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

CINCINNATI, Oct. 29, 2009 (GLOBE NEWSWIRE) -- Cheviot Financial Corp.
(Nasdaq:CHEV), the parent company of Cheviot Savings Bank, today reported net
earnings in the third fiscal quarter of 2009 of $241,000, or $0.03 cents per
share, compared with net earnings of $451,000, or $0.05 cents per share for the
third fiscal quarter of 2008. For the nine months ended September 30, 2009 net
earnings totaled $758,000, or $0.09 per share, compared with net earnings of
$994,000, or $0.11 per share for the comparable nine month period in 2008.

The earnings per share for the three and nine months ended September 30, 2009
were based on weighted average shares outstanding of 8,690,166 and 8,691,891 as
compared with weighted average shares outstanding of 8,668,352 and 8,692,243 for
the comparable 2008 periods.

The $210,000 decrease in 2009 third quarter net earnings is due primarily to an
$87,000 decrease in net interest income and a $226,000 increase in the provision
for losses on loans, which was partially offset by an increase in other income
of $33,000, a decrease of $7,000 in general, administrative and other expenses
and a decrease in the provision for federal income taxes of $63,000.

For the first nine months of 2009, the Company's decrease in earnings generally
reflected an increase of $390,000 in the provision for losses on loans and a
$515,000 increase in general, administrative and other expenses, which was
partially offset by an increase of $330,000 in net interest income, an increase
of $291,000 in other income and a decrease of $48,000 in the provision for
federal income taxes. The increase in general, administrative and other expenses
during the comparative nine month period is a result of an increase in employee
compensation and benefits for additional employees as a result of overall
company growth, an increase in data processing expense resulting from the
conversion of the core computer operating system in May 2009 and the special
assessment from the Federal Deposit Insurance Corporation which totaled
approximately $140,000. The increase in the provision for losses on loans
reflects deteriorating economic factors locally, charge-offs of approximately
$187,000 and the allocation of approximately $50,000 in reserves for real estate
acquired through foreclosure. At September 30, 2009, the allowance for losses on
loans was 28.5% of nonperforming assets and 0.50% of total loans compared with
28.2% of nonperforming assets and 0.22% of total loans at September 30, 2008.

At September 30, 2009, Cheviot Financial Corp. had consolidated total assets of
$342.5 million, total liabilities of $273.8 million, including deposits of
$232.3 million, and shareholders' equity of $68.7 million, or 20.1% of total
assets. At September 30, 2009, the Savings Bank exceeded all capital adequacy
requirements with tangible, core and risk-based capital ratios of 17.1%, 17.1%
and 34.5%, respectively.

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)

Sept. 30, Dec. 31,
ASSETS 2009 2008

Cash and cash equivalents $ 12,895 $ 10,013
Investment securities 60,747 38,472
Loans receivable 252,090 268,483
Other assets 16,752 15,032
-------- --------

Total assets $342,484 $332,000
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $232,325 $216,048
Advances from the FHLB 37,973 44,604
Other liabilities 3,489 3,117
-------- --------

Total liabilities 273,787 263,769

Shareholders' equity 68,697 68,231
-------- --------

Total liabilities and shareholders' equity $342,484 $332,000
======== ========
Cheviot Financial Corp.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
(Unaudited)

Three months Nine months
ended ended
September 30, September 30,
2009 2008 2009 2008
Total interest income $ 4,081 $ 4,570 $12,518 $13,520
Total interest expense 1,591 1,993 5,155 6,487
------- ------- ------- -------

Net interest income 2,490 2,577 7,363 7,033

Provision for losses on loans 351 125 803 413
------- ------- ------- -------

Net interest income after
provision for losses on loans 2,139 2,452 6,560 6,620

Other income 179 146 653 362
General, administrative
and other expense 1,883 1,890 6,045 5,530
------- ------- ------- -------

Earnings before federal
income taxes 435 708 1,168 1,452

Federal income taxes 194 257 410 458
------- ------- ------- -------

NET EARNINGS $ 241 $ 451 $ 758 $ 994
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Earnings per share -
basic and diluted $ 0.03 $ 0.05 $ 0.09 $ 0.11
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CONTACT: Cheviot Financial Corp.
Thomas J. Linneman
513-661-0457