Cheviot Financial Corp (CHEV, Financial) filed Quarterly Report for the period ended 2010-06-30.
Cheviot Financial Corp has a market cap of $78 million; its shares were traded at around $8.8 with a P/E ratio of 46.4 and P/S ratio of 4.5. The dividend yield of Cheviot Financial Corp stocks is 5.1%. Cheviot Financial Corp had an annual average earning growth of 2.7% over the past 5 years.
Net earnings for the six months ended June 30, 2010 totaled $1.1 million, a $563,000 increase from the $518,000 net earnings reported for the same period in 2009. The increase in net earnings reflects an increase in net interest income, of $625,000, a decrease of $352,000 in the provision for losses on loans and a decrease of $97,000 in general, administrative and other expenses, which were partially offset by an increase of $406,000 in the provision for federal income taxes and a decrease in other income of $105,000 for the 2010 period.
Interest income on mortgage-backed securities decreased $69,000, or 29.9%, to $162,000 for the six months ended June 30, 2010, from $231,000 for the same period in 2009, due primarily to a 101 basis point decrease in the average yield and a $834,000 decrease in the average balance of securities outstanding period to period. Interest income on investment securities increased $194,000, or 29.7%, to $848,000 for the six months ended June 30, 2010, compared to $654,000 for the same period in 2009, due primarily to an increase of $33.1 million, or 105.2% increase in the average balance of investment securities outstanding, which was partially offset by a decrease in the average yield of 153 basis points to 2.63% in the 2010 period. Interest income on other interest-earning deposits increased $52,000, or 208.0% to $77,000 for the six months ended June 30, 2010, as compared to the same period in 2009.
Interest expense decreased $1.1 million, or 29.8% to $2.5 million for the six months ended June 30, 2010, from $3.6 million for the same period in 2009. Interest expense on deposits decreased by $852,000, or 32.3%, to $1.8 million for the six months ended June 30, 2010, from $2.6 million for the same period in 2009 due primarily to a 85 basis point decrease in the average costs of deposits to 1.54% during the 2010 period, which was partially offset by a $11.1 million, or 5.0%, increase in the average balances outstanding. Interest expense on borrowings decreased by $210,000, or 22.6%, due primarily to a $5.8 million, or 13.5%, decrease in the average balance outstanding and a 46 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 2010 as compared to 2009.
Interest income on mortgage-backed securities decreased $50,000, or 39.7%, to $76,000 for the three months ended June 30, 2010, from $126,000 for the comparable 2009 quarter, due primarily to a $2.0 million decrease in the average balance of securities outstanding and a 115 basis point decrease in the average yield period to period. Interest income on investment securities increased $189,000, or 66.1%, to $475,000 for the three months ended June 30, 2010, compared to $286,000 for the same quarter in 2009, due primarily to an increase of $29.3 million, or 79.8% in the average balance of investment securities outstanding, which was partially offset by a 24 basis point decrease in the average yield to 2.88% in the 2010 quarter. Interest income on other interest-earning deposits increased $22,000, or 146.7% to $37,000 for the three months ended June 30, 2010.
Interest expense decreased $497,000, or 28.9% to $1.2 million for the three months ended June 30, 2010, from $1.7 million for the same quarter in 2009. Interest expense on deposits decreased by $393,000, or 31.1%, to $869,000, from $1.3 million, due primarily to a 77 basis point decrease in the average costs of deposits to 1.48% during the 2010 quarter due to the lower rate repricings of certificates of deposit, as deposit rates were lower in 2010 as compared to 2009. This was partially offset by a $10.1 million, or 4.5%, increase in the average balance outstanding. Interest expense on borrowings decreased by $104,000, or 22.8%, due primarily to a $4.7 million, or 11.2%, decrease in the average balance outstanding and a 57 basis point decrease in the average cost of borrowings.
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Cheviot Financial Corp has a market cap of $78 million; its shares were traded at around $8.8 with a P/E ratio of 46.4 and P/S ratio of 4.5. The dividend yield of Cheviot Financial Corp stocks is 5.1%. Cheviot Financial Corp had an annual average earning growth of 2.7% over the past 5 years.
Highlight of Business Operations:
Cash, federal funds sold and interest-earning deposits increased $7.8 million, or 69.3%, to $19.1 million at June 30, 2010, from $11.3 million at December 31, 2009. The increase in cash and cash equivalents at June 30, 2010 was due to a $5.8 million increase in federal funds sold, a $1.6 million increase in interest-earning deposits and a $418,000 increase in cash and due from banks. Investment securities increased $7.1 million to $63 million at June 30, 2010. At June 30, 2010, all investment securities were classified as available for sale. As of June 30, 2010, none of our investment securities are considered impaired.Net earnings for the six months ended June 30, 2010 totaled $1.1 million, a $563,000 increase from the $518,000 net earnings reported for the same period in 2009. The increase in net earnings reflects an increase in net interest income, of $625,000, a decrease of $352,000 in the provision for losses on loans and a decrease of $97,000 in general, administrative and other expenses, which were partially offset by an increase of $406,000 in the provision for federal income taxes and a decrease in other income of $105,000 for the 2010 period.
Interest income on mortgage-backed securities decreased $69,000, or 29.9%, to $162,000 for the six months ended June 30, 2010, from $231,000 for the same period in 2009, due primarily to a 101 basis point decrease in the average yield and a $834,000 decrease in the average balance of securities outstanding period to period. Interest income on investment securities increased $194,000, or 29.7%, to $848,000 for the six months ended June 30, 2010, compared to $654,000 for the same period in 2009, due primarily to an increase of $33.1 million, or 105.2% increase in the average balance of investment securities outstanding, which was partially offset by a decrease in the average yield of 153 basis points to 2.63% in the 2010 period. Interest income on other interest-earning deposits increased $52,000, or 208.0% to $77,000 for the six months ended June 30, 2010, as compared to the same period in 2009.
Interest expense decreased $1.1 million, or 29.8% to $2.5 million for the six months ended June 30, 2010, from $3.6 million for the same period in 2009. Interest expense on deposits decreased by $852,000, or 32.3%, to $1.8 million for the six months ended June 30, 2010, from $2.6 million for the same period in 2009 due primarily to a 85 basis point decrease in the average costs of deposits to 1.54% during the 2010 period, which was partially offset by a $11.1 million, or 5.0%, increase in the average balances outstanding. Interest expense on borrowings decreased by $210,000, or 22.6%, due primarily to a $5.8 million, or 13.5%, decrease in the average balance outstanding and a 46 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 2010 as compared to 2009.
Interest income on mortgage-backed securities decreased $50,000, or 39.7%, to $76,000 for the three months ended June 30, 2010, from $126,000 for the comparable 2009 quarter, due primarily to a $2.0 million decrease in the average balance of securities outstanding and a 115 basis point decrease in the average yield period to period. Interest income on investment securities increased $189,000, or 66.1%, to $475,000 for the three months ended June 30, 2010, compared to $286,000 for the same quarter in 2009, due primarily to an increase of $29.3 million, or 79.8% in the average balance of investment securities outstanding, which was partially offset by a 24 basis point decrease in the average yield to 2.88% in the 2010 quarter. Interest income on other interest-earning deposits increased $22,000, or 146.7% to $37,000 for the three months ended June 30, 2010.
Interest expense decreased $497,000, or 28.9% to $1.2 million for the three months ended June 30, 2010, from $1.7 million for the same quarter in 2009. Interest expense on deposits decreased by $393,000, or 31.1%, to $869,000, from $1.3 million, due primarily to a 77 basis point decrease in the average costs of deposits to 1.48% during the 2010 quarter due to the lower rate repricings of certificates of deposit, as deposit rates were lower in 2010 as compared to 2009. This was partially offset by a $10.1 million, or 4.5%, increase in the average balance outstanding. Interest expense on borrowings decreased by $104,000, or 22.8%, due primarily to a $4.7 million, or 11.2%, decrease in the average balance outstanding and a 57 basis point decrease in the average cost of borrowings.
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