CINCINNATI, April 20, 2007 (PRIME NEWSWIRE) -- Cheviot Financial Corp. (Nasdaq:CHEV), the parent company of Cheviot Savings Bank, today reported net earnings in the first fiscal quarter of 2007 of $206,000, or $0.02 cents per share compared with net earnings of $461,000, or $0.05 cents per share for the first fiscal quarter of 2006.
The quarter-over-quarter decrease in net earnings reflects a $149,000 decrease in net interest income and a $247,000 increase in general and administrative expenses which reflects the growth in our branches. The increase in our general and administrative expense was partially offset by a $9,000 increase in other income and a decrease of $132,000 in the provision for federal income taxes.
At March 31, 2007, Cheviot Financial Corp. had consolidated total assets of $314.6 million, total liabilities of $243.0 million, including deposits of $212.5 million, and shareholders' equity of $71.6 million, or 22.8% 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)
At At
March 31, December 31,
ASSETS 2007 2006
Cash and cash equivalents $ 8,854 $ 5,490
Investment securities 48,107 49,463
Loans receivable 243,550 241,178
Other assets 14,083 13,649
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Total assets $314,594 $309,780
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $212,503 $205,450
Advances from the FHLB 28,054 29,236
Other liabilities 2,408 2,894
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Total liabilities 242,965 237,580
Shareholders' equity 71,629 72,200
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Total liabilities and shareholders' equity $314,594 $309,780
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Cheviot Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)
Three months ended
March 31,
2007 2006
Total interest income $ 4,336 $ 3,844
Total interest expense 2,249 1,608
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Net interest income 2,087 2,236
Provision for losses on loans -- --
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Net interest income after provision for losses
on loans 2,087 2,236
Other income 129 120
General, administrative and other expense 1,927 1,680
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Earnings before federal income taxes 289 676
Federal income taxes 83 215
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NET EARNINGS $ 206 $ 461
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Earnings per share - basic and diluted $ 0.02 $ 0.05
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