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CHEVIOT FINANCIAL CORP. REPORTS SECOND-QUARTER EARNINGS UP 64%

CINCINNATI, Ohio – July 17, 2008 – Cheviot Financial Corp. (NASDAQ: CHEV), the parent company of Cheviot Savings Bank, today reported net earnings in the second fiscal quarter of 2008 of $446,000, or $0.05 cents per share compared with net earnings of $272,000, or $0.03 cents per share for the second fiscal quarter of 2007. For the six months ended June 30, 2008 net earnings totaled $543,000, or $0.06 cents per share compared with net earnings of $478,000, or $0.05 cents per share for the six months ended June 30, 2007. The quarter-over-quarter increase in net earnings reflects a $229,000 increase in net interest income and a $24,000 increase in other income, which were partially offset by a $29,000 increase in general, administrative and other expenses, a $25,000 increase in the provision for losses on loans and a $25,000 increase in the provision for federal income taxes. For the first six months of 2008, the Company’s increase in earnings generally reflected an increase of $286,000 in net interest income, a decrease of $90,000 in general, administrative and other expenses, as well as a $20,000 decrease in the provision for federal income taxes, which were partially offset by a $288,000 increase in the provision for losses on loans and a $43,000 decrease in other income. The increase in the provision for losses on loans reflects the allocation of approximately $285,000 in reserves for seven residential properties totaling $443,000 which were acquired through foreclosure during the six months ended June 30, 2008. As of June 30, 2008, four of these properties have been sold at a net gain of approximately $18,000, with a gain of $24,000 being deferred for loans to facilitate the sale of real estate acquired through foreclosure. In January 2008, the Company announced a stock repurchase plan which provided for the repurchase of 5% or 447,584 shares of our common stock. As of June 30, 2008, the Company had purchased 59,575 shares pursuant to the plan at an average price of $9.59. At June 30, 2008, Cheviot Financial Corp. had consolidated total assets of $326.7 million, total liabilities of $259.1 million, including deposits of $214.7 million, and shareholders’ equity of $67.6 million, or 20.7% of total assets. At June 30, 2008, the Savings Bank exceeded all capital adequacy requirements with tangible, core and risk-based capital ratios of 16.7%, 16.7% and 32.1%. 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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