Cheviot Financial Corp. Reports Increase in Third-Quarter and Nine Month Earnings

CINCINNATI, Oct. 23, 2008 (GLOBE NEWSWIRE) -- Cheviot Financial Corp.
(Nasdaq:CHEV), the parent company of Cheviot Savings Bank, today reported net
earnings in the third fiscal quarter of 2008 of $451,000, or $0.05 per share, a
64% increase compared with net earnings of $275,000, or $0.03 per share for the
third fiscal quarter of 2007. For the nine months ended September 30, 2008 net
earnings totaled $994,000, or $0.11 per share, a 32% increase compared with net
earnings of $752,000, or $0.08 per share for the comparable nine month period in
2007.

The earnings per share for the three and nine months ended September 30, 2008
were based on weighted average shares outstanding of 8,668,352 and 8,692,243 as
compared with weighted average shares outstanding of 8,903,429 and 9,072,297 for
the comparable 2007 periods.

The $176,000 increase in 2008 third quarter net earnings is due to a $507,000
increase in net interest income, which was partially offset by an increase in
the provision for losses on loans of $110,000, a decrease in other income of
$7,000, an increase in general, administrative and other expenses of $85,000 and
an increase in the provision for federal income taxes of $129,000.

For the first nine months of 2008, the Company's increase in earnings generally
reflected an increase of $793,000 in net interest income, a decrease of $5,000
in general, administrative and other expenses, which were partially offset by a
$398,000 increase in the provision for losses on loans, a $49,000 decrease in
other income and an increase in the provision for federal income taxes of
$109,000. The increase in the provision for losses on loans is a reflection of
economic factors and the allocation of approximately $336,000 in reserves for
eight residential properties totaling $541,000 which were acquired through
foreclosure during the nine months ended September 30, 2008.

Commenting on the Company's performance, President and Chief Executive Officer
Thomas J. Linneman stated, "The Company's increase in earnings reflects our
strong balance sheet and focus on serving our customers as a traditional
community bank. The Company continues to employ a conservative underwriting
model in our loan originations. With the economy experiencing unprecedented
turmoil we have redoubled our efforts to maintain high asset quality and control
our overhead expenses. The Company continues to be financially secure and
profitable in these severe economic times."

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 September
30, 2008, the Company had purchased 69,075 shares pursuant to the plan at an
average price of $9.40.

At September 30, 2008, Cheviot Financial Corp. had consolidated total assets of
$328.8 million, total liabilities of $261.4 million, including deposits of
$212.7 million, and shareholders' equity of $67.4 million, or 20.5% of total
assets. At September 30, 2008, the Savings Bank exceeded all capital adequacy
requirements with tangible, core and risk-based capital ratios of 16.7%, 16.7%
and 32.2%.

Cheviot Savings Bank was established in 1911 and currently has six full-service
offices in Hamilton County, Ohio.

Unaudited financial statements follow.

"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.

Cheviot Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
(Unaudited)

September 30, December 31,
ASSETS 2008 2007

Cash and cash equivalents $ 7,440 $ 9,450
Investment securities 40,324 45,492
Loans receivable 266,600 249,832
Other assets 14,451 14,286
--------- ---------

Total assets $ 328,815 $ 319,060
========= =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits $ 212,716 $ 219,526
Advances from the FHLB 46,060 28,665
Other liabilities 2,648 2,949
--------- ---------

Total liabilities 261,424 251,140

Shareholders' equity 67,391 67,920
--------- ---------

Total liabilities and
shareholders' equity $ 328,815 $ 319,060
========= =========

Cheviot Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)

Three months Nine months
ended ended
September 30, September 30,
2008 2007 2008 2007
Total interest income $ 4,570 $ 4,515 $13,520 $13,270
Total interest expense 1,993 2,445 6,487 7,030
------- ------- ------- -------

Net interest income 2,577 2,070 7,033 6,240

Provision for losses on
loans 125 15 413 15
------- ------- ------- -------
Net interest income
after provision for
losses on loans l2,452 2,055 6,620 6,225

Other income 146 153 362 411
General, administrative
and other expense 1,890 1,805 5,530 5,535
------- ------- ------- -------

Earnings before federal
income taxes 708 403 1,452 1,101

Federal income taxes 257 128 458 349
------- ------- ------- -------

NET EARNINGS $ 451 $ 275 $ 994 $ 752
======= ======= ======= =======

Earnings per share -
basic and diluted $ 0.05 $ 0.03 $ 0.11 $ 0.08
======= ======= ======= =======
-0-
CONTACT: Cheviot Financial Corp.
Thomas J. Linneman
513-661-0457