CHEV Cheviot Financial Corp

CINCINNATI, Jan. 20 /PRNewswire-FirstCall/ -- Cheviot Financial Corp. (NASDAQ:CHEV), the parent company of Cheviot Savings Bank, reported net earnings for the fourth quarter of 2005 of $531,000, or $0.05 cents per share compared with net earnings of $714,000, or $0.08 cents per share for the fourth quarter of 2004. Net earnings for the year ended December 31, 2005 were $2.2 million, or $.22 per share, an increase of $825,000, or $0.14 per share from the $1.3 million of net earnings in 2004. The $183,000 decline in 2005 fourth quarter net earnings is due to a $107,000 decrease in net interest income after provision for loan losses and an increase in general, administrative and other expenses of $255,000, which were partially offset by a $62,000 increase in other income and a decrease in the provision for federal income taxes of $117,000. For the year ended December 31, 2005, the Company's growth in earnings was generally driven by increases of $87,000 in net interest income after provision for loan losses, $168,000 in other income, and a $20,000 decrease in the provision for federal income taxes, as well as the absence of a $1.5 million charitable contribution recorded during the year ended December 31, 2004. The favorable aspects of 2005 operations were partially offset by a $950,000 increase in general, administrative and other expenses. At December 31, 2005, Cheviot Financial Corp. had consolidated total assets of $291.8 million, total liabilities of $217.0 million, including deposits of $181.2 million, and shareholders' equity of $74.8 million, or 25.6% of total assets. Cheviot Savings Bank was established in 1911 and currently has four full- service offices in Hamilton County, Ohio, as well as one loan production office in Mason, 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) December 31, December 31, ASSETS 2005 2004 Cash and cash equivalents $9,103 $7,725 Investment securities 48,638 57,789 Loans receivable 222,711 203,842 Other assets 11,339 7,231 Total assets $291,791 $276,587 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $181,239 $179,989 Advances from the FHLB 33,209 16,199 Other liabilities 2,533 2,459 Total liabilities 216,981 198,647 Shareholders' equity 74,810 77,940 Total liabilities and shareholders' equity $291,791 $276,587 Cheviot Financial Corp. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited) Year ended Three months ended December 31, December 31, 2005 2004 2005 2004 Total interest income $14,415 $12,983 $3,810 $3,368 Total interest expense 5,129 3,881 1,528 1,014 Net interest income 9,286 9,102 2,282 2,354 Provision for losses on loans 97 - 35 - Net interest income after provision for losses on loans 9,189 9,102 2,247 2,354 Other income 438 270 134 72 General, administrative and other expense 6,418 6,968 1,599 1,344 Earnings before federal income taxes 3,209 2,404 782 1,082 Federal income taxes 1,056 1,076 251 368 NET EARNINGS $2,153 $1,328 $531 $714 EARNINGS PER SHARE: Basic $0.22 $0.14 $0.05 $0.08 Diluted $0.22 $0.14 $0.05 $0.08 First Call Analyst: FCMN Contact: DATASOURCE: Cheviot Financial Corp. CONTACT: Thomas J. Linneman, President and Chief Executive Officer of Cheviot Financial Corp., +1-513-661-0457 Web site: http://www.cheviotsavings.com/

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