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

                                    FORM 10-Q

(Mark One)

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

For the quarterly period ended                      June 30, 2008
                                ------------------------------------------------

                                       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, a non-accelerated filer, or a smaller reporting company. 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 [ ]

Smaller reporting company [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 July 29, 2008, the latest practicable date, 8,888,099 shares of the
registrant's common stock, $.01 par value, were issued and outstanding.



                                  Page 1 of 23

<PAGE>

                                      INDEX

                                                                           Page

PART I  - FINANCIAL INFORMATION

          Consolidated Statements of Financial Condition                    3

          Consolidated Statements of Earnings                               4

          Consolidated Statements of Comprehensive Income                   5

          Consolidated Statements of Cash Flows                             6

          Notes to Consolidated Financial Statements                        8

          Management's Discussion and Analysis of
          Financial Condition and Results of
          Operations                                                       14

          Quantitative and Qualitative Disclosures about
          Market Risk                                                      21

          Controls and Procedures                                          21

PART II  - OTHER INFORMATION                                               22

SIGNATURES                                                                 24

                                       2

<PAGE>

                             Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                                           June 30,        December 31,
         ASSETS                                                                             2008                2007
                                                                                        (Unaudited)
<S>                                                                                      <C>                 <C>
Cash and due from banks                                                                    $  2,029            $  3,680
Federal funds sold                                                                            1,515               4,313
Interest-earning deposits in other financial institutions                                     3,062               1,457
                                                                                           --------            --------
         Cash and cash equivalents                                                            6,606               9,450

Investment securities available for sale - at fair value                                     28,831              12,178
Investment securities held to maturity - at cost, approximate
  market value of $7,089 and $23,086 at June 30, 2008
  and December 31, 2007, respectively                                                         7,000              23,000
Mortgage-backed securities available for sale - at fair value                                   693                 814
Mortgage-backed securities held to maturity - at cost, approximate
  market value of $7,787 and $9,577at June 30, 2008 and
  December 31, 2007, respectively                                                             7,723               9,500
Loans receivable - net                                                                      261,215             249,832
Real estate acquired through foreclosure - net                                                  422                 625
Office premises and equipment - at depreciated cost                                           5,010               5,131
Federal Home Loan Bank stock - at cost                                                        3,325               3,238
Accrued interest receivable on loans                                                          1,135               1,119
Accrued interest receivable on mortgage-backed securities                                        39                  51
Accrued interest receivable on investments and interest-earning deposits                        514                 418
Prepaid expenses and other assets                                                               526                 177
Bank-owned life insurance                                                                     3,448               3,383
Prepaid federal income taxes                                                                    167                 144
                                                                                           --------            --------
         Total assets                                                                      $326,654            $319,060
                                                                                           ========            ========

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                   $214,706            $219,526
Advances from the Federal Home Loan Bank                                                     42,169              28,665
Advances by borrowers for taxes and insurance                                                   544               1,253
Accrued interest payable                                                                        138                 117
Accounts payable and other liabilities                                                          905                 939
Deferred federal income taxes                                                                   623                 640
                                                                                           --------            --------
         Total liabilities                                                                  259,085             251,140

Shareholders' equity
  Preferred stock - authorized 5,000,000 shares, $.01 par value; none issued
  Common stock - authorized 30,000,000 shares, $.01 par value;
    9,918,751 shares issued at June 30, 2008 and December 31, 2007, respectively                 99                  99
  Additional paid-in capital                                                                 43,531              43,418
  Shares acquired by stock benefit plans                                                     (3,186)             (3,582)
  Treasury stock - at cost, 1,026,652 and 967,077 shares at June 30, 2008
    and December 31, 2007, respectively                                                     (12,645)            (12,074)
  Retained earnings - restricted                                                             39,938              40,013
  Accumulated comprehensive gain (loss), unrealized gains (losses) on securities
    available for sale, net of related tax effects                                             (168)                 46
                                                                                           --------            --------
         Total shareholders' equity                                                          67,569              67,920
                                                                                           --------            --------
         Total liabilities and shareholders' equity                                        $326,654            $319,060
                                                                                           ========            ========
</TABLE>
See accompanying notes to consolidated financial statements.
                                        3
<PAGE>
                             Cheviot Financial Corp.

                       CONSOLIDATED STATEMENTS OF EARNINGS

                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                                          Six months ended             Three months ended
                                                                              June 30,                      June 30,
                                                                         2008         2007              2008         2007
                                                                                          (Unaudited)
Interest income
<S>                                                                    <C>          <C>               <C>          <C>
  Loans                                                                $7,567       $7,376            $3,761       $3,692
  Mortgage-backed securities                                              262          365               123          178
  Investment securities                                                 1,052          887               498          490
  Interest-earning deposits and other                                      70          127                38           58
                                                                       ------       ------            ------       ------
         Total interest income                                          8,951        8,755             4,420        4,418

Interest expense
  Deposits                                                              3,749        3,904             1,739        1,999
  Borrowings                                                              746          681               370          337
                                                                       ------       ------            ------       ------
         Total interest expense                                         4,495        4,585             2,109        2,336
                                                                       ------       ------            ------       ------
         Net interest income                                            4,456        4,170             2,311        2,082

Provision for losses on loans                                             288           -                 25           -
                                                                       ------       ------            ------       ------
         Net interest income after provision for losses on loans        4,168        4,170             2,286        2,082

Other income (expense)
  Rental                                                                   25           24                13           12
  Gain on sale of loans                                                     9           23                 5            9
  Gain (loss) on sale of real estate acquired through foreclosure         (43)          -                 16           -
  Earnings on bank-owned life insurance                                    65           64                33           31
  Other operating                                                         159          147                86           77
                                                                        ------       ------           ------       ------
         Total other income                                               215          258               153          129

General, administrative and other expense
  Employee compensation and benefits                                    2,096        2,200             1,078        1,084
  Occupancy and equipment                                                 278          273               128          125
  Property, payroll and other taxes                                       491          449               250          231
  Data processing                                                         159          154                77           73
  Legal and professional                                                  192          225                68          107
  Advertising                                                             100           88                50           44
  Other operating                                                         323          340               180          138
                                                                       ------       ------            ------       ------
         Total general, administrative and other expense                3,639        3,729             1,831        1,802
                                                                       ------       ------            ------       ------
         Earnings before income taxes                                     744          699               608          409

Federal income taxes
  Current                                                                 108           58                56          (53)
  Deferred                                                                 93          163               106          190
                                                                       ------       ------            ------       ------
         Total federal income taxes                                       201          221               162          137
                                                                       ------       ------            ------       ------
         NET EARNINGS                                                  $  543       $  478            $  446       $  272
                                                                       ======       ======            ======       ======
         EARNINGS PER SHARE
           Basic                                                       $  .06       $  .05            $  .05       $  .03
                                                                       ======       ======            ======       ======
           Diluted                                                     $  .06       $  .05            $  .05       $  .03
                                                                       ======       ======            ======       ======
           Dividends per common share                                  $  .18       $  .16            $  .09       $  .08
                                                                       ======       ======            ======       ======
</TABLE>
See accompanying notes to consolidated financial statements.
                                        4
<PAGE>


                             Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

            For the six and three months ended June 30, 2008 and 2007
                                 (In thousands)

<TABLE>
<CAPTION>

                                                                       For the six months           For the three months
                                                                         ended June 30,                ended June 30,
                                                                       2008         2007              2008         2007

<S>                                                                   <C>          <C>               <C>            <C>
Net earnings for the period                                           $ 543        $ 478             $ 446          $ 272
Other comprehensive loss, net of benefits:
  Unrealized holding losses on securities during the period,
   net of benefits of $(110) and $(53) for the six months
   ended June 30, 2008 and 2007, respectively, and $(163)
   and $(49) for the three months ended June 30, 2008
   and 2007, respectively                                              (214)        (103)             (317)           (96)
                                                                       ----         ----              ----           ----

Comprehensive income                                                  $ 329        $ 375             $ 129          $ 176
                                                                       ====         ====              ====           ====

Accumulated comprehensive loss                                        $(168)       $(111)            $(168)         $(111)
                                                                       ====         ====              ====           ====
</TABLE>

See accompanying notes to consolidated financial statements.
                                        5


<PAGE>
<TABLE>
<CAPTION>
                             Cheviot Financial Corp.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                 For the six months ended June 30, 2008 and 2007
                                 (In thousands)
                                                                                               2008                2007
                                                                                                      (Unaudited)
Cash flows from operating activities:
<S>                                                                                        <C>               <C>
  Net earnings for the period                                                               $   543            $    478
  Adjustments to reconcile net earnings to net cash
  provided by operating activities:
    Amortization of premiums and discounts on investment
      and mortgage-backed securities, net                                                        (7)                (10)
    Depreciation                                                                                140                 165
    Amortization of deferred loan origination fees - net                                          -                   3
    Proceeds from sale of loans in the secondary market                                       1,726               2,307
    Loans originated for sale in the secondary market                                        (1,700)             (2,001)
    Gain on sale of loans                                                                        (9)                (23)
    Loss on sale of real estate acquired through foreclosure                                     43                  -
    Federal Home Loan Bank stock dividends                                                      (87)                 -
    Net increase in cash surrender value of bank-owned life insurance                           (65)                (64)
    Provision for losses on loans                                                               288                  -
    Amortization of expense related to stock benefit plans                                      387                 429
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans                                                      (16)                  5
      Accrued interest receivable on mortgage-backed securities                                  12                   7
      Accrued interest receivable on investments and interest-
        earning deposits                                                                        (96)               (106)
      Prepaid expenses and other assets                                                        (349)               (267)
      Accrued interest payable                                                                   21                  -
      Accounts payable and other liabilities                                                    (58)               (317)
      Federal income taxes
        Current                                                                                 (23)               (108)
        Deferred                                                                                 93                 163
                                                                                            -------            --------
         Net cash provided by operating activities                                              843                 661

Cash flows used in investing activities:
  Principal repayments on loans                                                              27,699              16,333
  Loan disbursements                                                                        (39,830)            (22,845)
  Purchase of U.S. Government and agency obligations                                        (18,973)             (7,001)
  Proceeds from maturity of U.S. Government and agency obligations                           18,000               4,000
  Principal repayments on mortgage-backed securities                                          1,901               2,676
  Proceeds from sale of real estate acquired through foreclosure                                636                  -
  Additions to real estate acquired through foreclosure                                          (9)                 -
  Purchase of office premises and equipment                                                     (19)                (19)
                                                                                            -------            --------
         Net cash used in investing activities                                              (10,595)             (6,856)

Cash flows provided by financing activities:
  Net increase (decrease) in deposits                                                        (4,820)              6,854
  Proceeds from Federal Home Loan Bank advances                                              19,500               6,000
  Repayments on Federal Home Loan Bank advances                                              (5,996)             (2,715)
  Advances by borrowers for taxes and insurance                                                (709)               (724)
  Treasury stock repurchases                                                                   (571)             (2,786)
  Stock option expense, net                                                                     122                 120
  Dividends paid on common stock                                                               (618)               (602)
                                                                                            -------            --------
         Net cash provided by financing activities                                            6,908               6,147
                                                                                            -------            --------

Net decrease in cash and cash equivalents                                                    (2,844)                (48)

Cash and cash equivalents at beginning of period                                              9,450               5,490
                                                                                           --------            --------
Cash and cash equivalents at end of period                                                 $  6,606            $  5,442
                                                                                           ========            ========
</TABLE>
See accompanying notes to consolidated financial statements.
                                        6

<PAGE>

                             Cheviot Financial Corp.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                 For the six months ended June 30, 2008 and 2007
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                                               2008                2007
                                                                                                      (Unaudited)

Supplemental disclosure of cash flow information: Cash paid during the period
  for:
<S>                                                                                         <C>                 <C>
    Federal income taxes                                                                     $  138              $  197
                                                                                             ======              ======

    Interest on deposits and borrowings                                                      $4,474              $4,585
                                                                                             ======              ======

Supplemental disclosure of noncash investing activities:
  Transfer of loans to real estate acquired through foreclosure                              $  443              $  734
                                                                                             ======              ======

  Loans originated upon sales of real estate acquired through foreclosure                    $  138              $    -
                                                                                             ======              ======


  Recognition of mortgage servicing rights in accordance with SFAS No. 140                   $    6              $    5
                                                                                             ======              ======

</TABLE>

See accompanying notes to consolidated financial statements.
                                        7

<PAGE>

                             Cheviot Financial Corp.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            For the three and six months ended June 30, 2008 and 2007


1.   Basis of Presentation
     ---------------------

Cheviot  Financial  Corp.  ("Cheviot  Financial"  or  the  "Corporation")  is  a
financial  holding  company,  the  principal  asset  of  which  consists  of its
ownership  of Cheviot  Savings  Bank (the  "Savings  Bank").  The  Savings  Bank
conducts a general  banking  business  in  southwestern  Ohio which  consists of
attracting  deposits and applying  those funds to the  origination  of primarily
real  estate  loans.  The  Corporation  is 61% owned by Cheviot  Mutual  Holding
Company.  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, 2007. However, in the
opinion of management,  all  adjustments  (consisting  of only normal  recurring
accruals)  which  are  necessary  for a fair  presentation  of the  consolidated
financial statements have been included. The results of operations for the three
and six month periods ended June 30, 2008, are not necessarily indicative of the
results which may be expected for the entire year.

2.   Principles of Consolidation
     ---------------------------

The accompanying  consolidated  financial statements as of and for the three and
six months ended June 30, 2008,  include the accounts of the Corporation and its
wholly-owned  subsidiary,  the Savings Bank. All significant  intercompany items
have been eliminated.

3.   Liquidity and Capital Resources
     -------------------------------

Liquidity describes our ability to meet the financial  obligations that arise in
the  ordinary  course of business.  Liquidity  is  primarily  needed to meet the
borrowing  and deposit  withdrawal  requirements  of our  customers  and to fund
current and planned  expenditures.  Our primary  sources of funds are  deposits,
scheduled  amortization  and  prepayments of loan principal and  mortgage-backed
securities,  maturities  and  calls of  securities  and  funds  provided  by our
operations.  In  addition,  we may  borrow  from the  Federal  Home Loan Bank of
Cincinnati.  At June 30, 2008 and December 31,  2007,  we had $42.2  million and
$28.7 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 $99.4 million and $109.4 million.

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

                                       8
<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2008 and 2007


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

Our primary investing activities are the origination of one- to four-family real
estate loans, commercial real estate, construction and consumer loans, and, to a
lesser  extent,  the purchase of  securities.  For the six months ended June 30,
2008, loan originations totaled $41.5 million, compared to $24.8 million for the
six months ended June 30, 2007.

Total deposits  decreased $4.8 million during the six months ended June 30, 2008
and  increased  $6.9  million  during  the  six  months  ended  June  30,  2007,
respectively.  Deposit  flows are affected by the level of interest  rates,  the
interest rates and products offered by competitors and other factors.

The  following  table  sets  forth   information   regarding  the  Corporation's
obligations  and  commitments to make future  payments under contract as of June
30, 2008.

<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            $      -      $  9,000     $  3,352      $ 29,817     $ 42,169
      Certificates of deposit                              114,587        22,649        9,400           -        146,636

    Amount of loan commitments and expiration per period:
      Commitments to originate one- to four-family
        loans                                                6,236            -            -            -          6,236
      Home equity lines of credit                           11,520            -            -            -         11,520
      Undisbursed loans in process                          14,921            -            -            -         14,921
                                                          --------      --------     --------      --------     --------

         Total contractual obligations                    $147,264      $ 31,649     $ 12,752      $ 29,817     $221,482
                                                          ========      ========     ========      ========     ========
</TABLE>

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

                                       9
<PAGE>
                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2008 and 2007


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

At June 30, 2008 and 2007, we exceeded all of the applicable  regulatory capital
requirements.  Our core (Tier 1) capital was $54.5 million and $52.4 million, or
16.7% and 16.6% of total assets at both June 30, 2008 and 2007, respectively. In
order to be classified as "well-capitalized"  under federal banking regulations,
we were  required  to have core  capital of at least $19.6  million,  or 6.0% of
assets as of June 30, 2008. To be classified as a well-capitalized bank, we must
also have a ratio of total  risk-based  capital  to  risk-weighted  assets of at
least 10.0%. At June 30, 2008 and 2007, we had a total risk-based  capital ratio
of 32.1% and 32.5%, 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.   The  weighted  average  common  shares  outstanding  includes
5,455,313  shares held by our mutual holding  company  parent.  Weighted-average
common shares deemed outstanding gives effect to 214,247 and 285,661 unallocated
shares  held by the ESOP for the three and six months  ended  June 30,  2008 and
2007, respectively.
<TABLE>
<CAPTION>

                                                          For the six months ended             For the three months ended
                                                                  June 30,                               June 30,
                                                            2008            2007                    2008           2007

         Weighted-average common shares
<S>                                                    <C>             <C>                     <C>            <C>
           outstanding (basic)                         8,702,161       9,042,835               8,677,852      9,003,748

         Dilutive effect of assumed exercise
           of stock options                               55,256         120,731                  57,298        124,119
                                                       ---------      ----------               ---------     ----------

         Weighted-average common shares
           outstanding (diluted)                       8,757,417       9,163,566               8,735,150      9,127,867
                                                       =========       =========               =========      =========
</TABLE>

5.   Stock Option Plan
     -----------------

On April 26, 2005, the Corporation approved a Stock Incentive Plan that provides
for grants of up to 486,018  stock  options.  During 2008,  2007,  2006 and 2005
approximately  8,060,  6,460,  6,100 and 384,000  option  awards for shares were
granted all of which are subject to five year vesting.

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

                                       10
<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2008 and 2007


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

The Corporation  adopted the provisions of SFAS No. 123(R) effective  January 1,
2006, using the modified  prospective  transition  method, and therefore has not
restated its financial  statements  for prior  periods.  Under this method,  the
Corporation  has applied the  provisions of SFAS No. 123(R) to new  equity-based
awards and to  equity-based  awards  modified,  repurchased,  or cancelled after
January 1, 2006. In addition, the Corporation  recognizes  compensation cost for
the portion of  equity-based  awards for which the requisite  service period has
not been rendered  ("unvested  equity-based  awards") that are outstanding as of
January 1, 2006. The compensation cost recorded for unvested equity-based awards
is based on their grant-date fair value. For the six months ended June 30, 2008,
the  Corporation   recorded   $122,000  in  after-tax   compensation   cost  for
equity-based  awards that vested during the six months ended June 30, 2008.  The
Corporation  has  $512,000  unrecognized  pre-tax  compensation  cost related to
non-vested equity-based awards granted under its stock incentive plan as of June
30, 2008,  which is expected to be recognized  over a  weighted-average  vesting
period of approximately 2.0 years.

A summary of the status of the  Corporation's  stock  option plan as of June 30,
2008, and changes during the period then ended is presented below:

<TABLE>
<CAPTION>
                                                                    Six months ended                    Year ended
                                                                      June 30, 2008                  December 31, 2007
                                                                                Weighted-                       Weighted-
                                                                                average                          average
                                                                                exercise                        exercise
                                                                  Shares          price           Shares          price

<S>                                                               <C>           <C>                <C>          <C>
    Outstanding at beginning of period                            396,220         $11.21           389,760       $11.17
    Granted                                                         8,060           9.03             6,460        13.63
    Exercised                                                          -             -                  -             -
    Forfeited                                                          -             -                  -             -
                                                                 --------         ------           -------       ------
    Outstanding at end of period                                  404,280         $11.16           396,220       $11.21
                                                                  =======         ======           =======       ======
    Options exercisable at period-end                             233,936         $11.17           154,692       $11.16
                                                                  =======         ======           =======       ======
    Options expected to be exercisable at year-end

    Fair value of options granted                                                 $ 1.93                         $ 2.77
                                                                                  ======                         ======
</TABLE>

    The following information applies to options outstanding at June 30, 2008:

    Number outstanding                                             404,280
    Exercise price$9.03 - $13.63
    Weighted-average exercise price                                 $11.16
    Weighted-average remaining contractual life                  7.0 years

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

                                       11

<PAGE>
                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2008 and 2007

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

The fair  value of each  option  was  estimated  on the date of grant  using the
modified Black-Scholes options pricing model with the following weighted-average
assumptions  used  for  grants  in  2008:  dividend  yield  of  3.65%,  expected
volatility of 26.13%,  risk-free  interest rate of 3.78% and an expected life of
10 years for each grant.

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

6.   Income Taxes
     ------------

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

The Corporation is subject to income taxes in the U.S. federal jurisdiction,  as
well as various state  jurisdictions.  Tax regulations  within each jurisdiction
are subject to the  interpretation  of the related tax laws and  regulations and
require significant  judgment to apply. With few exceptions,  the Corporation is
no longer  subject  to U.S.  federal,  state and local,  or non U.S.  income tax
examinations by tax authorities for the years before 2004.

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

7.   Effects of Recent Accounting Pronouncements
     -------------------------------------------

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements." This
Statement  defines fair value,  establishes a framework for measuring fair value
and expands disclosures about fair value measurements. This Statement emphasizes
that fair value is a market-based  measurement and should be determined based on
assumptions  that a  market  participant  would  use  when  pricing  an asset or
liability.  This Statement clarifies that market participant  assumptions should
include  assumptions  about risk as well as the effect of a  restriction  on the
sale or use of an asset.  Additionally,  this Statement establishes a fair value
hierarchy that provides the highest  priority to quoted prices in active markets
and the lowest  priority to  unobservable  data. This Statement is effective for
fiscal years  beginning  after  November 15, 2007,  or January 1, 2008 as to the
Corporation, and interim periods within those fiscal years. The adoption of this
Statement did not have a material adverse effect on the Corporation's  financial
position or results of operations.

                                       12
<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three and six months ended June 30, 2008 and 2007

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

In February  2007,  the FASB issued  SFAS No.  159,  "The Fair Value  Option for
Financial  Assets and  Financial  Liabilities  - Including  an Amendment of FASB
Statement No. 115." This Statement  allows  companies the choice to measure many
financial instruments and certain other items at fair value. The objective is to
improve  financial  reporting  by providing  entities  with the  opportunity  to
mitigate  volatility in reported earnings caused by measuring related assets and
liabilities  differently  without  having  to  apply  complex  hedge  accounting
provisions.  This  Statement  is  expected  to  expand  the  use of  fair  value
measurement,   which  is  consistent  with  the  Board's  long-term  measurement
objectives for accounting for financial instruments. This Statement is effective
as of January 1, 2008 as to the  Corporation,  and interim  periods within those
fiscal  years.  The impact of this new  pronouncement  was not  material  to the
Corporation 's consolidated financial statements.

Securities  and Exchange  Commission  (SEC) Staff  Accounting  Bulletin No. 109,
Written Loan Commitments Recorded at Fair Value Through Earnings (SAB 109) -- In
November 2007, SEC SAB 109 was issued. SAB 109 provides the staff's views on the
accounting  for written  loan  commitments  recorded at fair value.  To make the
staff's views  consistent  with  Statement No. 156,  Accounting for Servicing of
Financial  Assets,  and Statement No. 159, SAB 109 revises and rescinds portions
of SAB No. 105,  Application of Accounting  Principles to Loan Commitments,  and
requires  that the  expected  net future  cash flows  related to the  associated
servicing  of a loan should be included in the  measurement  of all written loan
commitments  that  are  accounted  for  at  fair  value  through  earnings.  The
provisions  of SAB 109 are  applicable  to written  loan  commitments  issued or
modified in fiscal  quarters  beginning after December 15, 2007. The Corporation
adopted  this  Statement  with  no  material   impact  to  the   Corporation  's
consolidated financial statements.
                                       13

<PAGE>

                             Cheviot Financial Corp.

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

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

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

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

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

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

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

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

Discussion of Financial Condition Changes at December 31, 2007
and at June 30, 2008
--------------------------------------------------------------

Total assets  increased  $7.6 million,  or 2.4%,  to $326.7  million at June 30,
2008,  from $319.1  million at December 31,  2007.  The increase in total assets
reflects an increase in loans receivable and investment  securities,  which were
partially offset by a decrease in cash and cash equivalents and  mortgage-backed
securities.

Cash, federal funds sold and  interest-earning  deposits decreased $2.8 million,
or 30.1%,  to $6.6 million at June 30,  2008,  from $9.5 million at December 31,
2007.  The decrease in cash and cash  equivalents at June 30, 2008, was due to a
$2.8 million  decrease in federal funds sold and a $1.7 million decrease in cash
and due from banks,  which was  partially  offset by a $1.6 million  increase in
interest-earning  deposits.  Investment  securities  increased $653,000 to $35.8
million  at June  30,  2008.  At June  30,  2008,  $7.0  million  of  investment
securities  were  classified  as held to  maturity,  while  $28.8  million  were
classified as available for sale.  As of June 30, 2008,  none of the  investment
securities are considered impaired.
                                       14

<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, 2007
and at June 30, 2008 (continued)
---------------------------------------------------------------

Mortgage-backed  securities decreased $1.9 million, or 18.4%, to $8.4 million at
June 30,  2008,  from $10.3  million at  December  31,  2007.  The  decrease  in
mortgage-backed  securities  was due  primarily  to  principal  prepayments  and
repayments   totaling  $1.9  million.   At  June  30,  2008,   $7.7  million  of
mortgage-backed  securities were classified as held to maturity,  while $693,000
were  classified  as  available  for  sale.  As of June  30,  2008,  none of the
mortgage-backed securities are considered impaired.

     Loans receivable,  including loans held for sale,  increased $11.4 million,
or 4.6%, to $261.2 million at June 30, 2008, from $249.8 million at December 31,
2007. The increase reflects loan originations totaling $41.5 million,  partially
offset by loan principal  repayments of $27.7 million and sales of $1.7 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
from the origination of loans.

The allowance for loan losses totaled $502,000 and $596,000 at June 30, 2008 and
December 31, 2007,  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 five year
historic loss  experience by applying such loss  percentage to the loan types to
be  collectively  evaluated  in the  portfolio.  The  $288,000  increase  in the
provision  for losses on loans  during the six months  ended June 30,  2008 is a
reflection  of  these  factors,   weaker  economic  conditions  in  the  greater
Cincinnati  area,  and the need to allocate  approximately  $285,000 in specific
reserves for seven residential  properties totaling $443,000 which were acquired
through  foreclosure  during the six months ended June 30,  2008.  The five year
historic  loss  experience  has improved  from prior year,  which has caused the
allowance  for loan loss as a percentage  of loans to decrease.  The analysis of
the allowance for loan losses  requires an element of judgment and is subject to
the  possibility   that  the  allowance  may  need  to  be  increased,   with  a
corresponding reduction in earnings. To the best of management's knowledge,  all
known and inherent losses that are probable and that can be reasonably estimated
have been recorded at June 30, 2008.

Non-performing  and impaired loans totaled $1.8 million and $660,000 at June 30,
2008 and December 31, 2007, respectively.  At June 30, 2008,  non-performing and
impaired loans were  comprised  solely of 4 loans secured by one- to four-family
residential  real estate and 2 loans secured by  multi-family  residential  real
estate.   The  allowance  for  loan  losses   represented  28.3%  and  90.3%  of
non-performing  and  impaired  loans at June 30,  2008 and  December  31,  2007,
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  decreased  $4.8 million,  or 2.2%, to $214.7 million at June 30, 2008,
from $219.5  million at December 31, 2007.  Advances  from the Federal Home Loan
Bank of Cincinnati  increased by $13.5  million,  or 47.1%,  to $42.2 million at
June 30, 2008, from $28.7 million at December 31, 2007.

Shareholders'  equity decreased $351,000,  or 0.5%, to $67.6 million at June 30,
2008, from $67.9 million at December 31, 2007. The decrease  primarily  resulted
from the repurchase of our common stock totaling  $571,000 and dividends paid of
$618,000,  which were partially offset by net earnings of $543,000.  At June 30,
2008, Cheviot Financial had the ability to purchase an additional 388,009 shares
under its announced stock repurchase plan.

                                       15
<PAGE>
                             Cheviot Financial Corp.

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


Discussion of Financial Condition Changes at December 31, 2007
and at June 30, 2008 (continued)
--------------------------------------------------------------------------------

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 June 30, 2008,  $114.6 million of time deposits
are due to mature within twelve months. The daily deposit activity report allows
us to price our time  deposits  competitively.  Because of this and our  deposit
retention experience,  we anticipate that a significant portion of maturing time
deposits will be retained.

Borrowings from the Federal Home Loan Bank of Cincinnati increased $13.5 million
during the six months ended June 30, 2008.  This increase was used  primarily to
fund  our  primary  investing  activity  which  is the  origination  of  one- to
four-family real estate loans, commercial real estate, construction and consumer
loans.  We have the ability to increase such borrowings by  approximately  $99.4
million.  The  additional  borrowings  can be used to  offset  any  decrease  in
customer deposits or to fund loan commitments.

Comparison of Operating Results for the Six-Month Periods Ended June 30, 2008
and 2007
-----------------------------------------------------------------------------

General

Net earnings for the six months ended June 30, 2008 totaled $543,000,  a $65,000
increase  from the $478,000  net earnings  reported for the same period in 2007.
The  increase in net  earnings  reflects an increase in net  interest  income of
$286,000,  a decrease of $90,000 in general,  administrative  and other expenses
and a decrease of $20,000 in federal income taxes,  which were partially  offset
by an increase of $288,000 in the  provision  for losses on loans and a decrease
in other income of $43,000 for the 2008 period.

Net Interest Income

Total  interest  income  increased  $196,000,  or 2.2%,  to $9.0 million for the
six-months  ended June 30, 2008,  from the comparable  period in 2007.  Interest
income on loans  increased  $191,000,  or 2.6%, to $7.6 million  during the 2008
period from $7.4 million for the 2007 period. This increase was due primarily to
a $10.4 million,  or 4.3%, increase in the average balance of loans outstanding,
which was partially  offset by a 10 basis point decrease in the average yield on
loans to 5.96% for the 2008 period from 6.06% for the six months  ended June 30,
2007.

Interest income on mortgage-backed  securities decreased $103,000,  or 28.2%, to
$262,000  for the six months  ended June 30,  2008,  from  $365,000 for the same
period in 2007, due primarily to a $4.5 million  decrease in the average balance
of securities  outstanding (resulting primarily from investment security calls),
which was  partially  offset by a 40 basis point  increase in the average  yield
period to period.  Interest income on investment  securities increased $165,000,
or 18.6%,  to $1.1 million for the six months  ended June 30, 2008,  compared to
$887,000  for the  same  period  in 2007,  due  primarily  to an 11 basis  point
increase in the average  yield to 5.58% in the 2008  period,  and an increase of
$5.2  million,  or  16.1%  in  the  average  balance  of  investment  securities
outstanding.  Interest  income  on  other  interest-earning  deposits  decreased
$57,000, or 44.9% to $70,000 for the six months ended June 30, 2008, as compared
to the same period in 2007.
                                       16

<PAGE>
                             Cheviot Financial Corp.

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

Comparison of Operating Results for the Six-Month Periods Ended June 30, 2008
and 2007(continued)
-----------------------------------------------------------------------------

Interest expense decreased  $90,000,  or 2.0% to $4.5 million for the six months
ended June 30,  2008,  from $4.6  million for the same period in 2007.  Interest
expense on deposits decreased by $155,000,  or 4.0%, to $3.7 million for the six
months  ended June 30,  2008,  from $3.9 million for the same period in 2007 due
primarily to a 28 basis point decrease in the average costs of deposits to 3.48%
during the 2008 period,  which was partially offset by a $7.6 million,  or 3.6%,
increase in the average  balances  outstanding.  Interest  expense on borrowings
increased  by $65,000,  or 9.5%,  due  primarily  to a $4.7  million,  or 16.4%,
increase in the average balance outstanding,  which was partially offset by a 27
basis point  decrease in the average  cost of  borrowings.  The  decrease in the
average cost of deposits and  borrowings  reflects  lower  shorter term interest
rates in 2008 as compared to 2007,  as actions by the Federal  Reserve to reduce
shorter term  interest  rates  resulted in a steepening of the yield curve and a
reduction of short term and medium term interest rates.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income increased by $286,000,  or 6.9%, to $4.5 million for the six
months ended June 30, 2008. The average  interest rate spread increased to 2.23%
for the six months  ended June 30, 2008 from 2.06% for the six months ended June
30, 2007.  The net interest  margin  increased to 2.91% for the six months ended
June 30, 2008 from 2.83% for the six months ended June 30, 2007.

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

Management recorded a $288,000 provision for losses on loans for the six months
ended June 30, 2008. There was no provision for the losses on loans for the six
months ended June 30, 2007. The decision to make a provision for loan losses
during the six months ended June 30, 2008 reflects the amount necessary to
maintain an adequate allowance based on the five year historical loss experience
and other external factors. 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  $43,000,  or 16.7%, to $215,000 for the six months ended
June 30, 2008, compared to the same period in 2007, due primarily to an increase
in the loss on the sale of real estate acquired  through  foreclosure of $43,000
and a decrease  of $14,000  in the gain on sale of loans,  which were  partially
offset by an increase of $12,000 in other operating income.

                                       17

<PAGE>

                             Cheviot Financial Corp.

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

Comparison of Operating Results for the Six-Month Periods Ended June 30, 2008
and 2007(continued)
-------------------------------------------------------------------------------

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

General,  administrative and other expense decreased  $90,000,  or 2.4%, to $3.6
million  for the six  months  ended June 30,  2008,  from $3.7  million  for the
comparable  period in 2007.  This decrease is a result of a decrease of $104,000
in  employee  compensation  and  benefits,  a  decrease  of $33,000 in legal and
professional expense and a decrease of $17,000 in other operating expense, which
was  partially  offset by an increase of $42,000 in property,  payroll and other
taxes.  The  decrease in employee  compensation  and benefits is a result of the
decrease  in  compensation  expense  recorded  for the fair value of ESOP shares
allocated as a result of the decrease in the average  stock price and a decrease
in the expense  related to health  insurance  costs.  The  decrease in legal and
professional  services was due  primarily to expenses  incurred  that related to
litigation  costs as the  Corporation  was  defending its interest in collateral
during the six months ended June 30, 2007. The Corporation  reached a settlement
regarding this  litigation  for $50,000 during the prior period,  accounting for
the  majority  of the  decrease  in other  operating  expense.  The  increase in
property,  payroll and other taxes was due  primarily to an increase in the Ohio
franchise tax.

Federal Income Taxes

The provision for federal income taxes decreased  $20,000,  or 9.0%, to $201,000
for the six months  ended June 30,  2008,  from  $221,000 for the same period in
2007. The effective tax rate was 27.0% and 31.6% for the six month periods ended
June 30, 2008 and 2007. The difference  between the Corporation's  effective tax
rate in the 2008 and 2007 periods and the 34%  statutory  corporate  rate is due
primarily to the tax-exempt  earnings on bank-owned life  insurance,  tax exempt
interest on municipal  obligations and tax benefits for the  contribution to the
Cheviot Savings Bank Foundation.

Comparison of Operating Results for the Three-Month Periods Ended June 30, 2008
and 2007
--------------------------------------------------------------------------------

General
-------

Net  earnings  for the three  months  ended June 30, 2008  totaled  $446,000,  a
$174,000  increase from the $272,000  earnings reported in the June 2007 period.
The  increase in net  earnings  reflects an increase in net  interest  income of
$229,000 and an increase in other income of $24,000, which were partially offset
by an increase of $25,000 in the provision  for losses on loans,  an increase in
general, administrative and other expenses of $29,000 and an increase of $25,000
in federal income taxes for the 2008 quarter.

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

Total  interest  income  increased  $2,000,  or 0.1%,  to $4.4  million  for the
three-months ended June 30, 2008, from the comparable quarter in 2007.  Interest
income on loans  increased  $69,000,  or 1.9%,  to $3.8 million  during the 2008
quarter from $3.7 million for the 2007 quarter.  This increase was due primarily
to a  $12.7  million,  or  5.2%,  increase  in  the  average  balance  of  loans
outstanding,  which was  partially  offset by a 19 basis  point  decrease in the
average  yield on loans to 5.85% for the 2008  quarter  from 6.04% for the three
months ended June 30, 2007.

                                       18

<PAGE>

                             Cheviot Financial Corp.

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

Comparison of Operating Results for the Three-Month Periods Ended June 30, 2008
and 2007(continued)
--------------------------------------------------------------------------------

Interest income on mortgage-backed  securities  decreased $55,000,  or 30.9%, to
$123,000  for the three  months  ended  June 30,  2008,  from  $178,000  for the
comparable 2007 quarter, due primarily to a $4.3 million decrease in the average
balance of  securities  outstanding,  which was  partially  offset by a 20 basis
point  increase  in the  average  yield  period to  period.  Interest  income on
investment  securities  increased  $8,000,  or 1.6%,  to $498,000  for the three
months ended June 30,  2008,  compared to $490,000 for the same quarter in 2007,
due  primarily to a 6 basis point  increase in the average yield to 5.78% in the
2008  quarter,  and an increase of $212,000,  or 0.6% in the average  balance of
investment  securities  outstanding.  Interest income on other  interest-earning
deposits decreased $20,000,  or 34.5% to $38,000 for the three months ended June
30, 2008.

Interest  expense  decreased  $227,000,  or 9.7% to $2.1  million  for the three
months  ended June 30,  2008,  from $2.3  million for the same  quarter in 2007.
Interest  expense on deposits  decreased by $260,000,  or 13.0%, to $1.7 million
from $2.0  million due  primarily  to a 58 basis  point  decrease in the average
costs of  deposits  to 3.25%  during  the 2008  quarter  due to the  lower  rate
repricings of  certificates  of deposit,  as deposit rates were lower in 2008 as
compared to 2007. This was partially offset by a $5.2 million, or 2.5%, increase
in the average balance outstanding.  Interest expense on borrowings increased by
$33,000,  or 9.8%,  due primarily to a $5.5 million,  or 18.9%,  increase in the
average  balance  outstanding,  which was  partially  offset by a 36 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 $229,000,  or 11.0%,  to $2.3 million for the
three months ended June 30, 2008,  as compared to the same quarter in 2007.  The
average  interest rate spread increased to 2.38% for the three months ended June
30, 2008 from 2.05% for the three months  ended June 30, 2007.  The net interest
margin  increased  to 3.02% for the three  months ended June 30, 2008 from 2.81%
for the three months ended June 30, 2007.

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

Management recorded a $25,000 provision for losses on loans for the three months
ended  June 30,  2008.  There was no  provision  for the losses on loans for the
three  months ended June 30,  2007.  The  decision to make a provision  for loan
losses during the six months ended June 30, 2008  reflects the amount  necessary
to  maintain  an  adequate  allowance  based on the five  year  historical  loss
experience and other external  factors.  There can be no assurance that the loan
loss allowance will be sufficient to cover losses on non-performing loans in the
future,  however management believes they have identified all known and inherent
losses that are probable and that can be  reasonably  estimated  within the loan
portfolio,  and that the  allowance  for loan  losses is adequate to absorb such
losses.

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

Other income increased $24,000, or 18.6%, to $153,000 for the three months ended
June 30, 2008, compared to the same quarter in 2007, due primarily to an
increase in the gain on the sale of real estate acquired through foreclosure of
$16,000 and an increase of $9,000 in other operating income.

                                       19

<PAGE>

                             Cheviot Financial Corp.

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

Comparison of Operating Results for the Three-Month Periods Ended June 30, 2008
and 2007(continued)
--------------------------------------------------------------------------------

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

General,  administrative and other expense increased  $29,000,  or 1.6%, and was
$1.8  million for each of the three  months  ended June 30, 2008 and 2007.  This
increase is a result of an increase  of $19,000 in  property,  payroll and other
taxes and an increase of $42,000 in other operating expense, which was partially
offset by a decrease of $39,000 in legal and professional  expense. The increase
in property, payroll and other taxes is due primarily to an increase in the Ohio
franchise  tax. The increase in other  operating  expense is due primarily to an
increase  in the overall  operations  of the Bank and an increase in the cost of
maintaining  properties acquired through foreclosure.  The decrease in legal and
professional  services was due  primarily to expenses  incurred  that related to
litigation  costs as the  Corporation  was  defending its interest in collateral
during the six months ended June 30, 2007.

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

The provision for federal income taxes increased $25,000,  or 18.2%, to $162,000
for the three months ended June 30, 2008,  from $137,000 for the same quarter in
2007, due primarily to a $199,000, or 48.7%,  increase in pre-tax earnings.  The
effective  tax rate was 26.6% and 33.5% for the three month  periods  ended June
30,  2008 and 2007,  respectively.  The  difference  between  the  Corporation's
effective tax rate in the 2008 and 2007 periods and the 34% statutory  corporate
rate is due primarily to the tax-exempt  earnings on bank-owned  life insurance,
tax  exempt  interest  on  municipal   obligations  and  tax  benefits  for  the
contribution to the Cheviot Savings Bank Foundation.


                                       20

<PAGE>


                             Cheviot Financial Corp.

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


ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no  material  change in the  Corporation's  market risk since the
Form 10-K filed with the Securities  and Exchange  Commission for the year ended
December 31, 2007.

ITEM 4 CONTROLS AND PROCEDURES

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

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

                                       21

<PAGE>

                             Cheviot Financial Corp.

                                     PART II

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

          None.

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

          There have been no changes to the Corporation's risk factors since the
          filing of the  Corporation's  Annual  Report on Form 10-K for the year
          ended December 31, 2007.

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 June 30, 2008,  the  Corporation  had  purchased  59,575
          shares pursuant to the program.

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

          April 1-30, 2008        8,335           $9.16              46,792
          May 1-31, 2008          7,283           $8.95              54,075
          June 1-30, 2008         5,500           $8.66              59,575


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

          Not applicable.

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

          The  Corporation  held its Annual Meeting of Shareholders on April 22,
          2008. Two matters were presented to the  shareholders  for a vote: The
          shareholders  elected  two  directors  by  the  following  votes:

                                         For                  Withheld

          John T. Smith               8,369,522               219,566
          Robert L. Thomas            8,474,222               114,866

          The shareholders ratified the selection of Clark, Schaefer,  Hackett &
          Co.  as the  Company's  auditors  for the  2008  calendar  year by the
          following vote:

          For:  8,546,945           Against:  41,743           Abstain:  400


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

         None.
                                       22

<PAGE>


                             Cheviot Financial Corp.

                               PART II (CONTINUED)


ITEM 6.   Exhibits
          --------

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



                                       23
<PAGE>


                             Cheviot Financial Corp.

                                   SIGNATURES

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



Date:   August 7, 2008                 By:  /s/Thomas J. Linneman
       ----------------------              -------------------------------------
                                           Thomas J. Linneman
                                           President and Chief Executive Officer



Date:   August 7, 2008                 By:  /s/Scott T. Smith
       ----------------------               ------------------------------------
                                            Scott T. Smith
                                            Chief Financial Officer


                                       24

<PAGE>

                                                                    Exhibit 31.1

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


I, Thomas J. Linneman, certify that:

1.   I have reviewed  this  quarterly  report on Form 10-Q of Cheviot  Financial
     Corp.;
2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;
3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;
4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
     a.   Designed  such  disclosure  controls  and  procedures  or caused  such
          disclosure  controls to be designed under our  supervision,  to ensure
          that material  information  relating to the registrant,  including its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;
     b.   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:  August 7, 2008                      /s/Thomas J. Linneman
       --------------                      -------------------------------
                                           Thomas J. Linneman
                                           President and Chief Executive Officer
                                            (principal executive officer)

<page>

                                                                    Exhibit 31.2


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

I, Scott T. Smith, certify that:

1.   I have reviewed  this  quarterly  report on Form 10-Q of Cheviot  Financial
     Corp.;
2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;
3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;
4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
     a.   Designed  such  disclosure  controls  and  procedures  or caused  such
          disclosure  controls to be designed under our  supervision,  to ensure
          that material  information  relating to the registrant,  including its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;
     b.   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:  August 7, 2008                              /s/Scott T. Smith
       --------------                              -----------------------------
                                                   Scott T. Smith
                                                   Chief Financial Officer
                                                   (principal financial officer)


<PAGE>


                                                                    Exhibit 32.1

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


In  connection  with the  Quarterly  Report  of  Cheviot  Financial  Corp.  (the
"Company"),  on Form 10-Q for the period ended June 30, 2008,  as filed with the
Securities  and  Exchange  Commission  on the  date of this  Certification  (the
"Report"),  I, Thomas J. Linneman,  President and Chief Executive Officer of the
Company,  certify,  pursuant to 18 U.S.C.  Section 1350, as adopted  pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

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

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

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


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

         Date:  August 7, 2008



<PAGE>


                                                                    Exhibit 32.2

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


In  connection  with the  Quarterly  Report  of  Cheviot  Financial  Corp.  (the
"Company"),  on Form 10-Q for the period ended June 30, 2008,  as filed with the
Securities  and  Exchange  Commission  on the  date of this  Certification  (the
"Report"),  I, Scott T. Smith, Chief Financial Officer of the Company,  certify,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to my knowledge:

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

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

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



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

         Date:  August 7, 2008