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Cheviot Financial Corp. Reports Second-Quarter Earnings

CINCINNATI, Ohio – July 29, 2009 – Cheviot Financial Corp. (NASDAQ: CHEV), the parent company of Cheviot Savings Bank, today reported net earnings in the second fiscal quarter of 2009 of $225,000, or $0.03 cents per share compared with net earnings of $446,000, or $0.05 cents per share for the second fiscal quarter of 2008.  For the six months ended June 30, 2009 net earnings totaled $518,000, or $0.06 cents per share compared with net earnings of $543,000, or $0.06 cents per share for the six months ended June 30, 2008.

 

The earnings per share for the six and three months ended June 30, 2009 were based on weighted average shares outstanding of 8,692,768 and 8,691,585 as compared with weighted average shares outstanding of 8,702,161 and 8,677,852 for the comparable 2008 periods.

 

The quarter-over-quarter decrease in net earnings reflects a $350,000 increase in general, administrative and other expenses and an increase in the provision for losses on loans of $90,000, which was partially offset by an increase of $76,000 in net interest income, a $90,000 increase in other income and a decrease of $53,000 in the provision for federal income taxes. The increase in general, administrative and other expenses includes the Federal Deposit Insurance Corporation special assessment during the second quarter which totaled approximately $140,000.

 

For the first six months of 2009, the Company’s decrease in earnings generally reflected an increase of $522,000 in general, administrative and other expenses, an increase of $164,000 in the provision for losses on loans, as well as a $15,000 increase in the provision for federal income taxes, which were partially offset by a $417,000 increase in net interest income and a $259,000 increase in other income.  The increase in the provision for losses on loans reflects economic factors locally, charge-offs of approximately $134,000 and the allocation of approximately $32,000 in reserves for real estate acquired through foreclosure.  At June 30, 2009, the allowance for losses on loans was 36.1% of nonperforming assets and 0.39% of total loans.

 

At June 30, 2009, Cheviot Financial Corp. had consolidated total assets of $342.5 million, total liabilities of $274.0 million, including deposits of $229.8 million, and shareholders’ equity of $68.6 million, or 20.0% of total assets.  At June 30, 2009, the Savings Bank exceeded all capital adequacy requirements with tangible, core and risk-based capital ratios of 17.0%, 17.0% and 34.2%.

 

Cheviot Savings Bank was established in 1911 and currently has six full-service offices in Hamilton County, Ohio.

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"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.

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