UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 19, 2005
CHEVIOT FINANCIAL CORP.
(Exact Name of Registrant as Specified in Charter)
Federal 0-50529 56-2423750
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(State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
3723 Glenmore Avenue, Cheviot, Ohio 45211
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (513) 661-0457
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Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On July 19, 2005, Cheviot Financial Corp. announced its earnings for
the quarter ended June 30, 2005. A copy of the press release dated
July 19, 2005, detailing earnings for this period is attached as
Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits
(a) Financial Statements of businesses acquired. Not Applicable.
(b) Pro forma financial information. Not Applicable.
(c) Exhibits.
The following Exhibit is attached as part of this report:
99.1 Press release of Cheviot Financial Corp., dated July 19, 2005,
announcing the company's earnings for the three and six months
ended June 30, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
CHEVIOT FINANCIAL CORP.
DATE: July 19, 2005 By: /s/ Scott T. Smith
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Scott T. Smith
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press release of Cheviot Financial Corp., dated July 19, 2005,
announcing the company's earnings for the three and six months
ended June 30, 2005.
Contact: Thomas J. Linneman For immediate release
513-661-0457
Cheviot Financial Corp. Reports Second-Quarter and Six Month Earnings
CINCINNATI, Ohio - July 19, 2005 - Cheviot Financial Corp. (NASDAQ: CHEV), the
parent company of Cheviot Savings Bank, today reported net earnings in the
second fiscal quarter of 2005 of $424,000, or 4 cents per share compared with
net earnings of $590,000 for the second fiscal quarter of 2004. Net earnings for
the six months ended June 30, 2005 of $1.1 million, or $.11 per share, an
increase of $1.2 million over results of operations recorded in the comparable
six month period in 2004.
The $166,000 decline in 2005 second quarter net earnings is due to a $97,000
increase in net interest and other income, and a $106,000 in federal taxes,
which were more than offset by a $369,000 increase in general and administrative
expense.
The enhanced 2005 six month results were generally driven by healthy increases
of $250,000 in net interest income after provision for loan losses, and $75,000
in other income, as well as the absence of a $1.5 million charitable
contribution in the 2004 six month period. These favorable aspects of 2005
operations were partially offset by an approximate $475,000 increase in general
and administrative expense, reflective of increased incentive compensation and
franchise tax costs associated with the Company's conversion to the stock form
of ownership.
At June 30, 2005, Cheviot Financial Corp. had consolidated total assets of
$281.2 million, total liabilities of $203.5 million, including deposits of
$180.9 million, and shareholders' equity of $77.6 million, or 27.6% 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.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
(Unaudited)
June 30, December 31,
ASSETS 2005 2004
Cash and cash equivalents $ 8,704 $ 7,725
Investment securities 53,582 57,789
Loans receivable 207,838 203,842
Other assets 11,042 7,231
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Total assets $281,166 $276,587
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 180,879 $ 179,989
Advances from the FHLB 20,985 16,199
Other liabilities 1,666 2,459
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Total liabilities 203,530 198,647
Shareholders' equity 77,636 77,940
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Total liabilities and shareholders' equity $281,166 $276,587
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Cheviot Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)
Six months ended Three months ended
June 30, June 30,
2005 2004 2005 2004
Total interest income $ 6,923 $ 6,267 $ 3,494 $ 3,182
Total interest expense 2,250 1,876 1,182 927
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Net interest income 4,673 4,391 2,312 2,255
Provision for losses on loans 32 - 32 -
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Net interest income after provision for
losses on l4,641 4,391 2,280 2,255
Other income 192 117 113 41
General, administrative and other expense 3,245 4,272 1,769 1,400
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Earnings before federal income taxes 1,588 236 624 896
Federal income taxes 525 338 200 306
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NET EARNINGS $ 1,063 $ (102) $ 424 $ 590
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Basic earnings per share $ 0.11 $ (0.01) $ 0.04 $ 0.06
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