<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

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

               For the quarterly period ended December 31, 2000

                                       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 Number 0-27522

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

               Pennsylvania                         25-1772349
   ---------------------------------     ------------------------------------
     (State or other jurisdiction        (IRS Employer Identification Number)
   of incorporation or organization)

           1001 Village Run Road
           Wexford, Pennsylvania                       15090
---------------------------------------              ----------
(Address of principal executive office)              (Zip Code)

                                 (724) 933-4509
                      -------------------------------------
              (Registrant's telephone number, including area code)


        Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 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 the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date: As of February 14,
2001, there were issued and outstanding 1,687,506 shares of the Registrant's
Common Stock, par value $.01 per share.


<PAGE>   2


PITTSBURGH  FINANCIAL CORP.

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                PAGE
                                                                                                ----
<S>                                                                                             <C>
PART I. FINANCIAL INFORMATION


Item 1. Financial Statements

               Consolidated Statements of Financial Condition as of December 31, 2000
               (unaudited) and September 30, 2000                                                 3

               Consolidated Statements of Income (unaudited) for the three
               months ended December 31, 2000 and 1999.                                           4

               Consolidated Statement of Changes in Stockholders' Equity
               (unaudited) for the three months ended December 31, 2000.                          5

               Consolidated Statements of Cash Flows (unaudited) for the
               three months ended December 31, 2000 and 1999.                                     6

               Notes to Unaudited Consolidated Financial Statements                               7

Item 2.        Management's Discussion and Analysis of Financial Condition and
               Results of Operations                                                             10

Item 3.        Quantitative and Qualitative Disclosures About Market Risk                        19

PART II.       OTHER INFORMATION


Item 1.        Legal Proceedings                                                                 20
Item 2.        Changes in Securities                                                             20
Item 3.        Defaults Upon Senior Securities                                                   20
Item 4.        Submission of Matters to a Vote of Security-Holders                               20
Item 5.        Other Information                                                                 20
Item 6.        Exhibits and Reports on Form 8-K                                                  20

SIGNATURES
</TABLE>



<PAGE>   3



                           PITTSBURGH FINANCIAL CORP.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                                                        December 31,          September 30,
                                                                                             2000                 2000
                                                                                        ------------          -------------
                                                                                                    (Unaudited)
<S>                                                                                     <C>                   <C>
ASSETS

Cash                                                                                    $   1,469,040         $   1,625,542
Interest-bearing deposits                                                                   4,676,079             5,482,745
                                                                                        -------------         -------------
                                                                                            6,145,119             7,108,287

Investment securities available for sale (cost of $103,349,376 and $103,612,745)          101,047,376            99,175,745
Loans receivable, net of allowance of $2,368,402 and $2,237,554                           310,518,226           307,428,407
Accrued interest receivable                                                                 2,849,258             2,828,129
Premises and equipment, net                                                                 5,843,101             5,512,905
Goodwill                                                                                      195,335               203,589
Federal Home Loan Bank stock                                                               10,763,400            10,763,400
Deferred income taxes                                                                       1,291,506             1,966,506
Foreclosed real estate                                                                        561,006               643,751
Prepaid income taxes                                                                          229,928             1,762,164
Other assets                                                                                  797,869             1,026,133
                                                                                        -------------         -------------

Total assets                                                                            $ 440,242,124         $ 438,419,016
                                                                                        =============         =============

LIABILITIES

Deposits                                                                                $ 206,789,996         $ 205,680,077
Advances from Federal Home Loan Bank                                                      174,216,730           176,216,730
Reverse repurchase agreements                                                              20,000,000            20,000,000
Guaranteed preferred beneficial interests in subordinated debt                             10,836,304            10,830,178
Advances by borrowers for taxes and insurance                                               3,268,600             1,846,333
Other liabilities                                                                           2,563,021             2,426,569
                                                                                        -------------         -------------

Total liabilities                                                                         417,674,651           416,999,887

STOCKHOLDERS' EQUITY

Preferred stock, $.01 par value, 5,000,000 shares authorized,
   none issued                                                                                     --                    --
Common stock, $.01 par value, 10,000,000 shares authorized,
   2,182,125 shares issued and outstanding                                                     21,821                21,821
Additional paid-in capital                                                                 16,275,050            16,284,286
Treasury stock - at cost, 484,619                                                          (6,874,791)           (6,874,791)
Unearned shares of  ESOP                                                                   (1,100,815)           (1,150,704)
Unearned shares of Recognition and Retention Plan                                            (177,170)             (230,330)
Accumulated other comprehensive (loss)                                                     (1,618,000)           (2,928,000)
Retained earnings (substantially restricted)                                               16,041,378            16,296,847
                                                                                        -------------         -------------

Total stockholders' equity                                                                 22,567,473            21,419,129
                                                                                        -------------         -------------


Total liabilities and stockholders' equity                                              $ 440,242,124         $ 438,419,016
                                                                                        =============         =============
</TABLE>


See accompanying notes to unaudited consolidated financial statements.




                                       3
<PAGE>   4

                           PITTSBURGH FINANCIAL CORP.
                        CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                                                 Three months ended
                                                                                    December 31,
                                                                            2000                   1999
                                                                        -----------             -----------
                                                                                    (Unaudited)

<S>                                                                     <C>                     <C>
Interest income:
   Loans receivable                                                     $ 5,944,284             $ 5,505,623
   Mortgage-backed securities                                             1,032,720               1,227,348
   Investment securities:
      Taxable                                                               952,002                 694,203
      Tax exempt                                                                 --                 105,177
   Interest-bearing deposits                                                 38,597                  38,353
                                                                        -----------             -----------
 Total interest income                                                    7,967,603               7,570,704

 Interest expense:
   Deposits                                                               2,707,351               1,856,258
   Advances from Federal Home Loan Bank and other borrowings              3,148,203               3,175,111
   Guaranteed preferred beneficial interest
          in subordinated debt                                              259,838                 252,226
                                                                        -----------             -----------
 Total interest expense                                                   6,115,392               5,283,595
                                                                        -----------             -----------

 Net interest income before provision for loan losses                     1,852,211               2,287,109

 Provision for loan losses                                                  150,000                 150,000
                                                                        -----------             -----------

 Net interest income after provision for loan losses                      1,702,211               2,137,109

 Noninterest income:
    Service charges and other fees                                          220,561                 254,386
    Net (loss)/gain on available for sale securities                       (100,000)                  3,357
    Loss on interest rate cap                                               (75,000)                     --
    Other income                                                             51,387                  43,417
                                                                        -----------             -----------

 Total noninterest income                                                    96,948                 301,160

 Noninterest expenses:
   Compensation and employee benefits                                       903,597                 888,207
   Premises and occupancy costs                                             386,698                 197,221
   Amortization of goodwill                                                   8,254                   8,254
   Federal insurance premium                                                  9,262                  24,350
   Loss/(gain) on sale of foreclosed real estate                             59,246                  (2,247)
   Marketing                                                                 67,949                  97,025
   Data processing costs                                                    118,788                  77,550
   Other expenses                                                           402,442                 322,825
                                                                        -----------             -----------

 Total noninterest expense                                                1,956,236               1,613,185
                                                                        -----------             -----------

 (Loss)/income before income taxes                                         (157,077)                825,084
 Income (benefit) taxes                                                     (54,384)                252,000
                                                                        -----------             -----------

 Net (loss)/income                                                      $  (102,693)            $   573,084
                                                                        ===========             ===========

Diluted (loss)/earnings per share                                       $     (0.07)            $      0.36
                                                                        ===========             ===========
Dividends per share                                                     $      0.09             $      0.09
                                                                        ===========             ===========
</TABLE>


See accompanying notes to unaudited consolidated financial statements.




                                       4
<PAGE>   5

                           PITTSBURGH FINANCIAL CORP.
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                     FOR THE PERIOD ENDED DECEMBER 31, 2000
                                   (UNAUDITED)





<TABLE>
<CAPTION>
                                                                                     Additional
                                                     Comprehensive      Common         Paid In          Retained        Treasury
                                                         Income         Stock          Capital          Earnings         Stock
                                                     -----------------------------------------------------------------------------



<S>                                                  <C>               <C>          <C>              <C>             <C>
Balance as of September 30, 2000                                       $ 21,821     $ 16,284,286     $ 16,296,847    $ (6,874,791)

Treasury stock purchased                                                                                                       --

ESOP shares released                                                         --           (9,236)              --              --

RRP amortization                                                             --               --               --              --

Cash dividends declared                                                      --               --         (152,776)             --

Change in unrealized gain (loss) on investment
    securities available for sale, net of taxes      $  1,310,000            --               --               --              --

Less reclassification adjustment for gains
    included in net income                               (100,000)
                                                     ------------

Other comprehensive income                              1,210,000

Net loss for period                                  $   (102,693)           --               --         (102,693)             --
                                                     ------------

Comprehensive Income                                 $  1,107,307
                                                     ============      -----------------------------------------------------------
Balance as of December 31, 2000                                        $ 21,821     $ 16,275,050     $ 16,041,378    $ (6,874,791)
                                                                       ===========================================================
</TABLE>



<TABLE>
<CAPTION>
                                                Unearned shares of                             Accumulated            Total
                                                  Employee Stock     Unearned shares of           other           Stockholders'
                                                  Ownership Plan             RRP          comprehensive income       Equity
                                                -------------------------------------------------------------------------------
<S>                                                <C>                  <C>                <C>              <C>
Balance as of September 30, 2000                   $ (1,150,704)        $   (230,330)         $ (2,928,000)       $ 21,419,129

Treasury stock purchased                                                                                                    --

ESOP shares released                                     49,889                   --                    --              40,653

RRP amortization                                             --               53,160             1,310,000           1,363,160

Cash dividends declared                                      --                   --                    --            (152,776)

Change in unrealized gain (loss) on investment
    securities available for sale, net of taxes              --                   --                    --                  --

Less reclassification adjustment for gains
    included in net income


Other comprehensive income                                                                              --                  --

Net loss for period                                          --                   --                    --            (102,693)


Comprehensive Income
                                                  ----------------------------------------------------------------------------
Balance as of December 31, 2000                    $ (1,100,815)        $   (177,170)         $ (1,618,000)       $ 22,567,473
                                                  ============================================================================
</TABLE>



                                       5
<PAGE>   6

                            PITTSBURGH FINANCIAL CORP
                      CONSOLIDATED STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                            For the three months ended December 31,
                                                                                                  2000                   1999
                                                                                             -------------          -------------
                                                                                                          (Unaudited)
<S>                                                                                          <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)/income                                                                            $   (102,693)          $    573,084
Adjustments to reconcile net (loss)/income to net cash provided by
   operating activities:
     Depreciation and goodwill amortization                                                       146,446                107,842
     Amortization and accretion of premiums and discounts on
       assets and deferred loan fees                                                              544,654                643,739
     Amortization of RRP and release of ESOP shares                                                93,813                102,477
     Provision for loan losses                                                                    150,000                150,000
     Deferred tax provision (benefit)                                                             675,000               (534,185)
     Other, net                                                                                 3,304,216              2,150,117
                                                                                             ------------           ------------
Net cash provided by operating activities                                                       4,811,436              3,193,074

CASH FLOWS FROM INVESTING ACTIVITIES
Loan originations                                                                             (12,315,844)           (33,531,791)
Loan principal repayments                                                                      10,832,480             11,196,266
Purchase of loans                                                                                (777,929)                    --
Net REO activity                                                                                   82,745               (299,463)
Purchases of:
     Available for sale securities                                                             (1,844,811)            (1,632,500)
Proceeds from sales, maturities and principal repayments of:
     Available for sale securities                                                                335,000              5,222,766
Purchase of land, premises and equipment                                                         (468,388)              (515,765)
Other, net                                                                                       (575,000)               613,000
                                                                                             ------------           ------------
Net cash (used) provided by investing activities                                               (4,731,747)           (18,947,487)

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in checking, passbook, and money market
     deposit accounts                                                                            (687,498)             3,433,350
Net increase (decrease) in certificates of deposit                                              1,797,417               (130,415)
Increase (decrease) in advances from the Federal Home Loan Bank                                (2,000,000)            12,000,000
Cash dividends paid to shareholders                                                              (152,776)              (159,377)
Purchase of treasury stock                                                                             --               (211,687)
                                                                                             ------------           ------------

Net cash (used) provided  by financing activities                                              (1,042,857)            14,931,871

Net decrease in cash and cash equivalents                                                        (963,168)              (822,542)
Cash and cash equivalents at beginning of year                                                  7,108,287              5,319,099
                                                                                             ------------           ------------
Cash and cash equivalents at end of year                                                     $  6,145,119           $  4,496,557
                                                                                             ============           ============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for:
     Interest (includes interest credited on deposits of $2,859,360, and $1,942,434
          in 2000 and 1999 respectively)                                                     $  5,985,823           $  5,005,792
                                                                                             ============           ============

Income taxes (refund) paid                                                                   $ (1,586,620)          $    173,185
                                                                                             ============           ============

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES

Foreclosed mortgage loans transferred to real estate owned                                             --                728,187

Unrealized gain on securities available for sale                                                1,985,000             (1,804,000)
Deferred income taxes                                                                            (675,000)               613,000
                                                                                             ------------           ------------
Accumulated other comprehensive income                                                       $  1,310,000           $ (1,191,000)
                                                                                             ============           ============
</TABLE>


See accompanying notes to unaudited consolidated financial statements.


                                       6
<PAGE>   7


                           PITTSBURGH FINANCIAL CORP.

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Basis of Presentation

        The accompanying unaudited consolidated financial statements of
        Pittsburgh Financial Corp. (formerly Pittsburgh Home Financial Corp.)
        (the "Company") have been prepared in accordance with instructions to
        Form 10-Q. Accordingly, they do not include all of the information and
        footnotes required by generally accepted accounting principles for
        complete financial statements. However, such information reflects all
        adjustments (consisting solely of normal recurring adjustments) which
        are, in the opinion of management, necessary for a fair statement of
        results for the interim periods.

        The consolidated financial statements include the accounts of the
        Company and its wholly owned subsidiaries, Pittsburgh Savings Bank (dba
        BankPittsburgh) (formerly Pittsburgh Home Savings Bank) (the "Bank") and
        Pittsburgh Home Capital Trust I. All significant intercompany balances
        and transactions have been eliminated in consolidation.

        Components of Comprehensive Income include net income and unrealized
        gains or losses on the Company's available-for-sale securities. During
        the three months ended December 31, 2000, total comprehensive gain
        amounted to $1,107,307, compared to a $617,917 comprehensive loss for
        the three months ended December 31, 1999.

        The results of operations for the three months ended December 31, 2000
        are not necessarily indicative of the results to be expected for the
        year ending September 30, 2001. The unaudited consolidated financial
        statements and notes thereto should be read in conjunction with the
        audited financial statements and notes thereto for the year ended
        September 30, 2000.


Note 2 - Business

        The Bank is a state chartered stock savings bank primarily engaged in
        attracting retail deposits from the general public and using such
        deposits to originate loans. The Bank conducts business from nine
        offices in Allegheny and Butler counties of western Pennsylvania and
        primarily lends in this geographic area. The Bank is subject to
        competition from other financial institutions and other companies which
        provide financial services. The Bank is subject to the regulations of
        certain federal and state agencies and undergoes periodic examinations
        by those regulatory authorities.

        The Company's trust subsidiary, Pittsburgh Home Capital Trust I (the
        "Trust") was formed to issue $11.5 million of 8.56% Cumulative Trust
        Preferred Securities. These securities represent undivided beneficial
        interests in Pittsburgh Home Capital Trust I. The Trust purchased junior
        subordinated deferrable interest debentures which were issued by the
        Company.



                                       7
<PAGE>   8

Note 3 -  Earnings per share

        Earnings per share are based on the weighted average number of shares of
        common stock. Basic earnings per share is calculated by dividing income
        available to holders of common shares by the weighted average number of
        common shares outstanding during the period. Options, warrants, and
        other potentially diluted securities are excluded from the basic
        calculation, but are included in diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per
share:

<TABLE>
<CAPTION>
                                                                 Three months ended
                                                                     December 31,
                                                              2000                1999
                                                              ----                ----
<S>                                                      <C>                   <C>
Numerator for basic and diluted earnings (loss)
per share - net income                                   $  (102,693)          $   573,084

Denominator:
  Denominator for basic earnings (loss) per
     share - weighted-average shares                       1,551,253             1,594,846
   Effect of dilutive securities:
   Employee stock options                                      1,803                 5,950
  Unvested Management Recognition Plan stock                      --                 6,485
                                                         -----------           -----------
  Dilutive potential common shares                             1,803                12,435
                                                         -----------           -----------
  Denominator for diluted earnings (loss) per
     share - adjusted weighted-average
     shares and assumed conversions                        1,553,056             1,607,281
                                                         ===========           ===========
  Basic earnings (loss) per share                        $     (0.07)          $      0.36
                                                         ===========           ===========
  Diluted earnings (loss) per share                      $     (0.07)          $      0.36
                                                         ===========           ===========
</TABLE>


        The Company accounts for its Employee Stock Ownership Plan (ESOP) in
        accordance with SOP 93-6, "Employers Accounting for Employee Stock
        Ownership Plans,"; shares controlled by the ESOP are not considered in
        the weighted average shares outstanding until the shares are committed
        for allocation to an employee's individual account. In accordance with
        SOP 93-6, uncommitted shares held by the ESOP (125,028 and 138,023
        shares at December 31, 2000 and 1999 respectively) are excluded from
        basic average shares outstanding.




                                       8
<PAGE>   9

Note 4 - Statement of Financial Accounting Standards ("SFAS") No. 133

        On October 31, 2000, the Company adopted SFAS #133 which requires that
        all derivatives be recorded on the balance sheet at fair value. Changes
        in the fair value of derivatives that do not qualify for hedge
        treatment, as well as the ineffective portion of a particular hedge,
        must be recognized currently in earnings. Upon adoption, the cumulative
        transition adjustment was insignificant. The impact on first quarter
        operating results was a loss before income taxes of $75,000.






                                       9
<PAGE>   10



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

FINANCIAL CONDITION

        At December 31, 2000, the Company's total assets amounted to $440.2
million compared to $438.4 million at September 30, 2000, an increase of .4%.
Cash and interest-bearing deposits decreased $1.0 million or 14.1%, to $6.1
million at December 31, 2000, compared to $7.1 million at September 30, 2000.
Investments and mortgage-backed securities increased $1.8 million, or 1.8%, from
$99.2 million at September 30, 2000 to $101.0 million at December 31, 2000.
During the three months ended December 31, 2000, the Company's loans receivable,
net of allowance, increased $3.1 million, or 1.0%, to $310.5 million at December
31, 2000 compared to $307.4 million at September 30, 2000. The growth is
primarily attributable to increases in commercial mortgage loans as the Company
continues to develop and focus on the commercial business relationship aspects
of its strategic plan. These increases were offset by slight decreases in its
1-4 family residential and home equity loan portfolio.

         Total liabilities increased by $700,000, or .2%, to $417.7 million at
December 31, 2000 compared to $417.0 million at September 30, 2000. Deposits
increased by $1.1 million, or .5% to $206.8 million at December 31, 2000
compared to $205.7 million at September 30, 2000. Borrowings decreased $2.0
million or 1.0% to $194.2 million at December 31, 2000 compared to $196.2
million at September 30, 2000. Guaranteed preferred beneficial interest in
subordinated debt totaled $10.8 million at December 31, 2000.

        Total stockholders' equity increased $1.2 million or 5.6% to $22.6
million at December 31, 2000 compared to $21.4 million at September 30, 2000.
The increase was primarily attributable to a $1.2 million increase in other
comprehensive income which was materially impacted by the improvement in the
market value of the Company's available for sale securities portfolio.



                                       10
<PAGE>   11


RESULTS OF OPERATIONS

        GENERAL. The Company reported a net loss for the quarter ended December
31, 2000 of $103,000 as compared to net income of $573,000 for the same quarter
in 1999. The Company had a decrease in net interest income before provision for
loan losses of $435,000 or 19.0% for the quarter due to margin compression as a
result of increased funding costs related to the Company's interest-bearing
liabilities. The Company also recognized a pre-tax net loss on investment sales
of $100,000, a pre-tax net loss on an interest rate cap under the required
adoption of Financial Accounting Standard ("FAS") No. 133 of $75,000, and a
pre-tax loss on the sale of foreclosed real estate of $59,000 for the quarter
ended December 31, 2000, as compared to a pre-tax net gain on investment sales
of $3,000, and a pre-tax net gain on sale of foreclosed real estate of $2,000
for the quarter ended December 31, 1999. Excluding the results of the investment
sales, loss on interest rate cap, and loss on the sale of foreclosed real
estate, net income for the quarter ended December 31, 2000 was $59,000 as
compared to $571,000 for the same quarter in 1999, a decrease of $512,000 or
89.7%.

         The Company's cost of funds increased 64 basis points from 5.40% for
the three months ended December 31, 1999 to 6.04% for the three months ended
December 31, 2000. This is primarily a result of the general increase in
interest rates over the last eighteen months, coupled with the Company's
extension of maturities on liabilities on its funding side in an effort to
reduce its exposure to short term liabilities and improve its interest rate risk
profile as required by the MOU. Noninterest income, excluding investment sales
and the loss on the interest rate cap, also decreased for the quarter by $26,000
or 8.7%. Noninterest expense, excluding the losses or gains on sale of
foreclosed real estate, increased $282,000 or 17.4% from the year ago quarter.
The increase in noninterest expense is primarily attributable to the premises
and occupancy costs of the subsidiary Bank's new branch and other offices, which
increased $189,000 or 96.1% from $197,000 for the three months ended December
31, 1999 to $386,700 for the three months ended December 31, 2000. The cost of
the Company's strategic technology initiatives and related data processing costs
increased $41,000 from $78,000 for the three months ended December 31, 1999 to
$119,000 for the three months ended December 31, 2000.

         The Company reported a diluted loss per share of $.07 for the quarter
ended December 31, 2000, compared to earnings per share of $.36 per share for
the same quarter of 1999. The 2001 quarter's loss per share amount includes $.11
per share related to the net losses on investment sales, loss on interest rate
cap, and loss on sale of foreclosed real estate noted above. Consequently,
diluted earnings per share excluding these items were $.04 for the quarter ended
December 31, 2000. There was no impact from investment sales or the sale of
foreclosed real estate on diluted earnings per share for the quarter ended
December 31, 1999.

        INTEREST INCOME. Interest income increased $400,000 or 5.3% for the
quarter ended December 31, 2000, compared to the same period in 1999. The
average balance on loans receivable increased by $22.0 million for the quarter
ended December 31, 2000, and the related yield increased .02% from 7.67% to
7.69%. The Company is continuing its efforts to diversify its loans receivable
portfolio from its previous emphasis on one-to-four family residential lending
to a more broad based,



                                       11
<PAGE>   12

full service commercial bank-like portfolio. It should be noted that the largest
individual dollar component of its loans receivable portfolio will continue to
be its residential lending, as this has been a Company strength, and the ongoing
high level of service and commitment will also continue in this area.











                                       12
<PAGE>   13



<TABLE>
<CAPTION>
                                Average Balances, Net Interest Income and Yields Earned and Rates Paid
                                               For the three months ended December 31,
                                                                 2000                                         1999
                                                 ------------------------------------         ------------------------------------
                                                  Average                    Average           Average                    Average
                                                  Balance      Interest    Yield/Rate          Balance       Interest   Yield/Rate
                                                 ------------------------------------         ------------------------------------
<S>                                              <C>           <C>         <C>                <C>            <C>        <C>
Interest-earning assets:
 Investment securities                           $ 49,644       $  952        7.67%           $  43,966       $  800       7.28%
 Mortgage-backed securities                        60,399        1,033        6.84               73,642        1,227       6.66
Loans receivable:
 First mortgage loans                             284,769        5,415        7.61              262,568        4,987       7.60
 Other loans                                       24,506          529        8.63               24,721          519       8.40
                                                 --------       ------                        ---------       ------
Total loans receivable                            309,275        5,944        7.69              287,289        5,506       7.67
Other interest-earning assets                       3,505           39        4.45                3,626           38       4.19
                                                 --------       ------                        ---------       ------
Total interest-earning assets                     422,823       $7,968        7.54%             408,523       $7,571       7.41%
                                                                              ====                                         ====
Non-interest earning assets                        15,894                                        16,828
                                                 --------                                     ---------
Total assets                                     $438,717                                     $ 425,351
                                                 ========                                     =========

Interest-bearing liabilities:
 Deposits                                        $197,793       $2,707        5.47%           $ 165,012       $1,857       4.50%
 FHLB advances and other                          195,977        3,148        6.43              214,684        3,175       5.92
 Guaranteed preferred beneficial
   interest in subordinated debt                   11,500          260        9.04               11,500          252       8.77
 Escrows                                               --           --          --                   --           --         --
                                                 --------       ------                        ---------       ------
Total interest-bearing liabilities               $405,270       $6,115        6.04%           $ 391,196       $5,284       5.40%
                                                                              ====                                         ====
Non-interest bearing liabilities                   12,404                                        12,788
                                                 --------                                     ---------
Total liabilities                                 417,674                                       403,984
Stockholders' equity                               22,043                                        21,367
                                                 --------                                     ---------
Total liabilities and stockholders' equity       $439,717                                     $ 425,351
                                                 ========                                     =========

Net interest-earning assets                      $ 17,553                                     $  17,327
                                                 ========                                     =========
Net interest income/interest rate spread                        $1,853        1.50%                           $2,287       2.01%
                                                                ======        ====                            ======       ====
Net interest margin                                                           1.75%                                        2.24%
                                                                              ====                                         ====
</TABLE>

                                       13
<PAGE>   14



        The average balance of investment and mortgage-backed securities totaled
$110.0 million with a weighted average yield of 7.21% for the three months ended
December 31, 2000 compared to $117.6 million with a weighted average yield of
6.89% for the same period in 1999. During the three months ended December 31,
2000, the Company has continued to change its asset mix by decreasing its
investment portfolio, particularly its mortgage-backed securities portfolio, and
reinvesting the proceeds in higher yielding, internally generated loans
receivable.

Loans receivable, net at December 31, 2000 and September 30, 2000 are summarized
below:

<TABLE>
<CAPTION>
                                                      December 31, 2000         September 30, 2000
                                                      -----------------         ------------------

<S>                                                   <C>                       <C>
First mortgage loans:
Secured by 1-4 family residence                         $ 239,460,079             $ 241,069,737
1-4 family residential construction                         7,562,192                 8,810,462
1-4 family residential construction -builder               15,328,624                15,322,026

Commercial construction                                    13,324,184                10,839,388
Non-residential                                            22,213,091                20,418,077
Less loans in process                                     (11,732,831)              (13,221,686)
Deferred loan costs                                           509,458                   520,946
Unamortized premium on mortgage loans                          65,411                    50,690
                                                        -------------             -------------
Total first mortgage loans                                286,730,208               283,809,640
                                                        =============             =============

Home equity loans and lines                                21,375,094                21,508,266
Other loans                                                 4,781,326                 4,348,056
Less allowance for loan losses                             (2,368,402)               (2,237,555)
                                                        -------------             -------------
                                                        $ 310,518,226             $ 307,428,407
                                                        =============             =============
</TABLE>


        INTEREST EXPENSE. Interest expense increased $832,000 or 15.7% for the
three months ended December 31, 2000, compared to the same period in 1999. The
increase was due to a $11.1 million increase in average interest-bearing
liabilities for the three months ended December 31, 2000 when compared to the
same period in 1999. In addition, the average cost of funds for the three months
ended December 31, 2000 increased to 6.04% from 5.40% for the same period in
1999. Average deposits increased $32.8 million or 19.9% for the three months
ended December 31, 2000 when compared to the same period in 1999. Average
borrowed funds decreased $18.7 million for the three months ended December 31,
2000 when compared to the same period in 1999. One of the directives of the
FDIC's Memorandum of Understanding was to have the Company reduce its reliance
on short term borrowings. The Company has paid down its short term borrowings
from the FHLB, in addition to extending its borrowing maturities from the FHLB
in an effort to mitigate interest rate risk and improve its interest rate risk
profile. Interest expense associated with the guaranteed preferred beneficial
interest in



                                       14
<PAGE>   15

subordinated debt totaled $260,000 for the three months ended December 31, 2000
when compared to $252,000 for the same period in 1999.

         PROVISION FOR LOAN LOSSES. It is management's policy to maintain an
allowance for estimated losses based on the perceived risk of loss in the loan
portfolio and the adequacy of the allowance. Management's periodic evaluation of
the adequacy of the allowance is based on the Company's past loan loss
experience, known and inherent risks in the portfolio, adverse situations that
may affect the borrower's ability to repay, the estimated value of the
underlying collateral and current economic conditions. The allowance for loan
losses is evaluated based on an assessment of the losses inherent in the loan
portfolio. Management classifies all delinquent assets as Special Mention,
Substandard, Doubtful or Loss. The evaluation of the adequacy of the allowance
incorporates an estimated range of required allowance based on the items noted
above. A reserve level is estimated by management for each category of
classified loans, with an estimated percentage applied to the delinquent loan
category balance. In addition, management notes that there is an inherent risk
of potential loan loss in the Company's overall, non-classified loan portfolio.
This inherent risk is addressed by applying an estimated low and high percentage
of potential loss to the remaining unclassified loan portfolio. Management
extends out the various line item balances and estimated percentages in order to
arrive at an estimated required loan loss allowance reserve. Activity for the
period under analysis is taken into account (charge offs, recoveries, provision)
in order to challenge the Company's overall process, as well as its previous
loss history. The estimated range of required reserve balance is then compared
to the current allowance for loan loss balance, and any required adjustments are
made accordingly. While management has allocated the allowance to different loan
categories, the allowance is general in nature and is available for the loan
portfolio in its entirety.

Activity in the allowance for loan losses is summarized as follows for the three
months ended December 31, 2000 and 1999:


<TABLE>
<CAPTION>
                                     December 31, 2000        December 31, 1999
                                     -----------------        -----------------
<S>                                  <C>                      <C>
Balance at beginning of year            $2,237,555              $1,956,744
Provision charged to income                150,000                 150,000
Chargeoffs                                 (20,087)                (47,594)
Recoveries                                     934                   1,244
                                        ----------              ----------
Balance at end of period                $2,368,402              $2,060,394
                                        ==========              ==========
</TABLE>







                                       15
<PAGE>   16




        The Company designates all loans that are 90 or more days past due as
non-performing. Generally, when loans are classified as non-performing, unpaid
accrued interest is a reduction of interest income on loans receivable and is
only recognized when cash payments are received. Subsequent to September 30,
2000, the Company's non-performing assets increased from $2.6 million at
September 30, 2000 to $3.4 million at December 31, 2000. This $867,000 increase
was primarily attributable to a $950,000 increase in non-accruing loans and a
$83,000 decrease in foreclosed real estate. For the three months ended December
31, 2000 the Company recognized net losses of $59,000 on the sale of foreclosed
real estate.

        Assets classified as a Loss are considered uncollectible and of such
little value that continuance, as an asset is not warranted. A Loss
classification does not mean that an asset has no recovery or salvage value, but
that it is not practical or desirable to defer writing off all or a portion of
the asset, even though partial recovery may be affected in the future. All loans
classified as loss have been written off directly or through provision in
specific allowance reserve. The allowance is increased by provisions for loan
losses, which are charged against income. During the three months ended December
31, 2000, the Company recorded provisions for losses on loans of $150,000, which
was the same provision for losses on loans in the same period in the prior year.

         Although management utilizes its best judgment in providing for losses
with respect to its non-performing assets, there can be no assurance that the
Company will be able to dispose of such non-performing assets without
establishing additional provisions for losses on loans or further reductions in
the carrying value of its real estate owned.

        NONINTEREST INCOME. Noninterest income decreased by $204,000 or 67.8%
for the three months ended December 31, 2000 compared to the same period in
1999. As noted above, the Company recognized a pre-tax net loss of $100,000
related to the impairment of one of its trust preferred security investments.
The Company also recognized a pre-tax net loss on the change in fair market
value of an interest rate cap of $75,000 (See Note #4). Excluding the
investment loss and the loss on the interest rate cap, noninterest income
decreased $26,000 or 8.7% from $298,000 for the quarter ended December 31, 1999
to $272,000 for the quarter ended December 31, 2000.

        NONINTEREST EXPENSES. Noninterest expenses increased by $341,000 or
21.7% for the three months ended December 31, 2000, compared to the same period
in 1999. The increase was primarily attributable to a $189,000 increase in
premises and occupancy costs, a $59,000 loss on sale of foreclosed real estate,
an increase of $41,000 on data processing costs, and an $80,000 increase in
other expenses for the three months ended December 31, 2000 when compared to the
same period in 1999. The increase in premises and occupancy costs is due to the
building or relocating of new branches for downtown Pittsburgh, Bloomfield, and
Wexford along with the relocation of the Company's lending office and its
corporate headquarters. The increase in data processing costs relate to services
provided to the new branch offices, along with increased costs associated with
the Company's strategic technology initiatives. The increase in



                                       16
<PAGE>   17

other expenses relate to increased accounting and legal fees, increased
stationary and office supply costs, and increased ATM and checking deposit fees.


        PROVISION (BENEFIT) FOR INCOME TAXES. The Bank recognized a benefit for
income taxes of $54,000 for the three months ended December 31, 2000, compared
with a provision of $252,000 for the same period in 1999. The effective tax
rates during the three months ended December 31, 2000 and 1999 were 34.6% and
30.5%, respectively.




LIQUIDITY AND CAPITAL RESOURCES

        The Company's primary sources of funds are deposits, advances from the
FHLB, repayments, prepayments and maturities of outstanding loans, maturities of
investment securities and other short-term investments, and funds provided from
operations. While scheduled loan repayments and maturing investment securities
and short-term investments are relatively predictable sources of funds, deposit
flows and loan prepayments are greatly influenced by the movement of interest
rates in general, economic conditions and competition. The Company manages the
pricing of its deposits to maintain a deposit balance deemed appropriate and
desirable. In addition, the Company invests in short-term investment securities
and interest-earning assets which provide liquidity to meet lending
requirements. Although the Company's deposits have historically represented the
majority of its total liabilities, the Company also utilizes other borrowing
sources, primarily borrowings from the FHLB of Pittsburgh. At December 31, 2000,
the Company had $174.2 million of outstanding borrowings from the FHLB of
Pittsburgh.

        Liquidity management is both a daily and long-term function of business
management. The Bank uses its sources of funds primarily to meet its ongoing
commitments, to pay maturing savings certificates and savings withdrawals, to
fund loan commitments and to maintain a portfolio of mortgage-backed and
investment securities. At December 31, 2000, the total approved loan commitments
outstanding amounted to $14.2 million including $11.7 million in loans in
process, and unused lines of credit amounted to $6.3 million. Certificates of
deposit scheduled to mature in one year or less at December 31, 2000, totaled
$77.7 million. Management believes that a significant portion of maturing
deposits will remain with the Bank.

REGULATORY AGREEMENTS


         During fiscal 2000, the Bank entered into a Memorandum of Understanding
("MOU") with the Federal Deposit Insurance Corporation ("FDIC") and the
Pennsylvania Department of Banking and the Company entered into a MOU with the
Federal Reserve Bank ("FRB") of Cleveland.



                                       17
<PAGE>   18

         The MOU with the FDIC required the Bank, among other things, to
initiate various procedures to improve its funds management and interest rate
risk management practices. Specifically, the agreement required the Bank to
implement policies and take various actions within specified time periods. Among
the actions required by the MOU is the development by the Bank of a funding plan
(the "Funding Plan") to establish objectives to improve the Bank's liquidity and
funds management practices. The Funding Plan must include, at a minimum,
strategies to: (1) reduce dependence on short-term borrowings; (2) improve
liquidity levels; (3) improve the level of core deposits; and (4) reduce the
level of pledged assets. The MOU required the Bank to submit the Funding Plan to
the regulators for their approval. Although the Bank has filed its Funding Plan,
until the Funding Plan receives regulatory approval, the Bank's asset growth is
limited to growth that can be funded through internal sources or core deposit
growth. Pursuant to the MOU, the Bank also has agreed to revise its contingency
liquidity policy to include all realistic available options to the Bank in the
event liquidity decreases and a detailed description of the steps that would be
taken under each option to access funds. The Bank will also (1) ensure that
adequate personnel are in place to measure, monitor and control levels of
interest rate risk; (2) improve interest rate risk and liquidity monitoring
tools; and (3) institute a system of internal, independent review of reports
prepared for the Bank's board of directors and its committees. Quarterly reports
are submitted by the Bank to the regulators describing the actions taken to
ensure compliance with the MOU. The Bank has taken various actions to implement
the requirements of the MOU. It believes that the adoption of new policies, the
revisions to existing policies and procedures and the implementation of the
other changes required by the MOU have improved the Bank's funds management and
risk management practices.

        The MOU with the FRB provides that the Company will provide the FRB with
prior notification before the payment of dividends, that the Company will not
incur any additional debt without the prior written approval of the FRB and that
the Company will not expand its activities without the prior written approval of
the FRB. The MOU further provides that the Company take all actions necessary to
ensure that the Company complies with all supervisory actions imposed on the
Bank by the FDIC.

        Under federal regulations, the Bank is required to maintain specific
amounts of capital. The following table sets forth certain information
concerning the Bank's regulatory capital.

<TABLE>
<CAPTION>
                                                        Tier I           Tier I             Total
                                                       Leverage        Risk-Based        Risk-Based
                                                       Capital           Capital           Capital
                                                        -----------------------------------------
<S>                                                    <C>             <C>               <C>
Regulatory capital as a percentage                      7.25%            14.13%            15.15%
Minimum capital required as a percentage                4.00              4.00              8.00
                                                        ====             =====             =====
Excess regulatory capital as a percentage               3.25%            10.13%             7.15%
                                                        ====             =====             =====
Well-capitalized requirement                            5.00%             6.00%            10.00%
                                                        ====             =====             =====
</TABLE>



                                       18
<PAGE>   19

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995

        In addition to historical information, forward-looking statements are
contained herein that are subject to risks and uncertainties that could cause
actual results to differ materially from those reflected in the forward-looking
statements. Factors that could cause future results to vary from current
expectations, include, but are not limited to, the impact of economic conditions
(both generally and more specifically in the markets in which the Company
operates), the impact of competition for the Company's customers from other
providers of financial services, the impact of government legislation and
regulation (which changes from time to time and over which the Company has no
control), and other risks detailed in this Form 10-Q and in the Company's other
Securities and Exchange Commission ("SEC") filings. Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. The Company undertakes no
obligation to publicly revise these forward-looking statements, to reflect
events or circumstances that arise after the date hereof. Readers should
carefully review the risk factors described in other documents the Company files
from time to time with the SEC.

           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

        Quantitative and qualitative disclosures about market risk are presented
at September 30, 2000 in Item 7A of the Company's Annual Report on Form 10-K,
filed with the SEC on December 29, 2000. Management believes there have been no
material changes in the Company's market risk since September 30, 2000.


















                                       19
<PAGE>   20









PITTSBURGH FINANCIAL CORP.

                                     PART II

Item 1.  Legal Proceedings

         Neither the Company nor the Bank is involved in any pending legal
         proceedings other than non-material legal proceedings occurring in the
         ordinary course of business.

Item 2.  Changes in Securities

         Not applicable.

Item 3.  Defaults Upon Senior Securities

         Not applicable.

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

         Not applicable.

Item 5.  Other Information

         Not applicable.

Item 6.  Exhibits and Reports on Form 8-K

         (a)   Exhibits:

                  3.1      Amended and Restated Articles of Incorporation of
                           Pittsburgh Financial Corp.*

                  3.2      Amended and Restated Bylaws of Pittsburgh Financial
                           Corp.*


         *Incorporated by reference from the form 10-Q for the quarterly
            period ended March 31, 2000 filed by the Registrant with
            the SEC on May 15, 2000


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









                                       20
<PAGE>   21





                                   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.



                             PITTSBURGH FINANCIAL CORP.



Date: February 14, 2001      By: /s/ J. Ardie Dillen
                                 -----------------
                                 J. Ardie Dillen
                                 Chairman, President and Chief Executive Officer



Date: February 14, 2001      By: /s/ Michael J. Kirk
                                 -------------------
                                 Michael J. Kirk
                                 Executive Vice President and Chief
                                 Financial Officer