CHEV Cheviot Financial Corp

CINCINNATI, Jan. 22 /PRNewswire-FirstCall/ -- Cheviot Financial Corp. (NASDAQ:CHEV), the parent company of Cheviot Savings Bank, reported net earnings for the fourth quarter of 2006 of $392,000, or $0.04 cents per share compared with net earnings of $530,000, or $0.05 cents per share for the fourth quarter of 2005. Net earnings for the year ended December 31, 2006 were $1.7 million, or $0.18 per share, a decrease of $457,000, or $0.04 per share from the $2.2 million, or $0.22 per share of net earnings in 2005. The $138,000 decline in 2006 fourth quarter net earnings is due to a $128,000 decrease in net interest income after provision for loan losses and an increase in general, administrative and other expenses of $99,000, which were partially offset by a $91,000 decrease in the provision for federal income taxes. For the year ended December 31, 2006, the decrease in net earnings reflected a decrease of $480,000 in net interest income after provision for loan losses and an increase of $352,000 in general, administrative and other expenses, which were partially offset by an increase of $93,000 in other income, and a $282,000 decrease in the provision for federal income taxes. The decrease in net interest income reflects the continued adverse impact of the inverted yield curve, while the increase in general, administrative and other expenses reflects the opening of two new branch locations, as well as normal increases in operating expenses. At December 31, 2006, Cheviot Financial Corp. had consolidated total assets of $309.8 million, total liabilities of $237.6 million, including deposits of $205.5 million, and shareholders' equity of $72.2 million, or 23.3% 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) December 31, December 31, ASSETS 2006 2005 Cash and cash equivalents $5,490 $9,103 Investment securities 49,427 48,638 Loans receivable 241,178 222,711 Other assets 13,672 11,339 Total assets $309,767 $291,791 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $205,450 $181,238 Advances from the FHLB 29,236 33,209 Other liabilities 2,905 2,534 Total liabilities 237,591 216,981 Shareholders' equity 72,176 74,810 Total liabilities and shareholders' equity $309,767 $291,791 Cheviot Financial Corp. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) (Unaudited) Year ended Three months ended December 31, December 31, 2006 2005 2006 2005 Total interest income $16,509 $14,408 $4,358 $3,803 Total interest expense 7,782 5,129 2,222 1,529 Net interest income 8,727 9,279 2,136 2,274 Provision for losses on loans 25 97 25 35 Net interest income after provision for losses on loans 8,702 9,182 2,111 2,239 Other income 538 445 139 141 General, administrative and other expense 6,770 6,418 1,698 1,599 Earnings before federal income taxes 2,470 3,209 552 781 Federal income taxes 774 1,056 160 251 NET EARNINGS $1,696 $2,153 $392 $530 EARNINGS PER SHARE: Basic $0.18 $0.22 $0.04 $0.05 Diluted $0.18 $0.22 $0.04 $0.05 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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