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Cheviot Financial Corp Reports Second-Quarter Earnings

CINCINNATI, Ohio – July 21, 2006 – Cheviot Financial Corp. (NASDAQ: CHEV), the parent company of Cheviot Savings Bank, today reported net earnings in the second fiscal quarter of 2006 of $406,000, or $0.04 cents per share compared with net earnings of $424,000, or $0.04 cents per share for the second fiscal quarter of 2005. For the six months ended June 30, 2006 net earnings was $867,000, or $0.09 cents per share compared with net earnings of $1.1 million, or $0.11 cents per share for the six months ended June 30, 2005 The quarter-over-quarter decrease in net earnings reflects a $77,000 decrease in net interest income after provision for loan losses and a $10,000 decrease in other income, which were partially offset by a $67,000 decrease in general, administrative and other expenses and a decrease of $2,000 in the provision for federal income taxes. For the first six months of 2006, the Company’s decline in earnings was generally driven by a decrease of $202,000 in net interest income after provision for loan losses, as well as an increase of $137,000 in general, administrative and other expenses, which were partially offset by an approximate $31,000 increase in other income and a decrease of $112,000 in the provision for federal income taxes. At June 30, 2006, Cheviot Financial Corp. had consolidated total assets of $302.2 million, total liabilities of $229.1 million, including deposits of $197.3 million, and shareholders’ equity of $73.1 million, or 24.2% of total assets. Cheviot Savings Bank was established in 1911 and currently has five full-service offices in Hamilton County, Ohio, as well as one loan production office in West Chester, 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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