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Cheviot Financial Q1 net earnings down

Cheviot Financial, the parent company of Cheviot Savings Bank, has reported net earnings of $97,000 or $0.01 per share for the first fiscal quarter of 2008, compared to $206,000 or $0.02 per share for the first fiscal quarter of 2007.

The first quarter net earnings reflect an increase in net interest income of $59,000, a decrease in general, administrative and other expenses of $118,000 and a decrease in the provision for federal income taxes of $44,000, which were offset by an increase in the provision for losses on loans of $263,000 and a decrease in other income of $67,000.

At March 31, 2008, Cheviot Financial had consolidated total assets of $321.5 million, total liabilities of $254 million, including deposits of $219.8 million, and shareholders’ equity of $67.5 million, or 21% of total assets.