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Cheviot Financial Corp. Reports Results of Operations

Cheviot, Ohio – Cheviot Financial Corp (Nasdaq: “CHEV”), parent company of Cheviot Savings Bank, Cheviot, Ohio, reported a net loss for the three months ended March 31, 2004 of $692,000, or $.07 per share, compared to net earnings of $394,000 recorded for the three month period ended March 31, 2003. The net loss for the three months ended March 31, 2004 resulted primarily from a $1.5 million expense recorded for the Corporation’s contribution to the Cheviot Savings Bank Charitable Foundation, which was established in connection with Cheviot Savings Bank’s reorganization to the mutual holding company form and common stock offering. Excluding the after-tax effects of this charitable contribution, the Corporation’s net earnings amounted to $553,000, or $.06 per share, which represented an increase of $159,000, or 40.4%, over the comparable quarter in 2003. This increase resulted primarily from a $73,000 increase in net interest income and a $260,000 decrease in the provision for losses on loans, which were partially offset by a $75,000 decrease in other income and a $78,000 increase in the provision for federal income taxes.

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. Cheviot Financial issued a total of 9,918,751 common shares, approximately 44% of which were sold to depositors and members of the general public, culminating in net proceeds from the offering of approximately $42.1 million. Approximately one percent of the shares were issued to the newly-formed charitable foundation and the remaining 55% of the shares issued are held by Cheviot Mutual Holding Company. Shares of Cheviot Financial Corp. are listed on Nasdaq under the trading symbol “CHEV”.

At March 31, 2004, Cheviot Financial Corp. reported consolidated total assets of $273.5 million, total liabilities of $197.3 million, including deposits of $186.8 million, and shareholders’ equity of $76.2 million, or 27.9% of total assets.

Cheviot Savings Bank was established in 1911 and currently has four full service offices in Hamilton County, Ohio, and one loan production office in Mason, Ohio.

Click here for Investor Relations information from Cheviot Savings Bank.