In The News

Cheviot Financial Corp Reports Fourth Quarter and Annual Earnings

CINCINNATI, Ohio – January 22, 2007 – Cheviot Financial Corp. (NASDAQ: CHEV), the parent company of Cheviot Savings Bank, reported net earnings for the fourth quarter of 2006 of $392,000, or $0.04 cents per share compared with net earnings of $530,000, or $0.05 cents per share for the fourth quarter of 2005. Net earnings for the year ended December 31, 2006 were $1.7 million, or $0.18 per share, a decrease of $457,000, or $0.04 per share from the $2.2 million, or $0.22 per share of net earnings in 2005. The $138,000 decline in 2006 fourth quarter net earnings is due to a $128,000 decrease in net interest income after provision for loan losses and an increase in general, administrative and other expenses of $99,000, which were partially offset by a $91,000 decrease in the provision for federal income taxes. For the year ended December 31, 2006, the decrease in net earnings reflected a decrease of $480,000 in net interest income after provision for loan losses and an increase of $352,000 in general, administrative and other expenses, which were partially offset by an increase of $93,000 in other income, and a $282,000 decrease in the provision for federal income taxes. The decrease in net interest income reflects the continued adverse impact of the inverted yield curve, while the increase in general, administrative and other expenses reflects the opening of two new branch locations, as well as normal increases in operating expenses. At December 31, 2006, Cheviot Financial Corp. had consolidated total assets of $309.8 million, total liabilities of $237.6 million, including deposits of $205.5 million, and shareholders’ equity of $72.2 million, or 23.3% of total assets. Cheviot Savings Bank was established in 1911 and currently has six 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.

Click here for Investor Relations information from Cheviot Savings Bank.