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 September 30, 2003.

[ ] 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         0-24948
                       ---------------------------------------------------------

                                PVF Capital Corp.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         Ohio                              34-1659805
--------------------------------------------------------------------------------
(State or other jurisdiction of           (I.R.S. Employer
  incorporation or organization)         Identification No.)

              30000 Aurora Road, Solon, Ohio            44139
--------------------------------------------------------------------------------
(Address of principal executive offices)              (Zip Code)

                                 (440) 248-7171
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
--------------------------------------------------------------------------------
        (Former name, former address and former fiscal year, if changed
                               since last report.)

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

                                    YES            NO  X
                                        ---           ---

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

  Common Stock, $0.01 Par Value                          6,379,934
--------------------------------------------------------------------------------
            (Class)                          (Outstanding at November 12, 2003)

<PAGE>



                                PVF CAPITAL CORP.


                                      INDEX


                                                                           Page

Part I   Financial Information

  Item 1 Financial Statements

         Consolidated Statements of Financial
         Condition, September 30, 2003 (unaudited)
         and June 30, 2003.                                                  1

         Consolidated Statements of Operations for
         the three months ended September 30,
         2003 and 2002 (unaudited).                                          2

         Consolidated Statements of Cash Flows for
         the three months ended September 30, 2003
         and 2002 (unaudited).                                               3

         Notes to Consolidated Financial
         Statements (unaudited).                                             4

  Item 2 Management's Discussion and Analysis of
         Financial Condition and Results of
         Operations                                                          6

  Item 3 Quantitative and Qualitative Disclosures
         About Market Risk                                                  11

  Item 4 Controls and Procedures                                            11

Part II  Other Information                                                  12



<PAGE>
PART I   FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS



                                PVF CAPITAL CORP.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>

                                                                                             September 30,          June 30,
                                      ASSETS                                                     2003                 2003
                                      ------                                                  unaudited
                                                                                            -------------         ----------
<S>                                                                                             <C>                     <C>
Cash and cash equivalents:
     Cash and amounts due from depository institutions                                        $10,663,684          $9,755,224
     Interest bearing deposits                                                                  1,599,038           3,946,019
     Federal funds sold                                                                        10,050,000          83,050,000
                                                                                              -----------         -----------

Total cash and cash equivalents                                                                22,312,722          96,751,243
Securities held to maturity                                                                             0              33,252
Mortgage-backed securities held to maturity                                                    41,704,862           2,964,798
Loans receivable held for sale, net                                                            18,460,848          33,603,895
Loans receivable, net of allowance of
       $3,982,839 and $3,882,839                                                              571,825,335         579,670,681
Office properties and equipment, net                                                           12,080,994          11,555,919
Real estate owned, net                                                                                  0             448,865
Federal Home Loan Bank stock                                                                   10,501,128          10,396,399
Prepaid expenses and other assets                                                              10,189,640           7,978,751
                                                                                             ------------        ------------
Total Assets                                                                                 $687,075,529        $743,403,803
                                                                                             ============        ============


                       LIABILITIES AND STOCKHOLDERS' EQUITY
                       ------------------------------------
Liabilities
   Deposits                                                                                  $479,146,382        $526,428,927
   Advances from the Federal Home Loan Bank of Cincinnati                                     120,112,843         120,123,220
   Notes payable                                                                                5,295,695           5,815,150
   Advances from borrowers for taxes and insurance                                              4,661,014           7,964,653
   Accrued expenses and other liabilities                                                      16,751,545          24,468,717
                                                                                             ------------        ------------
Total Liabilities                                                                             625,967,479         684,800,667

Stockholders' Equity
   Serial preferred stock, none issued                                                                 --                  --
   Common stock, $0.01 par value, 15,000,000 shares authorized;
       6,718,008 and 6,717,283 shares issued, respectively                                         67,180              67,173
   Additional paid-in-capital                                                                  47,181,176          47,176,696
   Retained earnings                                                                           16,986,887          14,486,460
   Treasury Stock, at cost 343,519 shares                                                      (3,127,193)         (3,127,193)
                                                                                             ------------        ------------
Total Stockholders' Equity                                                                     61,108,050          58,603,136
                                                                                             ------------        ------------
Total Liabilities and Stockholders' Equity                                                   $687,075,529        $743,403,803
                                                                                             ============        ============
</TABLE>

                                     Page 1
<PAGE>
PART I   FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS


                                PVF CAPITAL CORP.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                             Three Months Ended
                                                                                                September 30,
                                                                             ----------------------------------------------
                                                                                            2003                  2002
<S>                                                                                         <C>                    <C>
Interest income
   Loans                                                                                 $ 9,463,528          $10,434,466
   Mortgage-backed securities                                                                443,442              100,332
   Cash and securities                                                                       151,391              869,688
                                                                                         -----------          -----------
               Total interest income                                                      10,058,361           11,404,486
                                                                                         -----------          -----------

Interest expense
   Deposits                                                                                2,930,179            4,430,307
   Borrowings                                                                              1,380,711            1,395,004
                                                                                         -----------          -----------

               Total interest expense                                                      4,310,890            5,825,311
                                                                                         -----------          -----------

               Net interest income                                                         5,747,471            5,579,175

Provision for loan losses                                                                    100,000                    0
                                                                                         -----------          -----------

               Net interest income after provision for loan losses                         5,647,471            5,579,175
                                                                                         -----------          -----------

Noninterest income
   Service and other fees                                                                    146,646              129,424
   Mortgage banking activities, net                                                        2,673,247              596,314
   Other, net                                                                                491,463               24,090
                                                                                         -----------          -----------

               Total noninterest income                                                    3,311,356              749,828
                                                                                         -----------          -----------

Noninterest expense
   Compensation and benefits                                                               2,506,396            2,103,560
   Office properties and equipment                                                           797,724              747,170
   Other                                                                                   1,233,925              950,712
                                                                                         -----------          -----------

               Total noninterest expense                                                   4,538,045            3,801,442
                                                                                         -----------          -----------

               Income before federal income tax provision                                  4,420,782            2,527,561

Federal income tax provision                                                               1,488,700              840,475
                                                                                         -----------          -----------

               Net income                                                                $ 2,932,082          $ 1,687,086
                                                                                         ===========          ===========

Basic earnings per share                                                                       $0.46                $0.26
                                                                                               =====                =====
Diluted earnings per share                                                                     $0.45                $0.26
                                                                                               =====                =====
Dividends declared per common share                                                           $0.074               $0.067
                                                                                              ======               ======
</TABLE>

See accompanying notes to consolidated financial statements

                                     Page 2
<PAGE>
PART I   FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS

                                PVF CAPITAL CORP.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                    Three Months Ended
                                                                                                        September 30,
                                                                                           --------------------------------------
                                                                                                     2003              2002
<S>                                                                                                     <C>                  <C>
OPERATING ACTIVITIES
   Net Income                                                                                   $    2,932,082      $  1,687,086
   Adjustments to reconcile net income to net cash from operating activities
      Depreciation                                                                                     378,393           316,820
      Provision for loan losses                                                                        100,000                 0
      Accretion of unearned discount and deferred loan origination fees, net                          (311,349)         (291,047)
      Gain on sale of loans, net                                                                    (3,116,285)         (647,999)
      Gain on sale of real estate owned, net                                                          (438,928)                0
      Federal Home Loan Bank stock dividends                                                          (104,729)         (131,415)
      Change in accrued interest on investments, loans, and borrowings, net                            (82,674)           24,778
      Origination of loans receivable held for sale, net                                          (138,941,988)      (74,105,651)
      Sale of loans receivable held for sale, net                                                  157,201,320        64,544,110
      Net change in other assets and other liabilities, net                                        (13,682,643)        1,500,868

                                                                                                  ------------      ------------
               Net cash from operating activities                                                    3,933,199        (7,102,450)
                                                                                                  ------------      ------------

INVESTING ACTIVITIES
      Loan and mortgage-backed securities repayments and originations, net                           9,702,416       (16,112,815)
      Purchase of mortgage-backed securities held for investment                                   (39,853,303)                0
      Disposals of real estate owned                                                                   888,928            22,779
      Securities maturities                                                                             33,252         5,023,492
      Additions to office properties and equipment, net                                               (903,468)         (958,826)
                                                                                                  ------------      ------------

               Net cash from investing activities                                                  (30,132,175)      (12,025,370)
                                                                                                  ------------      ------------

FINANCING ACTIVITIES
      Net increase in demand deposits, NOW, and passbook savings                                     1,956,879         5,453,684
      Net decrease in time deposits                                                                (49,239,424)         (591,787)
      Net increase (decrease) in Federal Home Loan Bank advances                                       (10,377)        9,985,652
      Net decrease in notes payable                                                                   (519,455)         (517,970)
      Purchase of treasury stock                                                                             0           (22,054)
      Proceeds from exercise of stock options                                                            4,488            31,211
      Cash dividend paid                                                                              (431,656)         (396,029)
                                                                                                  ------------      ------------

               Net cash from financing activities                                                  (48,239,545)       13,942,707
                                                                                                  ------------      ------------


Net decrease in cash and cash equivalents                                                          (74,438,521)       (5,185,113)

Cash and cash equivalents at beginning of period                                                    96,751,243        14,313,688
                                                                                                  ------------      ------------
Cash and cash equivalents at end of period                                                        $ 22,312,722      $  9,128,575
                                                                                                  ============      ============

Supplemental disclosures of cash flow information:
  Cash payments of interest expense                                                               $  4,309,947      $  5,842,819
  Cash payments of income taxes                                                                   $  3,070,000      $    230,000
</TABLE>

                                    Page 3
<PAGE>
Part I Financial Information
Item 1

                                PVF CAPITAL CORP.

                   Notes to Consolidated Financial Statements

                           September 30, 2003 and 2002
                                   (Unaudited)

1.   The accompanying consolidated interim financial statements were prepared in
     accordance with  regulations of the Securities and Exchange  Commission for
     Form 10-Q. All information in the consolidated interim financial statements
     is  unaudited  except  for the  June 30,  2003  consolidated  statement  of
     financial  condition  which  was  derived  from the  Corporation's  audited
     financial   statements.   Certain  information   required  for  a  complete
     presentation in accordance with generally  accepted  accounting  principles
     has been condensed or omitted. However, in the opinion of management, these
     interim financial  statements  contain all adjustments,  consisting only of
     normal  recurring  accruals,   necessary  to  fairly  present  the  interim
     financial information. The results of operations for the three months ended
     September  30,  2003 are not  necessarily  indicative  of the results to be
     expected  for the entire  year ending June 30,  2004.  PVF Capital  Corp.'s
     common  stock is traded on the  NASDAQ  SMALL-CAP  ISSUES  under the symbol
     PVFC.

2.   Stock Compensation:  Employee  compensation expense under stock is reported
     using the intrinsic  valuation method. No stock-based  compensation cost is
     reflected in net income, as all options granted had an exercise price equal
     to or greater than the market price of the  underlying  common stock at the
     date of grant. The following table illustrates the effect on net income and
     earnings per share if expense was measured using the fair value recognition
     provisions  of  FASB  Statement  No.  123,   "Accounting  for  Stock  Based
     Compensation."
<TABLE>
<CAPTION>

                                                                                       Three Months Ended
                                                                                         September 30,
                                                                                    2003                2002
                                                                             ------------------- -------------------
          <S>                                                                           <C>                <C>
         Net Income as reported                                                      $2,932,082          $1,687,086

         Less: Pro forma compensation
               expense, net of tax                                                   $   26,130          $   31,034
                                                                                     ----------          ----------

         Pro forma net income                                                        $2,905,952          $1,656,052
                                                                                     ==========          ==========

         Basic earnings per share                                                        $ 0.46              $ 0.26

         Pro forma basic earnings per share                                              $ 0.46              $ 0.26

         Diluted earnings per share                                                      $ 0.45              $ 0.26

         Pro forma diluted earnings per share                                            $ 0.45              $ 0.26
</TABLE>

                                     Page 4
<PAGE>
Part I Financial Information
Item 1

3.   The following table discloses earnings per share for the three months ended
     September 30, 2003 and September 30, 2002.
<TABLE>
<CAPTION>

                                                                  Three months ended September 30,
                                                     2003                                            2002
                                      -------------------------------------         --------------------------------------
                                        Income        Shares      Per-Share           Income        Shares      Per-Share
                                      (Numerator)  (Denominator)    Amount          (Numerator)  (Denominator)     Amount
                                      -----------  -------------  ---------         -----------  -------------  ----------
<S>                                     <C>            <C>          <C>                <C>            <C>           <C>
BASIC EPS
 Income available to
  common stockholders                 $2,932,082     6,374,180      $ 0.46          $1,687,086     6,371,131      $ 0.26

EFFECT OF STOCK OPTIONS                                151,706        0.01                            67,167        0.00

DILUTED EPS
 Income available to
  common stockholders                 $2,932,082     6,525,886      $ 0.45          $1,687,086     6,438,298      $ 0.26
</TABLE>


4.   Mortgage  Banking  Activities:  The Company  services real estate loans for
     investors that are not included in the accompanying  condensed consolidated
     financial  statements.  Mortgage  servicing rights are established based on
     the allocated fair value of servicing  rights retained on loans  originated
     by the  bank  and  subsequently  sold  in the  secondary  market.  Mortgage
     servicing  rights are included in the  consolidated  statement of financial
     condition under the caption "Prepaid expenses and other assets."
<TABLE>
<CAPTION>

                                                                      2003                           2002
                                                                      ----                           ----
<S>                                                                   <C>                            <C>
Servicing rights:
 Beginning of period                                              $4,655,182                     $3,255,147
 Additions                                                         2,144,654                        556,247
 Valuation allowance credited
  to expense                                                        (670,000)                             0
 Amortized to expense                                               (850,923)                      (392,698)
                                                                  ----------                     ----------
 End or period                                                    $5,278,913                     $3,418,696
                                                                  ==========                     ==========
Valuation allowance:
 Beginning of period                                              $  670,000                     $        0
 Reductions credited to expense                                      670,000                              0
                                                                  ----------                     ----------
 End of period                                                    $        0                     $        0
                                                                  ==========                     ==========
</TABLE>

<PAGE>
Part I Financial Information
Item 2

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

The following analysis  discusses changes in financial  condition and results of
operations at and for the  three-month  period ended  September 30, 2003 for PVF
Capital  Corp.  ("PVF" or the  "Company"),  Park View Federal  Savings Bank (the
"Bank"), its principal and wholly-owned subsidiary,  PVF Service Corporation,  a
wholly-owned  real estate  subsidiary,  Mid Pines Land Co., a wholly-owned  real
estate subsidiary, and three other wholly-owned subsidiaries which are currently
inactive.

FORWARD-LOOKING STATEMENTS
--------------------------

When used in this Form 10-Q,  the words or phrases  "will likely  result,"  "are
expected  to," "will  continue,"  "is  anticipated,"  "estimate,"  "project," or
similar expressions are intended to identify "forward-looking statements" within
the  meaning of the  Private  Securities  Litigation  Reform  Act of 1995.  Such
statements are subject to certain risks and  uncertainties  including changes in
economic  conditions  in the  Company's  market  area,  changes in  policies  by
regulatory  agencies,  fluctuations in interest  rates,  demand for loans in the
Company's  market area and competition that could cause actual results to differ
materially  from  historical   earnings  and  those  presently   anticipated  or
projected.  The Company wishes to caution readers not to place undue reliance on
any such forward-looking  statements,  which speak only as of the date made. The
Company  wishes to advise readers that the factors listed above could affect the
Company's financial performance and could cause the Company's actual results for
future periods to differ  materially  from any opinions or statements  expressed
with respect to future periods in any current statements.

The Company does not undertake,  and specifically  disclaims any obligation,  to
publicly  release  the  results  of any  revisions,  which  may be  made  to any
forward-looking  statements to reflect events or circumstances after the date of
such  statements or to reflect the occurrence of  anticipated  or  unanticipated
events.

FINANCIAL CONDITION
-------------------

Consolidated  assets of PVF were $687.1  million as of  September  30,  2003,  a
decrease of approximately  $56.3 million, or 7.6%, as compared to June 30, 2003.
The Bank remained in regulatory  capital  compliance  for  tangible,  core,  and
risk-based  capital on a fully  phased-in  basis with  capital  levels of 8.68%,
8.68% and 12.24% respectively at September 30, 2003.

During the three months ended  September 30, 2003,  the Company's  cash and cash
equivalents,  which consist of cash, interest-bearing deposits and federal funds
sold,  decreased  $74.4  million,  or 76.9%,  as compared to June 30, 2003.  The
change in the Company's  cash and cash  equivalents  consisted of an increase in
cash of $0.9  million and  decreases  in interest  bearing  deposits and federal
funds sold of $75.3 million.


                                     Page 6
<PAGE>

Part I Financial Information
Item 2

FINANCIAL CONDITION continued
-----------------------------

The net $15.8 million, or 2.6%, increase in loans receivable and mortgage-backed
securities  during the three months ended  September  30, 2003,  resulted from a
decrease in loans  receivable  (including  loans held for sale) of $22.9 million
and an increase in mortgage-backed  securities of $38.7 million. The decrease of
$22.9  million  in loans  receivable  included  decreases  of $15.2  million  in
single-family  loans,  $12.7 million in land loans, $2.8 million in construction
loans and $0.6 million in multi-family  loans,  partially offset by increases of
$6.5 million in commercial  real estate loans,  $1.5 million in home equity line
of  credit  loans  and  $0.4  million  in  consumer   loans.   The  increase  in
mortgage-backed  securities  resulted  from the  purchase  of $39.9  million  in
mortgage-backed  securities less payments received of $1.2 million. The decrease
of the loan portfolio was primarily the result of a decrease of $15.2 million in
single-family  loans  receivable  held for sale  along  with  stagnant  economic
conditions.  The loan activity for the quarter ended September 30, 2003 resulted
in no material change to the overall composition of the portfolio.

As a result of management's  decision not to match market certificate of deposit
rates,  management  allowed  deposits to decrease by $47.3 million,  or 9.0%, in
order to reduce  balances  held in federal  funds  sold.  The  decrease in notes
payable  of $0.5  million,  or 8.9%,  is the  result of  payments  made on notes
payable.

The increase in prepaid and other assets of $2.2 million is primarily the result
of an increase of $1.3 million in the mortgage  servicing asset. The increase of
$0.5  million  in office  properties  and  equipment  is the  result of  capital
improvements  to our  corporate  center  office  and the  purchase  of  computer
equipment.  The decrease of $0.5 million in real estate owned is attributable to
the sale of real estate owned.

The  decrease in accrued  expenses and other  liabilities  of $7.7  million,  or
31.5%, is primarily the result of timing differences  between the collection and
remittance of payments received on loans serviced for investors. The decrease in
advances from  borrowers for taxes and insurance of $3.3 million,  or 41.5%,  is
due to timing differences between the collection and payment of escrow funds.

The decrease in cash and cash  equivalents of $74.4  million,  proceeds from the
sale and  repayment  of loans  receivable  of $22.9  million,  earnings  of $2.9
million,  and  proceeds of $0.5  million from the sale of real estate owned were
used to repay maturing deposits of $47.3 million, fund the net increase of $38.7
million in  mortgage-backed  securities,  fund the decreases in accrued expenses
and other  liabilities of $7.7 million and advances from borrowers for taxes and
insurance  of $3.3  million,  fund the  increases  of $2.2  million  in  prepaid
expenses and other assets and $0.5 million in office  properties  and equipment,
repay $0.5 million in notes payable, and pay a cash dividend of $0.5 million.


                                     Page 7
<PAGE>

Part I Financial Information
Item 2


RESULTS OF OPERATIONS            Three months ended
---------------------            September 30, 2003 compared to the
                                 three months ended September 30,
                                 2002.

PVF's net income is dependent primarily on its net interest income, which is the
difference  between  interest  earned on its loans and  investments and interest
paid  on  interest-bearing   liabilities.  Net  interest  income  also  includes
amortization of loan  origination  fees, net of origination  costs. Net interest
income  is  determined  by  (i)  the   difference   between   yields  earned  on
interest-earning   assets  and  rates  paid  on   interest-bearing   liabilities
("interest-rate  spread")  and (ii) the  relative  amounts  of  interest-earning
assets and interest-bearing  liabilities.  The Company's interest-rate spread is
affected by regulatory, economic and competitive factors that influence interest
rates, loan demand and deposit flows.

PVF's net income is also  affected by the  generation  of  non-interest  income,
which  primarily  consists of loan  servicing  income,  service  fees on deposit
accounts,  and  gains  on the sale of  loans  held for sale and  mortgage-backed
securities available for sale. In addition,  net income is affected by the level
of operating expenses,  loan loss provisions and market valuation  write-down of
mortgage loan servicing rights.

The  Company's  net income for the three  months  ended  September  30, 2003 was
$2,932,100.  This represents a $1,245,000, or 73.8%, increase when compared with
the prior year comparable period.

Net interest  income for the three months ended  September 30, 2003 increased by
$168,300,  or 3.0%, as compared to the prior year  comparable  period,  due to a
decrease of $1,346,100,  or 11.8%,  in total  interest  income and a decrease in
total interest expense of $1,514,400,  or 26.0%,  from the prior year comparable
period.  The  decrease in total  interest  income of  $1,346,100  in the current
period resulted from a decrease in the return on interest-earning  assets of 102
basis  points  partially  offset by an increase of $23.1  million in the average
balance of  interest-earning  assets from the prior year comparable  period. The
decrease in total interest  expense of $1,514,400 in the current period resulted
from  a  decrease  of  103  basis  points  in  the  average  cost  of  funds  on
interest-bearing  liabilities  partially  offset by an  increase  in the average
balances of interest  bearing  liabilities  of $14.8 million from the prior year
comparable period. The Company's net interest income increased primarily because
of balance sheet growth in both  interest-earning  assets and interest-  bearing
liabilities along with a slight increase in the Company's  interest-rate  spread
during the current period as compared to the prior year comparable period.


                                     Page 8
<PAGE>

Part I Financial Information
Item 2

RESULTS OF OPERATIONS CONTINUED
-------------------------------

For the three months ended  September  30, 2003, a provision  for loan losses of
$100,000 was  recorded,  while no provision  for loan losses was recorded in the
prior  year  comparable  period.  The  Company  uses a  systematic  approach  to
determine the adequacy of its loan loss  allowance  and the necessary  provision
for loan losses. The loan portfolio is reviewed and delinquent loan accounts are
analyzed  individually  on a monthly  basis,  with  respect to payment  history,
ability  to repay,  probability  of  repayment,  and  loan-to-value  percentage.
Consideration  is given to the types of loans in the  portfolio  and the overall
risk inherent in the portfolio.  After reviewing  current  economic  conditions,
changes  to  the  size  and  composition  of  the  loan  portfolio,  changes  in
delinquency  status,  levels  of  non-accruing  loans,   non-performing  assets,
impaired  loans,  and actual loan losses  incurred  by the  Company,  management
establishes an  appropriate  reserve  percentage  applicable to each category of
loans,  and a provision for loan losses is recorded when  necessary to bring the
allowance to a level consistent with this analysis.  Management believes it uses
the best information available to make a determination as to the adequacy of the
allowance for loan losses.

During the three  months  ended  September  30,  2003,  the Company  experienced
decreases in the level of impaired loans and  classified  assets of $0.4 million
and $0.7  million,  respectively.  Despite a decrease in the loan  portfolio  of
$23.0 million and decreases to impaired loans and classified assets,  management
determined it was necessary to record a provision for loan losses of $100,000 in
the current period due to an increase in the recognition of specific loan losses
in the current period.  At September 30, 2003, the allowance for loan losses was
$4.0 million,  which represented 56.4% of non-performing  loans and 0.67% of net
loans. During the three months ended September 30, 2002, the Company experienced
an increase in the loan  portfolio of $28.0 million and an increase in the level
of classified assets of $2.5 million.  In addition,  the level of impaired loans
decreased by $0.2 million.  Management determined it was not necessary to record
a  provision  for loan  losses in the prior  period  due to the  application  of
revised  reserve  percentages  to certain  loan  categories  and a  decrease  in
impaired  loans.  At September 30, 2002,  the allowance for loan losses was $3.9
million, which represented 51.4% of non-performing loans and 0.65% of net loans.


                                     Page 9
<PAGE>

Part I Financial Information
Item 2

RESULTS OF OPERATIONS CONTINUED
-------------------------------
<TABLE>
<CAPTION>

                                                                        AT SEPTEMBER 30,            JUNE 30,
                                                                              2003                    2003
                                                                              ----                    ----
                                                                                 (DOLLARS IN THOUSANDS)
<S>                                                                           <C>                     <C>
Non-accruing loans (1):
      Real estate....................................                      $   7,063               $   7,437
                                                                           ---------               ---------
Accruing loans which are contractually past due
  90 days or more:
      Real estate....................................                      $      82               $     275
                                                                           ---------               ---------

Total nonaccrual and 90 days
         past due loans..............................                      $   7,145               $   7,712
                                                                           =========               =========

Ratio of non-performing loans to total loans
  and mortgage-backed securities.....................                          1.13%                   1.26%
                                                                           ========                ========
Other non-performing assets (2)......................                      $      0                $    449
                                                                           ========                ========
Total non-performing assets..........................                      $  7,145                $  8,161
                                                                           ========                ========

Total non-performing assets to
  total assets.......................................                          1.04%                   1.10%
                                                                           ========                ========
</TABLE>

----------

(1)  Non-accrual  status  denotes loans on which,  in the opinion of management,
     the collection of additional  interest is unlikely,  or loans that meet the
     non-accrual  criteria  established by regulatory  authorities.  Non-accrual
     loans  include  all  loans   classified  as  doubtful  or  loss,  loans  in
     foreclosure,   and  all  loans   greater  than  90-days  past  due  with  a
     loan-to-value  ratio greater than 65%.  Payments  received on a non-accrual
     loan are either applied to the outstanding principal balance or recorded as
     interest income,  depending on an assessment of the  collectibility  of the
     principal  balance of the loan.
(2)  Other non-performing assets represent property acquired by the Bank through
     foreclosure or repossession.


For the three months ended September 30, 2003,  noninterest  income increased by
$2,561,500,  or 341.6%,  from the prior year comparable period. The increase was
primarily  the result of an increase of  $2,076,900,  or 348.3%,  in income from
mortgage-banking  activities  resulting from an increase of $2,468,300 in profit
on loan sales in the  current  period  offset by a decrease  of $391,400 in loan
servicing  income.  The decrease in loan servicing income is attributable to the
amortization of mortgage loan servicing  rights that resulted from  historically
low market interest rates and increased  prepayment  speed on loans serviced for
others.  During these periods, PVF pursued a strategy of originating  long-term,
fixed-rate  loans pursuant to Federal Home Loan Mortgage  Corporation  ("FHLMC")
and Federal National Mortgage  Association  ("FNMA") guidelines and selling such
loans to the FHLMC or the FNMA, while retaining the servicing.

In addition,  other  income,  net  increased by $467,400 in the current  period,
primarily  due to a gain of $439,000  recorded on the sale of real estate owned.
Service  and other fees  increased  by  $17,200,  or 13.3%,  from the prior year
comparable period,  primarily due to increases in loan service fee income in the
current period.



                                    Page 10
<PAGE>
Part I Financial Information
Item 2

RESULTS OF OPERATIONS CONTINUED
-------------------------------

Noninterest  expense for the three months ended  September 30, 2003 increased by
$736,600,  or 19.4%, from the prior year comparable  period.  This was primarily
the result of a  $402,800,  or 19.2%,  increase  in  compensation  and  benefits
attributable to increased staffing, employee 401(k) benefits,  incentive bonuses
paid,  and salary and wage  adjustments.  In  addition,  office  properties  and
equipment increased by $50,500, or 6.8%, primarily due to the opening of two new
branch offices along with increases in office rental expense.  Other noninterest
expense  increased  by  $283,200,  or  29.8%,  due  primarily  to  increases  in
advertising  expense,   costs  for  outside  services,   telephone,   charitable
contributions, postage and special mail, and state franchise tax.

The federal income tax provision for the three-month periods ended September 30,
2003 and  September  30,  2002 was at an  effective  rate of  33.7%  and  33.2%,
respectively.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

The Company's  liquidity measures its ability to fund loans and meet withdrawals
of deposits  and other cash  outflows  in a  cost-effective  manner.  Management
believes the Company  maintains  sufficient  liquidity  to meet its  operational
needs.


Part I Financial Information
Item 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
----------------------------------------------------------

There have been no  significant  changes  to the  Company's  interest  rate risk
position or any changes to how the Company manages its Asset/Liability  position
since June 30,  2003.  This is  attributable  to the  Company's  Asset/Liability
Management  policy of  monitoring  and  matching  the  maturity  and  re-pricing
characteristics of its interest-earning assets and interest-bearing liabilities,
while  remaining  short-term with the weighted  average  maturity and re-pricing
periods.

Part I Financial Information
Item 4

CONTROLS AND PROCEDURES
-----------------------

As of the end of the period  covered by this report,  management  of the Company
carried out an evaluation,  under the supervision and with the  participation of
the Company's  principal  executive officer and principal  financial officer, of
the effectiveness of the Company's disclosure controls and procedures.  Based on
this  evaluation,  the  Company's  principal  executive  officer  and  principal
financial  officer  concluded  that  the  Company's


                                    Page 11
<PAGE>

Part I Financial Information
Item 4

CONTROLS AND PROCEDURES (CONTINUED)
-----------------------------------

disclosure  controls and procedures  are effective in ensuring that  information
required  to be  disclosed  by the  Company in reports  that it files or submits
under the Securities Exchange Act of 1934, as amended,  is recorded,  processed,
summarized and reported, within the time periods specified in the Securities and
Exchange Commission's rules and forms. It should be noted that the design of the
Company's  disclosure  controls  and  procedures  is based in part upon  certain
reasonable  assumptions about the likelihood of future events,  and there can be
no reasonable  assurance  that any design of disclosure  controls and procedures
will  succeed  in  achieving  its  stated  goals  under  all  potential   future
conditions,  regardless of how remote, but the Company's principal executive and
financial  officers have  concluded that the Company's  disclosure  controls and
procedures are, in fact, effective at a reasonable assurance level.

There have been no changes in the  Company's  internal  control  over  financial
reporting  (to the extent  that  elements  of internal  control  over  financial
reporting are subsumed within disclosure controls and procedures)  identified in
connection  with the evaluation  described in the above  paragraph that occurred
during the Company's last fiscal quarter,  that has materially  affected,  or is
reasonably  likely to materially  affect,  the Company's  internal  control over
financial reporting.


Part II OTHER INFORMATION
-------------------------

Item 1.         Legal Proceedings.  N/A
Item 2.         Changes in Securities and Use of Proceeds.  N/A
Item 3.         Defaults Upon Senior Securities.  N/A
Item 4.         Submission of Matters to a Vote of Security Holders. N/A
Item 5.         Other Information.  N/A
Item 6.         (a)        Exhibits
                           --------
                The following exhibits are filed herewith:

                31.1  Rule 13a-14(a) Certification of Chief Executive Officer

                31.2  Rule 13a-14(a) Certification of Chief Financial Officer

                32    Section 1350 Certification

                (b)        Reports on Form 8-K
                           -------------------

                 The Registrant  filed the following  Current Reports on Form
                 8-K during the quarter ended September 30, 2003:

<TABLE>
<CAPTION>
                  Date of Report          Item(s) Reported             Financial Statements Filed
                  --------------          ----------------             --------------------------
                      <S>                       <C>                                <C>
                  July 17, 2003                  7, 12                              N/A
                  July 24, 2003                  5, 7                               N/A
</TABLE>


                                    Page 12
<PAGE>
                                   Signature

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

                                PVF Capital Corp.
                                (Registrant)


Date:  November 13, 2003        /s/ C. Keith Swaney
      -------------------       ---------------------------------------
                                C. Keith Swaney
                                President, Chief Operating Officer and Treasurer
                                (Only authorized officer and
                                 Principal Financial Officer)