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             September 30, 2007
                                ----------------------------------------

                                       OR

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

For the transition period from ____________ to _______________

Commission File No. 0-50529

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

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

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

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

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

Yes [X]           No  [   ]

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

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

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

Yes [   ]         No  [X]

As of November 9, 2007, the latest  practicable  date,  9,008,180  shares of the
registrant's common stock, $.01 par value, were issued and outstanding.

                                  Page 1 of 23

<PAGE>


                                      INDEX

                                                                           Page

PART I  - FINANCIAL INFORMATION

           Consolidated Statements of Financial Condition                     3

           Consolidated Statements of Earnings                                4

           Consolidated Statements of Comprehensive Income                    5

           Consolidated Statements of Cash Flows                              6

           Notes to Consolidated Financial Statements                         8

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

           Quantitative and Qualitative Disclosures about
           Market Risk                                                       21

           Controls and Procedures                                           21

PART II  - OTHER INFORMATION                                                 22

SIGNATURES                                                                   24

                                       2

<PAGE>
                        Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                                        September 30,        December 31,
       ASSETS                                                                                2007                2006
                                                                                        (Unaudited)
<S>                                                                                      <C>                 <C>
Cash and due from banks                                                                  $    3,179          $    2,736
Federal funds sold                                                                            1,947               2,640
Interest-earning deposits in other financial institutions                                       407                 114
                                                                                         ----------          ----------
         Cash and cash equivalents                                                            5,533               5,490

Investment securities available for sale - at fair value                                     13,095               9,085
Investment securities held to maturity - at cost, approximate
  market value of $23,090 and $24,739 at September 30, 2007
  and December 31, 2006, respectively                                                        23,100              25,099
Mortgage-backed securities available for sale - at fair value                                   877               1,042
Mortgage-backed securities held to maturity - at cost, approximate
  market value of $10,540 and $14,251 at September 30, 2007 and
  December 31, 2006, respectively                                                            10,487              14,237
Loans receivable - net                                                                      248,598             241,013
Loans held for sale - at lower of cost or market                                                 -                  165
Real estate acquired through foreclosure - net                                                  479                  -
Office premises and equipment - at depreciated cost                                           5,193               5,397
Federal Home Loan Bank stock - at cost                                                        3,238               3,238
Accrued interest receivable on loans                                                          1,108               1,073
Accrued interest receivable on mortgage-backed securities                                        55                  65
Accrued interest receivable on investments and interest-earning deposits                        453                 439
Prepaid expenses and other assets                                                               326                 183
Bank-owned life insurance                                                                     3,350               3,254
Prepaid federal income taxes                                                                     46                 -
                                                                                         ----------          ----------
         Total assets                                                                    $  315,938          $  309,780
                                                                                         ==========          ==========
         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                                   $215,068            $205,450
Advances from the Federal Home Loan Bank                                                     30,008              29,236
Advances by borrowers for taxes and insurance                                                   877               1,203
Accrued interest payable                                                                        124                 115
Accounts payable and other liabilities                                                        1,059               1,039
Accrued federal income taxes                                                                     -                   49
Deferred federal income taxes                                                                   614                 488
                                                                                         ----------          ----------
         Total liabilities                                                                  247,750             237,580

Shareholders' equity
  Preferred stock - authorized 5,000,000 shares, $.01 par value; none issued
  Common stock - authorized 30,000,000 shares, $.01 par value;
    9,918,751 shares issued at September 30, 2007 and December 31, 2006, respectively            99                  99
  Additional paid-in capital                                                                 43,343              43,113
  Shares acquired by stock benefit plans                                                     (3,939)             (4,329)
  Treasury stock - at cost, 900,371 and 568,968 shares at September 30, 2007
    and December 31, 2006, respectively                                                     (11,295)             (6,846)
  Retained earnings - restricted                                                             40,037              40,171
  Accumulated comprehensive loss, unrealized losses on securities
    available for sale, net of related tax effects                                              (57)                 (8)
                                                                                         ----------          ----------
         Total shareholders' equity                                                          68,188              72,200
                                                                                         ----------          ----------
         Total liabilities and shareholders' equity                                      $  315,938          $  309,780
                                                                                         ==========          ==========
</TABLE>
See accompanying notes to consolidated financial statements.
                                       3
<PAGE>

                             Cheviot Financial Corp.

                       CONSOLIDATED STATEMENTS OF EARNINGS

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

                                                                          Nine months ended            Three months ended
                                                                            September 30,                  September 30,
                                                                        2007          2006             2007         2006
                                                                                           (Unaudited)
Interest income
<S>                                                                   <C>          <C>                <C>          <C>
 Loans                                                               $ 11,179     $ 10,360          $  3,804     $  3,584
  Mortgage-backed securities                                              536          628               170          204
  Investment securities                                                 1,388          938               502          380
  Interest-earning deposits and other                                     167          225                39          115
                                                                     --------     --------           -------      -------
         Total interest income                                         13,270       12,151             4,515        4,283

Interest expense
  Deposits                                                              5,956        4,422             2,052        1,782
  Borrowings                                                            1,074        1,138               393          349
                                                                     --------     --------           -------      -------
         Total interest expense                                         7,030        5,560             2,445        2,131
                                                                     --------     --------           -------      -------

         Net interest income                                            6,240        6,591             2,070        2,152

Provision for losses on loans                                              15           -                 15           -
                                                                     --------     --------           -------      -------

         Net interest income after provision for losses on loans        6,225        6,591             2,055        2,152

Other income (expense)
  Rental                                                                   36           33                12           11
  Gain on sale of loans                                                    40           23                17           10
  Loss on sale of real estate acquired through foreclosure                 (3)         (21)               (3)           -
  Gain on sale of office premises and equipment                             -           44                 -           44
  Earnings on bank-owned life insurance                                    96          100                32           32
  Other operating                                                         242          220                95           79
                                                                     --------     --------           -------      -------
         Total other income                                               411          399               153          176

General, administrative and other expense
  Employee compensation and benefits                                    3,293        3,105             1,092        1,063
  Occupancy and equipment                                                 418          321               144          114
  Property, payroll and other taxes                                       664          581               215          165
  Data processing                                                         231          209                77           71
  Legal and professional                                                  322          309                97           99
  Advertising                                                             131          131                44           44
  Other operating                                                         476          416               136          134
                                                                     --------     --------           -------      -------
         Total general, administrative and other expense                5,535        5,072             1,805        1,690
                                                                     --------     --------           -------      -------

         Earnings before income taxes                                   1,101        1,918               403          638

Federal income taxes (benefit)
  Current                                                                 274          485               216          189
  Deferred                                                                 75          129               (88)          12
                                                                     --------     --------           -------      -------
         Total federal income taxes                                       349          614               128          201
                                                                     --------     --------           -------      -------

         NET EARNINGS                                                $    752     $  1,304           $   275      $   437
                                                                     ========     ========           =======      =======

         EARNINGS PER SHARE
           Basic                                                     $    .08     $    .14           $   .03      $   .05
                                                                     ========     ========           =======      =======

           Diluted                                                   $    .08     $    .14           $   .03      $   .05
                                                                     ========     ========           =======      =======

           Dividends per common share                                $    .24     $    .21           $   .08      $   .07
                                                                     ========     ========           =======      =======
</TABLE>
See accompanying notes to consolidated financial statements.
                                       4
<PAGE>
                             Cheviot Financial Corp.

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

         For the nine and three months ended September 30, 2007 and 2006
                                 (In thousands)

<TABLE>
<CAPTION>

                                                                       For the nine months          For the three months
                                                                       ended September 30,           ended September 30,
                                                                       2007         2006              2007         2006

<S>                                                                  <C>          <C>                <C>             <C>
Net earnings for the period                                          $  752       $1,304            $  275         $  437
Other comprehensive income (loss), net of tax (benefits):
  Unrealized holding gains (losses) on securities during
  the period, net of benefits of $(25) and $6 for the nine
  months ended September 30, 2007 and 2006, respectively,
  and $28 and $9 for the three months ended September 30,
  2007 and 2006, respectively                                           (49)          12                54             17
                                                                     ------       ------            ------         ------

Comprehensive income                                                 $  703       $1,316            $  329         $  454
                                                                     ======       ======            ======         ======

Accumulated comprehensive income (loss)                              $  (57)      $    4            $  (57)        $    4
                                                                     ======       ======            ======         =======
</TABLE>
See accompanying notes to consolidated financial statements.
                                       5



<PAGE>
                             Cheviot Financial Corp.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

              For the nine months ended September 30, 2007 and 2006
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                               2007                2006
                                                                                                      (Unaudited)
Cash flows from operating activities:
<S>                                                                                      <C>               <C>
  Net earnings for the period                                                            $      752        $      1,304
  Adjustments to reconcile net earnings to net cash
  provided by operating activities:
    Amortization of premiums and discounts on investment
      and mortgage-backed securities, net                                                       (10)                 (9)
    Depreciation                                                                                249                 191
    Amortization of deferred loan origination fees - net                                         11                 (21)
    Proceeds from sale of loans in the secondary market                                       3,148               2,008
    Loans originated for sale in the secondary market                                        (2,943)             (1,985)
    Gain on sale of loans                                                                       (40)                (23)
    Loss on sale of real estate acquired through foreclosure                                      3                  21
    Gain on sale of office premises and equipment                                                -                  (44)
    Federal Home Loan Bank stock dividends                                                       -                 (133)
    Provision for losses on loans                                                                15                   -
    Net increase in cash surrender value of bank-owned life insurance                           (96)               (100)
    Amortization of expense related to stock benefit plans                                      439                  36
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable on loans                                                      (35)               (128)
      Accrued interest receivable on mortgage-backed securities                                  10                  12
      Accrued interest receivable on investments and interest-
        earning deposits                                                                        (14)               (197)
      Prepaid expenses and other assets                                                        (143)               (171)
      Accounts payable and other liabilities                                                     20                 362
      Accrued interest payable                                                                    9                   -
      Federal income taxes
        Current                                                                                 (95)                103
        Deferred                                                                                 75                 129
                                                                                           --------            --------
         Net cash provided by operating activities                                            1,355               1,355
                                                                                           --------            --------

Cash flows used in investing activities:
  Principal repayments on loans                                                              26,950              29,463
  Loan disbursements                                                                        (35,154)            (45,400)
  Purchase of U.S. Government and agency obligations                                         (7,001)             (8,998)
  Proceeds from maturity of U.S. Government and agency obligations                            5,000                  -
  Purchase of municipal obligations                                                           -                  (2,080)
  Principal repayments on mortgage-backed securities                                          3,917               4,678
  Proceeds from sale of real estate acquired through foreclosure                                113                  68
  Additions to real estate acquired through foreclosure                                          (2)              -
  Proceeds from sale of office premises and equipment                                         -                      85
  Purchase of office premises and equipment                                                     (45)             (1,279)
                                                                                           --------            --------
         Net cash used in investing activities                                               (6,222)            (23,463)
                                                                                           --------            --------

Cash flows provided by financing activities:
  Net increase in deposits                                                                    9,618              27,708
  Proceeds from Federal Home Loan Bank advances                                              13,000               3,500
  Repayments on Federal Home Loan Bank advances                                             (12,228)             (8,301)
  Advances by borrowers for taxes and insurance                                                (326)               (303)
  Treasury stock repurchases                                                                 (4,449)             (3,356)
  Stock option expense, net                                                                     181                 179
  Dividends paid on common stock                                                               (886)               (854)
                                                                                           --------            --------
         Net cash provided by financing activities                                            4,910              18,573
                                                                                           --------            --------

Net increase (decrease) in cash and cash equivalents                                             43              (3,535)

Cash and cash equivalents at beginning of period                                              5,490               9,103
                                                                                           --------            --------

Cash and cash equivalents at end of period                                                 $  5,533            $  5,568
                                                                                           ========            ========
</TABLE>
See accompanying notes to consolidated financial statements.
                                       6

<PAGE>

                           Cheviot Financial Corp.

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

              For the nine months ended September 30, 2007 and 2006
                                 (In thousands)

<TABLE>
<CAPTION>

                                                                                               2007                2006
                                                                                                      (Unaudited)

Supplemental disclosure of cash flow information: Cash paid during the period
  for:
<S>                                                                                         <C>                 <C>
    Federal income taxes                                                                    $   337             $   512
                                                                                            =======             =======
    Interest on deposits and borrowings                                                     $ 7,021             $ 5,560
                                                                                            =======             =======
Supplemental disclosure of noncash investing activities:
  Transfer of loans to real estate acquired through foreclosure                             $   593             $    -
                                                                                            =======             =======
  Recognition of mortgage servicing rights in accordance with SFAS No. 140                  $     9             $    16
                                                                                            =======             =======
</TABLE>

See accompanying notes to consolidated financial statements.
                                        7



<PAGE>

                             Cheviot Financial Corp.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

         For the three and nine months ended September 30, 2007 and 2006


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

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

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

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

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

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

Liquidity describes our ability to meet the financial  obligations that arise in
the  ordinary  course of business.  Liquidity  is  primarily  needed to meet the
borrowing  and deposit  withdrawal  requirements  of our  customers  and to fund
current and planned  expenditures.  Our primary  sources of funds are  deposits,
scheduled  amortization  and  prepayments of loan principal and  mortgage-backed
securities,  maturities  and  calls of  securities  and  funds  provided  by our
operations.  In  addition,  we may  borrow  from the  Federal  Home Loan Bank of
Cincinnati.  At September  30, 2007 and December 31, 2006,  we had $30.0 million
and $29.2 million, respectively, in outstanding borrowings from the Federal Home
Loan Bank of  Cincinnati  and had the capacity to increase  such  borrowings  at
those dates by approximately $108.2 million and $110.3 million.

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


                                       8

<PAGE>


                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

         For the three and nine months ended September 30, 2007 and 2006


3.   Liquidity and Capital Resources (continued)
     ------------------------------------------
Our primary investing activities are the origination of one- to four-family real
estate loans, commercial real estate, construction and consumer loans, and, to a
lesser extent,  the purchase of securities.  For the nine months ended September
30, 2007, loan originations totaled $38.1 million, compared to $47.4 million for
the nine months ended September 30, 2006.

Total  deposits  increased $9.6 million and $27.7 million during the nine months
ended September 30, 2007 and 2006,  respectively.  Deposit flows are affected by
the level of  interest  rates,  the  interest  rates  and  products  offered  by
competitors and other factors.  The significant  increase in deposits during the
nine months ended  September 30, 2006 reflects the addition of a branch location
and the total  composition of deposits  shifting to higher rate  certificates of
deposit.

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

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

    Contractual obligations:
<S>                                                  <C>                   <C>                     <C>          <C>
      Advances from the Federal Home Loan Bank           $       -         2,000           -       $28,008      $30,008
      Certificates of deposit                              127,681        19,494         5,567           -      152,742

    Amount of loan commitments and expiration per period:
      Commitments to originate one- to four-family
        loans                                                2,194            -            -            -         2,194
      Home equity lines of credit                           11,588            -            -            -        11,588
      Undisbursed loans in process                           5,937            -            -            -         5,937
      Lease obligations                                          2            -            -            -             2
                                                         ---------       -------       -------      -------    --------
         Total contractual obligations                   $ 147,402       $21,494       $ 5,567      $28,008    $202,471
                                                         =========       =======       =======      =======    ========
</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 nine months ended September 30, 2007 and 2006

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

At September  30, 2007 and 2006,  we exceeded all of the  applicable  regulatory
capital  requirements.  Our core (Tier 1) capital  was $52.8  million  and $50.5
million,  or 16.7% and 16.2% of total assets at September  30, 2007 and 2006. In
order to be classified as "well-capitalized"  under federal banking regulations,
we were  required  to have core  capital of at least $18.9  million,  or 6.0% of
assets as of September 30, 2007. To be classified as a well-capitalized bank, we
must also have a ratio of total risk-based capital to risk-weighted assets of at
least 10.0%. At September 30, 2007 and 2006, we had a total  risk-based  capital
ratio of 32.4% and 33.3%, respectively.

4.   Earnings Per Share
     ------------------

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

                                                          For the nine months ended            For the three months ended
                                                                September 30,                          September 30,
                                                            2007            2006                    2007           2006

         Weighted-average common shares
<S>                                                    <C>             <C>                     <C>            <C>
           outstanding (basic)                         8,961,216       9,262,744               8,801,564      9,164,950

         Dilutive effect of assumed exercise
           of stock options                              111,081          23,578                 101,865         26,584
                                                      ----------      ----------               ---------      ---------

         Weighted-average common shares
           outstanding (diluted)                       9,072,297       9,286,322               8,903,429      9,191,534
                                                      ==========      ==========               =========      =========
</TABLE>

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

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

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

                                       10
<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

         For the three and nine months ended September 30, 2007 and 2006

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

The Corporation  adopted the provisions of SFAS No. 123(R) effective  January 1,
2006, using the modified  prospective  transition  method, and therefore has not
restated its financial  statements  for prior  periods.  Under this method,  the
Corporation  has applied the  provisions of SFAS No. 123(R) to new  equity-based
awards and to  equity-based  awards  modified,  repurchased,  or cancelled after
January 1, 2006. In addition,  the Corporation will recognize  compensation cost
for the portion of  equity-based  awards for which the requisite  service period
has not been rendered ("unvested  equity-based  awards") that are outstanding as
of January 1, 2006.  The  compensation  cost recorded for unvested  equity-based
awards  is based on their  grant-date  fair  value.  For the nine  months  ended
September 30, 2007, the Corporation recorded $130,000 in after-tax  compensation
cost for equity-based  awards that vested during the nine months ended September
30, 2007. The Corporation has $695,000  unrecognized  pre-tax  compensation cost
related to non-vested equity-based awards granted under its stock incentive plan
as  of  September  30,  2007,   which  is  expected  to  be  recognized  over  a
weighted-average vesting period of approximately 2.7 years.

A summary of the status of the  Corporation's  stock option plan as of September
30, 2007, and changes during the period then ended is presented below:
<TABLE>
<CAPTION>
                                                                    Nine months ended                   Year ended
                                                                   September 30, 2007                December 31, 2006
                                                                                Weighted-                       Weighted-
                                                                                 average                         average
                                                                                exercise                        exercise
                                                                  Shares          price           Shares          price
<S>                                                               <C>            <C>               <C>          <C>
    Outstanding at beginning of period                            389,760        $11.17           383,700      $11.15
    Granted                                                         6,460        $13.63             6,060       12.12
    Exercised                                                          -             -                 -            -
    Forfeited                                                          -             -                 -            -
                                                                  -------       -------           -------      ------
    Outstanding at end of period                                  396,220        $11.21           389,760      $11.17
                                                                  =======       =======           =======      ======
    Options exercisable at period-end                             154,692        $11.16            76,740      $11.15
                                                                  =======       =======           =======      ======
    Options expected to be exercisable at year-end
    Fair value of options granted                                                $ 2.77                        $ 2.97
                                                                                =======                        ======
</TABLE>

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

    Number outstanding                                           396,220
    Exercise price$11.15 - $13.63
    Weighted-average exercise price                               $11.21
    Weighted-average remaining contractual life                7.7 years
    Aggregate intrinsic value of vested options                 $303,196




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 nine months ended September 30, 2007 and 2006

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

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

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

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

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

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

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

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

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

                                       12

<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

         For the three and nine months ended September 30, 2007 and 2006

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

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

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

     o    Separately recognize financial assets as servicing assets or servicing
          liabilities,  each  time it  undertakes  an  obligation  to  service a
          financial asset by entering into certain kinds of servicing contracts;

     o    Initially  measure  all  separately  recognized  servicing  assets and
          liabilities at fair value, if practicable, and;

     o    Separately  present  servicing  assets  and  liabilities  subsequently
          measured at fair value in the  statement  of  financial  position  and
          additional  disclosures for all separately recognized servicing assets
          and servicing liabilities.

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

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

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

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

                                       13
<PAGE>

                             Cheviot Financial Corp.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

         For the three and nine months ended September 30, 2007 and 2006

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

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

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

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

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

In February  2007,  the FASB issued  SFAS No.  159,  "The Fair Value  Option for
Financial  Assets and  Financial  Liabilities  - Including  an Amendment of FASB
Statement No. 115." This Statement  allows  companies the choice to measure many
financial instruments and certain other items at fair value. The objective is to
improve  financial  reporting  by providing  entities  with the  opportunity  to
mitigate  volatility in reported earnings caused by measuring related assets and
liabilities  differently  without  having  to  apply  complex  hedge  accounting
provisions.  This  Statement  is  expected  to  expand  the  use of  fair  value
measurement,   which  is  consistent  with  the  Board's  long-term  measurement
objectives for accounting for financial instruments. This Statement is effective
as of the beginning of an entity's  first fiscal year that begins after November
15, 2007, or January 1, 2008 as to the  Corporation,  and interim periods within
those fiscal years.  Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also elects
to apply  the  provisions  of SFAS  No.  157,  "Fair  Value  Measurements."  The
Corporation is currently evaluating the impact the adoption of SFAS No. 159 will
have on the financial statements.
                                       14

<PAGE>


                             Cheviot Financial Corp.

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


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

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

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

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

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

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

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

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

Total assets increased $6.2 million, or 2.0%, to $315.9 million at September 30,
2007,  from $309.8  million at December 31,  2006.  The increase in total assets
reflects an increase in investment  securities and loans receivable,  which were
partially offset by a decrease in mortgage-backed securities.

Cash, federal funds sold and  interest-earning  deposits  increased $43,000,  or
0.8%, to $5.5 million at September  30, 2007,  from $5.5 million at December 31,
2006.  The increase in cash and cash  equivalents at September 30, 2007, was due
to a $443,000  increase  in cash and due from banks and a $293,000  increase  in
interest earning deposits,  which was partially offset by a $693,000 decrease in
federal  funds  sold.  Investment  securities  increased  $2.0  million to $36.2
million  at  September  30,  2007.  At  September  30,  2007,  $23.1  million of
investment  securities were classified as held to maturity,  while $13.1 million
were classified as available for sale.

                                       15
<PAGE>

                             Cheviot Financial Corp.

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

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

Mortgage-backed securities decreased $3.9 million, or 25.6%, to $11.4 million at
September  30, 2007,  from $15.3  million at December 31, 2006.  The decrease in
mortgage-backed  securities  was due  primarily  to  principal  prepayments  and
repayments  totaling  $3.9  million.  At September  30, 2007,  $10.5  million of
mortgage-backed  securities were classified as held to maturity,  while $877,000
were  classified as available for sale.  Management  has focused on investing in
shorter term instruments in an effort to enhance the Corporation's  liquidity in
the current interest rate environment.

Loans  receivable,  including  loans held for sale,  increased $7.4 million,  or
3.1%, to $248.6  million at September 30, 2007,  from $241.2 million at December
31, 2006.  The increase  reflects  loan  originations  totaling  $38.1  million,
partially offset by loan principal repayments of $27.0 million and sales of $2.9
million.

The  allowance  for loan losses  totaled  $507,000 and $833,000 at September 30,
2007 and December 31, 2006,  respectively.  In  determining  the adequacy of the
allowance  for loan  losses  at any point in time,  management  and the board of
directors  apply  a  systematic  process  focusing  on the  risk  of loss in the
portfolio. First, the loan portfolio is segregated by loan types to be evaluated
collectively   and  loan  types  to  be   evaluated   individually.   Delinquent
multi-family  and  commercial  loans are  evaluated  individually  for potential
impairments  in their  carrying  value.  Second,  the  allowance for loan losses
entails  utilizing our historic loss experience by applying such loss percentage
to the loan types to be collectively evaluated in the portfolio. This segment of
the loss analysis  resulted in a $15,000  addition to the provision for loss for
the  three and nine  months  ended  September  30,  2007.  The  analysis  of the
allowance for loan losses  requires an element of judgment and is subject to the
possibility  that the allowance may need to be increased,  with a  corresponding
reduction  in earnings.  To the best of  management's  knowledge,  all known and
inherent losses that are probable and that can be reasonably estimated have been
recorded at September 30, 2007.

Non-performing and impaired loans totaled $687,000 and $281,000 at September 30,
2007 and December 31, 2006, respectively.  At September 30, 2007, non-performing
and  impaired  loans  were  comprised  solely  of 6  loans  secured  by  one- to
four-family  residential real estate.  The allowance for loan losses represented
73.8% and 296.4% of  non-performing  and  impaired  loans and 0.28% and 0.12% of
total loans at  September  30, 2007 and December  31,  2006,  respectively.  The
decrease in the allowance for loan losses is a result of approximately  $341,000
charged-off  for  valuation   adjustments  on  real  estate   acquired   through
foreclosure.  Real estate was  adjusted  to fair  market  value based on updated
appraisals.  As of September 30, 2007, there were eleven  properties  comprising
real estate acquired  through  foreclosure.  Four of these  properties are under
contract to sell and are anticipated to close during the third quarter. There is
no estimated gain or loss on the sale of these properties.  Although  management
believes  that  the  Corporation's  allowance  for  loan  losses  conforms  with
generally  accepted  accounting  principles  based upon the available  facts and
circumstances,  there can be no assurance  that  additions to the allowance will
not be necessary in future periods,  which would adversely affect our results of
operations.

Deposits  increased  $9.6 million,  or 4.7%, to $215.1  million at September 30,
2007,  from $205.5 million at December 31, 2006. The increase in deposits is due
primarily to offering  competitive rates on certificates of deposits to increase
our customer  base and provide  liquidity.  Advances  from the Federal Home Loan
Bank of Cincinnati increased by $772,000, or 2.6%, to $30.0 million at September
30, 2007, from $29.2 million at December 31, 2006.

Shareholders'  equity  decreased  $4.0  million,  or 5.6%,  to $68.2  million at
September  30,  2007,  from $72.2  million at December  31,  2006.  The decrease
primarily  resulted  from  the  repurchase  of  $4.4  million  in  common  stock
classified  as  treasury  shares  and  dividends  paid of  $886,000,  which were
partially  offset by net earnings of $752,000.  At September  30, 2007,  Cheviot
Financial  had the ability to purchase an  additional  66,706  shares  under its
announced stock repurchase plan.

                                       16
<PAGE>

                             Cheviot Financial Corp.

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

Comparison of Operating  Results for the Nine-Month  Periods Ended September 30,
2007 and 2006
--------------------------------------------------------------------------------

General
-------

Net earnings for the nine months ended  September 30, 2007 totaled  $752,000,  a
$552,000  decrease  from the $1.3  million net  earnings  reported  for the same
period in 2006. The decrease in net earnings reflects a decrease in net interest
income of $351,000  and an increase of $463,000 in general,  administrative  and
other  expenses,  which were partially  offset by an increase in other income of
$12,000 and a decrease of $265,000 in federal income taxes for the 2007 period.

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

Total interest income increased $1.1 million,  or 9.2%, to $13.3 million for the
nine-months  ended  September  30,  2007,  from the  comparable  period in 2006.
Interest  income on loans increased  $819,000,  or 7.9%, to $11.2 million during
the 2007 period from $10.4  million for the 2006 period.  This  increase was due
primarily to a $14.1 million,  or 6.1%, increase in the average balance of loans
outstanding,  and a 10 basis  point  increase in the  weighted-average  yield on
loans to  6.08%  for the 2007  period  from  5.98%  for the  nine  months  ended
September 30, 2006.

Interest income on mortgage-backed  securities  decreased $92,000,  or 14.6%, to
$536,000 for the nine months ended  September  30, 2007,  from  $628,000 for the
same period in 2006,  due  primarily to a $5.9  million  decrease in the average
balance of securities  outstanding,  which was  partially  offset by a 107 basis
point  increase in the average  yield period to period.  The average  balance of
mortgage-backed  securities is down as a result of the Corporation's  ability to
use  adjustable  rate mortgages as an investment  alternative  for interest rate
risk purposes.  Interest income on investment  securities increased $450,000, or
48.0%, to $1.4 million for the nine months ended September 30, 2007, compared to
$938,000 for the same period in 2006, due primarily to a 99 basis point increase
in the  average  yield  to 5.25% in the 2007  period,  and an  increase  of $5.9
million, or 20.1% in the average balance of investment  securities  outstanding.
The  average  balance  of  investment  securities  increased  as a result of the
Corporation's  increased  liquidity  and  ability  to invest in higher  yielding
securities.   Interest  income  on  other  interest-earning  deposits  decreased
$58,000,  or 25.8% to $167,000 for the nine months ended  September 30, 2007, as
compared to the same period in 2006.

Interest expense  increased $1.5 million,  or 26.4% to $7.0 million for the nine
months ended  September 30, 2007, from $5.6 million for the same period in 2006.
Interest  expense on  deposits  increased  by $1.5  million,  or 34.7%,  to $6.0
million for the nine months ended  September 30, 2007, from $4.4 million for the
same period in 2006 due primarily to an 64 basis point  increase in the weighted
average costs of deposits to 3.75 % during the 2007 period and a $21.9  million,
or 11.6%, increase in the weighted-average balance outstanding. Interest expense
on borrowings decreased by $64,000, or 5.6%, due primarily to a $1.9 million, or
6.0%, decrease in the average balance outstanding, which was partially offset by
a 2 basis point increase in the average cost of borrowings.  The increase in the
yields on interest-earning assets and costs of interest-bearing liabilities were
due primarily to the overall increase in interest rates during the 2007 period.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income decreased by $351,000, or 5.3%, to $6.2 million for the nine
months ended September 30, 2007. The average  interest rate spread  decreased to
2.06% for the nine  months  ended  September  30,  2007 from  2.33% for the nine
months ended September 30, 2006. The net interest margin  decreased to 2.80% for
the nine months  ended  September  30, 2007 from 3.08% for the nine months ended
September 30, 2006.
                                       17

<PAGE>

                             Cheviot Financial Corp.

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

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

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

As a result of the allowance  for loan losses  analysis  described  elsewhere in
this document,  management  recorded a $15,000 provision for losses on loans for
the nine months ended  September 30, 2007.  There was no provision for losses on
loans for the nine months ended  September  30, 2006.  There can be no assurance
that  the  loan  loss   allowance   will  be   sufficient  to  cover  losses  on
non-performing  loans in the  future,  however  management  believes  they  have
identified  all known and  inherent  losses  that are  probable  and that can be
reasonably estimated within the loan portfolio,  and that the allowance for loan
losses is adequate to absorb such losses.

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

Other income increased  $12,000,  or 3.0%, to $411,000 for the nine months ended
September  30, 2007,  compared to the same period in 2006,  due  primarily to an
increase in other operating income of $22,000, a decrease of $18,000 in the loss
on sale of real estate acquired through  foreclosure and an increase in the gain
on the sale of loans of $17,000,  which were  partially  offset by a decrease of
$44,000 in the gain on sale of office premises and equipment.

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

General,  administrative and other expense increased $463,000,  or 9.1%, to $5.5
million for the nine months ended  September 30, 2007, from $5.1 million for the
comparable  period in 2006. This increase is a result of an increase of $188,000
in employee  compensation  and  benefits,  a $97,000  increase in occupancy  and
equipment,  a $83,000  increase in property  payroll and other taxes,  a $13,000
increase in legal and professional  services and an increase of $60,000 in other
operating  expense.  The increase in employee  compensation  and benefits is due
primarily to an increase in the number of employees  reflecting  three  complete
quarter's of operation of two additional branches during 2007 as compared to two
quarter's of operation in 2006.  The increase in occupancy  and equipment is due
primarily to expense  incurred for the operation of the two new branches  opened
in the latter  quarters of 2006.  The  increase in  property,  payroll and other
taxes is due primarily to an increase in the Ohio franchise tax. The increase in
legal and  professional  services  was due  primarily  to expenses  incurred for
litigation  proceedings  wherein the  Corporation  was  defending  its  security
interest in collateral.  The Corporation has reached a settlement regarding this
litigation  of $50,000,  accounting  for the  majority of the  increase in other
operating expense for the 2007 nine month period.

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

The provision for federal income taxes decreased $265,000, or 43.2%, to $349,000
for the nine months ended  September 30, 2007, from $614,000 for the same period
in 2006, due primarily to a $817,000,  or 42.6%,  decrease in pre-tax  earnings.
The  effective  tax rate was 31.7% and 32.0% for the nine  month  periods  ended
September 30, 2007 and 2006. The difference between the Corporation's  effective
tax rate in the 2007 and 2006 periods and the 34%  statutory  corporate  rate is
due  primarily  to  the  tax-exempt   earnings  on  bank-owned  life  insurance,
tax-exempt   interest  on  municipal   obligations  and  tax  benefits  for  the
contribution to the Cheviot Savings Bank Foundation.
                                       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 September 30,
2007 and 2006
--------------------------------------------------------------------------------

General
-------

Net earnings for the three months ended September 30, 2007 totaled  $275,000,  a
$162,000  decrease from the $437,000 net earnings reported in the September 2006
period.  The decrease in net earnings reflects a decrease in net interest income
after the  provision  for losses on loans of  $97,000,  a decrease of $23,000 in
other income and an increase of $115,000,  in general,  administrative and other
expenses,  which was  partially  offset by an a  decrease  of $73,000 in federal
income taxes for the 2007 quarter.

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

Total  interest  income  increased  $232,000,  or 5.4%,  to $4.5 million for the
three-months  ended  September 30, 2007,  from the  comparable  quarter in 2006.
Interest income on loans increased $220,000, or 6.1%, to $3.8 million during the
2007  quarter  from $3.6  million for the 2006  quarter.  This  increase was due
primarily to a $11.9 million,  or 5.0%, increase in the average balance of loans
outstanding, and a 6 basis point increase in the average yield on loans to 6.13%
for the 2007 quarter from 6.07% for the three months ended September 30, 2006.

Interest income on mortgage-backed  securities  decreased $34,000,  or 16.7%, to
$170,000 for the three months ended  September  30, 2007,  from $204,000 for the
comparable 2006 quarter, due primarily to a $5.6 million decrease in the average
balance of securities  outstanding,  which was  partially  offset by a 108 basis
point  increase  in the  average  yield  period to  period.  Interest  income on
investment  securities  increased $122,000,  or 32.1%, to $502,000 for the three
months ended  September  30, 2007,  compared to $380,000 for the same quarter in
2006,  due primarily to a 102 basis point increase in the average yield to 5.51%
in the 2007  quarter,  and an increase of $2.6  million,  or 7.6% in the average
balance  of  investment  securities   outstanding.   Interest  income  on  other
interest-earning  deposits decreased $76,000,  or 66.1% to $39,000 for the three
months ended September 30, 2007.

Interest  expense  increased  $314,000,  or 14.7% to $2.4  million for the three
months ended September 30, 2007, from $2.1 million for the same quarter in 2006.
Interest  expense on deposits  increased by $270,000,  or 15.2%, to $2.1 million
from $1.8  million due  primarily  to a 40 basis  point  increase in the average
costs of deposits to 3.90% during the 2007 quarter due to the total  composition
of deposits  shifting to higher rate certificates of deposit and a $6.5 million,
or 3.2%,  increase  in the  average  balance  outstanding.  Interest  expense on
borrowings  increased by $44,000,  or 12.6%, due primarily to a $2.6 million, or
8.9%,  increase in the average balance outstanding and a 17 basis point increase
in  the   average   cost  of   borrowings.   The   increase  in  the  yields  on
interest-earning  assets  and  costs of  interest-bearing  liabilities  were due
primarily to the overall  increase in interest  rates during the September  2007
quarter.

As a result of changes in interest  income and  interest  expense,  net interest
income decreased by $82,000, or 3.8%, to $2.1 million for the three months ended
September  30,  2007,  as  compared  to the same  quarter in 2006.  The  average
interest rate spread decreased to 2.00% for the three months ended September 30,
2007 from 2.13% for the three months ended  September 30, 2006. The net interest
margin  decreased to 2.77% for the three months  ended  September  30, 2007 from
2.91% for the three months ended September 30, 2006.


                                       19
<PAGE>

                             Cheviot Financial Corp.

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

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

As a result of the allowance  for loan losses  analysis  described  elsewhere in
this document,  management  recorded a $15,000 provision for losses on loans for
the three months ended September 30, 2007.  There was no provision for losses on
loans for the nine months ended  September  30, 2006.  There can be no assurance
that  the  loan  loss   allowance   will  be   sufficient  to  cover  losses  on
non-performing  loans in the  future,  however  management  believes  they  have
identified  all known and  inherent  losses  that are  probable  and that can be
reasonably estimated within the loan portfolio,  and that the allowance for loan
losses is adequate to absorb such losses.

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

Other income decreased $23,000, or 13.1%, to $153,000 for the three months ended
September  30, 2007,  compared to the same quarter in 2006,  due  primarily to a
decrease in the gain on sale of office premises and equipment of $44,000,  which
was partially  offset by an increase in other operating income of $16,000 and an
increase in the gain on the sale of loans of $7,000.

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

General,  administrative and other expense increased $115,000,  or 6.8%, to $1.8
million for the three months ended September 30, 2007, from $1.7 million for the
comparable  quarter in 2006. This increase is a result of an increase of $29,000
in employee  compensation  and  benefits,  a $30,000  increase in occupancy  and
equipment, a $50,000 increase in property, payroll and other taxes. The increase
in employee  compensation  and  benefits is due  primarily to an increase in the
number of employees  reflecting the full  operation of two  additional  branches
during  the 2007  period as  compared  with the 2006  period.  The  increase  in
property,  payroll  and other  taxes is due  primarily  to an  increase  in Ohio
franchise tax.

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

The provision for federal income taxes decreased $73,000,  or 36.3%, to $128,000
for the three  months  ended  September  30,  2007,  from  $201,000 for the same
quarter in 2006,  due  primarily  to a $235,000,  or 36.8%,  decrease in pre-tax
earnings. The effective tax rate was 31.8% and 31.5% for the three month periods
ended  September 30, 2007 and 2006,  respectively.  The  difference  between the
Corporation's  effective  tax  rate in the 2007  and  2006  periods  and the 34%
statutory  corporate  rate  is due  primarily  to  the  tax-exempt  earnings  on
bank-owned life insurance,  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, 2006.

ITEM 4   CONTROLS AND PROCEDURES

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

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

                                       21

<PAGE>

                             Cheviot Financial Corp.

                                     PART II

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

           None.

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

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

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

          The  Corporation  announced a repurchase  plan on  September  13, 2006
          which  provides  for the  repurchase  of 5% or  471,140  shares of our
          common stock.  As of September 30, 2007, the Corporation had purchased
          404,434 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
 ------                       ---------        ---------        ------------
 July 1-31, 2007               28,326            $13.50            307,320
 August 1-31, 2007             91,860            $13.23            399,180
 September 1 - 30, 2007         5,254            $12.37            404,434


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

           Not applicable.

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

           None.

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

           None.

                                       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:   November 9, 2007               By: /s/Thomas J. Linneman
       --------------------                -------------------------------------
                                           Thomas J. Linneman
                                           President and Chief Executive Officer



Date:   November 9, 2007               By:  /s/Scott T. Smith
       -------------------                  ------------------------------------
                                            Scott T. Smith
                                            Chief Financial Officer


<PAGE>
                                                                    Exhibit 31.1

                      CERTIFICATION PURSUANT TO RULE 13A-14
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                    AS ADOPTED PURSUANT TO SECTION 302 OF THE
                           SARBANES-OXLEY ACT OF 2002
I, Thomas J. Linneman, certify that:


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

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

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

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

     a.   Designed  such  disclosure  controls  and  procedures  or caused  such
          disclosure  controls to be designed under our  supervision,  to ensure
          that material  information  relating to the registrant,  including its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;
     b.   Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of  the  period  covered  by  this  quarterly  report  based  on  such
          evaluation; and
     c.   Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

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

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

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


Date:  November 9, 2007                    /s/ Thomas J. Linneman
                                           -------------------------------------
                                           Thomas J. Linneman
                                           President and Chief Executive Officer
                                           (principal executive officer)



<PAGE>

                                                                    Exhibit 31.2

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

I, Scott T. Smith, certify that:

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

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

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

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

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

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

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

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors  (or  persons  performing  the  equivalent  functions):   a.  All
     significant deficiencies and material weaknesses in the design or operation
     of internal control over financial reporting which are reasonably likely to
     adversely affect the registrant's ability to record, process, summarize and
     report financial  information;  and b. Any fraud,  whether or not material,
     that involves  management or other employees who have a significant role in
     the registrant's internal control over financial reporting.


Date:  November 9,2007                              /s/ Scott T. Smith
                                                    ---------------------------
                                                    Scott T. Smith
                                                    Chief Financial Officer
                                                   (principal financial officer)


<PAGE>

                                                                    Exhibit 32.1

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

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

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

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

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


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

         Date:  November 9, 2007



<PAGE>

                                                                    Exhibit 32.2

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


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

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

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

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



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

         Date:  November 9, 2007