UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the quarterly period ended           June 30, 2007
                                -----------------------------------------

                                       OR

[ ]  TRANSITION  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from ____________ to _______________

Commission File No. 0-50529

                             CHEVIOT FINANCIAL CORP.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

     Federal                                                    56-2423720
----------------------------------                          -------------------
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                            Identification Number)

                  3723 Glenmore Avenue, Cincinnati, Ohio 45211
--------------------------------------------------------------------------------
                     (Address of principal executive office)

Registrant's telephone number, including area code: (513) 661-0457

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by  Sections  13 or 15(d)  of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports)  and (2) has been  subject to such  filing
requirements for the past 90 days.

Yes [X]           No  [  ]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large  accelerated  filer" in Rule 12b-2 of the Exchange  Act.  (Check
one.)

Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [X]

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

Yes [  ]         No  [X]


As of August 7, 2007, the latest practicable date, 9,025,794 shares of the
registrant's common stock, $.01 par value, were issued and outstanding.

                                  Page 1 of 23

<PAGE>



                                      INDEX

                                                                       Page

PART I  -   FINANCIAL INFORMATION

            Consolidated Statements of Financial Condition              3

            Consolidated Statements of Earnings                         4

            Consolidated Statements of Comprehensive Income             5

            Consolidated Statements of Cash Flows                       6

            Notes to Consolidated Financial Statements                  8

            Management's Discussion and Analysis of
            Financial Condition and Results of
            Operations                                                 15

            Quantitative and Qualitative Disclosures about
            Market Risk                                                21

            Controls and Procedures                                    21

PART II  -  OTHER INFORMATION                                          22

SIGNATURES                                                             24

                                       2

<PAGE>
                             Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                                           June 30,        December 31,
         ASSETS                                                                              2007              2006
                                                                                        (Unaudited)
<S>                                                                                      <C>                 <C>
Cash and due from banks                                                                  $    2,759          $    2,736
Federal funds sold                                                                            1,214               2,640
Interest-earning deposits in other financial institutions                                     1,469                 114
                                                                                          ---------            --------
         Cash and cash equivalents                                                            5,442               5,490

Investment securities available for sale - at fair value                                     13,936               9,085
Investment securities held to maturity - at cost, approximate
  market value of $22,862 and $24,739 at June 30, 2007
  and December 31, 2006, respectively                                                        23,100              25,099
Mortgage-backed securities available for sale - at fair value                                   933               1,042
Mortgage-backed securities held to maturity - at cost, approximate
  market value of $11,760 and $14,251 at June 30, 2007 and
  December 31, 2006, respectively                                                            11,673              14,237
Loans receivable - net                                                                      246,670             241,013
Loans held for sale - at lower of cost or market                                                 -                  165
Real estate acquired through foreclosure - net                                                  734                  -
Office premises and equipment - at depreciated cost                                           5,251               5,397
Federal Home Loan Bank stock - at cost                                                        3,238               3,238
Accrued interest receivable on loans                                                          1,068               1,073
Accrued interest receivable on mortgage-backed securities                                        58                  65
Accrued interest receivable on investments and interest-earning deposits                        545                 439
Prepaid expenses and other assets                                                               450                 183
Bank-owned life insurance                                                                     3,318               3,254
Prepaid federal income taxes                                                                     59                 -
                                                                                           --------            --------
         Total assets                                                                      $316,475            $309,780
                                                                                           ========            ========

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                   $212,304            $205,450
Advances from the Federal Home Loan Bank                                                     32,521              29,236
Advances by borrowers for taxes and insurance                                                   479               1,203
Accrued interest payable                                                                        115                 115
Accounts payable and other liabilities                                                          722               1,039
Accrued federal income taxes                                                                     -                   49
Deferred federal income taxes                                                                   598                 488
                                                                                           --------            --------
         Total liabilities                                                                  246,739             237,580

Shareholders' equity
  Preferred stock - authorized 5,000,000 shares, $.01 par value; none issued
  Common stock - authorized 30,000,000 shares, $.01 par value;
    9,918,751 shares issued at June 30, 2007 and December 31, 2006, respectively                 99                  99
  Additional paid-in capital                                                                 43,272              43,113
  Shares acquired by stock benefit plans                                                     (3,939)             (4,329)
  Treasury stock - at cost, 774,931 and 568,968 shares at June 30, 2007
    and December 31, 2006, respectively                                                      (9,632)             (6,846)
  Retained earnings - restricted                                                             40,047              40,171
  Accumulated comprehensive loss, unrealized losses on securities
    available for sale, net of related tax effects                                             (111)                 (8)
                                                                                           --------            --------
         Total shareholders' equity                                                          69,736              72,200
                                                                                           --------            --------
         Total liabilities and shareholders' equity                                        $316,475            $309,780
                                                                                           ========            ========
</TABLE>
See accompanying notes to consolidated financial statements.

                                       3

<PAGE>
                             Cheviot Financial Corp.

                       CONSOLIDATED STATEMENTS OF EARNINGS

                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                                          Six months ended             Three months ended
                                                                              June 30,                      June 30,
                                                                         2007         2006              2007         2006
                                                                                           (Unaudited)
Interest income
<S>                                                                    <C>          <C>               <C>          <C>
  Loans                                                               $ 7,376      $ 6,776           $ 3,692      $ 3,453
  Mortgage-backed securities                                              365          424               178          209
  Investment securities                                                   887          558               490          294
  Interest-earning deposits and other                                     127          109                58           68
                                                                       ------       ------            ------       ------
         Total interest income                                          8,755        7,867             4,418        4,024

Interest expense
  Deposits                                                              3,904        2,639             1,999        1,418
  Borrowings                                                              681          789               337          403
                                                                       ------       ------            ------       ------
         Total interest expense                                         4,585        3,428             2,336        1,821
                                                                        -----       ------            ------       ------

         Net interest income                                            4,170        4,439             2,082        2,203

Provision for losses on loans                                              -            -                 -            -
                                                                       ------       ------            ------       ------
         Net interest income after provision for losses on loans        4,170        4,439             2,082        2,203

Other income (expense)
  Rental                                                                   24           22                12           11
  Gain on sale of loans                                                    23           13                 9            6
  Loss on sale of real estate acquired through foreclosure                 -           (21)               -           (21)
  Earnings on bank-owned life insurance                                    64           68                31           31
  Other operating                                                         147          141                77           76
                                                                       ------       ------            ------       ------
         Total other income                                               258          223               129          103

General, administrative and other expense
  Employee compensation and benefits                                    2,200        2,042             1,084        1,023
  Occupancy and equipment                                                 273          206               125          106
  Property, payroll and other taxes                                       449          416               231          210
  Data processing                                                         154          137                73           70
  Legal and professional                                                  225          211               107          108
  Advertising                                                              88           88                44           44
  Other operating                                                         340          282               138          141
                                                                       ------       ------            ------       ------
         Total general, administrative and other expense                3,729        3,382             1,802        1,702
                                                                       ------       ------            ------       ------
         Earnings before income taxes                                     699        1,280               409          604

Federal income taxes
  Current                                                                  58          296               (53)          81
  Deferred                                                                163          117               190          117
                                                                       ------       ------            ------       ------
         Total federal income taxes                                       221          413               137          198
                                                                       ------       ------            ------       ------
         NET EARNINGS                                                 $   478      $   867           $   272      $   406
                                                                       ======       ======            ======       ======

         EARNINGS PER SHARE
           Basic                                                      $   .05      $   .09           $   .03      $   .04
                                                                       ======       ======            ======       ======

           Diluted                                                    $   .05      $   .09           $   .03      $   .04
                                                                       ======       ======            ======       ======

           Dividends per common share                                 $   .16      $   .14           $   .08      $   .07
                                                                       ======       ======            ======       ======
</TABLE>
See accompanying notes to consolidated financial statements.
                                       4
<PAGE>
                             Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

            For the six and three months ended June 30, 2007 and 2006
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                       For the six months           For the three months
                                                                         ended June 30,                ended June 30,
                                                                       2007         2006              2007         2006

<S>                                                                  <C>            <C>              <C>             <C>
Net earnings for the period                                          $  478         $867             $ 272           $406
Other comprehensive loss, net of benefits:
  Unrealized holding losses on securities during the period,
   net of benefits of $(53)and $3)for the six months ended
   June 30, 2007 and 2006, respectively, and $(49) and $(1)
   for the three months ended June 30, 2007 and 2006, respectively     (103)          (5)              (96)            (2)
                                                                       ----         ----              ----           ----
Comprehensive income                                                  $ 375         $862             $ 176           $404
                                                                       ====         ====              ====           ====
Accumulated comprehensive loss                                        $(111)       $ (13)            $(111)         $ (13)
                                                                       ====         ====              ====           ====
</TABLE>
See accompanying notes to consolidated financial statements.
                                       5



<PAGE>
                             Cheviot Financial Corp.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                 For the six months ended June 30, 2007 and 2006
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                               2007                2006
                                                                                                      (Unaudited)
Cash flows from operating activities:
<S>                                                                                      <C>                 <C>
  Net earnings for the period                                                            $      478          $      867
  Adjustments to reconcile net earnings to net cash
  provided by operating activities:
    Amortization of premiums and discounts on investment
      and mortgage-backed securities, net                                                       (10)                 (1)
    Depreciation                                                                                165                 119
    Amortization of deferred loan origination fees - net                                          3                 (15)
    Proceeds from sale of loans in the secondary market                                       2,307               1,345
    Loans originated for sale in the secondary market                                        (2,001)             (1,332)
    Gain on sale of loans                                                                       (23)                (13)
    Loss on sale of real estate acquired through foreclosure                                     -                   21
    Federal Home Loan Bank stock dividends                                                       -                  (88)
    Net increase in cash surrender value of bank-owned life insurance                           (64)                (68)
    Amortization of expense related to stock benefit plans                                      429                  23
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans                                                        5                (105)
      Accrued interest receivable on mortgage-backed securities                                   7                   8
      Accrued interest receivable on investments and interest-
        earning deposits                                                                       (106)                (41)
      Prepaid expenses and other assets                                                        (267)               (226)
      Accounts payable and other liabilities                                                   (317)                171
      Federal income taxes
        Current                                                                                (108)                109
        Deferred                                                                                163                 117
                                                                                          ---------           ---------
         Net cash provided by operating activities                                              661                 891

Cash flows used in investing activities:
  Principal repayments on loans                                                              16,333              18,951
  Loan disbursements                                                                        (22,845)            (28,941)
  Purchase of U.S. Government and agency obligations                                         (7,001)                 -
  Proceeds from maturity of U.S. Government and agency obligations                            4,000                  -
  Principal repayments on mortgage-backed securities                                          2,676               3,192
  Proceeds from sale of real estate acquired through foreclosure                                 -                   68
  Purchase of office premises and equipment                                                     (19)               (836)
                                                                                         ----------           ---------
         Net cash used in investing activities                                               (6,856)             (7,566)

Cash flows provided by financing activities:
  Net increase in deposits                                                                    6,854              16,047
  Proceeds from Federal Home Loan Bank advances                                               6,000               3,500
  Repayments on Federal Home Loan Bank advances                                              (2,715)             (6,654)
  Advances by borrowers for taxes and insurance                                                (724)               (708)
  Treasury stock repurchases                                                                 (2,786)             (2,580)
  Stock option expense, net                                                                     120                 119
  Dividends paid on common stock                                                               (602)               (577)
                                                                                         ----------           ---------
         Net cash provided by financing activities                                            6,147               9,147
                                                                                         ----------           ---------
Net increase in cash and cash equivalents                                                       (48)              2,472
Cash and cash equivalents at beginning of period                                              5,490               9,103
                                                                                         ----------           ---------
Cash and cash equivalents at end of period                                                $   5,442            $ 11,575
                                                                                         ==========           =========
</TABLE>
See accompanying notes to consolidated financial statements.
                                       6

<PAGE>
                             Cheviot Financial Corp.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                 For the six months ended June 30, 2007 and 2006
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                               2007                2006
                                                                                                      (Unaudited)
Supplemental disclosure of cash flow information: Cash paid during the period
  for:
<S>                                                                                         <C>                 <C>
    Federal income taxes                                                                    $   197             $   305
                                                                                            =======             =======

    Interest on deposits and borrowings                                                     $ 4,585             $ 3,428
                                                                                            =======             =======

Supplemental disclosure of noncash investing activities:
  Transfer of loans to real estate acquired through foreclosure                             $   734             $    -
                                                                                            =======             =======

  Recognition of mortgage servicing rights in accordance with SFAS No. 140                  $     5             $    11
                                                                                            =======             =======
</TABLE>

See accompanying notes to consolidated financial statements.
                                       7

<PAGE>
                             Cheviot Financial Corp.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            For the three and six months ended June 30, 2007 and 2006


1.   Basis of Presentation

Cheviot  Financial  Corp.  ("Cheviot  Financial"  or  the  "Corporation")  is  a
financial  holding  company,  the  principal  asset  of  which  consists  of its
ownership  of Cheviot  Savings  Bank (the  "Savings  Bank").  The  Savings  Bank
conducts a general  banking  business  in  southwestern  Ohio which  consists of
attracting  deposits and applying  those funds to the  origination  of primarily
real  estate  loans.  The  Corporation  is 55% owned by Cheviot  Mutual  Holding
Company.  Cheviot  Savings'  profitability  is  significantly  dependent  on net
interest  income,   which  is  the  difference   between  interest  income  from
interest-earning  assets  and the  interest  expense  paid  on  interest-bearing
liabilities.  Net  interest  income  is  affected  by  the  relative  amount  of
interest-earning  assets  and  interest-bearing  liabilities  and  the  interest
received or paid on these balances.

The accompanying unaudited financial statements were prepared in accordance with
instructions  for Form  10-Q  and,  therefore,  do not  include  information  or
footnotes necessary for a complete  presentation of financial position,  results
of operations and cash flows in conformity with accounting  principles generally
accepted  in the  United  States of  America.  Accordingly,  these  consolidated
financial  statements  should  be  read in  conjunction  with  the  consolidated
financial  statements  and notes  thereto of Cheviot  Financial  included in the
Annual Report on Form 10-K for the year ended December 31, 2006. However, in the
opinion of management,  all  adjustments  (consisting  of only normal  recurring
accruals)  which  are  necessary  for a fair  presentation  of the  consolidated
financial statements have been included. The results of operations for the three
and six month periods ended June 30, 2007, are not necessarily indicative of the
results which may be expected for the entire year.

2.   Principles of Consolidation

The accompanying  consolidated  financial statements as of and for the three and
six months ended June 30, 2007,  include the accounts of the Corporation and its
wholly-owned  subsidiary,  the Savings Bank. All significant  intercompany items
have been eliminated.

3.   Liquidity and Capital Resources

Liquidity describes our ability to meet the financial  obligations that arise in
the  ordinary  course of business.  Liquidity  is  primarily  needed to meet the
borrowing  and deposit  withdrawal  requirements  of our  customers  and to fund
current and planned  expenditures.  Our primary  sources of funds are  deposits,
scheduled  amortization  and  prepayments of loan principal and  mortgage-backed
securities,  maturities  and  calls of  securities  and  funds  provided  by our
operations.  In  addition,  we may  borrow  from the  Federal  Home Loan Bank of
Cincinnati.  At June 30, 2007 and December 31,  2006,  we had $32.5  million and
$29.2 million,  respectively,  in outstanding  borrowings  from the Federal Home
Loan Bank of  Cincinnati  and had the capacity to increase  such  borrowings  at
those dates by approximately $104.0 million and $110.3 million.

Loan repayments and maturing  securities are a relatively  predictable source of
funds. However,  deposit flows, calls of securities and prepayments of loans and
mortgage-backed  securities are strongly  influenced by interest rates,  general
and local economic conditions and competition in the marketplace.  These factors
reduce the predictability of these sources of funds.

                                       8
<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2007 and 2006


3.   Liquidity and Capital Resources (continued)

Our primary investing activities are the origination of one- to four-family real
estate loans, commercial real estate, construction and consumer loans, and, to a
lesser  extent,  the purchase of  securities.  For the six months ended June 30,
2007, loan originations totaled $24.8 million, compared to $30.3 million for the
six months ended June 30, 2006.

Total  deposits  increased  $6.9 million and $16.0 million during the six months
ended June 30, 2007 and 2006,  respectively.  Deposit  flows are affected by the
level of interest rates,  the interest rates and products offered by competitors
and other factors.

The  following  table  sets  forth   information   regarding  the  Corporation's
obligations  and  commitments to make future  payments under contract as of June
30, 2007.

<TABLE>
<CAPTION>
                                                                        Payments due by period
                                                             Less      More than     More than       More
                                                             than         1-3           4-5          than
                                                             1 year      years         years        5 years       Total
                                                                                 (In thousands)

    Contractual obligations:
<S>                                                     <C>              <C>          <C>          <C>        <C>
      Advances from the Federal Home Loan Bank            $  6,000            -            -       $26,521     $ 32,521
      Certificates of deposit                              125,886      $ 18,346      $ 5,065           -       149,297

    Amount of loan commitments and expiration per period:
      Commitments to originate one- to four-family
        loans                                                3,043            -            -            -         3,043
      Home equity lines of credit                           11,493            -            -            -        11,493
      Undisbursed loans in process                           5,414            -            -            -         5,414
      Lease obligations                                          3            -            -            -             3
                                                          --------      --------      -------      -------     --------
         Total contractual obligations                    $151,839      $ 18,346      $ 5,065      $26,521     $201,771
                                                          ========      ========      =======       ======     ========

</TABLE>


We are committed to  maintaining  a strong  liquidity  position.  We monitor our
liquidity  position on a daily basis. We anticipate that we will have sufficient
funds to meet our current funding  commitments.  Based on our deposit  retention
experience  and current  pricing  strategy,  we  anticipate  that a  significant
portion of maturing time deposits will be retained.
                                       9

<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2007 and 2006


3.   Liquidity and Capital Resources (continued)

At June 30, 2007 and 2006, we exceeded all of the applicable  regulatory capital
requirements.  Our core (Tier 1) capital was $52.4 million and $50.1 million, or
16.6% of total assets at both June 30, 2007 and 2006.  In order to be classified
as  "well-capitalized"  under federal banking  regulations,  we were required to
have core  capital of at least $19.0  million,  or 6.0% of assets as of June 30,
2007. To be classified as a well-capitalized  bank, we must also have a ratio of
total risk-based capital to risk-weighted  assets of at least 10.0%. At June 30,
2007 and 2006,  we had a total  risk-based  capital  ratio of 32.5%  and  34.2%,
respectively.

4.   Earnings Per Share

Basic  earnings  per share is computed  based upon the  weighted-average  common
shares  outstanding  during  the  period,  less  shares  in the  ESOP  that  are
unallocated  and not  committed to be released plus shares in the ESOP that have
been allocated.  Weighted-average  common shares deemed outstanding gives effect
to 285,661 and 321,368 unallocated shares held by the ESOP for the three and six
months ended June 30, 2007 and 2006, respectively.

<TABLE>
<CAPTION>
                                                          For the six months ended             For the three months ended
                                                                  June 30,                               June 30,
                                                            2007            2006                    2007           2006

<S>                                                  <C>               <C>                    <C>            <C>
         Weighted-average common shares
           outstanding (basic)                         9,042,835       9,312,314               9,003,748      9,261,780

         Dilutive effect of assumed exercise
           of stock options                              120,731          21,749                 124,119         25,986
                                                      ----------     -----------              ----------    -----------
         Weighted-average common shares
           outstanding (diluted)                       9,163,566       9,334,063               9,127,867      9,287,766
                                                       =========       =========               =========      =========
</TABLE>

5.   Stock Option Plan

On April 26, 2005, the Corporation approved a Stock Incentive Plan that provides
for grants of up to 486,018 stock options. On May 5, 2005, approximately 384,000
option  shares  were  granted  subject to five year  vesting.  On May 23,  2006,
approximately  6,100 option shares were granted subject to five year vesting. On
May 22, 2007,  approximately  6,500 option  shares were granted  subject to five
year vesting.

In 2004, the Financial  Accounting  Standards Board ("FASB") issued Statement of
Financial Accounting Standard ("SFAS") No. 123(R),  "Share-Based Payment," which
revises SFAS No. 123, "Accounting for Stock-Based  Compensation," and supersedes
Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued
to Employees."  SFAS No. 123(R)  requires that cost related to the fair value of
all  equity-based  awards  to  employees,  including  grants of  employee  stock
options, be recognized in the financial statements.
                                       10

<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2007 and 2006


5.   Stock Option Plan (continued)

The Corporation  adopted the provisions of SFAS No. 123(R) effective  January 1,
2006, using the modified  prospective  transition  method, and therefore has not
restated its financial  statements  for prior  periods.  Under this method,  the
Corporation  has applied the  provisions of SFAS No. 123(R) to new  equity-based
awards and to  equity-based  awards  modified,  repurchased,  or cancelled after
January 1, 2006. In addition,  the Corporation will recognize  compensation cost
for the portion of  equity-based  awards for which the requisite  service period
has not been rendered ("unvested  equity-based  awards") that are outstanding as
of January 1, 2006.  The  compensation  cost recorded for unvested  equity-based
awards is based on their  grant-date  fair value.  For the six months ended June
30, 2007, the Corporation  recorded $79,000 in after-tax  compensation  cost for
equity-based  awards that vested during the six months ended June 30, 2007.  The
Corporation  has  $762,000  unrecognized  pre-tax  compensation  cost related to
non-vested equity-based awards granted under its stock incentive plan as of June
30, 2007,  which is expected to be recognized  over a  weighted-average  vesting
period of approximately 3.0 years.

A summary of the status of the  Corporation's  stock  option plan as of June 30,
2007, and changes during the period then ended is presented below:

<TABLE>
<CAPTION>
                                                                    Six months ended                    Year ended
                                                                      June 30, 2007                  December 31, 2006
                                                                                Weighted-                       Weighted-
                                                                                 average                         average
                                                                                exercise                        exercise
                                                                  Shares          price           Shares          price
<S>                                                               <C>           <C>                <C>          <C>
    Outstanding at beginning of period                            389,760       $11.17             383,700     $ 11.15
    Granted                                                         6,460       $13.63               6,060       12.12
    Exercised                                                          -             -                  -            -
    Forfeited                                                          -             -                  -            -
                                                                  -------       ------             -------      ------
    Outstanding at end of period                                  396,220       $11.21             389,760      $11.17
                                                                  =======       ======             =======      ======
    Options exercisable at period-end                             154,692       $11.16              76,740      $11.15
                                                                  =======       ======             =======      ======
    Options expected to be exercisable at year-end

    Fair value of options granted                                               $2.77                           $ 2.97
                                                                                 ====                           ======
</TABLE>

The following information applies to options outstanding at June 30, 2007:

    Number outstanding                                                   396,220
    Exercise price                                               $11.15 - $13.63
    Weighted-average exercise price                                       $11.21
    Weighted-average remaining contractual life                        8.0 years
    Aggregate intrinsic value of vested options                         $335,682

The expected term of options is based on  evaluations of historical and expected
future employee exercise behavior. The risk free interest rate is based upon the
U.S. Treasury rates at the date of grant with maturity dates approximately equal
to the  expected  life at grant date.  Volatility  is based upon the  historical
volatility of the Corporation's stock.
                                       11


<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2007 and 2006


5.   Stock Option Plan (continued)

The fair  value of each  option  was  estimated  on the date of grant  using the
modified Black-Scholes options pricing model with the following weighted-average
assumptions  used  for  grants  in  2007:  dividend  yield  of  2.35%,  expected
volatility of 10.12%,  risk-free  interest rate of 4.83% and an expected life of
10 years for each grant.

The  effects  of  expensing  stock  options is  reported  in "cash  provided  by
financing activities" in the Consolidated Statements of Cash Flows.

6.   Income Taxes

The Corporation  adopted the provisions of FASB  Interpretation  48, "Accounting
for  Uncertainty  in  Income  Taxes,"  on  January  1,  2007.  Previously,   the
Corporation had accounted for tax  contingencies in accordance with Statement of
Financial  Accounting  Standards  No.  5,  "Accounting  for  Contingencies."  As
required by Interpretation  48, which clarifies  Statement No. 109,  "Accounting
for Income Taxes," the Corporation recognizes the financial statement benefit of
a tax position only after determining that the relevant tax authority would more
likely than not sustain  the  position  following  an audit.  For tax  positions
meeting  the  more-likely-than-not  threshold,  the  amount  recognized  in  the
financial  statements is the largest  benefit that has a greater than 50 percent
likelihood  of being  realized upon  ultimate  settlement  with the relevant tax
authority.  At the adoption date, the Corporation  applied  Interpretation 48 to
all tax  positions  for which the statute of  limitations  remained  open.  As a
result of the  implementation  of  Interpretation  48, the  Corporation  was not
required to record any liability for  unrecognized tax benefits as of January 1,
2007.  There have been no material  changes in  unrecognized  tax benefits since
January 1, 2007.  As stated in the Annual  Report,  the only known tax attribute
which can influence the  Corporation's  effective tax rate is the utilization of
charitable contribution carryforwards.

The Corporation is subject to income taxes in the U.S. federal jurisdiction,  as
well as various state  jurisdictions.  Tax regulations  within each jurisdiction
are subject to the  interpretation  of the related tax laws and  regulations and
require significant  judgment to apply. With few exceptions,  the Corporation is
no longer  subject  to U.S.  federal,  state and local,  or non U.S.  income tax
examinations by tax authorities for the years before 2003.

The  Corporation  will  recognize,  if applicable,  interest  accrued related to
unrecognized  tax  benefits  in  interest  expense and  penalties  in  operating
expenses.

7.   Effects of Recent Accounting Pronouncements

In February 2006, the FASB issued SFAS No. 155,  "Accounting  for Certain Hybrid
Instruments - an amendment of FASB  Statements No. 133 and 140," to simplify and
make  more  consistent  the  accounting  for  certain   financial   instruments.
Specifically,  SFAS No. 155 amends  SFAS No.  133,  "Accounting  for  Derivative
Instruments and Hedging  Activities," to permit fair value remeasurement for any
hybrid  financial  instrument  with an embedded  derivative that otherwise would
require  bifurcation,  provided that the whole  instrument is accounted for on a
fair value basis.  SFAS No. 155 amends SFAS No. 140,  "Accounting  for Transfers
and Servicing of Financial Assets and Extinguishment of Liabilities," to allow a
qualifying special purpose entity to hold a derivative  instrument that pertains
to a beneficial interest other than another derivative financial instrument.

                                       12

<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2007 and 2006


7.   Effects of Recent Accounting Pronouncements (continued)

SFAS No. 155 is effective for all financial instruments acquired or issued after
the beginning of an entity's  first fiscal year that begins after  September 15,
2006,  or  January  1,  2007 as to the  Corporation,  with  earlier  application
allowed.  The  Corporation  adopted  SFAS No. 155 as of January 1, 2007  without
material  effect  on  the  Corporation's   financial   position  or  results  of
operations.

In March  2006,  the FASB  issued SFAS No. 156,  "Accounting  for  Servicing  of
Financial Assets - an amendment of SFAS No. 140," to simplify the accounting for
separately recognized servicing assets and servicing liabilities.  Specifically,
SFAS No.  156 amends  SFAS No.  140 to  require an entity to take the  following
steps:

     o    Separately recognize financial assets as servicing assets or servicing
          liabilities,  each  time it  undertakes  an  obligation  to  service a
          financial asset by entering into certain kinds of servicing contracts;
     o    Initially  measure  all  separately  recognized  servicing  assets and
          liabilities at fair value, if practicable, and;
     o    Separately  present  servicing  assets  and  liabilities  subsequently
          measured at fair value in the  statement  of  financial  position  and
          additional  disclosures for all separately recognized servicing assets
          and servicing liabilities.

Additionally,  SFAS No. 156 permits,  but does not require,  an entity to choose
either  the  amortization  method  or the  fair  value  measurement  method  for
measuring  each class of separately  recognized  servicing  assets and servicing
liabilities. SFAS No. 156 also permits a servicer that uses derivative financial
instruments  to offset  risks on servicing  to use fair value  measurement  when
reporting both the derivative  financial  instrument and related servicing asset
or liability.

SFAS  No.  156  applies  to  all  separately  recognized  servicing  assets  and
liabilities  acquired or issued after the  beginning of an entity's  fiscal year
that begins after September 15, 2006, or January 1, 2007 as to the  Corporation,
with earlier application  permitted.  The Corporation adopted SFAS No. 156 as of
January 1, 2007,  applying the amortization  method without financial  statement
effect. The Corporation's mortgage servicing rights totaled less than $75,000 at
June 30, 2007, and therefore,  the remaining disclosures required under SFAS No.
156 have been omitted based on materiality.

In July 2006, the FASB issued FASB Interpretation No. 48 ("FIN 48"), "Accounting
for  Uncertainty in Income Taxes." The  interpretation  clarifies the accounting
for uncertainty in income taxes recognized in a company's  financial  statements
in accordance with SFAS No. 109,  "Accounting  for Income Taxes."  Specifically,
FIN 48  prescribes a recognition  threshold and a measurement  attribute for the
financial  statement  recognition  and  measurement of a tax provision  taken or
expected  to be taken on a tax  return.  FIN 48 also  provides  guidance  on the
related derecognition,  classification,  interest and penalties,  accounting for
interim periods,  disclosure,  and transition of uncertain tax positions. FIN 48
is effective for fiscal years  beginning  after December 15, 2006, or January 1,
2007 as to the Corporation.  The Corporation has adopted FIN 48 without material
adverse effect on the Corporation's financial position or results of operations.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements." This
Statement  defines fair value,  establishes a framework for measuring fair value
and expands disclosures about fair value measurements. This Statement emphasizes
that fair value is a market-based  measurement and should be determined based on
assumptions  that a  market  participant  would  use  when  pricing  an asset or
liability. This Statement clarifies that

                                       13
<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2007 and 2006


7.   Effects of Recent Accounting Pronouncements (continued)

market participant  assumptions should include assumptions about risk as well as
the effect of a restriction on the sale or use of an asset.  Additionally,  this
Statement  establishes a fair value hierarchy that provides the highest priority
to quoted prices in active markets and the lowest priority to unobservable data.
This Statement is effective for fiscal years  beginning after November 15, 2007,
or January 1, 2008 as to the Company,  and interim  periods  within those fiscal
years. The adoption of this Statement is not expected to have a material adverse
effect on the Company's financial position or results of operations.

In September  2006,  the FASB ratified the Emerging  Issues Task Force's  (EITF)
Issue 06-4,  "Accounting for Deferred  Compensation and  Postretirement  Benefit
Aspects of Endorsement Split-Dollar Life Insurance Arrangements," which requires
companies  to  recognize  a  liability  and  related   compensation   costs  for
endorsement  split-dollar  life insurance  policies that provide a benefit to an
employee extending to postretirement periods. The liability should be recognized
based on the  substantive  agreement with the employee.  This Issue is effective
beginning  January  1,  2008.  The  Issue can be  applied  as either a change in
accounting principle through a cumulative-effect adjustment to retained earnings
as of the beginning of the year of adoption, or a change in accounting principle
through  retrospective  application  to all periods.  The  Corporation is in the
process of  evaluating  the impact the  adoption  of Issue 06-4 will have on the
financial statements.

In September 2006, the FASB ratified a consensus  opinion reached by the EITF on
EITF Issue 06-5,  "Accounting  for Purchases of Life Insurance - Determining the
Amount that Could be Realized in  Accordance  with FASB  Technical  Bulletin No.
85-4." The guidance in EITF Issue 06-5 requires  policyholders to consider other
amounts included in the contractual terms of an insurance policy, in addition to
cash  surrender  value,  for  purposes of  determining  the amount that could be
realized  under the terms of the  insurance  contract.  If it is  probable  that
contractual  terms  would  limit the  amount  that could be  realized  under the
insurance  contract,  those  contractual  limitations  should be considered when
determining the realizable amounts.  The amount that could be realized under the
insurance contract should be determined on an individual policy (or certificate)
level and should  include any amount  realized on the assumed  surrender  of the
last individual policy or certificate in a group policy.

The Company holds several life insurance policies,  however, the policies do not
contain any provisions that would restrict or reduce the cash surrender value of
the  policies.  The  consensus in EITF Issue 06-5 is effective  for fiscal years
beginning after December 15, 2006. The Corporation  applied the guidance in EITF
Issue  06-5  effective  January  1, 2007  which  did not have any  effect on the
Corporation's financial statements.

In February  2007,  the FASB issued  SFAS No.  159,  "The Fair Value  Option for
Financial  Assets and  Financial  Liabilities  - Including  an Amendment of FASB
Statement No. 115." This Statement  allows  companies the choice to measure many
financial instruments and certain other items at fair value. The objective is to
improve  financial  reporting  by providing  entities  with the  opportunity  to
mitigate  volatility in reported earnings caused by measuring related assets and
liabilities  differently  without  having  to  apply  complex  hedge  accounting
provisions.  This  Statement  is  expected  to  expand  the  use of  fair  value
measurement,   which  is  consistent  with  the  Board's  long-term  measurement
objectives for accounting for financial instruments. This Statement is effective
as of the beginning of an entity's  first fiscal year that begins after November
15, 2007, or January 1, 2008 as to the  Corporation,  and interim periods within
those fiscal years.  Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also elects
to apply  the  provisions  of SFAS  No.  157,  "Fair  Value  Measurements."  The
Corporation is currently evaluating the impact the adoption of SFAS No. 159 will
have on the financial statements.

                                       14
<PAGE>


                             Cheviot Financial Corp.

ITEM 2.              MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Forward Looking Statements
---------------------------

This  report  on Form 10-Q  contains  forward-looking  statements,  which can be
identified  by the use of such  words as  estimate,  project,  believe,  intend,
anticipate,  plan, seek, expect and similar expressions.  These  forward-looking
statements are subject to significant risks,  assumptions and uncertainties that
could   affect  the  actual   outcome  of  future   events.   Because  of  these
uncertainties,  our actual future  results may be materially  different from the
results indicated by these forward-looking statements.

Critical Accounting Policies
----------------------------

We consider accounting policies involving significant judgments and assumptions
by management that have, or could have, a material impact on the carrying value
of certain assets or on income to be critical accounting policies. We consider
the accounting method used for the allowance for loan losses to be a critical
accounting policy.

The allowance for loan losses is the estimated  amount  considered  necessary to
cover  inherent,  but  unconfirmed  credit  losses in the loan  portfolio at the
balance  sheet date.  The  allowance is  established  through the  provision for
losses on loans which is charged  against  income.  In determining the allowance
for loan losses,  management makes significant estimates and has identified this
policy as one of the most critical for Cheviot Financial.

Management  performs a quarterly  evaluation  of the  allowance for loan losses.
Consideration  is given to a variety of factors in  establishing  this  estimate
including,  but  not  limited  to,  current  economic  conditions,   delinquency
statistics,  geographic  and  industry  concentrations,   the  adequacy  of  the
underlining  collateral,  the  financial  strength of the  borrower,  results of
internal loan reviews and other relevant factors.  This evaluation is inherently
subjective  as it  requires  material  estimates  that  may  be  susceptible  to
significant change.

The analysis has two  components,  specific  and general  allocations.  Specific
percentage  allocations can be made for unconfirmed losses related to loans that
are determined to be impaired. Impairment is measured by determining the present
value of expected future cash flows or, for collateral-dependent loans, the fair
value of the collateral adjusted for market conditions and selling expenses.  If
the fair value of the loan is less than the loan's  carrying value, a charge-off
is  recorded  for the  difference.  The  general  allocation  is  determined  by
segregating  the remaining loans by type of loan, risk weighting (if applicable)
and payment history.  We also analyze  historical loss  experience,  delinquency
trends, general economic conditions and geographic and industry  concentrations.
This  analysis  establishes  factors  that are  applied  to the loan  groups  to
determine  the  amount  of  the  general  reserve.  Actual  loan  losses  may be
significantly more than the allowances we have established which could result in
a material negative effect on our financial results.

Discussion of Financial Condition Changes at December 31, 2006 and
at June 30, 2007
--------------------------------------------------------------------------------

Total assets  increased  $6.7 million,  or 2.2%,  to $316.5  million at June 30,
2007,  from $309.8  million at December 31,  2006.  The increase in total assets
reflects an increase in investment  securities and loans receivable,  which were
partially offset by a decrease in mortgage-backed securities.

Cash, federal funds sold and  interest-earning  deposits  decreased $48,000,  or
0.9%, to $5.4 million at June 30, 2007,  from $5.5 million at December 31, 2006.
The decrease in cash and cash  equivalents  at June 30, 2007,  was due to a $1.4
million  decrease in federal funds sold, which was partially offset by a $23,000
increase  in cash and due from banks and a $1.4  million  increase  in  interest
earning deposits.  Investment securities increased $2.9 million to $37.0 million
at June 30, 2007. At June 30, 2007, $23.1 million of investment  securities were
classified as held to maturity, while $13.9 million were classified as available
for sale.

                                       15
<Page>
                             Cheviot Financial Corp.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)

Discussion of Financial Condition Changes at December 31, 2006 and at
June 30, 2007 (continued)
--------------------------------------------------------------------------------

Mortgage-backed securities decreased $2.7 million, or 17.5%, to $12.6 million at
June 30,  2007,  from $15.3  million at  December  31,  2006.  The  decrease  in
mortgage-backed  securities  was due  primarily  to  principal  prepayments  and
repayments   totaling  $2.7  million.   At  June  30,  2007,  $11.7  million  of
mortgage-backed  securities were classified as held to maturity,  while $933,000
were  classified as available for sale.  Management  has focused on investing in
shorter term instruments in an effort to enhance the Corporation's  liquidity in
the current interest rate environment.

Loans  receivable,  including  loans held for sale,  increased $5.5 million,  or
2.3%, to $246.7  million at June 30, 2007,  from $241.2  million at December 31,
2006. The increase reflects loan originations totaling $24.8 million,  partially
offset by loan principal repayments of $16.3 million and sales of $2.3 million.

The allowance for loan losses totaled $723,000 and $833,000 at June 30, 2007 and
December 31, 2006,  respectively.  In determining  the adequacy of the allowance
for loan  losses at any  point in time,  management  and the board of  directors
apply a systematic process focusing on the risk of loss in the portfolio. First,
the loan portfolio is segregated by loan types to be evaluated  collectively and
loan types to be evaluated individually.  Delinquent multi-family and commercial
loans are evaluated  individually  for potential  impairments  in their carrying
value. Second, the allowance for loan losses entails utilizing our historic loss
experience by applying such loss percentage to the loan types to be collectively
evaluated in the  portfolio.  This segment of the loss  analysis  resulted in no
addition to the  provision  for loss for the three or six months  ended June 30,
2007.  The  analysis of the  allowance  for loan  losses  requires an element of
judgment and is subject to the  possibility  that the  allowance  may need to be
increased,   with  a  corresponding  reduction  in  earnings.  To  the  best  of
management's knowledge, all known and inherent losses that are probable and that
can be reasonably estimated have been recorded at June 30, 2007.

Non-performing and impaired loans totaled $737,000 and $281,000 at June 30, 2007
and December  31,  2006,  respectively.  At June 30,  2007,  non-performing  and
impaired loans were  comprised  solely of 8 loans secured by one- to four-family
residential  real estate.  The allowance for loan losses  represented  98.1% and
296.4% of  non-performing  and impaired loans and 0.30% and 0.12% of total loans
at June 30,  2007 and  December  31,  2006,  respectively.  Although  management
believes  that  the  Corporation's  allowance  for  loan  losses  conforms  with
generally  accepted  accounting  principles  based upon the available  facts and
circumstances,  there can be no assurance  that  additions to the allowance will
not be necessary in future periods,  which would adversely affect our results of
operations.

Deposits  increased  $6.9 million,  or 3.3%, to $212.3 million at June 30, 2007,
from $205.5  million at December 31, 2006.  Advances  from the Federal Home Loan
Bank of Cincinnati increased by $3.3 million, or 11.2%, to $32.5 million at June
30, 2007, from $29.2 million at December 31, 2006.

Shareholders'  equity decreased $2.5 million,  or 3.4%, to $69.7 million at June
30,  2007,  from $72.2  million at December 31,  2006.  The  decrease  primarily
resulted from the  repurchase  of treasury  shares of $2.8 million and dividends
paid of $602,000,  which were partially  offset by net earnings of $478,000.  At
June 30,  2007,  Cheviot  Financial  had the ability to  purchase an  additional
192,146 shares under its announced stock repurchase plan.


                                       16

<Page>





                             Cheviot Financial Corp.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Six-Month Periods Ended
June 30, 2007 and 2006
--------------------------------------------------------------------------------

General
-------

Net earnings for the six months ended June 30, 2007 totaled $478,000, a $389,000
decrease  from the $867,000  net earnings  reported for the same period in 2006.
The  decrease  in net  earnings  reflects a decrease in net  interest  income of
$269,000  and an  increase of  $347,000  in  general,  administrative  and other
expenses,  which were partially offset by an increase in other income of $35,000
and a decrease of $192,000 in federal income taxes for the 2007 period.

Net Interest Income
-------------------

Total interest  income  increased  $888,000,  or 11.3%,  to $8.8 million for the
six-months  ended June 30, 2007,  from the comparable  period in 2006.  Interest
income on loans  increased  $600,000,  or 8.9%, to $7.4 million  during the 2007
period from $6.8 million for the 2006 period. This increase was due primarily to
a $15.2 million,  or 6.6%, increase in the average balance of loans outstanding,
and a 13 basis point  increase in the  weighted-average  yield on loans to 6.06%
for the 2007 period from 5.93% for the six months ended June 30, 2006.

Interest income on mortgage-backed  securities  decreased $59,000,  or 13.9%, to
$365,000  for the six months  ended June 30,  2007,  from  $424,000 for the same
period in 2006, due primarily to a $6.0 million  decrease in the average balance
of  securities  outstanding,  which was  partially  offset by a 103 basis  point
increase in the average  yield period to period.  Interest  income on investment
securities  increased  $329,000,  or 59.0%, to $887,000 for the six months ended
June 30, 2007,  compared to $558,000 for the same period in 2006,  due primarily
to a 135 basis point  increase in the average yield to 5.47% in the 2007 period,
and an increase of $5.4 million,  or 19.8% in the average  balance of investment
securities  outstanding.  Interest  income  on other  interest-earning  deposits
increased $18,000,  or 16.5% to $127,000 for the six months ended June 30, 2007,
as compared to the same period in 2006.

Interest  expense  increased $1.2 million,  or 33.8% to $4.6 million for the six
months  ended June 30,  2007,  from $3.4  million  for the same  period in 2006.
Interest  expense on  deposits  increased  by $1.3  million,  or 47.9%,  to $3.9
million for the six months ended June 30,  2007,  from $2.6 million for the same
period in 2006 due  primarily  to an 87 basis  point  increase  in the  weighted
average costs of deposits to 3.76 % during the 2007 period and a $25.3  million,
or 13.9%, increase in the weighted-average balance outstanding. Interest expense
on borrowings decreased by $108,000,  or 13.7%, due primarily to a $4.2 million,
or 12.6%,  decrease  in the  average  balance  outstanding  and a 7 basis  point
decrease  in the  average  cost of  borrowings.  The  increase  in the yields on
interest-earning  assets  and  costs of  interest-bearing  liabilities  were due
primarily to the overall increase in interest rates during the 2007 period.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income decreased by $269,000,  or 6.1%, to $4.2 million for the six
months ended June 30, 2007. The average  interest rate spread decreased to 2.06%
for the six months  ended June 30, 2007 from 2.44% for the six months ended June
30, 2006.  The net interest  margin  decreased to 2.83% for the six months ended
June 30, 2007 from 3.17% for the six months ended June 30, 2006.



                                       17


<Page>



                             Cheviot Financial Corp.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Six-Month Periods Ended June 30, 2007
and 2006 (continued)
--------------------------------------------------------------------------------

Provision for Losses on Loans
-----------------------------

As a result of the allowance  for loan losses  analysis  described  elsewhere in
this  document,  management  concluded  that the  allowance  for  loan  loss was
adequate, and therefore,  did not record a provision for losses on loans for the
six-months ended June 30, 2007 and 2006. There can be no assurance that the loan
loss allowance will be sufficient to cover losses on non-performing loans in the
future,  however management believes they have identified all known and inherent
losses that are probable and that can be  reasonably  estimated  within the loan
portfolio,  and that the  allowance  for loan  losses is adequate to absorb such
losses.

Other Income
------------

Other income increased  $35,000,  or 15.7%, to $258,000 for the six months ended
June 30, 2007, compared to the same period in 2006, due primarily to an increase
in the gain on the sale of loans of $10,000  and an  increase of $6,000 in other
operating income,  which were partially offset by a decrease in earnings on bank
owned life insurance of $4,000.

General, Administrative and Other Expense
-----------------------------------------

General,  administrative and other expense increased $347,000, or 10.3%, to $3.7
million  for the six  months  ended June 30,  2007,  from $3.4  million  for the
comparable  period in 2006. This increase is a result of an increase of $158,000
in employee  compensation  and  benefits,  a $67,000  increase in occupancy  and
equipment, a $14,000 increase in legal and professional services and an increase
of $58,000 in other operating expense. The increase in employee compensation and
benefits is due  primarily to an increase in the number of employees  reflecting
the full quarter's  operation of two more branches than the comparable period in
2006.  The  increase in  occupancy  and  equipment  is due  primarily to expense
incurred for the operation of the two new branches opened in the latter quarters
of 2006.  The increase in legal and  professional  services was due primarily to
expenses  incurred  for  litigation  proceedings  wherein  the  Corporation  was
defending its security  interest in collateral.  The  Corporation  has reached a
settlement regarding this litigation of $50,000,  accounting for the majority of
the increase in other operating expense for the 2007 six month period.

Federal Income Taxes
-------------------

The provision for federal income taxes decreased $192,000, or 46.5%, to $221,000
for the six months  ended June 30,  2007,  from  $413,000 for the same period in
2006, due primarily to a $581,000, or 45.4%,  decrease in pre-tax earnings.  The
effective  tax rate was 31.6% and 32.3% for the six month periods ended June 30,
2007 and 2006. The difference  between the  Corporation's  effective tax rate in
the 2007 and 2006 periods and the 34% statutory  corporate rate is due primarily
to the tax-exempt earnings on bank-owned life insurance.


                                       18

<page>



                             Cheviot Financial Corp.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Three-Month Periods Ended June 30,
2007 and 2006
--------------------------------------------------------------------------------

Net Interest Income
-------------------

Total  interest  income  increased  $394,000,  or 9.8%,  to $4.4 million for the
three-months ended June 30, 2007, from the comparable quarter in 2006.  Interest
income on loans  increased  $239,000,  or 6.9%, to $3.7 million  during the 2007
quarter from $3.5 million for the 2006 quarter.  This increase was due primarily
to a  $13.5  million,  or  5.8%,  increase  in  the  average  balance  of  loans
outstanding, and a 6 basis point increase in the weighted-average yield on loans
to 6.04% for the 2007  quarter  from 5.98% for the three  months  ended June 30,
2006.

Interest income on mortgage-backed  securities  decreased $31,000,  or 14.8%, to
$178,000  for the three  months  ended  June 30,  2007,  from  $209,000  for the
comparable 2006 quarter, due primarily to a $5.9 million decrease in the average
balance of securities  outstanding,  which was  partially  offset by a 105 basis
point  increase  in the  average  yield  period to  period.  Interest  income on
investment  securities  increased $196,000,  or 66.7%, to $490,000 for the three
months ended June 30,  2007,  compared to $294,000 for the same quarter in 2006,
due primarily to a 138 basis point increase in the average yield to 5.72% in the
2007 quarter,  and an increase of $7.2 million,  or 26.5% in the average balance
of investment securities outstanding.  Interest income on other interest-earning
deposits decreased $10,000,  or 14.7% to $58,000 for the three months ended June
30, 2007.

Interest  expense  increased  $515,000,  or 28.3% to $2.3  million for the three
months  ended June 30,  2007,  from $1.8  million for the same  quarter in 2006.
Interest  expense on deposits  increased by $581,000,  or 41.0%, to $2.0 million
from $1.4  million due  primarily  to a 79 basis point  increase in the weighted
average  costs of  deposits  to 3.83%  during the 2007  quarter due to the total
composition of deposits  shifting to higher rate  certificates  of deposit and a
$22.5 million, or 12.0%,  increase in the weighted-average  balance outstanding.
Interest expense on borrowings  decreased by $66,000, or 16.4%, due primarily to
a $3.7 million,  or 1.1%,  decrease in the average balance  outstanding and a 28
basis point  decrease in the average  cost of  borrowings.  The  increase in the
yields on interest-earning assets and costs of interest-bearing liabilities were
due  primarily  to the overall  increase in interest  rates during the June 2007
quarter.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  decreased by  $121,000,  or 5.5%,  to $2.1 million for the
three months ended June 30, 2007,  as compared to the same quarter in 2006.  The
average  interest rate spread decreased to 2.05% for the three months ended June
30, 2007 from 2.37% for the three months  ended June 30, 2006.  The net interest
margin  decreased  to 2.81% for the three  months ended June 30, 2007 from 3.11%
for the three months ended June 30, 2006.

Provision for Losses on Loans
-----------------------------

As a result of the allowance  for loan losses  analysis  described  elsewhere in
this  document,  management  concluded  that the  allowance  for  loan  loss was
adequate, and therefore,  did not record a provision for losses on loans for the
three-months  ended June 30, 2007 and 2006.  There can be no assurance  that the
loan loss allowance will be sufficient to cover losses on  non-performing  loans
in the future,  however  management  believes they have identified all known and
inherent  losses that are probable and that can be reasonably  estimated  within
the loan portfolio, and that the allowance for loan losses is adequate to absorb
such losses.

                                       19


<Page>

                             Cheviot Financial Corp.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)

Other Income
------------

Other income increased $26,000, or 25.2%, to $129,000 for the three months ended
June 30,  2007,  compared  to the same  quarter  in 2006,  due  primarily  to an
increase in the gain on the sale of loans of $3,000,  which was partially offset
by a decrease in the loss on sale of real estate acquired through foreclosure of
$21,000.

General, Administrative and Other Expense
-----------------------------------------

General,  administrative and other expense increased $100,000,  or 5.9%, to $1.8
million for the three  months  ended June 30,  2007,  from $1.7  million for the
comparable  quarter in 2006. This increase is a result of an increase of $61,000
in employee  compensation  and  benefits,  a $19,000  increase in occupancy  and
equipment, a $21,000 increase in property, payroll and other taxes. The increase
in employee  compensation  and  benefits is due  primarily to an increase in the
number of employees  reflecting the increase in our branch  franchise during the
2007 period as compared  with the 2006 period.  The  increase in  occupancy  and
equipment is due primarily to expense  incurred for the operation of the two new
branches  opened in the latter  quarters  of 2006.  The  increase  in  property,
payroll and other taxes is due primarily to an increase in Ohio franchise tax.

Federal Income Taxes
--------------------

The provision for federal income taxes decreased $61,000,  or 30.8%, to $137,000
for the three months ended June 30, 2007,  from $198,000 for the same quarter in
2006, due primarily to a $195,000, or 32.3%,  decrease in pre-tax earnings.  The
effective  tax rate was 33.5% and 32.8% for the three month  periods  ended June
30,  2007 and 2006,  respectively.  The  difference  between  the  Corporation's
effective tax rate in the 2007 and 2006 periods and the 34% statutory  corporate
rate is due primarily to the tax-exempt earnings on bank-owned life insurance.
                                       20

<PAGE>


                             Cheviot Financial Corp.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no  material  change in the  Corporation's  market risk since the
Form 10-K filed with the Securities  and Exchange  Commission for the year ended
December 31, 2006.

ITEM 4 CONTROLS AND PROCEDURES

The Corporation's  Chief Executive Officer and Chief Financial Officer evaluated
the disclosure  controls and  procedures  (as defined under Rules  13a-15(e) and
15d-15(e) of the  Securities  Exchange Act of 1934, as amended) as of the end of
the period covered by this quarterly  report.  Based upon that  evaluation,  the
Chief  Executive  Officer and Chief  Financial  Officer have  concluded that the
Corporation's disclosure controls and procedures are effective.

There were no changes in the Corporation's internal controls or in other factors
that  could  materially  affect,  or could  reasonably  be likely to  materially
affect,  these  controls  subsequent  to the  date of  their  evaluation  by the
Corporation's Chief Executive Officer and Chief Financial Officer.

                                       21

<PAGE>


                             Cheviot Financial Corp.

                                     PART II

ITEM 1.  Legal Proceedings
         -----------------

          None.

ITEM 1A. Risk Factors
         ------------

          There have been no changes to the Corporation's risk factors since the
          filing of the  Corporation's  Annual  Report on Form 10-K for the year
          ended December 31, 2006.

ITEM 2.  Unregistered Sales of Equity Securities, Use of Proceeds and Issuer
         Purchases of Equity Securities
         -----------------------------------------------------------------------

          The  Corporation  announced a repurchase  plan on  September  13, 2006
          which  provides  for the  repurchase  of 5% or  471,140  shares of our
          common  stock.  As of June 30, 2007,  the  Corporation  had  purchased
          278,994 shares pursuant to the program.
<TABLE>
<CAPTION>

                                                                                              Total # of
                                                                                           shares purchased
                                                      Total              Average          as part of publicly
                                                   # of shares         price paid           announced plans
          Period                                    purchased           per share             or programs
          ------                                    ---------           ---------            ------------

<S>                                                <C>                  <C>                    <C>
          April 1-30, 2007                           32,908               $13.50                147,544
          May 1-31, 2007                             13,200               $13.59                160,744
          June 1 - 30, 2007                         118,250               $13.64                278,994
</TABLE>


ITEM 3.  Defaults Upon Senior Securities
         -------------------------------

          Not applicable.

ITEM 4.  Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------

          The  Corporation  held its Annual Meeting of Shareholders on April 24,
          2007. Two matters were presented to the  shareholders  for a vote: The
          shareholders elected two directors by the following votes: For Against
          Abstain

          Edward L. Kleemeier       8,754,133           -               189,537
          James E. Williamson       8,633,341           -               310,329


          The  shareholders  ratified the selection of Grant Thornton LLP as the
          Company's auditors for the 2007 calendar year by the following vote:

          For:  8,937,285           Against:  4,085            Abstain:  2,300

          Consistent  with Form 8-K filed on July 12,  2007,  as amended by Form
          8-K/A filed on July 16, 2007 the  Company  changed  auditors to Clark,
          Schaefer,  Hackett & Co. for the  remainder of the 2007  calendar year
          with approval of the Company's Audit Committee.

ITEM 5.  Other Information
         -----------------

          None.

                                       22
<PAGE>


                             Cheviot Financial Corp.

                               PART II (CONTINUED)


ITEM 6.  Exhibits

     31.1          Certification of Principal Executive Officer
                   Pursuant to Rule 13a-14 of the Securities
                   Exchange Act of 1934, As Adopted Pursuant to
                   Section 302 of the Sarbanes-Oxley Act of
                   2002.
     31.2          Certification of Principal Financial Officer
                   Pursuant to Rule 13a-14 of the Securities
                   Exchange Act of 1934, As Adopted Pursuant to
                   Section 302 of the Sarbanes-Oxley Act of
                   2002.
     32.1          Certification  of  Principal  Executive  Officer Pursuant  to
                   18 U.S.C.  Section 1350,  as Adopted  Pursuant to Section 906
                   of the Sarbanes-Oxley Act of 2002.
     32.2          Certification  of  Principal  Financial Officer  Pursuant  to
                   18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
                   the Sarbanes-Oxley Act of 2002.

                                       23
<PAGE>


                             Cheviot Financial Corp.

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.





Date:   August 7, 2007                 By: /s/ Thomas J. Linneman
       ------------------                  -------------------------------------
                                           Thomas J. Linneman
                                           President and Chief Executive Officer



Date:   August 7, 2007                 By: /s/ Scott T. Smith
       -------------------                 -------------------------------------
                                           Scott T. Smith
                                           Chief Financial Officer


                                       24
<PAGE>
                                                                    Exhibit 31.1

                      CERTIFICATION PURSUANT TO RULE 13A-14
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                    AS ADOPTED PURSUANT TO SECTION 302 OF THE
                           SARBANES-OXLEY ACT OF 2002

I, Thomas J. Linneman, certify that:

1.   I have reviewed  this  quarterly  report on Form 10-Q of Cheviot  Financial
     Corp.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

     a.   Designed  such  disclosure  controls  and  procedures  or caused  such
          disclosure  controls to be designed under our  supervision,  to ensure
          that material  information  relating to the registrant,  including its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b.   Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of  the  period  covered  by  this  quarterly  report  based  on  such
          evaluation; and

     c.   Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent functions):

     a.   All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b.   Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.


Date:  August 7, 2007                      /s/Thomas J. Linneman
                                           -----------------------------------
                                           Thomas J. Linneman
                                           President and Chief Executive Officer
                                           (principal executive officer)



<PAGE>


                                                                   Exhibit 31.2
                      CERTIFICATION PURSUANT TO RULE 13A-14
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                    AS ADOPTED PURSUANT TO SECTION 302 OF THE
                           SARBANES-OXLEY ACT OF 2002

I, Scott T. Smith, certify that:


1.   I have reviewed  this  quarterly  report on Form 10-Q of Cheviot  Financial
     Corp.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

     a.   Designed  such  disclosure  controls  and  procedures  or caused  such
          disclosure  controls to be designed under our  supervision,  to ensure
          that material  information  relating to the registrant,  including its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b.   Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of  the  period  covered  by  this  quarterly  report  based  on  such
          evaluation; and

     c.   Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent functions):

     a.   All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b.   Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.


Date:  August 7, 2007                              /s/ Scott T. Smith
                                                   -----------------------------
                                                   Scott T. Smith
                                                   Chief Financial Officer
                                                   (principal financial officer)


<PAGE>


                                                                    Exhibit 32.1

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In  connection  with the  Quarterly  Report  of  Cheviot  Financial  Corp.  (the
"Company"),  on Form 10-Q for the period ended June 30, 2007,  as filed with the
Securities  and  Exchange  Commission  on the  date of this  Certification  (the
"Report"),  I, Thomas J. Linneman,  President and Chief Executive Officer of the
Company,  certify,  pursuant to 18 U.S.C.  Section 1350, as adopted  pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

     1.   The Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     2.   The  information  contained  in the  Report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Company.

A signed  original of this  written  statement  required by Section 906 has been
provided  to  Cheviot  Financial  Corporation  and will be  retained  by Cheviot
Financial Corporation and furnished to the Securities and Exchange Commission or
its staff upon request.


                                        /s/Thomas J. Linneman
                                        ----------------------------------------
                                        Thomas J. Linneman
                                        President and Chief Executive Officer

         Date:  August 7, 2007



<PAGE>


                                                                   Exhibit 32.2

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In  connection  with the  Quarterly  Report  of  Cheviot  Financial  Corp.  (the
"Company"),  on Form 10-Q for the period ended June 30, 2007,  as filed with the
Securities  and  Exchange  Commission  on the  date of this  Certification  (the
"Report"),  I, Scott T. Smith, Chief Financial Officer of the Company,  certify,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to my knowledge:

     1.   The Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

         2. The information contained in the Report fairly presents, in all
         material respects, the financial condition and results of operations of
         the Company.

A signed  original of this  written  statement  required by Section 906 has been
provided  to  Cheviot  Financial  Corporation  and will be  retained  by Cheviot
Financial Corporation and furnished to the Securities and Exchange Commission or
its staff upon request.



                                                     /s/Scott T. Smith
                                                     ---------------------------
                                                     Scott T. Smith
                                                     Chief Financial Officer

         Date:  August 7, 2007