,000 increase in other income and a decrease of $61,000 in the provision for federal income taxes.
For the first six months of 2007, the Company's decline in earnings was generally driven by a decrease of $269,000 in net interest income, as well as an increase of $347,000 in general, administrative and other expenses, which were partially offset by a $35,000 increase in other income and a decrease of $192,000 in the provision for federal income taxes.
At June 30, 2007, Cheviot Financial Corp. had consolidated total assets of $316.5 million, total liabilities of $246.7 million, including deposits of $212.3 million, and shareholders' equity of $69.7 million, or 22.0% of total assets.
Cheviot Savings Bank was established in 1911 and currently has six full-service offices in Hamilton County, Ohio, as well as one loan production office in West Chester, Ohio.
Unaudited financial statements follow.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this release which are not historical facts are forward-looking and involve risks and uncertainties. The company undertakes no obligation to update any forward-looking statement.
Cheviot Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
(Unaudited)
June 30, December 31,
ASSETS 2007 2006
Cash and cash equivalents $ 5,442 $ 5,490
Investment securities 49,642 49,463
Loans receivable 246,670 241,178
Other assets 14,721 13,649
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Total assets $316,475 $309,780
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $212,304 $205,450
Advances from the FHLB 32,521 29,236
Other liabilities 1,914 2,894
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Total liabilities 246,739 237,580
Shareholders' equity 69,736 72,200
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Total liabilities and shareholders' equity $316,475 $309,780
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Cheviot Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2007 2006 2007 2006
Total interest income $4,418 $4,024 $8,755 $7,867
Total interest expense 2,336 1,821 4,585 3,428
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Net interest income 2,082 2,203 4,170 4,439
Provision for losses
on loans -- -- -- --
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Net interest income
after provision for
losses on loans 2,082 2,203 4,170 4,439
Other income 129 103 258 223
General, administrative
and other expense 1,802 1,702 3,729 3,382
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Earnings before
federal income
taxes 409 604 699 1,280
Federal income taxes 137 198 221 413
------ ------ ------ ------
NET EARNINGS $ 272 $ 406 $ 478 $ 867
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Earnings per share -
basic and diluted $ 0.03 $ 0.04 $ 0.05 $ 0.09
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