<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 June 30, 2001

                                       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 of                      (IRS Employer
       incorporation or organization)                 Identification Number)

          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 August 13, 2001, there
were issued and outstanding 1,531,999 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 June 30, 2001
         (unaudited) and September 30, 2000                                                 3

         Consolidated Statements of Income (unaudited) for the three and nine
         months ended June 30, 2001 and 2000.                                               4

         Consolidated Statement of Changes in Stockholders' Equity
         (unaudited) for the nine months ended June 30, 2001.                               5

         Consolidated Statements of Cash Flows (unaudited) for the
         nine months ended June 30, 2001 and 2000.                                          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                        20

PART II. OTHER INFORMATION


Item 1.  Legal Proceedings                                                                 23
Item 2.  Changes in Securities                                                             23
Item 3.  Defaults Upon Senior Securities                                                   23
Item 4.  Submission of Matters to a Vote of Security-Holders                               23
Item 5.  Other Information                                                                 23
Item 6.  Exhibits and Reports on Form 8-K                                                  23

SIGNATURES
</TABLE>

<PAGE>   3
                           PITTSBURGH FINANCIAL CORP.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>

                                                                                         June 30,            September 30,
                                                                                           2001                  2000
                                                                                       (Unaudited)
                                                                                       ------------          ------------
<S>                                                                                   <C>                    <C>
ASSETS

Cash                                                                                   $    958,436          $  1,625,542
Interest-bearing deposits                                                                 9,844,392             5,482,745
                                                                                       ------------          ------------
                                                                                         10,802,828             7,108,287

Investment securities available for sale (cost of $94,188,490 and$103,612,745)           94,179,490            99,175,745
Loans receivable, net of allowance of $2,503,693 and $2,237,554                         291,845,450           307,428,407
Accrued interest receivable                                                               2,614,034             2,828,129
Premises and equipment, net                                                               6,033,291             5,512,905
Goodwill                                                                                    178,828               203,589
Federal Home Loan Bank stock                                                              7,822,100            10,763,400
Deferred income taxes                                                                       935,806             1,966,506
Foreclosed real estate                                                                      386,385               643,751
Income tax receivable                                                                          --               1,762,164
Other assets                                                                                708,965             1,026,133
                                                                                       ------------          ------------

Total assets                                                                           $415,507,177          $438,419,016
                                                                                       ============          ============

LIABILITIES

Deposits                                                                               $203,248,541          $205,680,077
Federal Home Loan Bank borrowings                                                       152,565,730           176,216,730
Reverse repurchase agreements                                                            20,000,000            20,000,000
Guaranteed preferred beneficial interests in subordinated debt                           10,848,557            10,830,178
Accrued income taxes payable                                                                 78,426                  --
Advances by borrowers for taxes and insurance                                             3,772,262             1,846,333
Other liabilities                                                                         2,097,917             2,426,569
                                                                                       ------------          ------------

Total liabilities                                                                       392,611,433           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                                                               16,280,224            16,284,286
Treasury stock - at cost, 608,494 and 484,619                                            (8,302,096)           (6,874,791)
Unearned shares of  ESOP                                                                   (997,834)           (1,150,704)
Unearned shares of Recognition and Retention Plan                                           (70,850)             (230,330)
Accumulated other comprehensive (loss)                                                       (6,000)           (2,928,000)
Retained earnings (substantially restricted)                                             15,970,479            16,296,847
                                                                                       ------------          ------------

Total stockholders' equity                                                               22,895,744            21,419,129
                                                                                       ------------          ------------


Total liabilities and stockholders' equity                                             $415,507,177          $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                       Nine months ended
                                                                      June 30,                               June 30,
                                                                    (Unaudited)                             (Unaudited)
                                                            -----------------------------           -------------------------------
                                                               2001                2000                2001               2000
                                                            ----------          ---------           -----------        -----------
<S>                                                         <C>                 <C>                 <C>                <C>
Interest income:
   Loans receivable                                         $5,657,942          $6,018,056          $17,536,251        $17,435,664
   Mortgage-backed securities                                  881,104           1,021,215            2,879,829          3,366,227
    Investment securities:
        Taxable                                                758,392             712,886            2,612,155          2,093,666
        Tax exempt                                                --                  --                   --              147,938
   Interest-bearing deposits                                   103,793              37,964              177,567            125,977
                                                            ----------          ----------          -----------        -----------
          Total interest income                              7,401,231           7,790,121           23,205,802         23,169,472

Interest expense:
   Deposits                                                  2,529,072           2,110,320            7,908,422          5,835,182
   Federal Home Loan Bank and other borrowings               2,678,211           3,336,375            8,671,584          9,886,093
   Guaranteed preferred beneficial interest
        in subordinated debt                                   247,585             252,226              756,679            756,679
                                                            ----------          ----------          -----------        -----------
          Total interest expense                             5,454,868           5,698,921           17,336,685         16,477,954
                                                            ----------          ----------          -----------        -----------

Net interest income                                          1,946,363           2,091,200            5,869,117          6,691,518

Provision for loan losses                                      150,000             150,000              450,000            450,000
                                                            ----------          ----------          -----------        -----------
Net interest income after provision for loan losses          1,796,363           1,941,200            5,419,117          6,241,518

Noninterest income:
   Service charges and other fees                              218,757             152,895              607,359            620,377
   Extinguishment of facility lease                               --                  --                   --             (201,500)
   Net gain on sale of fixed assets                               --               472,312                 --              549,609
   Net gain (loss) on sale of loans                             16,184             (38,095)              16,184            (38,095)
   Loss on interest rate cap                                   (16,000)               --                (91,000)                --
   Net (loss) on available for sale securities                    --                  --                (63,802)          (171,539)
   Other income                                                 80,833              61,432              176,016            139,725
                                                            ----------          ----------          -----------        -----------
          Total noninterest income                             299,774             648,544              644,757            898,577

Noninterest expenses:
   Compensation and employee benefits                          967,508             877,829            2,816,214          2,670,756
   Premises and occupancy costs                                392,559             235,078            1,179,721            644,526
   Amortization of goodwill                                      8,254               8,254               24,761             24,761
   Federal insurance premium                                    25,626               9,117               60,344             42,469
   Loss on sale of foreclosed real estate                         --                87,033               65,471            172,377
   Marketing                                                    70,307             157,257              197,460            310,723
   Data processing costs                                       120,011              87,640              370,039            241,823
   Other expenses                                              377,603             447,693            1,189,577          1,140,938
                                                            ----------          ----------          -----------        -----------
          Total noninterest expense                          1,961,868           1,909,901            5,903,587          5,248,373
                                                            ----------          ----------          -----------        -----------

Income before income taxes                                     134,269             679,843              160,287          1,891,722
Income taxes                                                    34,000             240,200               47,116            559,443
                                                            ----------          ----------          -----------        -----------
Net income                                                  $  100,269          $  439,643          $   113,171        $ 1,332,279
                                                            ==========          ==========          ===========        ===========

Diluted earnings per share                                  $     0.07          $     0.29          $      0.07        $      0.85
                                                            ==========          ==========          ===========        ===========

Dividends per share                                         $     0.09          $     0.09          $      0.27        $      0.27
                                                            ==========          ==========          ===========        ===========
</TABLE>



See accompanying notes to unaudited consolidated financial statements.



                                        4
<PAGE>   5

                           PITTSBURGH FINANCIAL CORP.
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                     FOR THE NINE MONTHS ENDED JUNE 30, 2001
                                   (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                                                                                   (1,427,305)

ESOP shares released                                            --           (4,062)              --               --

RRP amortization                                                --               --               --               --

Cash dividends declared                                         --               --         (439,539)              --

Change in unrealized gain (loss)
  on investment securities available
  for sale, net of taxes                   $2,922,000           --               --               --               --

Less reclassification adjustment
  for gains included in net income            (63,802)
                                           ----------
Other comprehensive income                  2,858,198

Net gain for period                        $  113,171           --               --          113,171               --
                                           ----------
Comprehensive Income                       $2,971,369
                                           ==========      ----------------------------------------------------------
Balance as of June 30, 2001                                $21,821      $16,280,224      $15,970,479      $(8,302,096)
                                                           ==========================================================
</TABLE>


<TABLE>
<CAPTION>
                                               Unearned
                                               shares of
                                                Employee                              Accumulated
                                                 Stock             Unearned              other                 Total
                                               Ownership           shares of          comprehensive         Stockholders'
                                                  Plan               RRP                 (loss)                Equity
                                              -----------          ---------          -------------         ------------
<S>                                           <C>                  <C>                <C>                   <C>
Balance as of September 30, 2000              $(1,150,704)         $(230,300)         $(2,928,000)          $21,419,129

Treasury stock purchased                                                                                    (1,427,305)

ESOP shares released                              152,870                 --                   --              148,808

RRP amortization                                       --            159,480                   --              159,480

Cash dividends declared                                --                 --                   --             (439,539)

Change in unrealized gain (loss)
  on  investment securities available
  for sale, net of taxes                               --                 --            2,922,000            2,922,000

Less reclassification adjustment
  for gains included in net income

Other comprehensive income                                                                     --                   --

Net gain for period                                    --                 --                   --              113,171

Comprehensive Income
                                              ------------------------------------------------------------------------
Balance as of June 30, 2001                   $  (997,834)         $ (70,850)         $    (6,000)         $22,895,744
                                              ========================================================================
</TABLE>



                                        5
<PAGE>   6


                            PITTSBURGH FINANCIAL CORP
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                              For the nine months ended June 30,
                                                                                 2001                  2000
                                                                             -------------          ------------
                                                                                          (Unaudited)
<S>                                                                          <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                                   $    113,171           $  1,332,279
Adjustments to reconcile net income to net cash provided by
   operating activities:
     Depreciation and goodwill amortization                                       456,045                344,752
     Amortization and accretion of premiums and discounts on
       assets and deferred loan fees                                              691,153                775,485
     Amortization of RRP and release of ESOP shares                               308,288                282,167
     Provision for loan losses                                                    450,000                450,000
     Deferred tax provision (benefit)                                           2,871,290               (991,742)
     Other, net                                                                 2,146,919              2,722,329
                                                                             ------------           ------------
Net cash provided by operating activities                                       7,036,866              4,915,270

CASH FLOWS FROM INVESTING ACTIVITIES
Loan originations                                                             (34,915,087)           (72,941,096)
Loan principal repayments                                                      57,589,087             45,026,954
Purchase of loans                                                                (777,929)                  --
Net REO activity                                                                  257,366                586,264
Purchases of:
     Available for sale securities                                            (19,562,668)            (8,092,500)
Proceeds from sales, maturities and principal repayments of:
     Available for sale securities                                             24,373,956             18,325,405
Purchase of land, premises and equipment                                         (951,670)            (1,641,928)
Net sale of land, premises and equipment                                             --                  874,112
Other, net                                                                     (1,406,000)               778,000
                                                                             ------------           ------------
Net cash provided (used) by investing activities                               24,607,055            (17,084,789)

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in checking, passbook, and money market
     deposit accounts                                                           5,906,125                309,790
Net (decrease) increase in certificates of deposit                             (8,337,661)            10,748,610
(Decrease) increase in advances from the Federal Home Loan Bank               (23,651,000)             3,650,000
Cash dividends paid to shareholders                                              (439,539)              (464,928)
Purchase of treasury stock                                                     (1,427,305)            (1,119,347)
                                                                             ------------           ------------

Net cash (used) provided by financing activities                              (27,949,380)            13,124,125

Net increase in cash and cash equivalents                                       3,694,541                954,606
Cash and cash equivalents at beginning of period                                7,108,287              5,319,099
                                                                             ------------           ------------
Cash and cash equivalents at end of period                                   $ 10,802,828           $  6,273,705
                                                                             ============           ============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid during the period for interest                                     $ 17,678,159           $ 16,629,984
                                                                             ============           ============

Income taxes (refund) paid                                                   $ (1,256,582)          $    773,185
                                                                             ============           ============

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES

Foreclosed mortgage loans transferred to real estate owned                        258,276                980,104

Unrealized gain on securities available for sale                                4,428,000             (2,288,000)
Deferred income taxes                                                          (1,506,000)               778,000
                                                                             ------------           ------------
Accumulated other comprehensive income                                       $  2,922,000           $ (1,510,000)
                                                                             ============           ============
</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 interim consolidated financial statements of
         Pittsburgh Financial Corp. (formerly Pittsburgh Home Financial Corp.)
         (the "Company") have been prepared in accordance with accounting
         principles generally accepted in the United States for interim
         financial information and with the instructions to Form 10-Q.
         Accordingly, they do not include all of the information and footnotes
         required by accounting principles generally accepted in the United
         States. 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.

         The results of operations for the three and nine months ended June 30,
         2001 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 subsidiary, Pittsburgh Home Capital Trust I (the "Trust")
         is a Delaware business trust 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                       Nine months ended
                                                          June 30,                                 June 30,
                                                     2001            2000                   2001               2000
                                                     ----            ----                   ----               ----
<S>                                              <C>                 <C>                 <C>                 <C>
Numerator for basic and diluted earnings
per share - net income                           $  100,269          $  439,643          $  113,171          $1,332,279

Denominator:
  Denominator for basic earnings per
     share - weighted-average shares              1,457,648           1,527,540           1,515,141           1,558,587
   Effect of dilutive securities:
   Employee stock options                            23,205                --                 9,217               8,369
                                                 ----------          ----------          ----------          ----------
  Dilutive potential common shares                   23,205                --                 9,217               8,369
                                                 ----------          ----------          ----------          ----------
  Denominator for diluted earnings per
     share - adjusted weighted-average
     shares and assumed conversions               1,480,853           1,527,540           1,524,358           1,566,956
                                                 ==========          ==========          ==========          ==========
  Basic earnings per share                       $     0.07          $     0.29          $     0.07          $     0.85
                                                 ==========          ==========          ==========          ==========
  Diluted earnings per share                     $     0.07          $     0.29          $     0.07          $     0.85
                                                 ==========          ==========          ==========          ==========
</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 (111,187 and 129,451
         shares at June 30, 2001 and 2000, respectively) are excluded from basic
         average shares outstanding.










                                       8
<PAGE>   9

Note 4 - Recent Accounting and Regulatory Developments

                  On October 1, 2000, the Company adopted Statement of Financial
         Accounting Standard No. 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 for the nine months ended June 30, 2001 was a
         loss before income taxes of $91,000.

                  In June 2001, the Financial Accounting Standards Board issued
         Statements of Financial Accounting Standard No. 141, "Business
         Combinations," and No. 142, "Goodwill and Other Intangible Assets,"
         effective for fiscal years beginning after December 15, 2001. Under the
         new rules, goodwill and intangible assets deemed to have indefinite
         lives will no longer be amortized but will be subject to annual
         impairment tests in accordance with the Statements. Other intangible
         assets will continue to be amortized over their useful lives. The
         impact of adoption is not expected to materially affect the Company's
         financial condition or results of operations.










                                       9
<PAGE>   10
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FINANCIAL CONDITION

         At June 30, 2001, the Company's total assets amounted to $415.5 million
compared to $438.4 million at September 30, 2000, a decrease of 5.2%. Cash and
interest-bearing deposits increased $3.7 million or 52.1%, to $10.8 million at
June 30, 2001, compared to $7.1 million at September 30, 2000. Investments and
mortgage-backed securities decreased $5.0 million, or 5.0%, from $99.2 million
at September 30, 2000 to $94.2 million at June 30, 2001. In connection with the
Federal Deposit Insurance Corporation ("FDIC") Memorandum of Understanding
("MOU") (See page 19 "Regulatory Agreements"), the Company has been reducing its
reliance on short-term borrowings by utilizing its cash flow proceeds and paying
back short term borrowings. During the nine months ended June 30, 2001, the
Company's loans receivable, net of allowance, decreased $15.6 million, or 5.1%,
to $291.8 million at June 30, 2001 compared to $307.4 million at September 30,
2000. The decrease is attributable to $6.2 million in loans that were sold
during the third quarter in connection with the MOU and the principal
repayments of residential 1-4 family mortgage loans.

         Total liabilities decreased by $24.4 million or 5.9%, to $392.6 million
at June 30, 2001 compared to $417.0 million at September 30, 2000. Deposits
decreased by $2.5 million, or 1.2% to $203.2 million at June 30, 2001 compared
to $205.7 million at September 30, 2000 primarily as a result of an $11.3
million decrease in Commonwealth of Pennsylvania certificates of deposit which
were partially offset by an increase of $8.8 million in retail deposits.
Borrowings decreased $23.6 million or 12.0% to $172.6 million at June 30, 2001
compared to $196.2 million at September 30, 2000. (See page 19 "Regulatory
Agreements"). Guaranteed preferred beneficial interest in subordinated debt
totaled $10.8 million at June 30, 2001.

         Total stockholders' equity increased $1.5 million or 7.0% to $22.9
million at June 30, 2001 compared to $21.4 million at September 30, 2000. The
increase was primarily attributable to a $2.9 million increase in other
comprehensive income which was materially impacted by the improvement in the
market value of the Company's available for sale investment securities
portfolio.







                                       10
<PAGE>   11

RESULTS OF OPERATIONS

         GENERAL. The Company reported net income for the quarter ended June 30,
2001 of $100,000 as compared to $440,000 for the same quarter in 2000. For the
nine months ended June 30, 2001, net income was $113,000 as compared to $1.33
million for the nine months ended June 30, 2000. The decrease of $340,000 in net
income for the three months ended June 30, 2001 compared to the three months
ended June 30, 2000 was primarily the result of a $145,000 decrease in net
interest income (due to a $389,000 decrease in interest income, partially offset
by a $244,000 decrease in interest expense), a $349,000 decrease in noninterest
income, and a $52,000 increase in noninterest expense, partially offset by a
$206,000 decrease in income taxes. The decrease of $1.2 million in net income
for the nine months ended June 30, 2001 compared to the nine months ended June
30, 2000 was primarily the result of an $823,000 decrease in net interest income
(due to a $36,000 increase in interest income offset by an $859,000 increase in
interest expense), a $254,000 decrease in noninterest income and a $656,000
increase in noninterest expense, partially offset by a $512,000 decrease in
income taxes.

         For the quarter ended June 30, 2001, the Company recognized a pre-tax
net gain on sale of $6.2 million in residential mortgage loans of $16,000 and a
write down of an interest rate cap of $16,000. This compares to a pre-tax net
gain on the sale of fixed assets of $472,000, a pre-tax net loss on the sale of
residential mortgage loans of $38,000, and a pre-tax net loss on the sale of
foreclosed real estate of $87,000 for the quarter ended June 30, 2000. Excluding
the aforementioned non-core items, net income for the quarter ended June 30,
2001 was $100,000 as compared to $200,000 for the same quarter in 2000, a
decrease of 50.0%. For the nine months ended June 30, 2001, the Company
recognized a pre-tax net loss on investment sales of $64,000, a write down of an
interest rate cap of $91,000, and a pre-tax net loss on the sale of foreclosed
real estate of $65,000, partially offset by a pre-tax net gain on the sale of
residential mortgage loans of $16,000. This compares to a pre-tax net loss on
investment sales of $172,000, a pre-tax net loss on the sale of foreclosed real
estate of $172,000, a pre-tax net loss on the sale of residential mortgage loans
of $38,000 and a pre-tax loss on the early extinguishment of a facility lease of
$202,000, offset by a net gain on the sale of fixed assets of $550,000 for the
nine months ended June 30, 2000. Excluding the aforementioned non-core items,
net income for the nine months ended June 30, 2001 was $266,000 as compared to
$1.36 million for the nine months ended June 30, 2000, a decrease of 80.4%.

         The Company's interest rate spread decreased from 1.78% for the three
months ended June 30, 2000 to 1.61% for the three months ended June 30, 2001.
This decrease was primarily attributable to a decrease in yield on the Company's
earning assets of 19 basis points from 7.51% for the three months ended June 30,
2000 to 7.32% for the three months ended June 30, 2001. This was offset by a
decrease in the Company's cost of funds of 2 basis points from 5.73% for the
three months ended June 30, 2000 to 5.71% for the three months ended June 30,
2001. As a result of the above, combined with a smaller asset base, the
Company's net interest income decreased from $2.09 million for the three months
ended June 30, 2000 to $1.95 million for the same quarter in 2001, a decrease of
$145,000 or 6.9%.


                                       11
<PAGE>   12

         The Company's interest rate spread decreased from 1.93% for the nine
months ended June 30, 2000 to 1.59% for the nine months ended June 30, 2001.
This decrease was primarily attributable to the Company's cost of funds which
increased 31 basis points from 5.54% for the nine months ended June 30, 2000 to
5.85% for the nine months ended June 30, 2001. This was primarily a result of
the Company's extension of maturities on liabilities on its funding side in an
effort to reduce its exposure to short term liabilities and the related effect
on its interest rate risk profile. As a result of these items, combined with a
smaller asset base, the Company's net interest income decreased from $6.69
million for the nine months ended June 30, 2000 to $5.87 million for the nine
months ended June 30, 2001, a decrease of $820,000 or 12.3%.

         Noninterest income, excluding the gain on the sale of residential
mortgage loans and the write down of the interest rate cap, increased for the
quarter by $86,000 or 40.2% and $23,000 or 3.1% for the nine months ended June
30, 2001. Noninterest expense, excluding the losses on the sale of foreclosed
real estate, increased $139,000 or 7.6% from the year ago quarter and increased
$762,000 or 15.0% for the nine months ended June 30, 2000.

         The Company reported diluted earnings per share of $.07 for the quarter
ended June 30, 2001, compared to $.29 per share for the same quarter in 2000.
Excluding the non-core items noted above, diluted earnings per share were $.07
for the quarter ended June 30, 2001 and $.13 for the same quarter in 2000.
Diluted earnings per share was $.07 for the nine months ended June 30, 2001
compared to $.85 for the same period in 2000. Excluding the non-core items noted
above, diluted earnings per share were $.17 for the nine months ended June 30,
2001 and $.87 for the same period in 2000.

         INTEREST INCOME. Interest income decreased $389,000 or 5.0% for the
quarter ended June 30, 2001, compared to the same period in 2000. Interest
income increased $36,000 or 1.6% for the nine months ended June 30, 2001,
compared to the same period in 2000. The average balance on loans receivable
decreased by $20.2 million for the quarter and increased $712,000 for the nine
months ended June 30, 2001, and the related yields increased .04% from 7.66% to
7.70% for the quarter and .03% from 7.66% to 7.69% for the nine months ended
June 30, 2001 when compared to the same periods in 2000. 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, 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 Company's primary business for many years.








                                       12
<PAGE>   13


     Average Balances, Net Interest Income and Yields Earned and Rates Paid
                       For the three months ended June 30,
<TABLE>
<CAPTION>
                                                                2001                                       2000
                                                 ---------------------------------------    ---------------------------------------
                                                                               Average                                    Average
                                                 Average                        Yield/       Average                       Yield/
                                                 Balance       Interest          Rate        Balance        Interest        Rate
                                                ---------------------------------------     ---------------------------------------
<S>                                             <C>             <C>             <C>         <C>            <C>            <C>
(Dollars in Thousands)
Interest-earning assets:
 Investment securities                          $ 41,066        $  758          7.38%       $ 35,709       $  713         7.99%
 Mortgage-backed securities                       58,264           881          6.05          61,228        1,021         6.67
Loans receivable:
 First mortgage loans                            227,630         4,327          7.60         267,312        5,035         7.53
 Other loans                                      66,379         1,331          8.02          46,848          983         8.39
                                                --------        ------                      --------       ------
Total loans receivable                           294,009         5,658          7.70         314,160        6,018         7.66
Other interest-earning assets                     11,131           104          3.74           3,892           38         3.91
                                                --------        ------                      --------       ------
Total interest-earning assets                    404,470        $7,401          7.32%        414,989       $7,790         7.51%
                                                                                ====                                      ====
Non-interest earning assets                       13,362                                      15,750
                                                --------                                    --------
Total assets                                    $417,832                                    $430,739
                                                ========                                    ========

Interest-bearing liabilities:
 Deposits                                       $197,232        $2,529          5.13%       $173,213       $2,110         4.87%
 FHLB advances and other                         173,391         2,678          6.18         213,307        3,336         6.26
 Guaranteed preferred beneficial
   interest in subordinated debt                  11,500           248          8.63          11,500          252         8.77
                                                --------        ------                      --------       ------
Total interest-bearing liabilities              $382,123        $5,455          5.71%       $398,020       $5,698         5.73%
                                                                                ====                                      ====
Non-interest bearing liabilities                  12,946                                      12,142
                                                --------                                    --------
Total liabilities                                395,069                                     410,162
Stockholders' equity                              22,763                                      20,577
                                                --------                                    --------
Total liabilities and stockholders' equity      $417,832                                    $430,739
                                                ========                                    ========

Net interest-earning assets                     $ 22,347                                    $ 16,969
                                                ========                                    ========
Net interest income/interest rate spread                        $1,946          1.61%                      $2,092         1.78%
                                                                ======          ====                       ======         ====
Net interest margin                                                             1.92%                                     2.02%
                                                                                ====                                      ====
</TABLE>





                                       13
<PAGE>   14

     Average Balances, Net Interest Income and Yields Earned and Rates Paid
                       For the nine months ended June 30,
<TABLE>
<CAPTION>
                                                                2001                                       2000
                                                 ---------------------------------------    ---------------------------------------
                                                                               Average                                    Average
                                                 Average                        Yield/       Average                       Yield/
                                                 Balance       Interest          Rate        Balance        Interest        Rate
                                                ---------------------------------------     ---------------------------------------
<S>                                             <C>             <C>             <C>         <C>            <C>            <C>
(Dollars in Thousands)
Interest-earning assets:
 Investment securities                          $ 46,622      $  2,612          7.47%       $ 39,389       $ 2,242        7.59%
 Mortgage-backed securities                       59,133         2,880          6.49          66,653         3,366        6.73
Loans receivable:
 First mortgage loans                            240,943        13,744          7.61         264,938        14,922        7.51
 Other loans                                      63,157         3,792          8.01          38,450         2,513        8.71
                                                --------      --------                      --------       -------
Total loans receivable                           304,100        17,536          7.69         303,388        17,435        7.66
Other interest-earning assets                      6,224           178          3.81           3,828           126        4.39
                                                --------      --------                      --------       -------
Total interest-earning assets                    416,079      $ 23,206          7.44%        413,258       $23,169        7.48%
                                                                                ====                                      ====
Non-interest earning assets                       15,512                                      16,255
                                                --------                                    --------
Total assets                                    $431,591                                    $429,513
                                                ========                                    ========
Interest-bearing liabilities:
 Deposits                                       $198,645      $  7,908          5.31%       $167,840       $ 5,810        4.62%
 FHLB advances and other                         184,840         8,672          6.26         217,139         9,886        6.07
 Guaranteed preferred beneficial
   interest in subordinated debt                  11,500           757          8.78          11,500           757        8.78
 Escrows                                                                                          --            25          --
                                                --------      --------                      --------       -------
 Total interest-bearing liabilities             $394,985      $ 17,337          5.85%       $396,479       $16,478        5.54%
                                                                                ====                                      ====
Non-interest bearing liabilities                  13,828                                      12,265
                                                --------                                    --------
Total liabilities                                408,813                                     408,744
Stockholders' equity                              22,778                                      20,769
                                                --------                                    --------
Total liabilities and stockholders' equity      $431,591                                    $429,513
                                                ========                                    ========

Net interest-earning assets                     $ 21,094                                    $ 16,779
                                                ========                                    ========
Net interest income/interest rate spread                       $ 5,869          1.59%                      $ 6,691        1.93%
                                                               =======          ====                       =======        ====
Net interest margin                                                             1.88%                                     2.16%
                                                                                ====                                      ====
</TABLE>



                                       14
<PAGE>   15

         The average balance of investment and mortgage-backed securities
totaled $99.3 million with a weighted average yield of 6.60% and $105.8 million
with a weighted average yield of 6.92% for the three and nine months ended June
30, 2001 compared to $96.9 million with a weighted average yield of 7.16% and
$106.0 million with a weighted average yield of 7.05% for the same periods in
2000.

Loans receivable, net at June 30, 2001 and September 30, 2000 are summarized
below:
<TABLE>
<CAPTION>

                                                June 30, 2001         September 30, 2000
                                                -------------         ------------------
<S>                                            <C>                     <C>
First mortgage loans:
Secured by 1-4 family residence                 $213,378,677            $241,069,737
1-4 family residential construction                4,993,959               8,810,462
1-4 family residential construction -
    builder                                       14,538,423              15,322,026
Commercial real estate -construction              14,204,451              10,839,388
Commercial real estate                            27,931,758              20,418,077
Less loans in process                             (8,614,327)            (13,221,686)
Deferred loan costs                                  463,436                 520,946
Unamortized premium on mortgage loans                 61,884                  50,690
                                                ------------            ------------
Total first mortgage loans                       266,958,261             283,809,640

Home equity loans and lines of credit             21,226,302              21,508,266
Other loans                                        6,164,580               4,348,056

Less allowance for loan losses                    (2,503,693)             (2,237,555)
                                                ------------            ------------
                                                $291,845,450            $307,428,407
                                                ============            ============
</TABLE>



         INTEREST EXPENSE. Interest expense decreased $244,000 or 4.3% and
increased $859,000 or 6.1% for the three and nine months ended June 30, 2001,
compared to the same periods in 2000. The average cost of funds for the three
months ended June 30, 2001 decreased to 5.71% from 5.73% and the average balance
of interest-bearing liabilities decreased $15.9 million when compared to the
same period in 2000. For the nine months ended June 30, 2001 the average cost of
funds increased to 5.85% from 5.54% which was partially offset by a decline of
$1.5 million in the average balance of interest-bearing liabilities when
compared to the same period in 2000. Average deposits increased $24.0 million or
13.9% and $30.8 million or 18.4% for the three and nine months ended June 30,
2001 when compared to the same periods in 2000. Average borrowed funds decreased
$39.9 million and $32.3 million for the three and nine months ended June 30,
2001 when compared to the same periods in 2000. One of the directives of the
FDIC's MOU was to have the Company reduce its reliance on short term borrowings.
(See page 19


                                       15
<PAGE>   16


"Regulatory Agreements"). 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 trust preferred securities of
Pittsburgh Home Capital Trust I totaled $248,000 and $757,000 for the three and
nine months ended June 30, 2001 when compared to $252,000 and $757,000 for the
same periods in 2000.

         PROVISION FOR LOAN LOSSES. It is management's policy to maintain an
allowance for estimated losses based on the risk of loss in the loan portfolio.
Management's periodic evaluation of the adequacy of the allowance is based on
the Company's 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.
Management classifies all delinquent assets as Special Mention, Substandard,
Doubtful or Loss. 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 potential loss to the
remaining unclassified loan portfolio. Activity for the period under analysis is
also taken into account (charge offs, recoveries, provision). 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 June 30, 2001 and 2000:
<TABLE>
<CAPTION>
                                                 June 30, 2001        June 30, 2000
                                                 -------------        -------------
<S>                                                <C>                  <C>
Balance at beginning of year                       $2,237,555           $1,956,744
Provision charged to income                           450,000              450,000
Chargeoffs                                           (186,007)            (244,902)
Recoveries                                              2,145                3,001
                                                   -----------          ----------
Balance at end of period                           $2,503,693           $2,164,843
                                                   ==========           ==========
</TABLE>

         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. The Company's non-performing
assets increased from $2.6 million at September 30, 2000 to $4.0 million at June
30, 2001. This $1.4 million increase was primarily attributable to a $1.7
million increase in non-accruing loans offset by a $257,000 decrease in
foreclosed real estate. The Company recognized pre-tax net losses of $65,000 on
the sale of foreclosed real estate for the nine months ended June 30, 2001.



                                       16
<PAGE>   17

         The allowance is increased by provisions for loan losses, which are
charged against income. During the three and nine months ended June 30, 2001,
the Company recorded provisions for losses on loans of $150,000 and
$450,000,respectively, which were the same provisions for losses on loans in the
same periods in the prior year.

         NONINTEREST INCOME. Noninterest income decreased by $349,000 or 53.8%
and $254,000 or 28.2% for the three and nine months ended June 30, 2001 compared
to the same periods in 2000. As noted above, the Company recognized a pre-tax
net gain on sale of residential mortgage loans of $16,000 for the quarter and
nine months ended June 30, 2001, which was offset by a loss on the sale of
investments of $0 and $64,000, and a write down of the interest rate cap of
$16,000 and $91,000 for the quarter and nine months ended June 30, 2001.
Excluding the aforementioned non-core items, noninterest income increased
$86,000 or 40.2% from $214,000 for the quarter ended June 30, 2000 to $300,000
for the quarter ended June 30, 2001; and $23,000 or 30.6% from $760,000 for the
nine months ended June 30, 2000 to $783,000 for the nine months ended June 30,
2001. The increase is primarily attributable to increases in service charges and
other fees and other income.

         NONINTEREST EXPENSE. Noninterest expense increased by $52,000 or 2.7%
and $656,000 or 12.5% for the three and nine months ended June 30, 2001,
compared to the same periods in 2000. The increase is primarily attributable to
the premises and occupancy costs of the subsidiary Bank's new branch and other
offices, which increased $158,000 and $535,000 for the three and nine months
ended June 30, 2001. Compensation and employee benefits increased $90,000 and
$145,000, and data processing costs increased $32,000 and $128,000 which were
offset by a decrease of $87,000 and $113,000 in marketing expenses for the three
and nine months ended June 30, 2001, respectively, when compared to the same
periods in 2000. The increase in premises and occupancy costs was 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 compensation and employee benefits is
the result of new branch staffing and the development of the cash management
department. The increase in data processing costs relates to services provided
to the new branch offices, along with increased costs associated with the
Company's strategic technology initiatives.

         PROVISION FOR INCOME TAXES. The Bank recognized a provision for income
taxes of $34,000 and $47,000 for the three and nine months ended June 30, 2001,
compared with a provision of $240,000 and $559,000 for the same periods in 2000.
The effective tax rates during the nine months ended June 30, 2001 and 2000
were 29.4% and 29.6%, respectively.


                                       17
<PAGE>   18


LIQUIDITY AND CAPITAL RESOURCES

         The Company's primary sources of funds are deposits, FHLB borrowings,
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 June 30, 2001, the
Company had $152.6 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 June 30, 2001, the total approved loan commitments
outstanding amounted to $13.4 million including $8.6 million in loans in
process, and unused lines of credit amounted to $7.3 million. Certificates of
deposit scheduled to mature in one year or less at June 30, 2001, totaled $97.4
million. Management believes that a significant portion of maturing deposits
will remain with the Bank.

















                                       18
<PAGE>   19

REGULATORY AGREEMENTS


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

         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 was 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 have included,
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. Pursuant to the MOU, the Bank also
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 were submitted by the Bank to the regulators
describing the actions taken to ensure compliance with the MOU. The Bank took
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. On June 23, 2001, the
Department and the FDIC rescinded the MOU.

        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.




                                       19
<PAGE>   20

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                          7.83%        14.25%            15.34%
Minimum capital required as a percentage                    4.00%         4.00%             8.00%
                                                            ====         =====             =====
Excess regulatory capital as a percentage                   3.83%        10.25%             7.34%
                                                            ====         =====             =====
Well-capitalized requirement                                5.00%         6.00%            10.00%
                                                            ====         =====             =====
</TABLE>

"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

          Management presently monitors and evaluates the potential impact of
interest rate changes upon the level of net interest income and the economic
value of the Company's equity ("EVE") on a monthly basis. EVE is the difference
between incoming and outgoing discounted cash flows from assets, liabilities,
and off-balance sheet contracts. The Company focuses on the impact of a plus and
minus 200 basis point immediate interest rate shock on its net interest income.
The Company utilizes the Sendero system for its in-house modeling efforts and
also works with an outside banking consultant in modeling its interest rate risk
position.


                                       20
<PAGE>   21

The following table presents the Company's EVE as of June 30, 2001:
<TABLE>
<CAPTION>
                                     Economic Value of Portfolio Equity
--------------------------------------------------------------------------------------------------------------
     Change in                                  Estimated EVE
   Interest Rates          Estimated           as a Percentage        Amount of
   (basis points)             EVE                 of Assets             Change                   Percent
-------------------------------------------------------------------------------------------------------------
                                              (Dollars in Thousands)
   <S>                     <C>                 <C>                    <C>                       <C>
         +400               $8,748                    2.0%             $(24,283)                 (73.5)%
         +300               14,773                    3.4               (18,258)                 (55.3)
         +200               21,346                    5.0               (11,685)                 (35.4)
         +100               30,139                    7.0                (2,892)                  (8.8)
          --                33,031                    7.7                     --                    --
         -100               27,509                    6.4                (5,522)                 (16.7)
         -200               17,828                    4.1               (15,203)                 (46.0)
         -300               12,546                    2.9               (20,485)                 (62.0)
         -400                2,608                    0.6               (30,423)                 (92.1)

</TABLE>

The following table presents the Company's EVE as of September 30, 2000:
<TABLE>
<CAPTION>
                                     Economic Value of Portfolio Equity
-------------------------------------------------------------------------------------------------------------
     Change in                                  Estimated EVE
   Interest Rates          Estimated           as a Percentage        Amount of
   (basis points)             EVE                 of Assets             Change                   Percent
-------------------------------------------------------------------------------------------------------------
                                              (Dollars in Thousands)
   <S>                     <C>                 <C>                    <C>                       <C>

         +400               $(1,304)                 (0.3)%            $(29,930)                (104.6)%
         +300                  5,215                  1.2               (23,411)                 (81.8)
         +200                 12,882                  2.9               (15,744)                 (55.0)
         +100                 20,757                  4.7                (7,869)                 (27.5)
          --                  28,626                  6.5                    --                     --
         -100                 29,839                  6.7                 1,213                    4.2
         -200                 21,451                  4.8                (7,175)                 (25.1)
         -300                 10,109                  2.3               (18,517)                 (64.7)
         -400                    401                  0.1               (28,225)                 (98.6)
</TABLE>



                                       21
<PAGE>   22

As noted on the previous tables, significant increases or decreases in interest
rates may adversely affect the Company's net interest income and/or EVE because
of the excess of interest-bearing liabilities over interest-earning assets
repricing within shorter periods and because the Company's adjustable-rate,
interest-earning assets generally are not as responsive to changes in interest
rates as its interest-bearing liabilities due to terms which generally permit
only annual adjustments to the interest rate and which generally limit the
amount which interest rates can adjust at such time and over the life of the
related asset. In addition, the proportion of adjustable-rate loans and assets
in the Company's loan and investment portfolio could decrease in future periods
if market rates of interest remain at or decrease below current levels.























                                       22
<PAGE>   23

                           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) None.
        (b) No Form 8-K reports were filed during the quarter.









                                       23
<PAGE>   24

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



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











                                       24