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, 2010
                                ------------------------------------------------

                                       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 14, 2010, the latest practicable date, 8,864,908 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                                                   22

              Quantitative and Qualitative Disclosures about
              Market Risk                                                  28

              Controls and Procedures                                      28

PART II  -    OTHER INFORMATION                                            29

SIGNATURES                                                                 30

                                       2

<PAGE>
                             Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                                          March 31,        December 31,
         ASSETS                                                                                2010                2009
                                                                                        (Unaudited)

<S>                                                                                      <C>                 <C>
Cash and due from banks                                                                  $    1,145          $    3,217
Federal funds sold                                                                            2,117               4,582
Interest-earning deposits in other financial institutions                                     2,882               3,484
                                                                                         ----------           ---------
         Cash and cash equivalents                                                            6,144              11,283

Investment securities available for sale - at fair value                                     73,368              55,851
Mortgage-backed securities available for sale - at fair value                                 4,789               4,920
Mortgage-backed securities held to maturity - at cost, approximate
  market value of $5,565 and $5,816 at March 31, 2010 and
  December 31, 2009, respectively                                                             5,483               5,744
Loans receivable - net                                                                      242,527             245,905
Loans held for sale - at lower of cost or market                                                  -               1,097
Real estate acquired through foreclosure - net                                                1,990               2,048
Office premises and equipment - at depreciated cost                                           4,809               4,889
Federal Home Loan Bank stock - at cost                                                        3,375               3,369
Accrued interest receivable on loans                                                          1,075               1,074
Accrued interest receivable on mortgage-backed securities                                        33                  36
Accrued interest receivable on investments and interest-earning deposits                        417                 322
Prepaid expenses and other assets                                                             1,859               1,591
Bank-owned life insurance                                                                     3,687               3,653
Prepaid federal income taxes                                                                      -                  78
                                                                                        -----------          ----------
         Total assets                                                                   $   349,556          $  341,860
                                                                                        ===========          ==========
         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                   $238,950            $235,904
Advances from the Federal Home Loan Bank                                                     38,221              33,672
Advances by borrowers for taxes and insurance                                                 1,008               1,501
Accrued interest payable                                                                        139                 136
Accounts payable and other liabilities                                                        1,690               1,625
Accrued federal income taxes                                                                    129                   -
Deferred federal income taxes                                                                   322                 272
                                                                                         ----------           ---------
         Total liabilities                                                                  280,459             273,110

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, 2010 and December 31, 2009                              99                  99
  Additional paid-in capital                                                                 43,870              43,819
  Shares acquired by stock benefit plans                                                     (2,069)             (2,069)
  Treasury stock - at cost, 1,050,045 shares at March 31, 2010
    and December 31, 2009                                                                   (12,828)            (12,828)
  Retained earnings - restricted                                                             40,238              40,109
  Accumulated comprehensive loss, unrealized losses on securities
    available for sale, net of related tax benefits                                            (213)               (380)
                                                                                         ----------           ---------
         Total shareholders' equity                                                          69,097              68,750
                                                                                         ----------           ---------
         Total liabilities and shareholders' equity                                      $  349,556           $ 341,860
                                                                                         ==========           =========
</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, 2010 and 2009
                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                                                               2010                2009
Interest income
<S>                                                                                          <C>                 <C>
  Loans                                                                                      $3,508              $3,848
  Mortgage-backed securities                                                                     86                 105
  Investment securities                                                                         373                 369
  Interest-earning deposits and other                                                            40                  10
                                                                                             ------              ------
         Total interest income                                                                4,007               4,332

Interest expense
  Deposits                                                                                      915               1,374
  Borrowings                                                                                    366                 471
                                                                                             ------              ------
         Total interest expense                                                               1,281               1,845
                                                                                             ------              ------

         Net interest income                                                                  2,726               2,487

Provision for losses on loans                                                                    40                 337
                                                                                             ------              ------
         Net interest income after provision for
           losses on loans                                                                    2,686               2,150

Other income
  Rental                                                                                         16                  13
  Loss on sale of real estate acquired through foreclosure                                        -                 (20)
  Gain on sale of loans                                                                          36                 131
  Earnings on bank-owned life insurance                                                          35                  34
  Other operating                                                                                95                  73
                                                                                             ------              ------
         Total other income                                                                     182                 231

General, administrative and other expense
  Employee compensation and benefits                                                          1,160               1,118
  Occupancy and equipment                                                                       164                 143
  Property, payroll and other taxes                                                             245                 251
  Data processing                                                                                61                  85
  Legal and professional                                                                        129                 131
  Advertising                                                                                    50                  50
  FDIC expense                                                                                   71                   9
  Other operating                                                                               218                 193
                                                                                             ------              ------
         Total general, administrative and other expense                                      2,098               1,980
                                                                                             ------              ------
         Earnings before federal income taxes                                                   770                 401

Federal income taxes
  Current                                                                                       302                 166
  Deferred                                                                                      (35)                (58)
                                                                                             ------              ------
         Total federal income taxes                                                             267                 108
                                                                                             ------              ------
         NET EARNINGS                                                                        $  503              $  293
                                                                                             ======              ======
         EARNINGS PER SHARE
           Basic                                                                             $  .06              $  .03
                                                                                             ======              ======
           Diluted                                                                           $  .06              $  .03
                                                                                             ======              ======
           Dividends declared per share                                                      $  .11              $  .10
                                                                                             ======              ======
</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, 2010 and 2009
                                 (In thousands)

<TABLE>
<CAPTION>

                                                                                               2010                  2009

<S>                                                                                            <C>                   <C>
Net earnings for the period                                                                    $ 503                 $ 293

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 $86 and $(29) for the periods
    ended March 31, 2010 and 2009, respectively                                                  167                   (57)
                                                                                               -----                 -----
Comprehensive income                                                                           $ 670                 $ 236
                                                                                               =====                 =====

Accumulated comprehensive loss                                                                 $(213)                $(380)
                                                                                               =====                 =====
</TABLE>
See accompanying notes to consolidated financial statements.
                                       5

<PAGE>
                             Cheviot Financial Corp.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

               For the three months ended March 31, 2010 and 2009
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                                               2010                2009
Cash flows from operating activities:
<S>                                                                                         <C>                 <C>
  Net earnings for the period                                                               $   503             $   293
  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                                                        10                  (3)
    Depreciation                                                                                 80                  75
    Amortization of deferred loan origination fees - net                                         (3)                 (5)
    Proceeds from sale of loans in the secondary market                                       2,756               9,132
    Loans originated for sale in the secondary market                                        (2,720)             (9,001)
    Gain on sale of loans                                                                       (36)               (131)
    Amortization of expense related to stock benefit plans                                      (11)                (19)
    Provision for losses on loans                                                                40                 337
    Federal Home Loan Bank stock dividends                                                       (6)                  -
    Loss on real estate acquired through foreclosure                                              -                  20
    Impairment on real estate acquired through foreclosure                                       81                   -
    Net increase in cash surrender value of bank-owned life insurance                           (34)                (34)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans                                                       (1)                 34
      Accrued interest receivable on mortgage-backed securities                                   3                 (11)
      Accrued interest receivable on investments and interest-earning deposits                  (95)                 83
      Prepaid expenses and other assets                                                        (268)               (334)
      Accrued interest payable                                                                    3                  (7)
      Accounts payable and other liabilities                                                     65                (124)
      Federal income taxes
        Current                                                                                 207                  86
        Deferred                                                                                (35)                (58)
                                                                                           --------            --------
         Net cash flows provided by operating activities                                        539                 333

Cash flows used in investing activities:
  Principal repayments on loans                                                              10,112              21,071
  Loan disbursements                                                                         (5,697)            (12,746)
  Purchase of investment securities - available for sale                                    (32,196)                  -
  Proceeds from maturity of investment securities - available for sale                       14,901                   -
  Proceeds from maturity of investment securities - held to maturity                              -               2,000
  Purchase of mortgage-backed securities - available for sale                                     -              (4,055)
  Principal repayments on mortgage-backed securities - available for sale                       151                 288
  Principal repayments on mortgage-backed securities - held to maturity                         261                 253
  Proceeds from the sale of real estate acquired through foreclosure                              -                 104
  Additions to real estate acquired through foreclosure                                           -                 (17)
  Purchase of office premises and equipment                                                       -                 (68)
                                                                                          --------            --------
         Net cash flows provided by (used in) investing activities                          (12,468)              6,830

Cash flows provided by financing activities:
  Net increase in deposits                                                                    3,046              11,444
  Proceeds from Federal Home Loan Bank advances                                              10,000                   -
  Repayments on Federal Home Loan Bank advances                                              (5,451)             (1,604)
  Advances by borrowers for taxes and insurance                                                (493)               (502)
  Stock option expense, net                                                                      62                  61
  Dividends paid on common stock                                                               (374)               (340)
                                                                                           --------            --------
         Net cash flows provided by financing activities                                      6,790               9,059
                                                                                           --------            --------

Net increase (decrease) in cash and cash equivalents                                         (5,139)             16,222

Cash and cash equivalents at beginning of period                                             11,283              10,013
                                                                                           --------            --------

Cash and cash equivalents at end of period                                                 $  6,144            $ 26,235
                                                                                           ========            ========
</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, 2010 and 2009
                                 (In thousands)

<TABLE>
<CAPTION>

                                                                                               2010                2009

Supplemental disclosure of cash flow information: Cash paid during the period
  for:
<S>                                                                                        <C>                 <C>
    Federal income taxes                                                                    $    95             $    75
                                                                                            =======             =======
    Interest on deposits and borrowings                                                     $ 1,284             $ 1,838
                                                                                            =======             =======
Supplemental disclosure of non-cash investing activities:
  Transfer from loans to real estate acquired through foreclosure                           $    23             $ 1,140
                                                                                            =======             =======
Recognition of mortgage servicing rights                                                    $    22             $    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, 2010 and 2009


    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  primarily to the  origination of
real  estate  loans.  The  Corporation  is 62% 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 to date 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, 2009. 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, 2010 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, 2010  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, 2010 and December 31, 2009,  we had $38.2  million and
$33.7 million,  respectively,  in outstanding  borrowings  from the Federal Home
Loan Bank of  Cincinnati  and had the capacity to increase  such  borrowings  at
those dates by approximately $104.9 million and $109.3 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, 2010 and 2009


    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 the
purchase  of  securities.  For the  three  months  ended  March 31,  2010,  loan
originations  totaled  $8.4  million,  compared  to $21.7  million for the three
months ended March 31, 2009.

Total deposits  increased $3.0 million and $11.4 million during the three months
ended March 31, 2010 and 2009,  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, 2010.
<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            $  5,000       $ 1,808      $ 3,192     $ 28,221     $ 38,221
      Certificates of deposit                               99,390        29,842       11,386            -      140,618

    Amount of loan commitments and expiration per period:
      Commitments to originate one- to four-family
        loans                                                1,349             -            -            -        1,349
      Home equity lines of credit                           12,633             -            -            -       12,633
      Undisbursed loans in process                           3,310             -            -            -        3,310
                                                          --------      --------     --------     --------     --------
         Total contractual obligations                    $121,682      $ 31,650     $ 14,578     $ 28,221     $196,131
                                                          ========      ========     ========     ========     ========
</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, 2010 and 2009

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

At March 31, 2010 and 2009, we exceeded all of the applicable regulatory capital
requirements.  Our core (Tier 1) capital was $55.2 million and $56.3 million, or
16.0% and 16.5% of total  assets at March 31,  2010 and 2009,  respectively.  In
order to be classified as "well-capitalized"  under federal banking regulations,
we were  required  to have core  capital of at least $20.7  million,  or 6.0% of
assets as of March 31, 2010.  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, 2010 and 2009, we had a total risk-based capital ratio
of 33.2% and 33.0%, 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 142,833 and 178,540  unallocated shares held by the ESOP for the three months
ended March 31, 2010 and 2009, respectively.

                                                      For the three months ended
                                                                 March 31,
                                                           2010           2009

         Weighted-average common shares
           outstanding (basic)                          8,725,873      8,693,964

         Dilutive effect of assumed exercise
           of stock options                                 7,919         46,216
                                                        ---------      ---------
         Weighted-average common shares
           outstanding (diluted)                        8,733,792      8,740,180
                                                        =========      =========

    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  2009,  2008  and  2007
approximately  8,060,  8,060 and 6,460 options shares were granted  subject to a
five year vesting period.

The Corporation  follows FASB Accounting  Standard  Codification  Topic 718 (ASC
718),  "Compensation  - Stock  Compensation,"  for its stock option  plans,  and
accordingly, the Corporation recognizes the expense of these grants as required.
Stock-based employee compensation costs pertaining to stock options is reflected
as a net  increase  in  equity,  for  both  any new  grants,  as well as for all
unvested options  outstanding at December 31, 2005, in both cases using the fair
values established by usage of the Black-Scholes option pricing model,  expensed
over the vesting period of the underlying option.

The Corporation elected the modified  prospective  transition method in applying
ASC 718.  Under  this  method,  the  provisions  of ASC 718 apply to all  awards
granted or  modified  after the date of  adoption,  as well as for all  unvested
options  outstanding  at December 31, 2005. The  compensation  cost recorded for
unvested  equity-based  awards is based on their  grant-date fair value. For the
three months ended March 31, 2010, the Corporation recorded $62,000 in after-tax
compensation  cost for  equity-based  awards that vested during the three months
ended  March  31,  2010.  The  Corporation  has  $64,000   unrecognized  pre-tax
compensation  cost related to non-vested  equity-based  awards granted under its
stock  incentive  plan as of March 31, 2010,  which is expected to be recognized
over a weighted-average vesting period of approximately 0.3 years.

                                       10
<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009


    5. Stock Option Plan (continued)
       -----------------

A summary of the status of the  Corporation's  stock option plan as of March 31,
2010, and changes during the period then ended is presented below:
<TABLE>
<CAPTION>

                                                                   Three months ended                   Year ended
                                                                     March 31, 2010                  December 31, 2009
                                                                                Weighted-                       Weighted-
                                 average average
                                exercise exercise
                                                                  Shares          price           Shares          price

<S>                                                               <C>           <C>                <C>          <C>
    Outstanding at beginning of period                            412,340        $11.11            404,280        $11.16
    Granted                                                             -            -               8,060          8.48
    Exercised                                                           -            -                   -            -
    Forfeited                                                           -            -                   -            -
                                                                  -------        ------            -------         -----
    Outstanding at end of period                                  412,340        $11.11            412,340        $11.11
                                                                  =======         =====            =======         =====
    Options exercisable at period-end                             314,792        $11.17            314,792        $11.17
                                                                  =======         =====            =======         =====
    Options expected to be exercisable at year-end
    Fair value of options granted                                                  NA                              $3.31
                                                                                   ==                               ====

    The following information applies to options outstanding at March 31, 2010:

    Number outstanding                                                                                           412,340
    Exercise price$8.48 - $13.63
    Weighted-average exercise price                                                                               $11.11
    Weighted-average remaining contractual life                                                                5.3 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, 2010 and 2009


    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  2009:  dividend  yield  of  4.48%,  expected
volatility of 56.38%,  risk-free  interest rate of 3.25% 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.   Investment and Mortgage-backed Securities
         -----------------------------------------

The  amortized  cost,  gross  unrealized  gains,  gross  unrealized  losses  and
estimated  fair values of  investment  securities at March 31, 2010 and December
31, 2009 are shown below.

<TABLE>
<CAPTION>

                                                                             March 31, 2010
                                                                           Gross          Gross      Estimated
                                                       Amortized      unrealized     unrealized           fair
                                                            cost           gains         losses          value
                                                                              (In thousands)
    Available for Sale:
<S>                                                     <C>              <C>             <C>          <C>
      U.S. Government agency securities                 $72,203          $123            $365         $71,961
      Municipal obligations                               1,545             5             143           1,407
                                                        -------         -----            ----         -------

                                                        $73,748          $128            $508         $73,368
                                                         ======           ===             ===          ======


                                                                            December 31, 2009
                                                                           Gross          Gross      Estimated
                                                       Amortized      unrealized     unrealized           fair
                                                            cost           gains         losses          value
                                                                              (In thousands)
    Available for Sale:
      U.S. Government agency securities                 $54,915           $67          $  527        $ 54,455
      Municipal obligations                               1,545             4             153           1,396
                                                        -------           ---             ---         -------

                                                        $56,460           $71          $  680        $ 55,851
                                                         ======            ==             ===          ======
</TABLE>







                                       12

<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009

    6. Investment and Mortgage-backed Securities (continued)
       -----------------------------------------

The amortized  costs of investment  securities at March 31, 2010, by contractual
term to maturity, are shown below.

                                                                   March 31,
                                                                       2010
                                                                 (In thousands)
    Less than one year                                             $ 34,209
    One to five years                                                35,994
    Five to ten years                                                   310
    More than ten years                                               3,235
                                                                    -------
                                                                   $ 73,748


The  amortized  cost,  gross  unrealized  gains,  gross  unrealized  losses  and
estimated  fair  values of  mortgage-backed  securities  at March  31,  2010 and
December 31, 2009 are shown below.

<TABLE>
<CAPTION>

                                                                             March 31, 2010
                                                                           Gross          Gross      Estimated
                                                       Amortized      unrealized     unrealized           fair
                                                            cost           gains         losses          value
                                                                              (In thousands)
    Available for sale:
     Federal Home Loan Mortgage
        Corporation adjustable-rate
<S>                                                       <C>               <C>           <C>           <C>
        participation certificates                        $  785            $ 10          $   -         $  795
      Federal National Mortgage
        Association adjustable-rate
        participation certificates                           693              11              -            704
      Government National Mortgage
        Association adjustable-rate
        participation certificates                         3,255              35              -          3,290
                                                           -----              --              -          -----
                                                          $4,733           $  56          $   -         $4,789
                                                           =====              ==             ==          =====
    Held to maturity:
      Federal Home Loan Mortgage
        Corporation adjustable-rate
        participation certificates                        $  574           $   2          $  19         $  557
      Federal National Mortgage
        Association adjustable-rate
        participation certificates                           611               5              1            615
      Government National Mortgage
        Association adjustable-rate
        participation certificates                         4,298              95              -          4,393
                                                           -----              --             --          -----
                                                          $5,483           $ 102          $  20         $5,565
                                                           =====             ===             ==          =====

</TABLE>

                                       13

<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009


    6. Investment and Mortgage-backed Securities (continued)
       -----------------------------------------

<TABLE>
<CAPTION>
                                                                            December 31, 2009
                                                                           Gross          Gross      Estimated
                                                       Amortized      unrealized     unrealized           fair
                                                            cost           gains         losses          value
                                                                              (In thousands)
    Available for sale:
     Federal Home Loan Mortgage
        Corporation adjustable-rate
<S>                                                       <C>               <C>             <C>           <C>
        participation certificates                        $  829            $  1            $ -           $830
      Federal National Mortgage
        Association adjustable-rate
        participation certificates                           700               9              -            709
      Government National Mortgage
        Association adjustable-rate
        participation certificates                         3,358              24              1          3,381
                                                           -----              --              -          -----
                                                          $4,887             $34            $ 1         $4,920
                                                           =====              ==             ==          =====
    Held to maturity:
      Federal Home Loan Mortgage
        Corporation adjustable-rate
        participation certificates                        $  603            $  1            $ 7           $597
      Federal National Mortgage
        Association adjustable-rate
        participation certificates                           640               3              1            642
      Government National Mortgage
        Association adjustable-rate
        participation certificates                         4,501              76              -          4,577
                                                           -----              --             --          -----
                                                          $5,744             $80             $8         $5,816
                                                           =====              ==              =          =====
</TABLE>

The amortized cost of mortgage-backed securities,  including those designated as
available  for sale, at March 31, 2010, by  contractual  terms to maturity,  are
shown below. Expected maturities will differ from contractual maturities because
borrowers may generally prepay obligations without prepayment penalties.

                                                                 March 31,
                                                                     2010
                                                               (In thousands)

    Due in one year or less                                      $    597
    Due in one year through five years                              2,642
    Due in five years through ten years                             3,952
    Due in more than ten years                                      3,025
                                                                   ------
                                                                  $10,216

                                       14

<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009

    6. Investment and Mortgage-backed Securities (continued)
       -----------------------------------------

The table below indicates the length of time individual  securities have been in
a continuous unrealized loss position at March 31, 2010:

<TABLE>
<CAPTION>

                            Less than 12 months             12 months or longer                    Total
    Description of     Number of   Fair Unrealized    Number of    Fair Unrealized     Number of   Fair   Unrealized
      securities     investments   value  losses    investments    value  losses     investments   value    losses
                                                     (Dollars in thousands)

<S>                        <C>   <C>        <C>             <C>             <C>            <C>  <C>          <C>
    U.S. Government
      agency securities    17    $38,993    $365         -      $    -      $   -          17    $38,993     $  365
    Municipal obligations   -          -       -         2       1,235        143           2      1,235        143
    Mortgage-backed
      securities            4         88       1         5         197         19           9        285         20
                           --     ------     ---         -       -----        ---           -     ------       ----

    Total temporarily
      impaired securities  21    $39,081    $366         7      $1,432       $162          28    $40,513      $ 528
                           ==     ======     ===         =       =====        ===          ==     ======        ===
</TABLE>


Management does not intend to sell any of the debt securities with an unrealized
loss and do not believe that it is more likely than not that we will be required
to sell a security in an unrealized  loss position prior to a recovery in value.
The decline in the fair value is primarily due to an increase in market interest
rates. The fair values are expected to recover as securities  approach  maturity
dates.  The Company has evaluated  these  securities and has determined that the
decline in their values is temporary.

    7.   Income Taxes
         ------------

The  Corporation  uses an asset and liability  approach to accounting for income
taxes. The asset and liability approach requires the recognition of deferred tax
assets and  liabilities  for the expected  future tax  consequences of temporary
differences  between  the  carrying  amounts  and the tax  bases of  assets  and
liabilities.  Deferred tax assets are  recognized  if it is more likely than not
that a future  benefit will be  realized.  The  Corporation  accounts for income
taxes  in  accordance  with  Financial   Accounting   Standards  Board  ("FASB")
Accounting  Standards  Codification  ("ASC") 740, Income Taxes, which prescribes
the  recognition  and  measurement  criteria  related to tax positions  taken or
expected to be taken in a tax return.

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
adoption  date,  the  Corporation  applied the standard to all tax positions for
which the statute of limitations remained open. 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.

                                       15
<PAGE>


                            Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009

    7. Income Taxes (continued)
       ------------

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 2007.

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

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

Fair value is defined  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. A three-level  hierarchy  exists for fair
value  measurements  based  upon  the  inputs  to the  valuation  of an asset or
liability.  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 value 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  includes  U.S.  agency  securities,
municipal bonds and mortgage-backed agency securities.


                                       16



<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009


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

         Fair Value Measurements at March 31, 2010 and December 31, 2009

<TABLE>
<CAPTION>
                                                               Quoted prices
                                                                 in active       Significant    Significant
                                                                markets for         other          other
                                                                 identical       observable    unobservable
                                                                  assets           inputs         inputs
                                                                 (Level 1)        (Level 2)      (Level 3)
                                                                 ---------        ---------      ---------
    Securities available for sale at March 31, 2010:
<S>                                                                                <C>
    U.S. Government agency securities                                              $71,961
    Municipal obligations                                                         $  1,407
    Mortgage-backed securities                                                    $  4,789

    Securities available for sale at December 31, 2009:
    U.S. Government agency securities                                              $54,455
    Municipal obligations                                                         $  1,396
    Mortgage-backed securities                                                    $  4,920

</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 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,  2010  was
approximately  $1.7 million,  compared to approximately $2.4 million at December
31, 2009.

The  Corporation  has real estate  acquired  through  foreclosure  totaling $2.0
million at both March 31, 2010 and  December  31,  2009.  Real  estate  acquired
through  foreclosure  is  carried  at the lower of the cost or fair  value  less
estimated selling expenses at the date of acquisition.  Fair values are obtained
using  independent  appraisals,  based on comparable sales which the Corporation
considers to be Level 2 inputs.  The  aggregate  amount of real estate  acquired
through foreclosure that is carried at fair value was approximately $1.9 million
at March 31, 2010 and  $732,000 at December 31, 2009.  The  aggregate  amount of
real  estate  acquired  through  foreclosure  that is  carried  at cost was $1.3
million at December 31, 2009.


                                       17


<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009


    9.   Effects of Recent Accounting Pronouncements
         -------------------------------------------

In April 2010,  the FASB issued  Codification  Accounting  Standards  Update No.
2010-18 (ASU No. 2010-18) Effect of Loan Modification when the Loan is Part of a
Pool that is accounted  for as a Single Asset (a consensus of the FASB  Emerging
Issues  Task  Force).  The  amendments  in this  update  affect any entity  that
acquires loans subject to ASC Subtopic 310-30,  that accounts for some or all of
those loans within pools,  and that  subsequently  modifies one or more of those
loans after acquisition. ASU No. 2010-18 is effective for modifications of loans
accounted for within pools under Subtopic 310-30 occurring in the interim period
ending  September 30, 2010, and the amendments are to be applied  prospectively.
Management is currently evaluating the impact, if any, that the adoption of this
amendment will have on its consolidated financial statements.

In June 2009,  the FASB  amended  previous  guidance  relating to  transfers  of
financial  assets and  eliminates  the concept of a qualifying  special  purpose
entity.  This  guidance  must be applied as of the  beginning of each  reporting
entity's first annual  reporting period that begins after November 15, 2009, for
interim  periods within that first annual  reporting  period and for interim and
annual reporting periods thereafter.  This guidance must be applied to transfers
occurring  on or after  the  effective  date.  Additionally,  on and  after  the
effective date, the concept of a qualifying  special-purpose entity is no longer
relevant for accounting purposes. Therefore, formerly qualifying special-purpose
entities  should be evaluated  for  consolidation  by reporting  entities on and
after  the  effective  date in  accordance  with  the  applicable  consolidation
guidance.  The  disclosure  provisions  were also amended and apply to transfers
that  occurred  both  before  and after  the  effective  date of this  guidance.
Adoption of this  guidance on January 1, 2010 did not have a material  effect on
the Company's results of operations or financial position.

In June 2009, the FASB amended guidance for  consolidation of variable  interest
entity   guidance  by  replacing  the   quantitative-based   risks  and  rewards
calculation  for  determining  which  enterprise,  if  any,  has  a  controlling
financial  interest in a variable  interest  entity with an approach  focused on
identifying  which  enterprise  has the  power to  direct  the  activities  of a
variable  interest entity that most  significantly  impact the entity's economic
performance  and (1) the  obligation  to absorb  losses of the entity or (2) the
right to receive  benefits  from the  entity.  Additional  disclosures  about an
enterprise's  involvement in variable interest entities are also required.  This
guidance is  effective  as of the  beginning of each  reporting  entity's  first
annual reporting period that begins after November 15, 2009, for interim periods
within that first annual reporting period,  and for interim and annual reporting
periods thereafter.  Early adoption is prohibited.  Adoption of this guidance on
January  1, 2010 did not have a  material  effect on the  Company's  results  of
operations or financial position.

In January 2010, the FASB issued ASU No. 2010-01  "Accounting for  Distributions
to  Shareholders   with  Components  of  Stock  and  Cash,"  which  updated  the
Codification on accounting for  distributions  to shareholders  that offers them
the ability to elect to receive their entire  distribution in cash or stock with
a potential  limitation  on the total amount of cash that all  shareholders  can
receive in the aggregate is considered a share issuance that is reflected in EPS
prospectively  and is not a stock  dividend.  The new guidance is effective  for
interim and annual  periods after  December 15, 2009,  and would be applied on a
retrospective  basis.  The adoption of this  guidance did not have any effect on
our consolidated financial statements.

In January 2010, the FASB issued ASU No. 2010-06  "Improving  Disclosures  About
Fair Value  Measurements," which amends the guidance for fair value measurements
and  disclosures.  The  guidance in ASU 2010-06  requires a reporting  entity to
disclose  separately the amounts of significant  transfers in and out of Level 1
and  Level  2 fair  value  measurements  and to  describe  the  reasons  for the
transfers.  Furthermore,  ASU  2010-06  requires a  reporting  entity to present
separately information about purchases, sales, issuances, and settlements in the
reconciliation  for  fair  value  measurements  using  significant  unobservable
inputs;   clarifies   existing  fair  value   disclosures  about  the  level  of
disaggregation

                                       18
<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009


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

and about inputs and valuation techniques used to measure fair value; and amends
guidance on employers'  disclosures about postretirement  benefit plan assets to
require that  disclosures  be provided by classes of assets  instead of by major
categories  of assets.  The new  guidance  is  effective  for interim and annual
reporting  periods  beginning  January 1, 2010, except for the disclosures about
purchases,  sales, issuances,  and settlements in the rollforward of activity in
Level 3 fair value measurements. Those disclosures are effective January 1, 2011
and for interim periods thereafter. In the period of initial adoption,  entities
will not be required to provide the amended disclosures for any previous periods
presented for comparative purposes. Early adoption is permitted. The adoption of
this  guidance is not  expected to  significantly  impact our annual and interim
financial statement disclosures and will not have any impact on our consolidated
financial statements.

In February  2010,  the FASB issued ASU No.  2010-09,  Subsequent  Events (Topic
855):  Amendments  to  Certain  Recognition  and  Disclosure  Requirements.  The
amendments in the ASU remove the  requirement  for companies that are subject to
the  periodic  reporting  requirements  of the  Exchange  Act to disclose a date
through which  subsequent  events have been evaluated in both issued and revised
financial statements.  Revised financial statements include financial statements
revised  as  a  result  of  either  correction  of  an  error  or  retrospective
application of U.S. generally accepted accounting  principals ("U.S. GAAP"). The
FASB also clarified that if the financial statements have been revised,  then an
entity that is not an SEC filer should disclose both the date that the financial
statements  were  issued  or  available  to be issued  and the date the  revised
financial  statements  were issued or available to be issued.  The FASB believes
these amendments remove potential  conflicts with the SEC's  literature.  All of
the amendments in the ASU were  effective  upon issuance,  except for the use of
the issued date for conduit debt  obligors,  which will be effective for interim
or annual  periods  ending after June 15, 2010. The adoption of this guidance is
not expected to have a material effect on the consolidated financial statements.

In March 2010, the FASB issued ASU No. 2010-11,  "Derivatives and Hedging (Topic
815)," which clarifies that the only type of embedded credit derivative  feature
related  to  the  transfer  of  credit  risk  that  is  exempt  from  derivative
bifurcation  requirements  is one  that is in the form of  subordination  of one
financial  instrument  to another.  As a result,  entities  that have  contracts
containing  an  embedded  credit  derivative  feature  in a form other than such
subordination will need to assess those embedded credit derivatives to determine
if  bifurcation  and  separate  accounting  as a derivative  is  required.  This
guidance  is  effective  on July 1, 2010.  Early  adoption is  permitted  at the
beginning of an entity's first interim reporting period beginning after issuance
of this  guidance.  The  adoption of this  guidance is not  expected to have any
impact on our consolidated financial statements.

     10. Fair Value of Financial Instruments
         -----------------------------------

Fair value information about financial instruments, whether or not recognized in
the balance  sheet,  for which it is practical  to estimate the value,  is based
upon the  characteristics  of the instruments  and relevant market  information.
Financial  instruments  include  cash,  evidence  of  ownership  in an entity or
contracts that convey or impose on an entity the contractual right or obligation
to either receive or deliver cash for another financial  instrument.  These fair
value estimates are based on relevant market  information and information  about
the financial  instruments.  Fair value  estimates are intended to represent the
price for which an asset could be sold or liability  could be settled.  However,
given there is no active market or observable  market  transactions  for many of
the Corporation's financial instruments,  it has made estimates of many of these
fair values which are subjective in nature, involve uncertainties and matters of
significant judgment and therefore cannot be determined with precision.  Changes
in assumptions could significantly affect the estimated values.

                                       19
<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009


     10. Fair Value of Financial Instruments (continued)
         -----------------------------------

The following methods and assumptions were used by the Corporation in estimating
its fair value disclosures for financial instruments at March 31, 2010:

     Cash  and  cash   equivalents:   The  carrying  amounts  presented  in  the
     consolidated   statements   of  financial   condition  for  cash  and  cash
     equivalents are deemed to approximate fair value.

     Investment   and   mortgage-backed    securities:    For   investment   and
     mortgage-backed securities, fair value is deemed to equal the quoted market
     price.

     Loans  receivable:  The loan portfolio was segregated  into categories with
     similar   characteristics,   such  as   one-to   four-family   residential,
     multi-family  residential and commercial real estate. These loan categories
     were further delineated into fixed-rate and adjustable-rate loans. The fair
     values for the resultant loan  categories were computed via discounted cash
     flow analysis,  using current interest rates offered for loans with similar
     terms to  borrowers  of  similar  credit  quality.  For  loans  on  deposit
     accounts,  fair values were deemed to equal the historic  carrying  values.
     The historical  carrying  amount of accrued  interest on loans is deemed to
     approximate fair value.

     Federal  Home  Loan  Bank  stock:  The  carrying  amount  presented  in the
     consolidated  statements  of financial  condition is deemed to  approximate
     fair value.

     Deposits:  The fair value of NOW  accounts,  passbook  accounts,  and money
     market  demand  deposits  is deemed to  approximate  the amount  payable on
     demand at March 31,  2010.  Fair  values  for  fixed-rate  certificates  of
     deposit have been estimated using a discounted cash flow calculation  using
     the interest  rates  currently  offered for  deposits of similar  remaining
     maturities.

     Advances from the Federal Home Loan Bank:  The fair value of these advances
     is  estimated  using the rates  currently  offered for similar  advances of
     similar remaining maturities or, when available, quoted market prices.

     Advances by  Borrowers  for Taxes and  Insurance:  The  carrying  amount of
     advances by borrowers for taxes and insurance is deemed to approximate fair
     value.

     Commitments to extend credit:  For fixed-rate  loan  commitments,  the fair
     value estimate  considers the difference between current levels of interest
     rates  and  committed  rates.  At March  31,  2010,  the fair  value of the
     derivative loan commitments was not material.

                                       20


<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

               For the three months ended March 31, 2010 and 2009


     10. Fair Value of Financial Instruments (continued)
         -----------------------------------

The estimated  fair values of the Company's  financial  instruments at March 31,
2010 and December 31, 2009 are as follows:

<TABLE>
<CAPTION>

                                                 March 31, 2010                              December 31, 2009
                                                Carrying   Fair                             Carrying        Fair
                                               Value        Value                            Value         Value
                                                 (In thousands)                                 (In thousands)
    Financial assets
<S>                                       <C>          <C>                                <C>           <C>
      Cash and cash equivalents           $    6,144   $    6,144                         $  11,283     $   11,283
      Investment securities                   73,368       73,368                            55,851         55,851
      Mortgage-backed securities              10,272       10,354                            10,664         10,736
      Loans receivable - net                 242,527      254,836                           247,002        258,986
      Federal Home Loan Bank stock             3,375        3,375                             3,369          3,369
                                           ---------    ---------                         ---------      ---------
                                          $  335,686     $348,077                          $328,169     $  340,225
                                           =========    =========                         =========      =========
    Financial liabilities
      Deposits                            $  238,950   $  238,819                          $235,904     $  235,771
      Advances from the Federal Home
        Loan Bank                             38,221       41,842                            33,672         37,807
      Advances by borrowers for taxes
        and insurance                          1,008        1,008                             1,501          1,501
                                            ---------    ---------                         ---------      ---------
                                          $  278,179   $  281,669                          $271,077     $  275,079
                                           =========    =========                         =========      =========
</TABLE>

    11.  Subsequent Events
         -----------------

The Company evaluates events and transactions  occurring  subsequent to the date
of the financial  statements for matters requiring  recognition or disclosure in
the financial statements.
                                       21

<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.

Recent Developments
-------------------

Congress is considering  legislation that would significantly change the current
bank  regulatory  system.  The  proposal  would  create  a new  federal  banking
regulator,  the National Bank Supervisor,  and merge our current primary federal
regulator,  the  Office  of  Thrift  Supervision,  as well as the  Office of the
Comptroller of the Currency (the primary  federal  regulator for national banks)
into the new federal bank regulator.  The proposal would also eliminate  federal
savings banks and require all federal savings banks to elect,  within six months
of the effective date of the legislation, to convert to either, a national bank,
state bank or state savings  association.  A federal  savings bank that does not
make the election  would,  by operation of law, be converted to a national  bank
within one year of the effective date of the  legislation.  Cheviot Savings Bank
is an Ohio-chartered  savings and loan  association,  and would continue to have
its Ohio charter.

Cheviot  Financial  Corp.  would  become  a  bank  holding  company  subject  to
regulation  and  supervision  by the Board of Governors  of the Federal  Reserve
System instead of the Office of Thrift  Supervision.  As a bank holding company,
Cheviot Financial Corp. may become subject to regulatory capital requirements it
is not  currently  subject to as a savings and loan holding  company and certain
additional  restrictions  on its  activities.  In addition,  compliance with new
regulations  and being  supervised by one or more new regulatory  agencies could
increase our expenses.

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.

                                       22
<PAGE>


                             Cheviot Financial Corp.

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

Critical Accounting Policies (continued)
----------------------------

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 review 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, 2009 and at March 31,
2010
--------------------------------------------------------------------------------

Total assets  increased  $7.7 million,  or 2.3%, to $349.6  million at March 31,
2010,  from $341.9  million at December 31,  2009.  The increase in total assets
reflects  increases in investment  securities,  which was partially  offset by a
decrease in loans  receivable and cash and cash  equivalents.  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 decreased $5.1 million,
or 45.5%,  to $6.1 million at March 31, 2010, from $11.3 million at December 31,
2009. The decrease in cash and cash  equivalents at March 31, 2010, was due to a
$2.5  million  decrease in federal  funds sold,  a decrease in cash and due from
banks of $2.1  million  and a $602,000  decrease in  interest-earning  deposits.
Investment  securities  increased  $17.5 million,  or 31.4%, to $73.4 million at
March 31, 2010. At March 31, 2010, all investment  securities were classified as
available for sale.  During the first quarter of 2010, the Corporation  borrowed
$10.0 million from the FHLB to purchase investment  securities to take advantage
of the interest rate spread to increase net interest income.

                                       23
<PAGE>


                             Cheviot Financial Corp.

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

Discussion of Financial  Condition Changes at December 31, 2009 and at March 31,
2010  (continued)
--------------------------------------------------------------------------------

Mortgage-backed  securities  decreased  $392,000,  or 3.7%,  to $10.3 million at
March 31,  2010,  from $10.7  million at  December  31,  2009.  The  decrease in
mortgage-backed  securities  was due  primarily  to  principal  prepayments  and
repayments totaling $412,000. At March 31, 2010, $5.5 million of mortgage-backed
securities  were  classified  as held  to  maturity,  while  $4.8  million  were
classified  as  available  for  sale.  As  of  March  31,  2010,   none  of  the
mortgage-backed securities are considered other than temporarily impaired.

Loans  receivable,  including  loans held for sale,  decreased $4.5 million,  or
1.8%, to $242.5  million at March 31, 2010,  from $247.0 million at December 31,
2009. The decrease  reflects loan sales totaling $2.8 million and loan principal
repayments of $10.1 million,  which was partially offset by loan originations of
$8.4 million. The change in the composition of the Corporation's assets reflects
management's decision to take advantage of opportunities to obtain a higher rate
of return by selling certain mortgage loans and recording gains.

The  allowance  for loan losses  totaled $1.0 million at both March 31, 2010 and
December 31, 2009,  respectively.  In determining  the adequacy of the allowance
for loan  losses at any  point in time,  management  and the board of  directors
apply a systematic process focusing on the risk of loss in the portfolio. First,
the loan portfolio is segregated by loan types to be evaluated  collectively and
loan types to be evaluated individually.  Delinquent multi-family and commercial
loans are evaluated  individually  for potential  impairments  in their carrying
value. Second, the allowance for loan losses entails utilizing our historic loss
experience by applying such loss percentage to the loan types to be collectively
evaluated in the portfolio. The $40,000 provision for losses on loans during the
quarter ended March 31, 2010 is a reflection of these factors,  weaker  economic
conditions  in  the  greater   Cincinnati   area,   and  the  need  to  allocate
approximately  $35,000  in  specific  reserves  for two  residential  properties
totaling  $84,000  classified as real estate acquired through  foreclosure.  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, 2010.

Non-performing and impaired loans totaled $1.7 million and $2.4 million at March
31, 2010 and December 31, 2009, respectively.  At March 31, 2010, non-performing
and impaired loans were comprised solely of loans secured by one- to four-family
residential  real  estate.  At both March 31,  2010,  and December 31, 2009 real
estate acquired  through  foreclosure  was $2.0 million.  The allowance for loan
losses represented 61.4% and 41.9% of non-performing and impaired loans at March
31, 2010 and December 31, 2009, 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  $3.0 million or 1.3%, to $238.9  million at March 31, 2010,
from $235.9  million at December 31, 2009.  Advances  from the Federal Home Loan
Bank of  Cincinnati  increased by $4.5  million,  or 13.5%,  to $38.2 million at
March 31, 2010, from $33.7 million at December 31, 2009.

                                       24
<PAGE>


                             Cheviot Financial Corp.

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

Discussion of Financial  Condition Changes at December 31, 2009 and at March 31,
2010  (continued)
--------------------------------------------------------------------------------

Shareholders'  equity increased  $347,000,  or 0.5%, from December 31, 2009. The
increase  primarily  resulted  from net  earnings of $503,000  and a decrease in
unrealized  losses on  securities  of $167,000,  which was  partially  offset by
dividends paid of $374,000. Dividends declared by the Corporation were waived by
the  Corporation's  mutual holding  company parent.  At March 31, 2010,  Cheviot
Financial  had the ability to purchase an  additional  364,616  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, 2010,  $99.4 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.  At March 31, 2010, we had loan  commitments  of $1.3
million.  Our loan commitments are funded or expire within 45 days from the date
of the commitment.

Borrowings from the Federal Home Loan Bank of Cincinnati  increased $4.5 million
during the three months  ended March 31,  2010.  We have the ability to increase
such borrowings by  approximately  $104.9 million.  At March 31, 2010, we had no
borrowings  other than  Federal  Home Loan Bank of  Cincinnati  borrowings.  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, 2010
and 2009
--------------------------------------------------------------------------------

General
-------

Net  earnings for the three  months  ended March 31, 2010  totaled  $503,000,  a
$210,000  increase from the $293,000 in net earnings reported for the March 2009
period. The increase in net earnings reflects an increase in net interest income
of $239,000  and a decrease in the  provision  for losses on loans of  $297,000,
which was partially offset by a decrease in other income of $49,000, an increase
in general,  administrative  and other  expense of  $118,000  and an increase in
federal income taxes of $159,000 for the 2010 quarter.

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

Total  interest  income  decreased  $325,000,  or 7.5%,  to $4.0 million for the
three-months ended March 31, 2010, from the comparable quarter in 2009. Interest
income on loans  decreased  $340,000,  or 8.8%, to $3.5 million  during the 2010
period from $3.8 million for the 2009 period. This decrease was due primarily to
a $17.0 million,  or 6.5%,  decrease in the average balance of loans outstanding
and a 15 basis point decrease in the weighted-average yield on loans to 5.72% at
March 31, 2010.

Interest income on mortgage-backed  securities  decreased $19,000,  or 18.1%, to
$86,000 for the three months ended March 31,  2010,  from  $105,000 for the 2009
quarter,  due primarily to a 89 basis point decrease in the average yield, which
was partially offset by a $373,000 increase in the average balance of securities
outstanding period to period. Interest income on investment securities increased
$4,000, or 1.1%, to $373,000 for the three months ended March 31, 2010, compared
to $369,000 for the same quarter in 2009,  due primarily to an increase of $36.9
million, or 140.8%, in the average balance of investment securities outstanding,
which was partially offset by a 327 basis point decrease in the average yield to
2.36% in the 2010 quarter.  Interest income on other  interest-earning  deposits
increased  $30,000,  or 300.0%,  to $40,000 for the three months ended March 31,
2010, as compared to the same period in 2009.

                                       25
<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, 2010
and 2009 (continued)
--------------------------------------------------------------------------------

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

Interest  expense  decreased  $564,000,  or 30.6%, to $1.3 million for the three
months  ended  March 31,  2010,  from $1.8  million for the same period in 2009.
Interest expense on deposits  decreased by $459,000,  or 33.4%, to $915,000 from
$1.4 million due primarily to a 94 basis point decrease in the weighted  average
costs of deposits to 1.59% during the 2010 period, which was partially offset by
a $12.0 million, or 5.5%, increase in the weighted-average  balance outstanding.
Interest expense on borrowings decreased by $105,000, or 22.3%, due primarily to
a $6.8 million,  or 15.6%,  decrease in the average balance outstanding and a 34
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  $239,000,  or 9.6%,  to $2.7 million for the
three months ended March 31, 2010. The average interest rate spread increased 40
basis  points to 3.03% for the three  months ended March 31, 2010 from 2.63% for
the three  months ended March 31, 2009.  The net  interest  margin  increased to
3.37% for the three  months ended March 31, 2010 from 3.13% for the three months
ended March 31, 2009.

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
$40,000 provision for losses on loans for the three months ended March 31, 2010,
compared  to  $337,000  for the same  period  in 2009.  The  decision  to make a
provision for loan losses during the quarter ended March 31, 2010,  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 decreased $49,000, or 21.2%, to $182,000 for the three months ended
March 31,  2010,  compared  to the same  quarter  in 2009,  due  primarily  to a
decrease in the gain on sale of loans of $95,000,  which was partially offset by
an  increase of $22,000 in other  operating  income and a decrease of $20,000 in
the loss on sale of real estate acquired through foreclosure.

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

General,  administrative and other expense increased $118,000,  or 6.0%, to $2.1
million for the three  months  ended March 31,  2010,  from $2.0 million for the
comparable  quarter in 2009.  The increase is a result of an increase of $42,000
in employee  compensation  and benefits and a $62,000  increase in FDIC expense.
The increase in employee  compensation  and benefits is a result of the increase
in compensation expense for additional  employees.  The increase in FDIC expense
is a result of the increased rates imposed by the FDIC.

                                       26
<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, 2010
and 2009   (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, 2009, 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 2010.
It is expected that the FDIC will adopt a new risk based assessment system.

In addition, the Emergency Economic Stabilization Act of 2009 (EESA) temporarily
increased the limit on FDIC insurance  coverage for deposits to $250,000 through
December 31, 2010, 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 2010
to $54,000 from $9,000 for the same period in 2009. Federal Income Taxes

The  provision  for federal  income  taxes  increased  $159,000,  or 147.2%,  to
$267,000 for the three months ended March 31, 2010,  from  $108,000 for the same
quarter in 2009,  due  primarily  to a $369,000,  or 92.0%,  increase in pre-tax
earnings. The effective tax rate was 34.7% and 26.9% for the three month periods
ended  March  31,  2010 and  2009.  The  difference  between  the  Corporation's
effective tax rate in the 2010 and 2009 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  offset by the  difference in the
stock compensation deduction for tax purposes.

                                       27
<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, 2009.


ITEM 4T  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.

                                       28
<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, 2009.

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, 2010,  the  Corporation  had purchased  82,968
          shares at an average  price of $9.09  pursuant to the  program.  There
          were no repurchases during the three months ended March 31, 2010.

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

          Not applicable.

ITEM 4.   Removed and reserved
          --------------------


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.

                                       29
<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 14, 2010                     By: /s/ Thomas J. Linneman
       ------------------------------      -------------------------------------
                                           Thomas J. Linneman
                                           President and Chief Executive Officer



Date:   May 14, 2010                    By: /s/ Scott T. Smith
       ------------------------------      -------------------------------------
                                           Scott T. Smith
                                           Chief Financial Officer


                                       30
<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 14, 2010                        /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 14, 2010                                 /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, 2010, 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 14, 2010




<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, 2010, 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 14, 2010