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
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Total assets $ 321,452 $ 319,060
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 219,826 $ 219,526
Advances from the FHLB 31,547 28,665
Other liabilities 2,592 2,949
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Total liabilities 253,965 251,140
Shareholders' equity 67,487 67,920
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Total liabilities and shareholders'
equity $ 321,452 $ 319,060
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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
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Net interest income 2,146 2,087
Provision for losses on loans 263 --
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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
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Earnings before federal income
taxes 136 289
Federal income taxes 39 83
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NET EARNINGS $ 97 $ 206
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Earnings per share - basic and
diluted $ 0.01 $ 0.02
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