Cheviot Financial Corp (CHEV, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $67.3 million; its shares were traded at around $7.6 with a P/E ratio of 54.2 and P/S ratio of 3.6. The dividend yield of Cheviot Financial Corp stocks is 5.3%.
or 28.8%, to $12.9 million at September 30, 2009, from $10.0 million at December
31, 2008. The increase in cash and cash equivalents at September 30, 2009, was
due to a $1.5 million increase in federal funds sold and a $3.0 million increase
in interest-earning deposits, which was partially offset by a $1.6 million
decrease in cash and due from banks. Investment securities increased $18.6
million to $49.5 million at September 30, 2009. At September 30, 2009, $49.5
million of investment securities were classified as available for sale.
Interest income on mortgage-backed securities decreased $27,000, or 7.3%, to
$342,000 for the nine months ended September 30, 2009, from $369,000 for the
same period in 2008, due primarily to a 151 basis point decrease in the average
yield, which was partially offset by an increase in the average balance of
securities outstanding of $2.4 million for the nine months ended September 30,
2008 from the comparable period in 2008. Interest income on investment
securities decreased $544,000, or 34.4%, to $1.0 million for the nine months
ended September 30, 2009, compared to $1.6 million for the same period in 2008,
due primarily to a 260 basis point decrease in the average yield to 3.15% in the
2009 period, which was partially offset by an increase of $2.3 million, or 6.3%
in the average balance of investment securities outstanding. Interest income on
other interest-earning deposits decreased $45,000, or 56.3% to $35,000 for the
nine months ended September 30, 2009, as compared to the same period in 2008.
Interest expense decreased $1.3 million, or 20.5% to $5.2 million for the nine
months ended September 30, 2009, from $6.5 million for the same period in 2008.
Interest expense on deposits decreased by $1.5 million, or 27.7%, to $3.8
million for the nine months ended September 30, 2009, from $5.3 million for the
same period in 2008 due primarily to a 101 basis point decrease in the average
costs of deposits to 2.28% during the 2009 period, which was partially offset by
a $9.3 million, or 4.4%, increase in the average balance outstanding. Interest
expense on borrowings increased by $124,000 or 10.1%, due primarily to a $4.0
million, or 10.8%, increase in the average balance outstanding, which was
partially offset by a 2 basis point decrease in the average cost of borrowings.
The decrease in the average cost of deposits and borrowings reflects lower
shorter term interest rates in 2009 as compared to 2008, as actions by the
Federal Reserve to reduce shorter term interest rates resulted in a steepening
of the yield curve and a reduction of short term and medium term interest rates.
General, administrative and other expense increased $515,000, or 9.3%, to $6.0
million for the nine months ended September 30, 2009, from $5.5 million for the
comparable period in 2008. This increase is a result of an increase of $137,000
in employee compensation and benefits, a $21,000 increase in data processing
expense, an increase of $172,000 in FDIC expense and an increase of $117,000 in
other operating expense. The increase in employee compensation and benefits is a
result of the increase in compensation expense as we increased our number of
full time equivalent employees to accommodate the Corporation's growth. The
increase in data processing expense is a result of the conversion of the core
computer operating system in May 2009. The increase in FDIC expense is a result
of the special assessment from the FDIC of approximately $140,000. The increase
in other operating expense is a result of real estate taxes, maintenance and
insurance expense on properties acquired through foreclosure.
Interest income on mortgage-backed securities increased $3,000, or 2.8%, to
$110,000 for the three months ended September 30, 2009, from $107,000 for the
comparable 2008 quarter, due primarily to a $3.4 million increase in the average
balance of securities outstanding, which was partially offset by a 147 basis
point decrease in the average yield period to period. Interest income on
investment securities decreased $147,000, or 27.7%, to $384,000 for the three
months ended September 30, 2009, compared to $531,000 for the same quarter in
2008, due primarily to a 327 basis point decrease in the average yield to 2.85%
in the 2009 quarter, which was partially offset by an increase of $13.4 million,
or 38.5% in the average balance of investment securities outstanding. Interest
income on other interest-earning deposits was $10,000 for the three months ended
September 30, 2009 and 2008, respectively.
Interest expense decreased $402,000, or 20.2%, to $1.6 million for the three
months ended September 30, 2009, from $2.0 million for the same quarter in 2008.
Interest expense on deposits decreased by $344,000, or 22.7%, to $1.2 million,
from $1.5 million due primarily to a 83 basis point decrease in the average cost
of deposits to 2.06% during the 2009 quarter, which was partially offset by a
$17.0 million, or 8.1%, increase in the average balance outstanding. Interest
expense on borrowings decreased by $58,000, or 12.1%, due primarily to a $6.0
million, or 13.4%, decrease in the average balance outstanding, which was
partially offset by a 6 basis point increase in the average cost of borrowings.
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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 $67.3 million; its shares were traded at around $7.6 with a P/E ratio of 54.2 and P/S ratio of 3.6. The dividend yield of Cheviot Financial Corp stocks is 5.3%.
Highlight of Business Operations:
Cash, federal funds sold and interest-earning deposits increased $2.9 million,or 28.8%, to $12.9 million at September 30, 2009, from $10.0 million at December
31, 2008. The increase in cash and cash equivalents at September 30, 2009, was
due to a $1.5 million increase in federal funds sold and a $3.0 million increase
in interest-earning deposits, which was partially offset by a $1.6 million
decrease in cash and due from banks. Investment securities increased $18.6
million to $49.5 million at September 30, 2009. At September 30, 2009, $49.5
million of investment securities were classified as available for sale.
Interest income on mortgage-backed securities decreased $27,000, or 7.3%, to
$342,000 for the nine months ended September 30, 2009, from $369,000 for the
same period in 2008, due primarily to a 151 basis point decrease in the average
yield, which was partially offset by an increase in the average balance of
securities outstanding of $2.4 million for the nine months ended September 30,
2008 from the comparable period in 2008. Interest income on investment
securities decreased $544,000, or 34.4%, to $1.0 million for the nine months
ended September 30, 2009, compared to $1.6 million for the same period in 2008,
due primarily to a 260 basis point decrease in the average yield to 3.15% in the
2009 period, which was partially offset by an increase of $2.3 million, or 6.3%
in the average balance of investment securities outstanding. Interest income on
other interest-earning deposits decreased $45,000, or 56.3% to $35,000 for the
nine months ended September 30, 2009, as compared to the same period in 2008.
Interest expense decreased $1.3 million, or 20.5% to $5.2 million for the nine
months ended September 30, 2009, from $6.5 million for the same period in 2008.
Interest expense on deposits decreased by $1.5 million, or 27.7%, to $3.8
million for the nine months ended September 30, 2009, from $5.3 million for the
same period in 2008 due primarily to a 101 basis point decrease in the average
costs of deposits to 2.28% during the 2009 period, which was partially offset by
a $9.3 million, or 4.4%, increase in the average balance outstanding. Interest
expense on borrowings increased by $124,000 or 10.1%, due primarily to a $4.0
million, or 10.8%, increase in the average balance outstanding, which was
partially offset by a 2 basis point decrease in the average cost of borrowings.
The decrease in the average cost of deposits and borrowings reflects lower
shorter term interest rates in 2009 as compared to 2008, as actions by the
Federal Reserve to reduce shorter term interest rates resulted in a steepening
of the yield curve and a reduction of short term and medium term interest rates.
General, administrative and other expense increased $515,000, or 9.3%, to $6.0
million for the nine months ended September 30, 2009, from $5.5 million for the
comparable period in 2008. This increase is a result of an increase of $137,000
in employee compensation and benefits, a $21,000 increase in data processing
expense, an increase of $172,000 in FDIC expense and an increase of $117,000 in
other operating expense. The increase in employee compensation and benefits is a
result of the increase in compensation expense as we increased our number of
full time equivalent employees to accommodate the Corporation's growth. The
increase in data processing expense is a result of the conversion of the core
computer operating system in May 2009. The increase in FDIC expense is a result
of the special assessment from the FDIC of approximately $140,000. The increase
in other operating expense is a result of real estate taxes, maintenance and
insurance expense on properties acquired through foreclosure.
Interest income on mortgage-backed securities increased $3,000, or 2.8%, to
$110,000 for the three months ended September 30, 2009, from $107,000 for the
comparable 2008 quarter, due primarily to a $3.4 million increase in the average
balance of securities outstanding, which was partially offset by a 147 basis
point decrease in the average yield period to period. Interest income on
investment securities decreased $147,000, or 27.7%, to $384,000 for the three
months ended September 30, 2009, compared to $531,000 for the same quarter in
2008, due primarily to a 327 basis point decrease in the average yield to 2.85%
in the 2009 quarter, which was partially offset by an increase of $13.4 million,
or 38.5% in the average balance of investment securities outstanding. Interest
income on other interest-earning deposits was $10,000 for the three months ended
September 30, 2009 and 2008, respectively.
Interest expense decreased $402,000, or 20.2%, to $1.6 million for the three
months ended September 30, 2009, from $2.0 million for the same quarter in 2008.
Interest expense on deposits decreased by $344,000, or 22.7%, to $1.2 million,
from $1.5 million due primarily to a 83 basis point decrease in the average cost
of deposits to 2.06% during the 2009 quarter, which was partially offset by a
$17.0 million, or 8.1%, increase in the average balance outstanding. Interest
expense on borrowings decreased by $58,000, or 12.1%, due primarily to a $6.0
million, or 13.4%, decrease in the average balance outstanding, which was
partially offset by a 6 basis point increase in the average cost of borrowings.
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