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Cheviot Financial Corp. Reports Fourth Quarter Earnings

CINCINNATI, Ohio – January 20, 2006 – Cheviot Financial Corp. (NASDAQ: CHEV), the parent company of Cheviot Savings Bank, reported net earnings for the fourth quarter of 2005 of $531,000, or $0.05 cents per share compared with net earnings of $714,000, or $0.08 cents per share for the fourth quarter of 2004. Net earnings for the year ended December 31, 2005 were $2.2 million, or $.22 per share, an increase of $825,000, or $0.14 per share from the $1.3 million of net earnings in 2004. The $183,000 decline in 2005 fourth quarter net earnings is due to a $107,000 decrease in net interest income after provision for loan losses and an increase in general, administrative and other expenses of $255,000, which were partially offset by a $62,000 increase in other income and a decrease in the provision for federal income taxes of $117,000. For the year ended December 31, 2005, the Company’s growth in earnings was generally driven by increases of $87,000 in net interest income after provision for loan losses, $168,000 in other income, and a $20,000 decrease in the provision for federal income taxes, as well as the absence of a $1.5 million charitable contribution recorded during the year ended December 31, 2004. The favorable aspects of 2005 operations were partially offset by a $950,000 increase in general, administrative and other expenses. At December 31, 2005, Cheviot Financial Corp. had consolidated total assets of $291.8 million, total liabilities of $217.0 million, including deposits of $181.2 million, and shareholders’ equity of $74.8 million, or 25.6% 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. # # #"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.

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