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Cheviot Financial Corp Reports 2008 First-Quarter Earnings

CINCINNATI, Ohio – April 18, 2008 – Cheviot Financial Corp. (NASDAQ: CHEV), the parent company of Cheviot Savings Bank, today reported net earnings for the first fiscal quarter of 2008 of $97,000, or $0.01 cents per share compared with net earnings of $206,000, or $0.02 cents per share for the first fiscal quarter of 2007. The 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. The increase in the provision for losses on loans reflects weaker economic conditions in the greater Cincinnati area and the need to allocate approximately $210,000 in specific reserves for five residential properties totaling $425,000 which were acquired through foreclosure during the quarter ended March 31, 2008. In January 2008, the Company announced a repurchase plan which provided for the repurchase of 5% or 447,584 shares of our common stock. As of March 31, 2008, the Company had purchased 38,457 shares pursuant to the program at an average price of $9.93. At March 31, 2008, Cheviot Financial Corp. had consolidated total assets of $321.5 million, total liabilities of $254.0 million, including deposits of $219.8 million, and shareholders’ equity of $67.5 million, or 21.0% of total assets. Cheviot Savings Bank was established in 1911 and currently has six full-service offices in Hamilton County, 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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