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                  March 31, 2009
                                ------------------------------------------------

                                       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 [ ]

Small business issuer [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  May 8,  2009,  the  latest  practicable  date,  8,868,706  shares  of the
registrant's common stock, $.01 par value, were issued and outstanding.

Indicate by check mark whether the registrant has submitted  electronically  and
posted on its corporate Web site, if any, every  Interactive  Data File required
to be submitted  and posted  pursuant to Rule 405 of  Regulation  S-T during the
preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files).

Yes [   ]         No  [   ]


                                  Page 1 of 24

<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                                                16

               Quantitative and Qualitative Disclosures about
               Market Risk                                               21

               Controls and Procedures                                   21

PART II  -     OTHER INFORMATION                                         22

SIGNATURES                                                               23


                                       2
<PAGE>

                          Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)
<TABLE>
<CAPTION>

                                                                                          March 31,        December 31,
         ASSETS                                                                                2009                2008
                                                                                        (Unaudited)

<S>                                                                                        <C>               <C>
Cash and due from banks                                                                    $  4,108          $    4,192
Federal funds sold                                                                            8,616               4,063
Interest-earning deposits in other financial institutions                                    13,511               1,758
                                                                                         ----------           ---------
         Cash and cash equivalents                                                           26,235              10,013

Investment securities available for sale - at fair value                                     23,826              23,909
Investment securities held to maturity - at cost, approximate
  market value of $5,011 and $7,074 at March 31, 2009
  and December 31, 2008, respectively                                                         5,000               7,000
Mortgage-backed securities available for sale - at fair value                                 4,415                 648
Mortgage-backed securities held to maturity - at cost, approximate
  market value of $6,709 and $6,830 at March 31, 2009 and
  December 31, 2008, respectively                                                             6,662               6,915
Loans receivable - net                                                                      255,302             267,754
Loans held for sale - at lower of cost or market                                              3,384                 729
Real estate acquired through foreclosure - net                                                2,097               1,064
Office premises and equipment - at depreciated cost                                           4,962               4,969
Federal Home Loan Bank stock - at cost                                                        3,369               3,369
Accrued interest receivable on loans                                                          1,125               1,159
Accrued interest receivable on mortgage-backed securities                                        43                  32
Accrued interest receivable on investments and interest-earning deposits                        383                 466
Prepaid expenses and other assets                                                               631                 297
Bank-owned life insurance                                                                     3,550               3,516
Prepaid federal income taxes                                                                     74                 160
                                                                                         ----------          ----------
         Total assets                                                                      $341,058            $332,000
                                                                                         ==========          ==========
         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                   $227,492            $216,048
Advances from the Federal Home Loan Bank                                                     43,000              44,604
Advances by borrowers for taxes and insurance                                                   962               1,464
Accrued interest payable                                                                        165                 172
Accounts payable and other liabilities                                                          945               1,069
Deferred federal income taxes                                                                   325                 412
                                                                                         ----------          ----------
         Total liabilities                                                                  272,889             263,769

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 March 31, 2009 and December 31, 2008                              99                  99
  Additional paid-in capital                                                                 43,667              43,625
  Shares acquired by stock benefit plans                                                     (2,829)             (2,829)
  Treasury stock - at cost, 1,046,247 shares at March 31, 2009
    and December 31, 2008, respectively                                                     (12,799)            (12,799)
  Retained earnings - restricted                                                             40,229              40,276
  Accumulated comprehensive income, unrealized gains on securities
    available for sale, net of related tax effects                                             (198)               (141)
                                                                                        ------------         -----------
         Total shareholders' equity                                                          68,169              68,231
                                                                                          ---------           ---------

         Total liabilities and shareholders' equity                                        $341,058            $332,000
                                                                                            =======             =======
</TABLE>

See accompanying notes to consolidated financial statements.

                                       3
<PAGE>


                             Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

               For the three months ended March 31, 2009 and 2008
                      (In thousands, except per share data)

<TABLE>
<CAPTION>

                                                                                               2009                2008
Interest income
<S>                                                                                          <C>                 <C>
  Loans                                                                                      $3,848              $3,806
  Mortgage-backed securities                                                                    105                 139
  Investment securities                                                                         369                 554
  Interest-earning deposits and other                                                            10                  32
                                                                                            -------             -------
         Total interest income                                                                4,332               4,531

Interest expense
  Deposits                                                                                    1,374               2,010
  Borrowings                                                                                    471                 375
                                                                                             ------              ------
         Total interest expense                                                               1,845               2,385
                                                                                              -----               -----

         Net interest income                                                                  2,487               2,146

Provision for losses on loans                                                                   337                 263
                                                                                           --------               -----
         Net interest income after provision for
           losses on loans                                                                    2,150               1,883

Other income
  Rental                                                                                         13                  12
  Loss on sale of real estate acquired through foreclosure                                      (20)                (58)
  Gain on sale of loans                                                                         131                   4
  Earnings on bank-owned life insurance                                                          34                  32
  Other operating                                                                                73                  72
                                                                                            -------             -------
         Total other income                                                                     231                  62

General, administrative and other expense
  Employee compensation and benefits                                                          1,118               1,018
  Occupancy and equipment                                                                       143                 150
  Property, payroll and other taxes                                                             251                 240
  Data processing                                                                                85                  83
  Legal and professional                                                                        131                 124
  Advertising                                                                                    50                  50
  Other operating                                                                               202                 144
                                                                                             ------              ------
         Total general, administrative and other expense                                      1,980               1,809
                                                                                              -----               -----

         Earnings before federal income taxes                                                   401                 136

Federal income taxes
  Current                                                                                       166                  52
  Deferred                                                                                      (58)                (13)
                                                                                            -------             -------
         Total federal income taxes                                                             108                  39
                                                                                            -------             -------
         NET EARNINGS                                                                       $   293             $    97
                                                                                            =======             =======
         EARNINGS PER SHARE
           Basic                                                                            $   .03             $   .01
                                                                                            =======             =======
           Diluted                                                                          $   .03             $   .01
                                                                                            =======             =======
           Dividends declared per share                                                     $   .10             $   .09
                                                                                            =======             =======

</TABLE>
See accompanying notes to consolidated financial statements.
                                       4

<PAGE>

                             Cheviot Financial Corp.

           CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

               For the three months ended March 31, 2009 and 2008
                                 (In thousands)
<TABLE>
<CAPTION>


                                                                                               2009                  2008

<S>                                                                                          <C>                   <C>
Net earnings for the period                                                                  $   293               $   97

Other comprehensive income (loss), net of related tax expense (benefit):
  Unrealized holding gains (losses) on securities during the period,
    net of tax expense (benefit) of $(29) and $53 for the periods
    ended March 31, 2009 and 2008, respectively                                                 (57)                  103
                                                                                                ----                  ---

Comprehensive income                                                                         $   236               $  200
                                                                                                 ===                  ===

Accumulated comprehensive income (loss)                                                      $  (198)              $  149
                                                                                                 ===                  ===
See accompanying notes to consolidated financial statements.
</TABLE>


                                       5
<PAGE>


                             Cheviot Financial Corp.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

               For the three months ended March 31, 2009 and 2008
                                 (In thousands)

<TABLE>
<CAPTION>

                                                                                               2009                2008
Cash flows from operating activities:
<S>                                                                                       <C>               <C>
  Net earnings for the period                                                             $     293         $        97
  Adjustments to reconcile net earnings to net cash (used in)
  provided by operating activities:
    Amortization of premiums and discounts on investment
      and mortgage-backed securities, net                                                        (3)                 (2)
    Depreciation                                                                                 75                  69
    Amortization of deferred loan origination fees - net                                         (5)                 (4)
    Proceeds from sale of loans in the secondary market                                       9,132                 798
    Loans originated for sale in the secondary market                                        (9,001)               (937)
    Gain on sale of loans                                                                      (131)                 (4)
    Amortization of expense related to stock benefit plans                                      (19)                 (2)
    Provision for losses on loans                                                               337                 263
    Federal Home Loan Bank stock dividends                                                        -                 (42)
    Loss on real estate acquired through foreclosure                                             20                  58
    Net increase in cash surrender value of bank-owned life insurance                           (34)                (32)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans                                                       34                  (2)
      Accrued interest receivable on mortgage-backed securities                                 (11)                  7
      Accrued interest receivable on investments and interest-earning deposits                   83                (105)
      Prepaid expenses and other assets                                                        (334)               (284)
      Accrued interest payable                                                                   (7)                 14
      Accounts payable and other liabilities                                                   (124)                (19)
      Federal income taxes
        Current                                                                                  86                  32
        Deferred                                                                                (58)                (13)
                                                                                            -------             -------
         Net cash flows provided by (used in) operating activities                              333                (108)

Cash flows used in investing activities:
  Principal repayments on loans                                                              21,071              13,949
  Loan disbursements                                                                        (12,746)            (15,082)
  Purchase of investment securities - available for sale                                          -             (11,981)
  Proceeds from maturity of investment securities - held to maturity                          2,000              11,000
  Purchase of mortgage-backed securities - available for sale                                (4,055)                  -
  Principal repayments on mortgage-backed securities - available for sale                       288                  68
  Principal repayments on mortgage-backed securities - held to maturity                         253               1,030
  Proceeds from the sale of real estate acquired through foreclosure                            104                 223
  Additions to real estate acquired through foreclosure                                         (17)                  -
  Purchase of office premises and equipment                                                     (68)                 (5)
                                                                                            -------              ------
         Net cash flows provided by (used in) investing activities                            6,830                (798)

Cash flows provided by financing activities:
  Net increase in deposits                                                                   11,444                 300
  Proceeds from Federal Home Loan Bank advances                                                   -               7,500
  Repayments on Federal Home Loan Bank advances                                              (1,604)             (4,618)
  Advances by borrowers for taxes and insurance                                                (502)               (392)
  Stock option expense, net                                                                      61                  60
  Treasury stock repurchases                                                                      -                (381)
  Dividends paid on common stock                                                               (340)               (310)
                                                                                             ------              ------
         Net cash flows provided by financing activities                                      9,059               2,159
                                                                                              -----               -----

Net increase in cash and cash equivalents                                                    16,222               1,253

Cash and cash equivalents at beginning of period                                             10,013               9,450
                                                                                             ------               -----

Cash and cash equivalents at end of period                                                $  26,235         $    10,703
                                                                                             ======              ======
</TABLE>

See accompanying notes to consolidated financial statements.

                                       6

<PAGE>

                          Cheviot Financial Corp.

          CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)

               For the three months ended March 31, 2009 and 2008
                                 (In thousands)
<TABLE>
<CAPTION>


                                                                                               2009                2008

Supplemental disclosure of cash flow information: Cash paid during the period
  for:
<S>                                                                                         <C>                <C>
    Federal income taxes                                                                    $    75            $     25
                                                                                             ======             ========

    Interest on deposits and borrowings                                                      $1,838              $2,371
                                                                                              =====               =====

Supplemental disclosure of non-cash investing activities:
  Transfer from loans to real estate acquired through foreclosure                            $1,140             $   218
                                                                                              =====              ======

Recognition of mortgage servicing rights in
   accordance with SFAS No. 140                                                              $   72           $       -
                                                                                              =====            ========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       7

<PAGE>

                            Cheviot Financial Corp.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

               For the three months ended March 31, 2009 and 2008


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 61% owned by Cheviot  Mutual  Holding
Company.  Earnings  per share is reported  including  all shares held by Cheviot
Mutual Holding Company. Cheviot Mutual Holding Company has waived the receipt of
dividends  declared  by  the  Corporation.  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, 2008. 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
month period ended March 31, 2009 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
months  ended March 31, 2009  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 March 31, 2009 and December 31, 2008,  we had $43.0  million and
$44.6 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 $100.1 million and $99.3 million, respectively.

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 months ended March 31, 2009 and 2008


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 three months ended March 31,
2009, loan originations totaled $21.7 million, compared to $16.0 million for the
three months ended March 31, 2008.

Total  deposits  increased  $11.4  million and $300,000  during the three months
ended March 31, 2009 and 2008,  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 contracts as of March
31, 2009.

<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            $  3,000      $  9,745     $  1,967      $ 28,288     $  43,000
      Certificates of deposit                              109,724        20,144       14,038            -        143,906

    Amount of loan commitments and expiration per period:
      Commitments to originate one- to four-family
        loans                                                2,829             -            -            -         2,829
      Home equity lines of credit                           11,843             -            -            -        11,843
      Undisbursed loans in process                           7,054             -            -            -         7,054
                                                          --------      --------     --------      --------     --------
         Total contractual obligations                    $134,450      $ 29,889     $ 16,005      $ 28,288     $208,632
                                                          ========      ========     ========      ========     ========
</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 months ended March 31, 2009 and 2008


3.  Liquidity and Capital Resources (continued)
    -------------------------------

At March 31, 2009 and 2008, we exceeded all of the applicable regulatory capital
requirements.  Our core (Tier 1) capital was $56.3 million and $53.4 million, or
16.5% and 16.8% of total  assets at March 31,  2009 and 2008,  respectively.  In
order to be classified as "well-capitalized"  under federal banking regulations,
we were  required  to have core  capital of at least $20.5  million,  or 6.0% of
assets as of March 31, 2009.  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 March 31, 2009 and 2008, we had a total risk-based capital ratio
of 33.0% and 32.6%, 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 178,540 and 214,247  unallocated shares held by the ESOP for the three months
ended March 31, 2009 and 2008, respectively.

                                                      For the three months ended
                                                                March 31,
                                                           2009           2008

         Weighted-average common shares
           outstanding (basic)                          8,693,964      8,717,914

         Dilutive effect of assumed exercise
           of stock options                                46,216         58,574
                                                        ---------      ---------

         Weighted-average common shares
           outstanding (diluted)                        8,740,180      8,776,488
                                                        =========      =========


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.  During  2008,  2007  and  2006
approximately 8,060, 6,460 and 6,100 options 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 months ended March 31, 2009 and 2008


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 is 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 three months ended March 31,
2009,  the  Corporation  recorded  $61,000 in  after-tax  compensation  cost for
equity-based  awards that vested  during the three  months ended March 31, 2009.
The Corporation has $311,000  unrecognized  pre-tax compensation cost related to
non-vested  equity-based  awards  granted under its stock  incentive  plan as of
March 31,  2009,  which is expected  to be  recognized  over a  weighted-average
vesting period of approximately 1.3 years.

A summary of the status of the  Corporation's  stock option plan as of March 31,
2009, and changes during the period then ended is presented below:

<TABLE>
<CAPTION>

                                                                   Three months ended                   Year ended
                                                                     March 31, 2009                  December 31, 2008
                                                                                Weighted-                       Weighted-
                                                                                 average                         average
                                                                                exercise                        exercise
                                                                  Shares          price           Shares          price

<S>                                                               <C>           <C>                <C>          <C>
    Outstanding at beginning of period                            404,280       $11.16             396,220      $11.21
    Granted                                                            -            -                8,060        9.03
    Exercised                                                          -            -                   -           -
    Forfeited                                                          -            -                   -           -
                                                                ---------       -------            -------      ------

    Outstanding at end of period                                  404,280       $11.16             404,280      $11.16
                                                                  =======       ======             =======      ======

    Options exercisable at period-end                             233,936       $11.17             233,936      $11.17
                                                                  =======       ======             =======      ======

    Options expected to be exercisable at year-end

    Fair value of options granted                                               NA                              $ 1.93
                                                                                ==                              ======

    The following information applies to options outstanding at March 31, 2009:

    Number outstanding                                                                                            404,280
    Exercise price                                                                                         $9.03 - $13.63
    Weighted-average exercise price                                                                                $11.16
    Weighted-average remaining contractual life                                                                 6.3 years
</TABLE>

    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 the 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 months ended March 31, 2009 and 2008


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  2008:  dividend  yield  of  3.65%,  expected
volatility of 26.13%,  risk-free  interest rate of 3.78% and an expected life of
10 years for each grant.

The  effects of  expensing  stock  options  are  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 stature 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 2004.

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

7.   Disclosures About Fair Value of Assets and Liabilities
     ------------------------------------------------------

Effective  January 1, 2008,  the  Corporation  adopted  Statement  of  Financial
Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 defines
fair  value,  establishes  a  framework  for  measuring  fair value and  expands
disclosures   about  fair  value   measurements.   FAS  157  has  been   applied
prospectively as of the beginning of the year.

FAS 157 defines  fair value as the price that would be received to sell an asset
or paid to  transfer  a  liability  in an  orderly  transaction  between  market
participants  at the  measurement  date.  FAS 157 also  establishes a fair value
hierarchy which requires an entity to maximize the use of observable  inputs and
minimize the use of unobservable  inputs when measuring fair value. The standard
describes three levels of inputs that may be used to measure fair value:

                                       12

<page>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2009 and 2008



7.   Disclosures About Fair Value of Assets and Liabilities (continued)

 Level 1  Quoted prices in active markets for identical assets or liabilities

 Level 2  Observable inputs other than Level 1 prices,  such as quoted prices
          for similar assets or liabilities;  quoted prices in markets that are
          not active; or other inputs that are observable or can be corroborated
          by observable  market  data for  substantially  the full  term of the
          assets or liabilities

 Level 3  Unobservable  inputs  that  are  supported  by  little  or  no  market
          activity and that are  significant  to the fair value of the assets or
          liabilities.

Fair  value  methods  and  assumptions  are set  forth  below  for each  type of
financial instrument.

Securities available for sale: Fair values on available for sale securities were
based upon a market approach. Securities which are fixed income instruments that
are not  quoted on an  exchange,  but are traded in active  markets,  are valued
using prices  obtained from our  custodian,  which used third party data service
providers.

Available for sale securities  include U.S. agency  securities,  municipal bonds
and mortgage-backed agency securities.
<TABLE>
<CAPTION>

                                                                             Fair Value Measurements at
                                                                                     March 31, 2009

                                                              Quoted prices
                                                                 in active       Significant    Significant
                                                                markets for         other          other
                                                                 identical       observable    unobservable
                                                                  assets           inputs         inputs
                                          March 31, 2009         (Level 1)        (Level 2)      (Level 3)
                                          --------------         ---------        ---------      ---------

<S>                                      <C>                     <C>              <C>            <C>

         Securities available for sale      $28,241                                 $28,241
</TABLE>


The Corporation is predominately an asset-based  lender with real estate serving
as collateral on a substantial  majority of loans.  Loans which are deemed to be
impaired  and other real estate  owned are  primarily  valued on a  nonrecurring
basis at the fair values of the  underlying  real estate  collateral.  Such fair
values  are  obtained  using  independent  appraisals,   which  the  Corporation
considers to be Level 2 inputs.  The aggregate carrying amount of impaired loans
at March 31, 2009 was  approximately  $688,000,  with total loss  recognized  of
$225,000.  At March 31, 2009,  the carrying value of other real estate owned was
$2.1 million.


                                       13
<Page>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2009 and 2008


8.   Effects of Recent Accounting Pronouncements
     -------------------------------------------

In September 2006, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 157, "Fair Value Measurements". SFAS No. 157 defines fair value, establishes
a framework for measuring fair value in generally accepted accounting principles
and expands  disclosures about fair value estimates.  In February 2008, the FASB
issued FASB Staff  Position  ("FSP") No. FAS 157-2 which  delayed the  effective
date of SFAS No.  157 for  nonfinancial  assets  and  nonfinancial  liabilities,
except for items that are recognized or disclosed at fair value in the financial
statements on a recurring  basis,  to fiscal years  beginning after November 15,
2008.  The  Corporation  elected to defer the  adoption  of SFAS No. 157 for its
nonfinancial assets and nonfinancial liabilities until January 1, 2009. Adoption
of this standard on January 1, 2009 had no impact on the  Corporation's  results
of operations and financial position.

In April 2009, the Financial  Accounting  Standards  Board ("FASB")  issued FASB
Staff Position ("FSP") No. FAS 157-4, Determining Fair Value When the Volume and
Level of Activity for the Asset or Liability  Have  Significantly  Decreased and
Identifying  Transactions  That Are Not Orderly.  This FSP  provides  additional
guidance for  estimating  fair value in accordance  with FASB Statement No. 157,
Fair Value  Measurements  ("FAS 157"), when the volume and level of activity for
the asset or liability have  significantly  decreased and also includes guidance
on identifying  circumstances  that indicate a transaction is not orderly.  This
FSP emphasizes that even if there has been a significant  decrease in the volume
and level of activity for the asset or liability and regardless of the valuation
technique(s)  used, the objective of a fair value measurement  remains the same.
Fair  value is the  price  that  would be  received  to sell an asset or paid to
transfer  a  liability  in  an  orderly  transaction  (that  is,  not  a  forced
liquidation or distressed  sale) between market  participants at the measurement
date under  current  market  conditions.  This FSP is effective  for interim and
annual reporting periods ending after June 15, 2009, and is not expected to have
a material impact on the Corporation's consolidated financial statements.

In April 2009, the FASB issued FSP No. FAS 115-2 and FAS 124-2,  Recognition and
Presentation   of   Other-Than-Temporary   Impairments.   This  FSP  amends  the
other-than-temporary  impairment  guidance in U.S.  GAAP for debt  securities to
make  the  guidance  more  operational  and  to  improve  the  presentation  and
disclosure of other-than-temporary  impairments on debt and equity securities in
the  financial  statements.  This FSP does not amend  existing  recognition  and
measurement  guidance  related  to  other-than-temporary  impairments  of equity
securities.  This FSP is  effective  for  interim and annual  reporting  periods
ending after June 15, 2009, and is not expected to have a material impact on the
Corporation's consolidated financial statements.

In December 2007, the FASB issued SFAS No. 141(R), "Business Combinations". SFAS
No. 141(R)  establishes  principles and  requirements  for how the acquirer in a
business  combination  recognizes  and measures in its financial  statements the
identifiable  assets acquired,  the liabilities  assumed and any  noncontrolling
interest in the acquiree.  SFAS No. 141(R) significantly  changes the accounting
for  business  combinations  in a number of areas,  including  the  treatment of
contingent consideration,  preacquisition  contingencies,  transaction costs and
restructuring costs. In addition,  under SFAS No. 141(R), changes in an acquired
entity's  deferred tax assets and uncertain tax positions  after the measurement
period will impact  income tax expense.  SFAS No. 141(R) is effective for fiscal
years  beginning  on or after  December  15, 2008.  This  standard  requires the
immediate expensing of acquisition related costs. This standard is effective for
acquisitions  completed  after  December 31, 2008.  This  standard has not had a
material impact on the Corporation's consolidated financial statements.
                                       14
<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2009 and 2008


8.   Effects of Recent Accounting Pronouncements (continued)
     -------------------------------------------

In March  2008,  the FASB issued SFAS No.  161,  "Disclosures  about  Derivative
Instruments  and  Hedging  Activities".  SFAS  No.  161  will  require  enhanced
disclosures about (a) how and why an entity uses derivative instruments, (b) how
derivative instruments and related hedged items are accounted for under SFAS No.
133,  "Accounting for Derivative  Instruments and Hedging Activities" ("SFAS No.
133"), and its related  interpretations  and (c) how derivative  instruments and
related  hedged  items  affect  an  entity's   financial   position,   financial
performance  and cash  flows.  SFAS No. 161 is  effective  for fiscal  years and
interim periods beginning after November 15, 2008. The Corporation  adopted SFAS
No.  161 on  January  1, 2009 with no  significant  impact to the  Corporation's
results of operations and financial position.

In April 2008, the FASB issued FSP No. FAS 142-3,  "Determination  of the Useful
Life of  Intangible  Assets".  This  FSP  amends  the  factors  that  should  be
considered in developing renewal or extension  assumptions used to determine the
useful  life of a  recognized  intangible  asset under FASB  Statement  No. 142,
"Goodwill  and Other  Intangible  Assets".  FSP No. FAS 142-3 is  effective  for
fiscal  years  beginning  on or after  December  15, 2008 and will apply only to
intangible assets acquired after the effective date.

In June  2008,  the  FASB  issued  FSP No.  EITF  03-6-1,  "Determining  Whether
Instruments  Granted  in  Share-Based  Payment  Transactions  Are  Participating
Securities".  This FSP  addresses  whether  instruments  granted in  share-based
payment  transactions  are  participating   securities  prior  to  vesting  and,
therefore,  need to be included in the earnings allocation in computing earnings
per share ("EPS") under the two-class  method  described in paragraphs 60 and 61
of FASB  Statement  No.  128,  "Earnings  per  Share".  FSP No.  EITF  03-6-1 is
effective for fiscal years  beginning on or after  December 15, 2008.  All prior
period EPS data presented  after adoption is to be adjusted  retrospectively  to
conform with the provisions of FSP No. EITF 03-6-1. Adoption of this standard on
January 1, 2009 had no impact on the  Corporation's  results of  operations  and
financial position.

In January 2009,  the FASB released  Proposed  Staff Position SFAS No. 107-b and
Accounting Principles Board ("APB") Opinion No. 28-a, "Interim Disclosures about
Fair  Value of  Financial  Instruments"  ("SFAS  107-b"  and "APB  28-a").  This
proposal  amends  FASB  Statement  No.  107,  "Disclosures  about Fair Values of
Financial  Instruments,"  to require  disclosures  about fair value of financial
instruments  in  interim  financial  statements  as well as in annual  financial
statements.  The  proposal  also amends APB Opinion No. 28,  "Interim  Financial
Reporting," to require those  disclosures in all interim  financial  statements.
This proposal is effective for interim  periods  ending after June 15, 2009, but
early adoption is permitted for interim periods ending after March 15, 2009. The
Corporation  plans to adopt SFAS 107-b and APB 28-a and provide  the  additional
disclosure requirements in the second quarter 2009.

                                       15

<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, 2008 and at March 31,
2009
--------------------------------------------------------------------------------

Total assets  increased  $9.1 million,  or 2.7%, to $341.1  million at March 31,
2009,  from $332.0  million at December 31,  2008.  The increase in total assets
reflects increases in cash and cash equivalents and mortgage-backed  securities,
which was  partially  offset by a decrease in loans  receivable  and  investment
securities.  The  change  in the  composition  of our  interest  earning  assets
reflects  management's decision to increase its liquidity during a period of low
interest rates during the economic downturn.

Cash, federal funds sold and interest-earning  deposits increased $16.2 million,
or 162.0%,  to $26.2  million at March 31, 2009,  from $10.0 million at December
31, 2008.  The increase in cash and cash  equivalents at March 31, 2009, was due
to a $11.8  million  increase in interest  earning  deposits  and a $4.6 million
increase in federal funds sold, which was partially offset by a decrease in cash
and due from banks of $84,000.  Investment securities decreased $2.1 million, or
6.7%,  to $28.8  million at March 31, 2009.  At March 31, 2009,  $5.0 million of
investment  securities were classified as held to maturity,  while $23.8 million
were classified as available for sale.

                                       16
<page>


                            Cheviot Financial Corp.

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

Discussion of Financial Condition Changes from December 31, 2008 to March 31,
2009 (continued)
----------------------------------------------------------------------------

Mortgage-backed securities increased $3.5 million, or 46.5%, to $11.1 million at
March 31,  2009,  from $7.6  million at  December  31,  2008.  The  increase  in
mortgage-backed securities was due primarily to purchases of $4.1 million, which
was partially offset by principal  prepayments and repayments totaling $541,000.
At March 31, 2009, $6.7 million of mortgage-backed  securities was classified as
held to maturity, while $4.4 million was classified as available for sale. As of
March 31, 2009, none of the mortgage-backed securities are considered other than
temporarily impaired.

Loans  receivable,  including  loans held for sale,  decreased $9.8 million,  or
3.6%, to $258.7  million at March 31, 2009,  from $268.5 million at December 31,
2008. The decrease  reflects loan sales totaling $9.1 million and loan principal
repayments of $21.1 million,  which was partially offset by loan originations of
$21.7 million.

The  allowance  for loan losses  totaled  $1.0 million and $709,000 at March 31,
2009 and December 31, 2008.  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.  The $337,000  provision for losses on loans during
the quarter  ended  March 31,  2009 is a  reflection  of these  factors,  weaker
economic  conditions in the greater  Cincinnati  area,  and the need to allocate
approximately  $32,000  in  specific  reserves  for two  residential  properties
totaling  $131,000 which were acquired  through  foreclosure  during the quarter
ended March 31, 2009. 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 March 31, 2009.

Non-performing and impaired loans totaled $688,000 and $1.8 million at March 31,
2009 and December 31, 2008, respectively.  At March 31, 2009, non-performing and
impaired  loans were  comprised  solely of loans secured by one- to  four-family
residential real estate. The decrease in impaired loans was mainly the result of
transferring $1.2 million of impaired loans to other real estate owned. At March
31, 2009, and December 31, 2008 real estate acquired through foreclosure totaled
$2.1  million and $1.1  million,  respectively.  The  allowance  for loan losses
represented  147.4% and 38.4% of non-performing  and impaired loans at March 31,
2009 and December 31, 2008, 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  $11.4 million or 5.3%, to $227.5 million at March 31, 2009,
from $216.0  million at December 31, 2008.  Advances  from the Federal Home Loan
Bank of Cincinnati decreased by $1.6 million, or 3.6%, to $43.0 million at March
31, 2009, from $44.6 million at December 31, 2008.

                                       17
<PAGE>


                             Cheviot Financial Corp.

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


Discussion of Financial Condition Changes from December 31, 2008 to March 31,
2009 (continued)
-----------------------------------------------------------------------------

Shareholders'  equity  decreased  $62,000,  or 0.1%, from December 31, 2008. The
decrease primarily resulted from dividends paid of $340,000, which was partially
offset by net earnings of $293,000.  Dividends  declared by the Corporation were
waived by the  Corporation's  mutual holding company parent.  At March 31, 2009,
Cheviot Financial had the ability to purchase an additional 368,414 shares under
its announced stock repurchase plan.

Liquidity and Capital Resources
-------------------------------

We monitor our liquidity  position on a daily basis using reports that recap all
deposit activity and loan commitments. A significant portion of our deposit base
is made up of time deposits.  At March 31, 2009, $109.7 million of time deposits
are due to mature within twelve months. The daily deposit activity report allows
us to price our time  deposits  competitively.  Because of this and our  deposit
retention experience,  we anticipate that a significant portion of maturing time
deposits will be retained.

Borrowings from the Federal Home Loan Bank of Cincinnati  decreased $1.6 million
during the three months  ended March 31,  2009.  We have the ability to increase
such borrowings by approximately $100.1 million.  The additional  borrowings can
be used to offset any decrease in customer deposits or to fund loan commitments.

Comparison of Operating Results for the Three-Month Periods Ended March 31, 2009
and 2008
--------------------------------------------------------------------------------

General
-------

Net  earnings for the three  months  ended March 31, 2009  totaled  $293,000,  a
$196,000  increase  from the  $97,000  net  earnings  reported in the March 2008
period. The increase in net earnings reflects an increase in net interest income
of $341,000  and an increase in other income of  $169,000,  which was  partially
offset by an  increase  in the  provision  for  losses on loans of  $74,000,  an
increase  in  general,  administrative  and other  expense  of  $171,000  and an
increase in federal income taxes of $69,000 for the 2009 quarter.

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

As discussed  below,  the interest  received  from our interest  earning  assets
decreased  less than our cost of interest  bearing  liabilities  reflecting  the
impact of a steepened  yield curve on our net interest  income.  Total  interest
income decreased  $199,000,  or 4.4%, to $4.3 million for the three-months ended
March 31, 2009,  from the comparable  quarter in 2008.  Interest income on loans
increased  $42,000,  or 1.1%,  to $3.8 million  during the 2009 period from $3.8
million  for the  2008  period.  This  increase  was due  primarily  to an $11.5
million,  or 4.6%,  increase in the average balance of loans outstanding,  which
was partially offset by a 20 basis point decrease in the weighted-average  yield
on loans to 5.87% at March 31, 2009.

Interest income on mortgage-backed  securities  decreased $34,000,  or 24.5%, to
$105,000 for the three months ended March 31, 2009,  from  $139,000 for the 2008
quarter, due primarily to a 157 basis point decrease in the average yield, which
was partially offset by a $362,000 increase in the average balance of securities
outstanding period to period. Interest income on investment securities decreased
$185,000,  or 33.4%,  to $369,000  for the three  months  ended March 31,  2009,
compared to $554,000 for the same quarter in 2008,  due  primarily to a decrease
of $14.7  million,  or 35.9% in the  average  balance of  investment  securities
outstanding,  which was  partially  offset by a 21 basis  point  increase in the
average  yield  to  5.63%  in  the  2009  quarter.   Interest  income  on  other
interest-earning  deposits decreased $22,000, or 68.8%, to $10,000 for the three
months ended March 31, 2009.

                                       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 March 31, 2009
and 2008 (continued)
--------------------------------------------------------------------------------

Net Interest Income (continued)
-------------------

Interest  expense  decreased  $540,000,  or 22.6%, to $1.8 million for the three
months  ended  March 31,  2009,  from $2.4  million for the same period in 2008.
Interest  expense on deposits  decreased by $636,000,  or 31.6%, to $1.4 million
from $2.0 million due  primarily  to a 118 basis point  decrease in the weighted
average  costs of deposits to 2.53% during the 2009 period,  which was partially
offset by a $1.1  million,  or 0.5%,  increase in the  weighted-average  balance
outstanding.  Interest expense on borrowings increased by $96,000, or 25.6%, due
primarily  to a  $11.1  million,  or  34.2%,  increase  in the  average  balance
outstanding,  which was  partially  offset by a 31 basis  point  decrease in the
average cost of borrowings.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  increased by $341,000,  or 15.9%,  to $2.5 million for the
three months ended March 31, 2009. The average interest rate spread increased 55
basis  points to 2.63% for the three  months ended March 31, 2009 from 2.08% for
the three  months ended March 31, 2008.  The net  interest  margin  increased to
3.13% for the three  months ended March 31, 2009 from 2.80% for the three months
ended March 31, 2008.

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

As a result of an  analysis  of  historical  experience,  the volume and type of
lending  conducted by the Savings  Bank,  the status of past due  principal  and
interest payments, general economic conditions,  particularly as such conditions
relate to the Savings  Bank's  market  area,  and other  factors  related to the
collectability  of the Savings  Bank's  loan  portfolio,  management  recorded a
$337,000  provision  for losses on loans for the three  months  ended  March 31,
2009,  compared to $263,000 for the same period in 2008.  The decision to make a
larger  provision  for loan losses  during the quarter  ended March 31, 2009, as
compared  to recent  periods,  reflects  the amount  necessary  to  maintain  an
adequate  allowance  based on our historical  loss experience and other external
factors. These other external factors, economic conditions, and collateral value
changes,  have  had  a  negative  impact  on  non-owner-occupied  loans  in  the
portfolio.  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 is adequate to absorb such losses.

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

Other income  increased  $169,000,  or 272.5%,  to $231,000 for the three months
ended March 31, 2009,  compared to the same quarter in 2008, due primarily to an
increase in the gain on sale of loans of  $127,000  and a decrease of $38,000 in
the loss on sale of real estate acquired through foreclosure.

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

General,  administrative and other expense increased $171,000,  or 9.5%, to $2.0
million for the three  months  ended March 31,  2009,  from $1.8 million for the
comparable quarter in 2008. This increase is a result of an increase of $100,000
in employee  compensation and benefits and a $58,000 increase in other operating
expense.  The increase in employee  compensation and benefits is a result of the
increase in  compensation  expense for  additional  employees and an increase in
health  insurance costs as a result of overall  company growth.  The increase in
other operating  expense is a result of $15,000 of cost incurred from a security
breach with an electronic  payments  processor  which affected some of our debit
card  customers  and  approximately  $15,000 in real estate taxes on real estate
owned.

                                       19

<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 March 31, 2009
and 2008 (continued)
--------------------------------------------------------------------------------

FDIC Premiums
-------------

The Federal Deposit Insurance Corporation ("FDIC") imposes an assessment against
institutions  for  deposit  insurance.  This  assessment  is  based  on the risk
category of the  institution  and currently  ranges from 5 to 43 basis points of
the  institution's  deposits.  Federal law requires that the designated  reserve
ratio for the  deposit  insurance  fund be  established  by the FDIC at 1.15% to
1.50% of estimated insured deposits.  If this reserve ratio drops below 1.15% or
the FDIC  expects that it to do so within six months,  the FDIC must,  within 90
days,  establish and implement a plan to restore the designated reserve ratio to
1.15% of estimated  insured  deposits  within five years  (absent  extraordinary
circumstances). On December 22, 2008, the FDIC issued final rules increasing the
current  assessment  rates for all  institutions  by 7 basis points and up to 50
basis points for certain  financial  institutions for the first quarter of 2009.
It is expected that the FDIC will adopt a new risk based assessment system.

In addition, the Emergency Economic Stabilization Act of 2008 (EESA) temporarily
increased the limit on FDIC insurance  coverage for deposits to $250,000 through
December 31, 2009, and the FDIC took action to provide coverage for newly-issued
senior unsecured debt and non-interest bearing transaction accounts in excess of
the $250,000 limit, for which institutions will be assessed additional premiums.
These actions increased our FDIC insurance premiums in the first quarter of 2009
to $9,000 from $7,000 for the same period in 2008.  On February  27,  2009,  the
FDIC announced an amendment to its  restoration  plan for the Deposit  Insurance
Fund by imposing  an  emergency  special  assessment  on all  insured  financial
institutions.  This special assessment of 20 basis points will occur on June 30,
2009,  and will be payable by us on September  30, 2009.  The FDIC may impose an
additional  special assessment of up to 10 basis points if necessary to maintain
public  confidence  in federal  deposit  insurance.  Subsequently,  the FDIC has
announced its  willingness  to lower the special  assessment to 10 basis points,
but as of May 8,  2009,  no  final  determination  has been  made.  Based on our
deposits as of March 31, 2009, we anticipate  our special  assessment,  based on
the current  guidance from the FDIC, of between a 10 and 20 basis points special
assessment, to be between $227,500 and $455,000. Federal Income Taxes

The provision for federal income taxes increased $69,000, or 176.9%, to $108,000
for the three months ended March 31, 2009,  from $39,000 for the same quarter in
2008, due primarily to a $265,000, or 194.9%,  increase in pre-tax earnings. The
effective  tax rate was 26.9% and 28.7% for the three month  periods ended March
31, 2009 and 2008. The difference  between the Corporation's  effective tax rate
in the  2009  and  2008  periods  and the 34%  statutory  corporate  rate is due
primarily to the tax-exempt  earnings on bank-owned life  insurance,  tax exempt
interest on municipal  obligations and tax benefits for the  contribution to the
Cheviot Savings Bank Foundation.

                                       20

<page>


                             Cheviot Financial Corp.


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, 2008.


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, 2008.

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

          The Corporation  announced a repurchase plan on January 16, 2008 which
          provides  for the  repurchase  of 5% or  447,584  shares of our common
          stock.  As of March 31, 2009,  the  Corporation  had purchased  79,170
          shares at an average  price of $9.16  pursuant to the  program.  There
          were no repurchases during the three months ended March 31, 2009.

ITEM 3.  Defaults Upon Senior Securities

         Not applicable.

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

         None.

ITEM 5.  Other Information

         None.

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.

                                       22
<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:   May 8, 2009                    By:  /s/Thomas J. Linneman
       -----------------------             ------------------------------------
                                           Thomas J. Linneman
                                           President and Chief Executive Officer



Date:   May 8, 2009                    By:  /s/Scott T. Smith
       -----------------------             ------------------------------------
                                           Scott T. Smith
                                           Chief Financial Officer

                                       23

<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))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) 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.   Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;
     c.   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
     d.   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:  May 8, 2009                         /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))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) 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.   Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;
     c.   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
     d.   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:  May 8, 2009                                 /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 March 31, 2009, 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:  May 8, 2009




<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 March 31, 2009, 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: May 8, 2009