updated 1/28/2011 10:46:56 AM ET 2011-01-28T15:46:56

CINCINNATI, Jan. 28, 2011 (GLOBE NEWSWIRE) -- Cheviot Financial Corp. (Nasdaq:CHEV), the parent company of Cheviot Savings Bank, today reported net earnings in the fourth fiscal quarter of 2010 of $214,000, or $0.03 per share compared with net earnings of $343,000, or $0.04 per share for the fourth fiscal quarter of 2009. For the year ended December 31, 2010 net earnings totaled $2.0 million, or $0.23 per share compared with net earnings of $1.1 million, or $0.13 per share for 2009.

The earnings per share for the three and twelve months ended December 31, 2010 were based on weighted average shares outstanding of 8,731,230 and 8,731,904, respectively as compared with weighted average shares outstanding 8,690,554 and 8,691,554 for the comparable 2009 periods, respectively.

The $129,000 decrease in 2010 fourth quarter net earnings is due to a $319,000 increase in general, administrative and other expenses and an increase in the provision for losses on loans of $250,000, which was partially offset by an increase in other income of $321,000 and a decrease in the provision for federal income taxes of $113,000.

For the year ended December 31, 2010, the Company's increase in earnings generally reflected an increase of $852,000 in net interest income, a decrease of $303,000 in the provision for losses on loans and an increase of $510,000 in other income, which were partially offset by an increase in general, administrative and other expenses of $399,000 and an increase in the provision for federal income taxes of $389,000. The increase in general, administrative and other expenses during the comparative period is a result of legal and professional expenses incurred as a result of the merger agreement entered into on October 12, 2010 with First Franklin Corporation. At December 31, 2010, the allowance for losses on loans was 18.1% of nonperforming assets and 0.55% of total loans compared with 22.8% of nonperforming assets and 0.41% of total loans at December 31, 2009.

At December 31, 2010, Cheviot Financial Corp. had consolidated total assets of $358.1 million, total liabilities of $288.7 million, including deposits of $257.9 million. Shareholders' equity totaled $69.4 million, or 19.4% of total assets. At December 31, 2010, the Savings Bank exceeded all capital adequacy requirements with tangible, core and risk-based capital ratios of 16.2%, 16.2% and 34.9%, respectively.

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)
     
     
ASSETS December 31,

2010
December 31,

2009
     
Cash and cash equivalents  $ 18,149  $ 11,283
Investment securities 97,440 66,515
Loans receivable 225,438 247,002
Other assets 17,042 17,116
     
Total assets  $ 358,069  $ 341,916
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Deposits  $ 257,852  $ 235,904
Advances from the FHLB 27,300 33,672
Other liabilities 3,498 3,590
     
Total liabilities 288,650 273,166
     
Shareholders' equity 69,419 68,750
     
Total liabilities and shareholders' equity  $ 358,069  $ 341,916
         
         
Cheviot Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)
         
         
  Three months ended

December 31, 
Twelve months ended

December 31,
  2010 2009 2010 2009
Total interest income  $ 3,597  $ 3,955  $ 15,438  $ 16,473
Total interest expense 1,066 1,430 4,698 6,585
         
Net interest income 2,531 2,525 10,740 9,888
         
Provision for losses on loans  300  50  550  853
         
Net interest income after provision for losses on loans 2,231 2,475 10,190 9,035
         
Other income 481 160 1,323 813
General, administrative and other expense 2,415 2,096 8,540 8,141
         
Earnings before federal income taxes 297 539 2,973 1,707
         
Federal income taxes 83 196 995 606
         
NET EARNINGS   $ 214  $ 343  $ 1,978  $ 1,101
         
Earnings per share - basic and diluted  $ 0.03  $ 0.04  $ 0.23  $ 0.13
CONTACT: Thomas J. Linneman
         513-661-0457

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