Cheviot Financial Corp (CHEV, Financial) filed Quarterly Report for the period ended 2009-03-31.
Cheviot Savings Bank completed its conversion to the mutual holding company form and its initial public offering of common stock on January 5 2004. In connection with the conversion Cheviot Savings Bank formed Cheviot Financial Corp. as a new holding company. Shares of Cheviot Financial Corp. are listed on Nasdaq under the trading symbol `CHEV`. Cheviot Financial Corp has a market cap of $68.3 million; its shares were traded at around $7.7 with a P/E ratio of 42.8 and P/S ratio of 3.7. The dividend yield of Cheviot Financial Corp stocks is 5.2%.
or 162.0%, to $26.2 million at March 31, 2009, from $10.0 million at December
31, 2008. The increase in cash and cash equivalents at March 31, 2009, was due
to a $11.8 million increase in interest earning deposits and a $4.6 million
increase in federal funds sold, which was partially offset by a decrease in cash
and due from banks of $84,000. Investment securities decreased $2.1 million, or
6.7%, to $28.8 million at March 31, 2009. At March 31, 2009, $5.0 million of
investment securities were classified as held to maturity, while $23.8 million
were classified as available for sale.
Mortgage-backed securities increased $3.5 million, or 46.5%, to $11.1 million at
March 31, 2009, from $7.6 million at December 31, 2008. The increase in
mortgage-backed securities was due primarily to purchases of $4.1 million, which
was partially offset by principal prepayments and repayments totaling $541,000.
At March 31, 2009, $6.7 million of mortgage-backed securities was classified as
held to maturity, while $4.4 million was classified as available for sale. As of
March 31, 2009, none of the mortgage-backed securities are considered other than
temporarily impaired.
Net earnings for the three months ended March 31, 2009 totaled $293,000, a
$196,000 increase from the $97,000 net earnings reported in the March 2008
period. The increase in net earnings reflects an increase in net interest income
of $341,000 and an increase in other income of $169,000, which was partially
offset by an increase in the provision for losses on loans of $74,000, an
increase in general, administrative and other expense of $171,000 and an
increase in federal income taxes of $69,000 for the 2009 quarter.
Interest income on mortgage-backed securities decreased $34,000, or 24.5%, to
$105,000 for the three months ended March 31, 2009, from $139,000 for the 2008
quarter, due primarily to a 157 basis point decrease in the average yield, which
was partially offset by a $362,000 increase in the average balance of securities
outstanding period to period. Interest income on investment securities decreased
$185,000, or 33.4%, to $369,000 for the three months ended March 31, 2009,
compared to $554,000 for the same quarter in 2008, due primarily to a decrease
of $14.7 million, or 35.9% in the average balance of investment securities
outstanding, which was partially offset by a 21 basis point increase in the
average yield to 5.63% in the 2009 quarter. Interest income on other
interest-earning deposits decreased $22,000, or 68.8%, to $10,000 for the three
months ended March 31, 2009.
Interest expense decreased $540,000, or 22.6%, to $1.8 million for the three
months ended March 31, 2009, from $2.4 million for the same period in 2008.
Interest expense on deposits decreased by $636,000, or 31.6%, to $1.4 million
from $2.0 million due primarily to a 118 basis point decrease in the weighted
average costs of deposits to 2.53% during the 2009 period, which was partially
offset by a $1.1 million, or 0.5%, increase in the weighted-average balance
outstanding. Interest expense on borrowings increased by $96,000, or 25.6%, due
primarily to a $11.1 million, or 34.2%, increase in the average balance
outstanding, which was partially offset by a 31 basis point decrease in the
average cost of borrowings.
General, administrative and other expense increased $171,000, or 9.5%, to $2.0
million for the three months ended March 31, 2009, from $1.8 million for the
comparable quarter in 2008. This increase is a result of an increase of $100,000
in employee compensation and benefits and a $58,000 increase in other operating
expense. The increase in employee compensation and benefits is a result of the
increase in compensation expense for additional employees and an increase in
health insurance costs as a result of overall company growth. The increase in
other operating expense is a result of $15,000 of cost incurred from a security
breach with an electronic payments processor which affected some of our debit
card customers and approximately $15,000 in real estate taxes on real estate
owned.
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Cheviot Savings Bank completed its conversion to the mutual holding company form and its initial public offering of common stock on January 5 2004. In connection with the conversion Cheviot Savings Bank formed Cheviot Financial Corp. as a new holding company. Shares of Cheviot Financial Corp. are listed on Nasdaq under the trading symbol `CHEV`. Cheviot Financial Corp has a market cap of $68.3 million; its shares were traded at around $7.7 with a P/E ratio of 42.8 and P/S ratio of 3.7. The dividend yield of Cheviot Financial Corp stocks is 5.2%.
Highlight of Business Operations:
Cash, federal funds sold and interest-earning deposits increased $16.2 million,or 162.0%, to $26.2 million at March 31, 2009, from $10.0 million at December
31, 2008. The increase in cash and cash equivalents at March 31, 2009, was due
to a $11.8 million increase in interest earning deposits and a $4.6 million
increase in federal funds sold, which was partially offset by a decrease in cash
and due from banks of $84,000. Investment securities decreased $2.1 million, or
6.7%, to $28.8 million at March 31, 2009. At March 31, 2009, $5.0 million of
investment securities were classified as held to maturity, while $23.8 million
were classified as available for sale.
Mortgage-backed securities increased $3.5 million, or 46.5%, to $11.1 million at
March 31, 2009, from $7.6 million at December 31, 2008. The increase in
mortgage-backed securities was due primarily to purchases of $4.1 million, which
was partially offset by principal prepayments and repayments totaling $541,000.
At March 31, 2009, $6.7 million of mortgage-backed securities was classified as
held to maturity, while $4.4 million was classified as available for sale. As of
March 31, 2009, none of the mortgage-backed securities are considered other than
temporarily impaired.
Net earnings for the three months ended March 31, 2009 totaled $293,000, a
$196,000 increase from the $97,000 net earnings reported in the March 2008
period. The increase in net earnings reflects an increase in net interest income
of $341,000 and an increase in other income of $169,000, which was partially
offset by an increase in the provision for losses on loans of $74,000, an
increase in general, administrative and other expense of $171,000 and an
increase in federal income taxes of $69,000 for the 2009 quarter.
Interest income on mortgage-backed securities decreased $34,000, or 24.5%, to
$105,000 for the three months ended March 31, 2009, from $139,000 for the 2008
quarter, due primarily to a 157 basis point decrease in the average yield, which
was partially offset by a $362,000 increase in the average balance of securities
outstanding period to period. Interest income on investment securities decreased
$185,000, or 33.4%, to $369,000 for the three months ended March 31, 2009,
compared to $554,000 for the same quarter in 2008, due primarily to a decrease
of $14.7 million, or 35.9% in the average balance of investment securities
outstanding, which was partially offset by a 21 basis point increase in the
average yield to 5.63% in the 2009 quarter. Interest income on other
interest-earning deposits decreased $22,000, or 68.8%, to $10,000 for the three
months ended March 31, 2009.
Interest expense decreased $540,000, or 22.6%, to $1.8 million for the three
months ended March 31, 2009, from $2.4 million for the same period in 2008.
Interest expense on deposits decreased by $636,000, or 31.6%, to $1.4 million
from $2.0 million due primarily to a 118 basis point decrease in the weighted
average costs of deposits to 2.53% during the 2009 period, which was partially
offset by a $1.1 million, or 0.5%, increase in the weighted-average balance
outstanding. Interest expense on borrowings increased by $96,000, or 25.6%, due
primarily to a $11.1 million, or 34.2%, increase in the average balance
outstanding, which was partially offset by a 31 basis point decrease in the
average cost of borrowings.
General, administrative and other expense increased $171,000, or 9.5%, to $2.0
million for the three months ended March 31, 2009, from $1.8 million for the
comparable quarter in 2008. This increase is a result of an increase of $100,000
in employee compensation and benefits and a $58,000 increase in other operating
expense. The increase in employee compensation and benefits is a result of the
increase in compensation expense for additional employees and an increase in
health insurance costs as a result of overall company growth. The increase in
other operating expense is a result of $15,000 of cost incurred from a security
breach with an electronic payments processor which affected some of our debit
card customers and approximately $15,000 in real estate taxes on real estate
owned.
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