FORM 10-Q


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

(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, 2004
                                ----------------------------------------

                                       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 FINANICAL 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  [   ]

Indicated  by check mark  whether the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act).

Yes [   ]         No  [X]

As of August 3,  2004,  the latest  practicable  date,  9,918,751  shares of the
registrant's common stock, $.01 par value, were issued and outstanding.

                                  Page 1 of 17

<PAGE>


                                      INDEX

                                                                          Page

PART I  - FINANCIAL INFORMATION

            Consolidated Statements of Financial Condition                  3

            Consolidated Statements of Operations                           4

            Consolidated Statements of Cash Flows                           5

            Notes to Consolidated Financial Statements                      7

            Management's Discussion and Analysis of
            Financial Condition and Results of
            Operations                                                      9

            Quantitative and Qualitative Disclosures about
            Market Risk                                                    14

            Controls and Procedures                                        14

PART II  -  OTHER INFORMATION                                              15

SIGNATURES                                                                 17

                                       2

<PAGE>


                             Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

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

                                                                                           June 30,          December 31,
         ASSETS                                                                              2004                2003
<S>                                                                                      <C>                 <C>
Cash and due from banks                                                                  $    2,067          $    3,979
Federal funds sold                                                                            2,119              69,267
Interest-bearing deposits in other financial institutions                                     7,583              10,530
                                                                                          ---------            --------
         Cash and cash equivalents                                                           11,769              83,776

Investment securities held to maturity:
  U.S. Government and agency obligations - at cost, approximate
    market value of $28,439 and $17,044 at
    June 30, 2004 and December 31, 2003, respectively                                        29,014              17,035
  Municipal obligations - at cost, approximate market value of
    $101 and $103 at June 30, 2004 and December 31, 2003, respectively                          100                 100
Mortgage-backed securities held to maturity - at cost, approximate
  market value of $30,155 and $21,808 at June 30, 2004 and
  December 31, 2003, respectively                                                            30,756              21,804
Loans receivable - net                                                                      199,888             186,424
Loans held for sale - at lower of cost or market                                                132                 429
Real estate acquired through foreclosure - net                                                   -                   46
Office premises and equipment - at depreciated cost                                           2,839               2,910
Federal Home Loan Bank stock - at cost                                                        2,848               2,792
Accrued interest receivable on loans                                                            703                 655
Accrued interest receivable on mortgage-backed securities                                        80                  71
Accrued interest receivable on investments and interest-bearing deposits                        270                 195
Prepaid expenses and other assets                                                               370               1,162
                                                                                         ----------           ---------
         Total assets                                                                      $278,769            $317,399

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                   $183,743            $267,927
Advances from the Federal Home Loan Bank                                                     17,090               9,206
Advances by borrowers for taxes and insurance                                                   341                 922
Accounts payable and other liabilities                                                          788                 901
Accrued federal income taxes                                                                     65                 259
Deferred federal income taxes                                                                   149                 317
                                                                                         ----------          ----------
         Total liabilities                                                                  202,176             279,532

Shareholder's 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 and outstanding at June 30, 2004                                     99                  -
  Additional paid-in capital                                                                 42,746                  -
  Shares acquired by employee stock ownership plan                                           (3,571)                 -
  Retained earnings - restricted                                                             37,319              37,867
                                                                                           --------            --------
         Total shareholders' equity                                                          76,593              37,867
                                                                                           --------            --------
         Total liabilities and shareholders' equity                                        $278,769            $317,399
                                                                                            =======             =======
</TABLE>

See accompanying notes to consolidated financial statements.

                                       3
<PAGE>

                             Cheviot Financial Corp.

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                      (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                                          Six months ended             Three months ended
                                                                              June 30,                      June 30,
                                                                         2004         2003              2004         2003
Interest income
<S>                                                                    <C>          <C>               <C>          <C>
  Loans                                                                $5,444       $5,824            $2,728       $2,879
  Mortgage-backed securities                                              367          455               192          212
  Investment securities                                                   323          156               210           58
  Interest-bearing deposits and other                                     133          140                52           75
                                                                       ------       ------           -------      -------
         Total interest income                                          6,267        6,575             3,182        3,224

Interest expense
  Deposits                                                              1,656        2,222               812        1,060
  Borrowings                                                              220          247               115          121
                                                                       ------       ------            ------       ------
         Total interest expense                                         1,876        2,469               927        1,181
                                                                        -----        -----            ------        -----
         Net interest income                                            4,391        4,106             2,255        2,043

Provision for losses on loans                                              -           275                -            15
                                                                        -----       ------             -----      -------
         Net interest income after provision for losses on loans        4,391        3,831             2,255        2,028

Other income
  Gain on sale of loans                                                    33           29                -            18
  Loss on sale of real estate acquired through foreclosure                (13)         (13)               -            (5)
  Other operating                                                          97          198                41           50
                                                                      -------       ------           -------      -------
         Total other income                                               117          214                41           63

General, administrative and other expense
  Employee compensation and benefits                                    1,604        1,412               799          538
  Occupancy and equipment                                                 211          183               100           99
  Property, payroll and other taxes                                       337          307               166          151
  Data processing                                                         119          109                53           51
  Legal and professional                                                  166           97                94           50
  Advertising                                                              78           72                39           36
  Charitable contribution                                               1,500           -                 -            -
  Other operating                                                         257          238               149          142
                                                                       ------       ------            ------       ------
         Total general, administrative and other expense                4,272        2,418             1,400        1,067
                                                                        -----        -----             -----        -----
         Earnings before income taxes                                     236        1,627               896        1,024

Federal income taxes
  Current                                                                 506        1,227               254          468
  Deferred                                                               (168)        (670)               52         (120)
                                                                       ------       ------           -------       ------
         Total federal income taxes                                       338          557               306          348
                                                                       ------       ------            ------       ------
         NET EARNINGS (LOSS)                                          $  (102)      $1,070           $   590      $   676
                                                                       ======        =====            ======       ======
         EARNINGS (LOSS) PER SHARE
           Basic                                                      $  (.01)         N/A           $   .06          N/A
                                                                       ======                         ======
           Diluted                                                        N/A          N/A           $   .06          N/A
                                                                                                      ======
</TABLE>
See accompanying notes to consolidated financial statements.
                                       4
<PAGE>

                             Cheviot Financial Corp.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

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

                                                                                               2004                2003
Cash flows from operating activities:
<S>                                                                                       <C>                  <C>
  Net earnings (loss) for the period                                                      $    (102)           $  1,070
  Adjustments to reconcile net earnings (loss) to net cash
  provided by (used in) operating activities:
    Amortization of premiums and discounts on investment
      and mortgage-backed securities, net                                                        82                 110
    Depreciation                                                                                116                 112
    Amortization of deferred loan origination (fees) costs - net                                  8                (143)
    Proceeds from sale of loans in the secondary market                                       1,518               1,017
    Loans originated for sale in the secondary market                                        (1,081)               (868)
    Gain on sale of loans                                                                       (33)                (29)
    Loss on sale of real estate acquired through foreclosure                                     13                  -
    Federal Home Loan Bank stock dividends                                                      (56)                (54)
    Provision for losses on loans                                                                -                  275
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans                                                      (48)                (51)
      Accrued interest receivable on mortgage-backed securities                                  (9)                 32
      Accrued interest receivable on investments and interest-
        bearing deposits                                                                        (75)                124
      Prepaid expenses and other assets                                                         792                (278)
      Accounts payable and other liabilities                                                   (113)                232
      Federal income taxes
        Current                                                                                (194)                342
        Deferred                                                                               (168)               (670)
                                                                                           --------            --------
         Net cash provided by operating activities                                              650               1,221

Cash flows provided by (used in) investing activities:
  Principal repayments on loans                                                              22,906              24,469
  Loan disbursements                                                                        (36,485)            (29,399)
  Purchase of U.S. Government and agency obligations                                        (26,012)             (4,101)
  Proceeds from maturity of U.S. Government and agency obligations                           14,000               9,000
  Purchase of mortgage-backed securities                                                    (11,964)                 -
  Principal repayments on mortgage-backed securities                                          2,962               4,597
  Additions to real estate acquired through foreclosure                                          -                   12
  Proceeds from sale of real estate acquired through foreclosure                                 33                  -
  Purchase of office premises and equipment                                                     (44)                (96)
                                                                                          ---------           ---------
         Net cash provided by (used in) investing activities                                (34,604)              4,482

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposits                                                       (84,184)              1,087
  Proceeds from FHLB advances                                                                 9,000                  -
  Repayments on Federal Home Loan Bank advances                                              (1,116)             (1,396)
  Advances by borrowers for taxes and insurance                                                (581)               (576)
  Proceeds from issuance of common stock                                                     39,274                  -
  Dividends paid on common stock                                                               (446)                 -
                                                                                           --------             -------
         Net cash used in financing activities                                              (38,053)               (885)
                                                                                             ------            --------
Net increase (decrease) in cash and cash equivalents                                        (72,007)              4,818

Cash and cash equivalents at beginning of period                                             83,776              19,379
                                                                                             ------              ------
Cash and cash equivalents at end of period                                                  $11,769             $24,197
                                                                                             ======              ======
</TABLE>

See accompanying notes to consolidated financial statements.
                                       5
<PAGE>


                             Cheviot Financial Corp.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                        For the six months ended June 30,
                                 (In thousands)

<TABLE>
<CAPTION>

                                                                                               2004                2003

Supplemental disclosure of cash flow information: Cash paid during the period
  for:
<S>                                                                                         <C>                 <C>
    Federal income taxes                                                                    $   500             $   490
                                                                                             ======              ======

    Interest on deposits and borrowings                                                     $ 1,876             $ 2,475
                                                                                             ======              ======

</TABLE>

See accompanying notes to consolidated financial statements.

                                      6
<PAGE>

                            Cheviot Financial Corp.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            For the six and three months ended June 30, 2004 and 2003


1.   Basis of Presentation

Mutual to Stock  Conversion.  For the six and three month periods ended June 30,
2003,  Cheviot Savings Bank (the "Savings  Bank") operated as a  state-chartered
mutual  financial  institution.  On June 24, 2003, the Board of Directors of the
Savings   Bank   adopted   a  Plan  of   Reorganization   (the   "Plan"  or  the
"Reorganization") pursuant to which the Savings Bank reorganized into a two-tier
mutual  holding  company  structure  with the  establishment  of a stock holding
company, Cheviot Financial Corp. ("Cheviot Financial" or the "Corporation"),  as
parent of the Savings Bank,  and the Savings Bank converted to the stock form of
ownership  and  issued  all the  Savings  Bank's  outstanding  stock to  Cheviot
Financial  Corp. The  Reorganization  was completed  effective  January 5, 2004.
Pursuant to the Plan,  Cheviot Financial Corp. sold 4,388,438 common shares in a
minority  stock  offering,  representing  approximately  44% of its  outstanding
common stock, at $10.00 per share, to the Savings Bank's  depositors and a newly
formed Employee Stock Ownership Plan ("ESOP").  The net proceeds of the offering
were approximately $39.3 million.  In addition,  75,000 shares, or approximately
one percent of its outstanding  shares,  were issued to a charitable  foundation
established by Cheviot  Savings Bank. The remaining  5,455,313  shares of common
stock,  or 55.0% of the  outstanding  common  stock of Cheviot  Financial,  were
issued to Cheviot Mutual Holding Company, the federally chartered mutual holding
company of Cheviot Financial Corp.

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  financial
statements should be read in conjunction with the financial statements and notes
thereto of the Company for the year ended  December  31, 2003.  However,  in the
opinion of management,  all  adjustments  (consisting  of only normal  recurring
accruals)  which  are  necessary  for  a  fair  presentation  of  the  financial
statements  have been included.  The results of operations for the six and three
month periods ended June 30, 2004, 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 six and
three months ended June 30, 2004,  include the accounts of the  Corporation  and
its  wholly-owned  subsidiary,  the Savings Bank. All  significant  intercompany
items have been eliminated. The accompanying financial statements as of December
31, 2003 and for the six and three months ended June 30, 2003,  are comprised of
the Savings Bank only.

3.   Earnings (Loss) Per Share

Basic  earnings  (loss) 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.  Weighted-average  common shares
deemed  outstanding,  which gives  effect to 357,075  unallocated  ESOP  shares,
totaled  9,561,676  for each of the six and three month  periods  ended June 30,
2004.

Diluted earnings per share is computed taking into  consideration  common shares
outstanding and dilutive potential common share equivalents. The Corporation had
no dilutive or potentially  dilutive securities during the period ended June 30,
2004.

The provisions of SFAS No. 128,  "Earnings Per Share," are not applicable to the
six and three month  periods  ended June 30,  2003,  as the Savings Bank had not
completed its conversion to stock form until January 5, 2004.

                                       7
<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the six and three months ended June 30, 2004 and 2003


4.   Effects of Recent Accounting Pronouncements

In December 2003, the Financial  Accounting  Standards Board (the "FASB") issued
FASB Interpretation No. 46(R) ("FIN 46(R)"), "Consolidation of Variable Interest
Entities." FIN 46(R) requires a variable interest entity to be consolidated by a
company if that  company  is subject to a majority  of the risk of loss from the
variable interest  entity's  activities or entitled to receive a majority of the
entity's  residual returns,  or both. FIN 46(R) also requires  disclosures about
variable interest entities that a company is not required to consolidate, but in
which it has a significant variable interest. The consolidation  requirements of
FIN 46(R) apply  immediately to variable interest entities created after January
31, 2003. The consolidation requirements of FIN 46(R) apply to existing entities
in the first fiscal year ending after  December 15, 2004. The  Corporation  does
not have any variable interest entities, therefore the adoption of FIN 46(R) had
no material effect on the Corporation's financial statements.


                                       8
<PAGE>


                             Cheviot Financial Corp.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS


Discussion  of Financial  Condition  Changes from  December 31, 2003 to June 30,
2004

Total assets  decreased  $38.6 million,  or 12.2%, to $278.8 million at June 30,
2004,  from the $317.4 million total at December 31, 2003. The decrease in total
assets resulted  primarily from cash refunds to subscribers for  over-subscribed
and  unfulfilled  stock orders in its minority stock  offering.  The Corporation
completed its minority stock offering on January 5, 2004.

Cash,  federal  funds  sold and  interest-bearing  deposits  in other  financial
institutions  decreased  $72.0 million,  or 86.0%,  to $11.8 million at June 30,
2004,  from the $83.8  million  total at December  31,  2003.  The cash and cash
equivalents  total at December  31,  2003,  included  funds  received  for stock
subscription  orders in December  2003.  The  Corporation's  stock  offering was
oversubscribed and in January 2004, approximately $36.1 million was refunded for
unfulfilled  stock orders.  Investment  securities  increased $12.0 million,  or
69.9%,  to $29.1  million at June 30, 2004,  from $17.1  million at December 31,
2003. During the six months ended June 30, 2004, investment securities purchases
consisted of $26.0 million of U.S. Government and agency obligations, which were
offset by $14.0 million of  maturities.  All of our  investment  securities  are
classified as held to maturity.

Mortgage-backed securities increased $9.0 million, or 41.1%, to $30.8 million at
June 30,  2004,  from $21.8  million at  December  31,  2003.  The  increase  in
mortgage-backed  securities  was due  primarily to $12.0  million of  purchases,
which were partially  offset by principal  prepayments  and repayments  totaling
$3.0 million. All mortgage-backed securities are classified as held to maturity.

Loans  receivable,  including loans held for sale,  increased $13.2 million,  or
7.0%, to $200.0  million at June 30, 2004,  from December 31, 2003. The increase
resulted from loan  originations  of $37.6 million and loan  repayments of $22.9
million.  The Savings Bank  realized  $12.7  million in loan growth from its new
lending office in Mason, Ohio.

At both June 30, 2004 and  December  31,  2003,  the  allowance  for loan losses
totaled  $768,000,  or 0.41% of net loans. In determining 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.
The analysis  resulted in no  additional  provision to the allowance at June 30,
2004.

Second,  the  allowance  for loan losses  entails  utilizing  our historic  loss
experience by applying such loss percentage to the loan types to be collectively
evaluated  in the  portfolio.  This  segment of the loss  analysis  resulted  in
assigning  no  additional  allowance  at June  30,  2004.  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, 2004.

Non-performing and impaired loans totaled $429,000 and $462,000 at June 30, 2004
and  December  31,  2003,  respectively.  At June 30,  2004,  nonperforming  and
impaired loans were comprised of loans secured by one-to four-family residential
real  estate   totaling   $101,000  and  loans  secured  by   multi-family   and
non-residential  real estate  totaling  $328,000.  The allowance for loan losses
represented  179.0% and 166.2% of non-performing  and impaired loans at June 30,
2004 and December 31, 2003, respectively.  Although management believes that its
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.

                                       9

<PAGE>


                             Cheviot Financial Corp.

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


Discussion  of Financial  Condition  Changes from  December 31, 2003 to June 30,
2004 (continued)

Deposits decreased $84.2 million,  or 31.4%, to $183.7 million at June 30, 2004,
from the $267.9  million at December 31, 2003.  The decrease was  comprised of a
$77.0 million decrease in transaction  accounts,  primarily  representing  funds
received  for  stock  subscription   orders  and  a  $7.2  million  decrease  in
certificates of deposit.  Upon  consummation of the stock offering on January 5,
2004, the Savings Bank refunded  approximately $36.1 million for over-subscribed
stock  subscription  orders.  Advances  from  the  Federal  Home  Loan  Bank  of
Cincinnati  increased by $7.9  million,  or 85.6%,  to $17.1 million at June 30,
2004,  from $9.2 million at December 31, 2003.  The increase in advances was due
primarily to  management's  decision to fund new loan  originations at the Mason
lending  center  with these  advances  to lock in an  acceptable  interest  rate
spread.

Shareholders'  equity  increased $38.7 million,  or 102.3%,  to $76.6 million at
June 30, 2004,  from $37.9 million at December 31, 2003.  The increase  resulted
from the $39.3  million of proceeds  (net of $1.7 million of offering  costs and
the costs of  contributions  to the  employee  stock  ownership  plan)  from the
Corporation's stock offering. This increase was partially offset by the net loss
during the period of $102,000  and  dividends  paid of  $446,000.  Approximately
$960,000 of offering  costs were  included  within  other assets at December 31,
2003.

Cheviot Savings Bank is required to maintain minimum regulatory capital pursuant
to federal regulations.  At June 30, 2004, the Savings Bank's regulatory capital
substantially exceeded all minimum regulatory capital requirements.


Comparison of Operating  Results for the  Six-Month  Periods Ended June 30, 2004
and 2003
--------------------------------------------------------------------------------

General

The  Corporation  had a net loss of $102,000  for the six months  ended June 30,
2004,  compared to $1.1  million in net  earnings for the six month period ended
June 30, 2003. The decrease in net earnings was due primarily to the recognition
of $1.5 million in expense  related to the  contribution  to the Cheviot Savings
Bank Charitable Foundation. As discussed in the Corporation's offering circular,
management  elected to contribute  $1.5 million to the  newly-formed  charitable
foundation,  consisting of $750,000 in cash  contributed by Cheviot Savings Bank
and 75,000 shares of Cheviot  Financial Corp.  common stock.  Excluding the $1.2
million after-tax effect of the contribution, the Corporation's net earnings for
the six month period ended June 30, 2004  totaled $1.1  million,  an increase of
$73,000,  or 6.8%, over the same period in 2003. This increase was due primarily
to a $285,000  increase in net  interest  income and a $275,000  decrease in the
provision for losses on loans, which were partially offset by a $97,000 decrease
in other  income and a $354,000  increase in general,  administrative  and other
expense. Management believes that presentation of financial results exclusive of
the one-time expense for the charitable  contribution  provides the users of the
financial   statements   with  an  additional  and  useful   comparison  of  the
Corporation's current results of operations with past and future periods.

Net Interest Income

Total interest  income  decreased by $308,000,  or 4.7%, to $6.3 million for the
six-month  period ended June 30, 2004,  from $6.6 million for the same period in
2003.  Interest  income on loans  decreased  $380,000,  or 6.5%, to $5.4 million
during the 2004 period,  from $5.8 million for the 2003 period. This decline was
due  primarily  to a 66 basis point  decrease in the  weighted-average  yield on
loans,  to 5.71% for the 2004 period from 6.37% for the 2003  period,  which was
partially offset by a $7.9 million,  or 4.3%, increase in the average balance of
loans outstanding.


                                       10
<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, 2004
and 2003 (continued)
--------------------------------------------------------------------------------

Net Interest Income (continued)

Interest income on mortgage-backed securities decreased $88,000, or 19.3%, to
$367,000 from $455,000 due primarily to a 120 basis point decrease in the
average yield year to year. Interest income on investment securities increased
$167,000, or 107.1%, to $323,000 for the six months ended June 30, 2004, from
$156,000 for the same period in 2003, due primarily to a $21.3 million, or
237.4%, increase in the average balance outstanding, which was partially offset
by a 135 basis point decrease in the average yield to 2.13% in the 2004 period.
Interest income on other interest-bearing deposits decreased by $7,000, or 5.0%,
to $133,000 during the six months ended June 30, 2004, from $140,000 for the
same period in 2003 due primarily to an 11 basis point decrease in the
weighted-average yield to 1.31% for the six months ended June 30, 2004, which
was partially offset by an increase in the average balance of interest-bearing
deposits to $635,000, compared to the same period in 2003.

Interest  expense  decreased  $593,000,  or 24.0%,  to $1.9  million for the six
months  ended June 30,  2004,  from $2.5  million  for the same  period in 2003.
Interest  expense on deposits  decreased by $566,000,  or 25.5%, to $1.7 million
from  $2.2  million  due  primarily  to  a  52  basis  point   decrease  in  the
weighted-average  cost of  deposits  to  1.79%  in the  2004  period  and a $7.2
million, or 3.7%, decline in the weighted-average balance outstanding.  Interest
expense on borrowings  decreased by $27,000, or 10.9%, to $220,000 from $247,000
due  primarily  to  a  $382,000,  or  3.6%,  decrease  in  the  average  balance
outstanding  and a 35 basis point  decline in the average cost of advances.  The
decreases in the yields on interest-earning assets and costs of interest-bearing
liabilities  were due primarily to the overall decrease in market interest rates
in the economy during 2003.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income  increased by $285,000,  or 6.9%, to $4.4 million during the
six months ended June 30, 2004,  from $4.1 million during the comparable  period
ended June 30, 2003. The average interest rate spread decreased to 2.76% for the
six  months  ended June 30,  2004 from  3.18% for the six months  ended June 30,
2003. The net interest  margin  decreased to 3.27% for the six months ended June
30, 2004 from 3.50% for the six months ended June 30, 2003.

Provision for Losses on Loans

As a result of an  analysis  of  historical  experience,  the volume and type of
lending  conducted by the Savings  Bank,  the status of past due  principal  and
interest payments, general economic conditions,  particularly as such conditions
relate to the Savings  Bank's  market  area,  and other  factors  related to the
collectibility of the Savings Bank's loan portfolio,  management  concluded that
the allowance for loan losses was adequate, and therefore, elected not to record
a provision for losses on loans for the six-months ended June 30, 2004, compared
to a $275,000  provision  recorded for the  six-months  ended June 30, 2003. The
prior  period  provision  was  predicated  primarily  upon  growth  in the  loan
portfolio  and  management's  perception  of the risk  prevalent in the economy.
There can be no assurance  that the loan loss  allowance  will be  sufficient to
cover losses on nonperforming loans in the future.

Other Income

Other income decreased  $97,000,  or 45.3%, to $117,000 for the six months ended
June 30, 2004,  from  $214,000 for the same period in 2003,  due  primarily to a
$101,000  decrease in other operating  income,  which was partially  offset by a
$4,000  increase in the gain on sale of loans.  The decrease in other  operating
income  reflects  the  Corporation's  $110,000  settlement  received in the 2003
period from a lawsuit  related to a real estate  owned  parcel.  The increase in
gain on sale of loans was due primarily to an increase in loan sales volume.

                                       11
<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, 2004
and 2003 (continued)
--------------------------------------------------------------------------------

General, Administrative and Other Expense

General,  administrative and other expense increased $1.9 million,  or 76.7%, to
$4.3 million for the six months  ended June 30,  2004,  compared to $2.4 million
for the same period in 2003. This increase was due primarily to the $1.5 million
contribution to the Cheviot Savings Bank Charitable  Foundation,  a $192,000, or
13.6%,  increase in employee  compensation  and benefits,  a $28,000,  or 15.3%,
increase in occupancy and equipment expense and a $69,000, or 71.1%, increase in
legal and  professional  expense.  The  increase  in employee  compensation  and
benefits  was  due  primarily  to an  increase  in  health  insurance  costs  of
approximately  $115,000  year to year,  expense  related to the  employee  stock
ownership  plan of $214,000,  staffing  increases  related to the new Mason loan
production  office and normal merit increases,  which were partially offset by a
decrease in expense  related to the directors  deferred  compensation  plan. The
increase in occupancy and  equipment was due to rent and occupancy  costs at the
new loan production  office in Mason,  Ohio and increases in utilities costs and
repairs expenses at several of the Savings Bank's office locations. The increase
in  professional  fees was due primarily to costs  associated  with changing the
Corporation's reporting year end to December 31 and expenses associated with the
reporting   requirements  of  a  public  company,   including   Nasdaq  fees  of
approximately $15,000.

Federal Income Taxes

The provision for federal income taxes decreased $219,000, or 39.3%, to $338,000
for the six months  ended June 30,  2004,  from  $557,000 for the same period in
2003, due primarily to a $1.4 million,  or 85.5%,  decrease in pre-tax earnings.
The Corporation  did not record a tax benefit on the charitable  contribution of
75,000 shares of its common stock,  totaling  $750,000,  to the Cheviot  Savings
Bank Charitable Foundation.  Management does not anticipate such contribution to
be deductible  for federal  income tax purposes for at least the next two years.
The  effective tax rate was 34.3% and 34.2% for the six month periods ended June
30, 2004 and 2003,  respectively,  excluding  the  effects of the  nondeductible
charitable contribution in the 2004 period.


Comparison of Operating Results for the Three-Month  Periods Ended June 30, 2004
and 2003
--------------------------------------------------------------------------------

General

Net earnings decreased $86,000, or 12.7%, to $590,000 for the three months ended
June 30, 2004, from $676,000 for the three months ended June 30, 2003. The
decrease in net earnings was due primarily to a $333,000 increase in general
administrative and other expense and a $22,000 decrease in other income, which
were partially offset by a $212,000 increase in net interest income and a
$42,000 decrease in federal income taxes.

                                       12

<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, 2004
and 2003 (continued)
--------------------------------------------------------------------------------

Net Interest Income

Total  interest  income  decreased  $42,000,  or 1.3%,  to $3.2  million for the
three-months ended June 30, 2004, from the same period in 2003.  Interest income
on loans  decreased  $151,000,  or 5.2%, to $2.7 million during the 2004 period,
from $2.9  million for the 2003 period.  This decline was due  primarily to a 67
basis point decrease in the  weighted-average  yield on loans,  to 5.63% for the
2004  period  from 6.30% for the three  months  ended June 30,  2003,  which was
partially offset by an $11.2 million,  or 6.1%,  increase in the average balance
of loans outstanding.

Interest income on mortgage-backed  securities  decreased  $20,000,  or 9.4%, to
$192,000 for the three months ended June 30, 2004,  from  $212,000 for the prior
period due  primarily to a 71 basis point  decrease in the average yield year to
year. Interest income on investment securities increased $152,000, or 262.1%, to
$210,000 for the three  months ended June 30, 2004,  compared to $58,000 for the
same quarter in 2003, due primarily to a $22.6 million,  or 305.1%,  increase in
the average balance of investment  securities  outstanding,  which was partially
offset by a 35 basis point decrease in the average  yield,  to 2.78% in the 2004
quarter.  Interest income on other interest-bearing  deposits decreased $23,000,
or 30.7%,  to $52,000 for the three months ended June 30, 2004, due primarily to
a $7.1 million  decrease in the average  balance of interest  earning  deposits,
compared  to the  same  period  in 2003,  partially  offset  by a 6 basis  point
increase in the weighted-average yield, to 1.49% for the three months ended June
30, 2004.

Interest expense decreased $254,000,  or 21.5%, to $927,000 for the three months
ended June 30,  2004,  from $1.2  million for the same period in 2003.  Interest
expense on deposits  decreased  by  $248,000,  or 23.4%,  to $812,000  from $1.1
million due primarily to a 42 basis point decrease in the weighted-average  cost
of deposits to 1.77% in the 2004 period and a $9.4 million,  or 4.9%, decline in
the  weighted-average  balance  outstanding.   Interest  expense  on  borrowings
decreased by $6,000,  or 5.0%,  due primarily to a 67 basis point decline in the
average cost of  borrowings,  which was partially  offset by a $1.2 million,  or
11.7%, increase in the average balance outstanding.  The decreases in the yields
on interest-earning  assets and costs of  interest-bearing  liabilities were due
primarily to the overall decrease in market interest rates during 2003.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest  income  increased by $212,000,  or 10.4%,  to $2.3 million for the
three months ended June 30, 2004,  from $2.0 million for the  comparable  period
ended June 30, 2003. The average interest rate spread decreased to 2.92% for the
three  months ended June 30, 2004 from 3.21% for the three months ended June 30,
2003. The net interest margin decreased to 3.43% for the three months ended June
30, 2004 from 3.50% for the three months ended June 30, 2003.

Provision for Losses on Loans

As a result of an  analysis  of  historical  experience,  the volume and type of
lending  conducted by the Savings  Bank,  the status of past due  principal  and
interest payments, general economic conditions,  particularly as such conditions
relate to the Savings  Bank's  market  area,  and other  factors  related to the
collectibility of the Savings Bank's loan portfolio,  management  concluded that
the allowance for loan losses was adequate, and therefore, elected not to record
a  provision  for  losses on loans for the  three-months  ended  June 30,  2004,
compared to a $15,000  provision  recorded for the  three-months  ended June 30,
2003.  The prior period  provision was  predicated  primarily upon growth in the
loan portfolio and management's perception of the risk prevalent in the economy.
There can be no assurance  that the loan loss  allowance  will be  sufficient to
cover losses on nonperforming loans in the future.

                                       13
<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, 2004
and 2003 (continued)
--------------------------------------------------------------------------------

Other Income

Other income decreased $22,000,  or 34.9%, to $41,000 for the three months ended
June 30, 2004,  compared to the same quarter in 2003,  due primarily to a $9,000
decrease in other operating  income and an $18,000  decrease in the gain on sale
of loans.

General, Administrative and Other Expense

General,  administrative and other expense increased $333,000, or 31.2%, to $1.4
million for the three months ended June 30, 2004, from $1.1 million for the same
quarter in 2003.  This  increase  was due  primarily  to a  $261,000,  or 48.5%,
increase in employee compensation and benefits and a $44,000, or 88.0%, increase
in legal and  professional  expense.  The increase in employee  compensation and
benefits was due primarily to expense recognized for the ESOP in the 2004 period
of $101,000 and an increase in health coverage costs of approximately  $115,000.
Health coverage costs year to year reflects the effects of a benefit recorded in
the 2003 period due to a change in the  estimated  costs of the  Savings  Bank's
self-insurance  plan.  The increase in  professional  fees was due  primarily to
costs associated with changing the Corporation's  reporting year end to December
31 and expenses associated with the reporting requirements of a public company.

Federal Income Taxes

The provision for federal income taxes decreased $42,000,  or 12.1%, to $306,000
for the three months ended June 30, 2004,  from $348,000 for the same quarter in
2003, due primarily to a $128,000, or 12.5%,  decrease in pre-tax earnings.  The
effective  tax rates were 34.2% and 34.0% for the three month periods ended June
30, 2004 and 2003, respectively.


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 fiscal year
ended December 31, 2003.


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-14(c) and
15d-14(c) 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 significant  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, including
any corrective actions with regard to material deficiencies and weaknesses.

                                       14

<PAGE>


                             Cheviot Financial Corp.

                                     PART II


ITEM 1. Legal Proceedings

                  Not applicable

ITEM 2. Changes in  Securities,  Use of Proceeds and Issuer  Purchases of Equity
        Securities
        ------------------------------------------------------------------------

                  Not applicable

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

                  Not applicable

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

                  Not applicable

ITEM 5. Other Information
        -----------------
                  None.

ITEM 6. Exhibits and Reports on Form 8-K
        ---------------------------------

       (a) Exhibits:

          3.1* Charter  of  Cheviot  Financial  Corp.  (incorporated  herein  by
               reference  to  Exhibit  3.1  to  the  Corporation's  Registration
               Statement on Form S-1 (Registration  No.:  333-106663) filed with
               the Securities and Exchange Commission on June 30, 2003).

          3.2* Bylaws  of  Cheviot  Financial  Corp.   (incorporated  herein  by
               reference  to  Exhibit  3.2  to  the  Corporation's  Registration
               Statement on Form S-1 (Registration  No.:  333-106663) filed with
               the Securities and Exchange Commission on June 30, 2003).

          10.1*Form  of   Employment   Agreement   with   Thomas   J.   Linneman
               (incorporated   herein   by   reference   to   Exhibit   10.1  to
               Pre-Effective  Amendment No. 1 to the Corporation's  Registration
               Statement on Form S-1 (Registration  No.:  333-106663) filed with
               the Securities and Exchange Commission on September 2, 2003).

          10.2*Form of Change  of  Control  Severance  Agreement  with  Kevin M.
               Kappa  (incorporated  herein  by  reference  to  Exhibit  10.2 to
               Pre-Effective  Amendment No. 1 to the Corporation's  Registration
               Statement on Form S-1 (Registration  No.:  333-106663) filed with
               the Securities and Exchange Commission on September 2, 2003).

          10.3*Form of Change of Control  Severance  Agreement  with  Jeffrey J.
               Lenzer  (incorporated  herein by  reference  to  Exhibit  10.3 to
               Pre-Effective  Amendment No. 1 to the Corporation's  Registration
               Statement on Form S-1 (Registration  No.:  333-106663) filed with
               the Securities and Exchange Commission on September 2, 2003).

          10.4.1* Cheviot  Savings Bank  Directors  Deferred  Compensation  Plan
               (incorporated   herein  by  reference  to  Exhibit  10.4  to  the
               Corporation's  Registration  Statement on Form S-1  (Registration
               No.:   333-106663)   filed  with  the   Securities  and  Exchange
               Commission on June 30, 2003).

          10.4.2*  Amended  and   Restated   Cheviot   Savings   Bank   Deferred
               Compensation Plan (incorporated herein by reference to Exhibit 14
               to the  Corporation's  Annual  Report on Form 10-K filed with the
               Securities and Exchange Commission on March 25, 2004).
                                       15

<PAGE>


                             Cheviot Financial Corp.

                               PART II (CONTINUED)

ITEM 6.  Exhibits and Reports on Form 8-K (continued)
         --------------------------------

     (a)  Exhibits:

          10.5*Form of Tax  Allocation  Agreement  between the  Corporation  and
               Cheviot Savings Bank (incorporated herein by reference to Exhibit
               10.5  to  Pre-Effective  Amendment  No.  1 to  the  Corporation's
               Registration Statement on Form S-1 (Registration No.: 333-106663)
               filed with the Securities and Exchange Commission on September 2,
               2003).

          10.6*Form of Expense Allocation  Agreement between the Corporation and
               Cheviot Savings Bank (incorporated herein by reference to Exhibit
               10.6  to  Pre-Effective  Amendment  No.  1 to  the  Corporation's
               Registration Statement on Form S-1 (Registration No.: 333-106663)
               filed with the Securities and Exchange Commission on September 2,
               2003).

          10.7.1* Cheviot Building and Loan Co. 401(k)  Retirement  Savings Plan
               (incorporated   herein  by   reference  to  Exhibit  4.1  to  the
               Corporation's  Registration  Statement on Form S-8  (Registration
               No.:   333-113919)   filed  with  the   Securities  and  Exchange
               Commission on March 25, 2004).

          10.7.2* Amendment to Cheviot  Savings Bank 401(k)  Retirement  Savings
               Plan  effective  November  20,  2003   (incorporated   herein  by
               reference  to  Exhibit  4.2  to  the  Corporation's  Registration
               Statement on Form S-8 (Registration  No.:  333-113919) filed with
               the Securities and Exchange Commission on March 25, 2004).

          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.

          *    Previously filed.

     (b)  No Form 8-K reports were filed during the quarter.

                                       16
<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 3, 2004                By:  /s/Thomas J. Linneman
       -------------------                -------------------------------------
                                          Thomas J. Linneman
                                          President and Chief Executive Officer



Date:   August 3, 2004                By:  /s/Scott T. Smith
       -------------------                --------------------------------------
                                          Scott T. Smith
                                          Chief Financial Officer



                                       17
<PAGE>