Cheviot Financial Corp. Reports First-Quarter Earnings


CINCINNATI, April 18, 2008 (PRIME NEWSWIRE) -- Cheviot Financial Corp. (Nasdaq:CHEV), the parent company of Cheviot Savings Bank, today reported net earnings for the first fiscal quarter of 2008 of $97,000, or $0.01 cents per share compared with net earnings of $206,000, or $0.02 cents per share for the first fiscal quarter of 2007.

The quarter net earnings reflect an increase in net interest income of $59,000, a decrease in general, administrative and other expenses of $118,000 and a decrease in the provision for federal income taxes of $44,000, which were offset by an increase in the provision for losses on loans of $263,000 and a decrease in other income of $67,000. The increase in the provision for losses on loans reflects weaker economic conditions in the greater Cincinnati area and the need to allocate approximately $210,000 in specific reserves for five residential properties totaling $425,000 which were acquired through foreclosure during the quarter ended March 31, 2008.

In January 2008, the Company announced a repurchase plan which provided for the repurchase of 5% or 447,584 shares of our common stock. As of March 31, 2008, the Company had purchased 38,457 shares pursuant to the program at an average price of $9.93.

At March 31, 2008, Cheviot Financial Corp. had consolidated total assets of $321.5 million, total liabilities of $254.0 million, including deposits of $219.8 million, and shareholders' equity of $67.5 million, or 21.0% of total assets.

Cheviot Savings Bank was established in 1911 and currently has six full-service offices in Hamilton County, 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)
        
                                                   At                    At 
                                                March 31,           December 31, 
                   ASSETS                           2008                  2007 

  Cash and cash equivalents                  $    10,703            $     9,450 
  Investment securities                           45,533                 45,492 
  Loans receivable                               250,631                249,832 
  Other assets                                    14,585                 14,286 
                                            ------------           ------------ 

     Total assets                            $   321,452            $   319,060 
                                            ============           ============ 

       LIABILITIES AND SHAREHOLDERS' EQUITY                  
  Deposits                                   $   219,826            $   219,526 
  Advances from the FHLB                          31,547                 28,665 
  Other liabilities                                2,592                  2,949 
                                            ------------           ------------ 

     Total liabilities                           253,965                251,140 

  Shareholders' equity                            67,487                 67,920 
                                            ------------           ------------ 
     Total liabilities and shareholders' 
      equity                                 $   321,452            $   319,060 
                                            ============           ============ 


                               Cheviot Financial Corp.        
                     CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS        
                          (In thousands, except share data)        
                                    (Unaudited) 
       
                                                      Three months ended   
                                                           March 31,    
                                                  2008                   2007     

  Total interest income                      $    4,531             $    4,336 
  Total interest expense                          2,385                  2,249 
                                            ------------           ------------ 

     Net interest income                          2,146                  2,087 

  Provision for losses on loans                     263                     -- 
                                            ------------           ------------ 
     Net interest income after provision 
      for losses on loans                         1,883                  2,087 

  Other income                                       62                    129 
  General, administrative and other 
   expense                                        1,809                  1,927 
                                            ------------           ------------ 
     Earnings before federal income 
      taxes                                         136                    289 

  Federal income taxes                               39                     83 
                                            ------------           ------------ 

     NET EARNINGS                            $       97             $      206 
                                            ============           ============ 
  Earnings per share - basic and 
   diluted                                   $     0.01             $     0.02 
                                            ============           ============ 


            

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