TABLE OF CONTENTS




|                             |                                                                                              |  |  |  |  |  |  | 
|---------------------------- | -------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I FINANCIAL INFORMATION
|                             | Item 1 Financial Statements                                                                 
|                             | Item 2 Managements Discussion and Analysis of Financial Condition and Results of Operations
|                             | Item 3 Quantitative and Qualitative Disclosures about Market Risk                           
|PART II OTHER INFORMATION   
|                             | Item 6 Exhibits and Reports on Form 8-K                                                     
|SIGNATURE                   



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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION


Washington, D. C. 20552

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, 1999.
|     
|[   ] | 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)


|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|                                                              
|                                                              
|                                                              
|                                                              
|United States                                                  |  | 34-1659805                          
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
|                                                              
|                                                              
|                                                              
|                                                              
|                                                              
|25350 Rockside Road, Bedford Heights, Ohio                     |  | 44146                               
|(Address of principal executive offices)                       |  | (Zip Code)                          

(440) 439-2200

(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 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 |  | 4,389,742                        
|                              |  |                                  
|(Class)                       |  | (Outstanding at October 29, 1999)



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##### Table of Contents



PVF CAPITAL CORP.

INDEX

|        |  |                       |  |                                                                                                           |   |      |   | 
|------- |  | --------------------- |  | --------------------------------------------------------------------------------------------------------- | - | ---- | - | 
|        |  |                       |  |                                                                                                           |   | Page
|        |  |                       |  |                                                                                                           |   |     
|Part I  |  | Financial Information |  |                                                                                                           |   |     
|        |  | Item 1                |  | Financial Statements                                                                                      |   |      |   | 
|       
|       
|       
|       
|        |  |                       |  | Consolidated Statements of Financial Condition, September 
	30, 1999 and June 30, 1999 (unaudited)        |   |      | 1 | 
|       
|       
|       
|       
|        |  |                       |  | Consolidated Statements of Operations for the three months ended
	September 30, 1999 and 1998 (unaudited) |   |      | 2 | 
|       
|       
|       
|       
|        |  |                       |  | Consolidated Statements of Cash Flows for the three months ended
	September 30, 1999 and 1998 (unaudited) |   |      | 3 | 
|       
|       
|       
|       
|        |  |                       |  | Notes to Consolidated Financial Statements (unaudited)                                                    |   |      | 4 | 
|       
|       
|       
|       
|        |  | Item 2                |  | Managements Discussion and Analysis of Financial Condition
	and Results of Operations                    |   |      | 5 | 
|       
|       
|       
|       
|        |  | Item 3                |  | Quantitative and Qualitative Disclosures about Market Risk                                                |   |      | 8 | 
|       
|       
|       
|       
|Part II |  | Other Information     |  |                                                                                                           | 8 |     



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##### Table of Contents






PART I   FINANCIAL INFORMATION




Item 1  Financial Statements

PVF CAPITAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


|                                                 |                                                                                                |                                            |             |             |             |  |             |             |             | 
|------------------------------------------------ | ---------------------------------------------------------------------------------------------- | ------------------------------------------ | ----------- | ----------- | ----------- |  | ----------- | ----------- | ----------- | 
|                                                 |                                                                                                | September 30,                              |             | June 30,   
|                                                 |                                                                                                | 1999                                       |             | 1999       
|                                                 |                                                                                                |                                            |             |            
|ASSETS                                           |                                                                                                |                                            |             |             |             |  |             |            
|                                                
|                                                
|                                                
|                                                
|Cash and cash equivalents:                       |                                                                                                |                                            |             |             |             |  |             |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Cash and amounts due from depository institutions                                              |                                            | $           | 3,752,135   |             |  | $           | 4,140,460   |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Interest bearing deposits                                                                      |                                            |             | 350,739     |             |  |             | 573,872     |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Federal funds sold                                                                             |                                            |             | 3,550,000   |             |  |             | 5,375,000   |            
|                                                 |                                                                                                |                                            |             |             |             |  |             |            
|                                                 |                                                                                                | Total cash and cash equivalents            |             |             | 7,652,874   |  |             |             | 10,089,332  | 
|                                                
|                                                
|                                                
|                                                
|Securities held to maturity, at cost             |                                                                                                |                                            | 25,316,743  |             |             |  | 25,334,041  |            
|                                                
|                                                
|                                                
|                                                
|Loans receivable, net                            |                                                                                                |                                            | 412,763,002 |             |             |  | 395,550,737 |            
|                                                
|                                                
|                                                
|                                                
|Loans receivable held for sale, net              |                                                                                                |                                            | 4,984,229   |             |             |  | 1,772,176   |            
|                                                
|                                                
|                                                
|                                                
|Mortgage-backed securities held to maturity, net |                                                                                                |                                            | 1,537,731   |             |             |  | 1,732,726   |            
|                                                
|                                                
|                                                
|                                                
|Office properties and equipment, net             |                                                                                                |                                            | 1,940,392   |             |             |  | 2,003,211   |            
|                                                
|                                                
|                                                
|                                                
|Real estate owned, net                           |                                                                                                |                                            | 44,734      |             |             |  | 168,500     |            
|                                                
|                                                
|                                                
|                                                
|Real estate held for investment                  |                                                                                                |                                            | 3,796,852   |             |             |  | 3,796,852   |            
|Investment required by law                       |                                                                                                |                                            |             |             |             |  |             |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Stock in the Federal Home Loan Bank of Cincinnati                                              |                                            |             | 4,116,594   |             |  |             | 3,759,452   |            
|                                                
|                                                
|                                                
|                                                
|Prepaid expenses and other assets                |                                                                                                |                                            | 3,850,134   |             |             |  | 4,994,438   |            
|                                                 |                                                                                                |                                            |             |             |             |  |             |            
|                                                 |                                                                                                | Total Assets                               |             | $           | 466,003,285 |  |             | $           | 449,201,465 | 
|                                                 |                                                                                                |                                            |             |             |             |  |             |            
|LIABILITIES AND STOCKHOLDERS EQUITY             |                                                                                                |                                            |             |             |             |  |             |            
|Liabilities                                      |                                                                                                |                                            |             |             |             |  |             |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Deposits                                                                                       |                                            | $           | 334,003,796 |             |  | $           | 331,241,736 |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Advances from the Federal Home Loan Bank of Cincinnati                                         |                                            |             | 81,024,389  |             |  |             | 66,040,736  |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Advances from borrowers for taxes and insurance                                                |                                            |             | 3,335,782   |             |  |             | 5,463,660   |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Accrued expenses and other liabilities                                                         |                                            |             | 7,552,899   |             |  |             | 7,599,525   |            
|                                                 |                                                                                                |                                            |             |             |             |  |             |            
|                                                 |                                                                                                | Total Liabilities                          |             |             | 425,916,866 |  |             |             | 410,345,657 | 
|Stockholders Equity                             |                                                                                                |                                            |             |             |             |  |             |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Serial preferred stock, none issued                                                            |                                            |             |            |             |  |             |            |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Common stock, $0.01 par value, 15,000,000 shares authorized;
	4,389,742 issued and outstanding |                                            |             | 43,897      |             |  |             | 43,897      |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Paid in capital                                                                                |                                            |             | 20,247,827  |             |  |             | 20,247,827  |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Retained earnings-substantially restricted                                                     |                                            |             | 19,865,945  |             |  |             | 18,635,334  |            
|                                                
|                                                
|                                                
|                                                
|                                                 | Treasury Stock, at cost 5,000 shares                                                           |                                            |             | (71,250     | )           |  |             | (71,250     | )          
|                                                 |                                                                                                |                                            |             |             |             |  |             |            
|                                                 |                                                                                                | Total Stockholders Equity                 |             |             | 40,086,419  |  |             |             | 38,855,808  | 
|                                                 |                                                                                                |                                            |             |             |             |  |             |            
|                                                 |                                                                                                | Total Liabilities and Stockholders Equity |             | $           | 466,003,285 |  |             | $           | 449,201,465 | 
|                                                 |                                                                                                |                                            |             |             |             |  |             |            

See accompanying notes to consolidated financial statements

1



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##### Table of Contents



PVF CAPITAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


|                             |                                  |                                                     |         |           |           |   |         |           |           | 
|---------------------------- | -------------------------------- | --------------------------------------------------- | ------- | --------- | --------- | - | ------- | --------- | --------- | 
|                             |                                  |                                                    
|                             |                                  | Three Months Ended                                 
|                             |                                  | September 30,                                      
|                             |                                  |                                                    
|                             |                                  | 1999                                                |         | 1998     
|                             |                                  |                                                     |         |          
|Interest income              |                                  |                                                     |         |           |           |   |         |          
|                            
|                            
|                            
|                            
|                             | Loans                            |                                                     | $       | 8,568,436 |           |   | $       | 8,267,357 |          
|                            
|                            
|                            
|                            
|                             | Mortgage-backed securities       |                                                     |         | 26,359    |           |   |         | 44,492    |          
|                            
|                            
|                            
|                            
|                             | Cash and investment securities   |                                                     |         | 517,459   |           |   |         | 626,088   |          
|                             |                                  |                                                     |         |           |           |   |         |          
|                             |                                  | Total interest income                               |         |           | 9,112,254 |   |         |           | 8,937,937 | 
|                             |                                  |                                                     |         |           |           |   |         |          
|Interest expense             |                                  |                                                     |         |           |           |   |         |          
|                            
|                            
|                            
|                            
|                             | Deposits                         |                                                     |         | 3,868,624 |           |   |         | 4,438,975 |          
|                            
|                            
|                            
|                            
|                             | Borrowings                       |                                                     |         | 1,031,043 |           |   |         | 726,254   |          
|                             |                                  |                                                     |         |           |           |   |         |          
|                             |                                  | Total interest expense                              |         |           | 4,899,667 |   |         |           | 5,165,229 | 
|                             |                                  |                                                     |         |           |           |   |         |          
|                             |                                  | Net interest income                                 |         |           | 4,212,587 |   |         |           | 3,772,708 | 
|                            
|                            
|                            
|                            
|Provision for loan losses    |                                  |                                                     | 350,000 |           |           |   | 0       |          
|                             |                                  |                                                     |         |           |           |   |         |          
|                             |                                  | Net interest income after provision for loan losses |         |           | 3,862,587 |   |         |           | 3,772,708 | 
|                             |                                  |                                                     |         |           |           |   |         |          
|Noninterest income, net      |                                  |                                                     |         |           |           |   |         |          
|                            
|                            
|                            
|                            
|                             | Service and other fees           |                                                     |         | 138,957   |           |   |         | 103,162   |          
|                            
|                            
|                            
|                            
|                             | Mortgage banking activities, net |                                                     |         | 104,337   |           |   |         | 238,701   |          
|                            
|                            
|                            
|                            
|                             | Insurance proceeds               |                                                     |         | 692,143   |           |   |         | 0         |          
|                            
|                            
|                            
|                            
|                             | Other, net                       |                                                     |         | 80,252    |           |   |         | 21,658    |          
|                             |                                  |                                                     |         |           |           |   |         |          
|                             |                                  | Total noninterest income, net                       |         |           | 1,015,689 |   |         |           | 363,521   | 
|                             |                                  |                                                     |         |           |           |   |         |          
|Noninterest expense          |                                  |                                                     |         |           |           |   |         |          
|                            
|                            
|                            
|                            
|                             | Compensation and benefits        |                                                     |         | 1,381,120 |           |   |         | 1,193,461 |          
|                            
|                            
|                            
|                            
|                             | Office, occupancy, and equipment |                                                     |         | 469,675   |           |   |         | 428,839   |          
|                            
|                            
|                            
|                            
|                             | Other                            |                                                     |         | 700,077   |           |   |         | 618,529   |          
|                             |                                  |                                                     |         |           |           |   |         |          
|                             |                                  | Total noninterest expense                           |         |           | 2,550,872 |   |         |           | 2,240,829 | 
|                             |                                  |                                                     |         |           |           |   |         |          
|                             |                                  | Income before federal income tax provision          |         |           | 2,327,404 |   |         |           | 1,895,400 | 
|                            
|                            
|                            
|                            
|Federal income tax provision |                                  |                                                     | 775,417 |           |           |   | 632,000 |          
|                             |                                  |                                                     |         |           |           |   |         |          
|                             |                                  | Net income                                          |         | $         | 1,551,987 |   |         | $         | 1,263,400 | 
|                             |                                  |                                                     |         |           |           |   |         |          
|Basic earnings per share     |                                  | $                                                   | 0.35    |           |           | $ | 0.29    |          
|                             |                                  |                                                     |         |           |           |   |         |          
|Diluted earnings per share   |                                  | $                                                   | 0.34    |           |           | $ | 0.28    |          
|                             |                                  |                                                     |         |           |           |   |         |          

See accompanying notes to consolidated financial statements

2



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##### Table of Contents



PVF CAPITAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


|                                                   |                                                                                |                                                                         |                                                     |           |             |             |            |           |            |            |  
|-------------------------------------------------- | ------------------------------------------------------------------------------ | ----------------------------------------------------------------------- | --------------------------------------------------- | --------- | ----------- | ----------- | ---------- | --------- | ---------- | ---------- | -
|                                                   |                                                                                |                                                                        
|                                                   |                                                                                | Three Months Ended                                                     
|                                                   |                                                                                | September 30,                                                          
|                                                   |                                                                                |                                                                        
|                                                   |                                                                                | 1999                                                                    |                                                     | 1998     
|                                                   |                                                                                |                                                                         |                                                     |          
|Operating Activities                               |                                                                                |                                                                         |                                                     |           |             |             |            |          
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   | Net Income                                                                     |                                                                         | $                                                   | 1,551,987 |             |             | $          | 1,263,400 |           
|                                                   | Adjustments to reconcile net income to net cash used in operating
	 activities |                                                                         |                                                     |           |             |             |            |           |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Accretion of discount on marketable securities                          |                                                     |           | 17,298      |             |            |           | 0          |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Depreciation and amortization                                           |                                                     |           | 148,974     |             |            |           | 149,830    |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Provision for losses on loans                                           |                                                     |           | 350,000     |             |            |           | 0          |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Accretion of unearned discount and deferred loan origination
	fees, net |                                                     |           | (308,016    | )           |            |           | (272,225   | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | (Gain) loss on loans available for sale, net                            |                                                     |           | 755         |             |            |           | (129,881   | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Gain on disposal of real estate owned, net                              |                                                     |           | (505        | )           |            |           | (1,514     | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Change in accrued interest on investments, loans, and borrowings,
	 net |                                                     |           | (64,591     | )           |            |           | (8,868     | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Change in other assets and other liabilities, net                       |                                                     |           | (1,153,460  | )           |            |           | (3,766,880 | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Change in loans receivable held for sale, net                           |                                                     |           | (3,212,810  | )           |            |           | 94,119     |           
|                                                   |                                                                                |                                                                         |                                                     |           |             |             |            |          
|                                                   |                                                                                |                                                                         | Net cash used in operating activities               |           |             | (2,670,368  | )          |           |            | (2,672,019 | )
|                                                   |                                                                                |                                                                         |                                                     |           |             |             |            |          
|Investing Activities                               |                                                                                |                                                                         |                                                     |           |             |             |            |          
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Loan and mortgage-backed securities repayments and originations,
	net   |                                                     |           | (16,773,072 | )           |            |           | (9,370,457 | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Disposals of real estate owned                                          |                                                     |           | 123,766     |             |            |           | 209,080    |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Securities purchases                                                    |                                                     |           | 0           |             |            |           | (433,000   | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Securities maturities                                                   |                                                     |           | 0           |             |            |           | 9,800,000  |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | FHLB stock dividend, net                                                |                                                     |           | (357,142    | )           |            |           | (64,061    | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Additions to office properties and equipment, net                       |                                                     |           | (86,155     | )           |            |           | (37,262    | )         
|                                                   |                                                                                |                                                                         |                                                     |           |             |             |            |          
|                                                   |                                                                                |                                                                         | Net cash provided by (used in) investing activities |           |             | (17,092,603 | )          |           |            | 104,300    |  
|                                                   |                                                                                |                                                                         |                                                     |           |             |             |            |          
|Financing activities                               |                                                                                |                                                                         |                                                     |           |             |             |            |          
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Net increase (decrease) in demand deposits, NOW, and
	passbook savings  |                                                     |           | 2,092,874   |             |            |           | (655,295   | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Net increase (decrease) in time deposits                                |                                                     |           | 571,361     |             |            |           | (8,800,763 | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Net increase in FHLB advances                                           |                                                     |           | 14,983,653  |             |            |           | 4,978,982  |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Repayment of notes payable                                              |                                                     |           | 0           |             |            |           | (1,060,000 | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Cash dividend paid                                                      |                                                     |           | (321,375    | )           |            |           | (939       | )         
|                                                   |                                                                                |                                                                         |                                                     |           |             |             |            |          
|                                                   |                                                                                |                                                                         | Net cash provided by (used in) financing activities |           |             | 17,326,513  |            |           |            | (5,538,015 | )
|                                                   |                                                                                |                                                                         |                                                     |           |             |             |            |          
|Net decrease in cash and cash equivalents          |                                                                                |                                                                         | (2,436,458                                          | )         |             |             | (8,105,734 | )        
|                                                  
|                                                  
|                                                  
|                                                  
|Cash and cash equivalents at beginning of period   |                                                                                |                                                                         | 10,089,332                                          |           |             |             | 23,216,962 |          
|                                                   |                                                                                |                                                                         |                                                     |           |             |             |            |          
|Cash and cash equivalents at end of period         |                                                                                | $                                                                       | 7,652,874                                           |           |             | $           | 15,111,228 |          
|                                                   |                                                                                |                                                                         |                                                     |           |             |             |            |          
|Supplemental disclosures of cash flow information: |                                                                                |                                                                         |                                                     |           |             |             |            |          
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Cash payments of interest expense                                       |                                                     | $         | 4,801,843   |             |            | $         | 5,160,487  |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                | Cash payments of income taxes                                           |                                                     | $         | 0           |             |            | $         | 0          |           

See accompanying notes to consolidated financial statements

3



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##### Table of Contents



PVF CAPITAL CORP.

Notes to Consolidated Financial Statements

September 30, 1999 and 1998

(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, 1999 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, 1999 are not necessarily
indicative of the results to be expected for the entire year
ending June 30, 2000. PVF Capital Corp.s common stock
is traded on the NASDAQ SMALL-CAP ISSUES under the symbol PVFC.

2.  Recently Issued Accounting Standards

SFAS No. 133, Accounting for Derivative Instruments
and Hedging Activities was issued in June 1998 and
amended by SFAS No. 137 which deferred the effective date to
 fiscal years beginning after June 15, 2000. This statement
establishes comprehensive accounting and reporting requirements
for derivative instruments and hedging activities. This statement
 requires entities to recognize all derivatives as either assets
or liabilities, with the instruments measured at fair value. The
accounting for gains and losses resulting from changes in fair
value of the derivative instrument depends on the use of the
derivative and the type of risk being hedged. At the present
time, the Bank is analyzing the effect of the adoption of SFAS
No. 133 on the Banks consolidated financial
statements.

SFAS No. 134, Accounting for Mortgage-Backed
Securities Retained after Securitization of Mortgage Loans Held
for Sale by a Mortgage Banking Enterprise was issued in
October 1998 and is effective for the first fiscal quarter
beginning after December 15, 1998. This statement amends
SFAS No. 65 to require that after the securitization of
mortgage loans held for sale, an entity engaged in mortgage
banking activities must classify the resulting mortgage-backed
securities or other retained interests based on its ability and
intent to sell or hold those investments. After the
securitization of a mortgage loan held for sale, any retained
mortgage-backed securities shall be classified in accordance with
 the provisions of SFAS No. 115. However, a mortgage banking
 enterprise must classify as trading any retained mortgage-backed
 securities that it commits to sell before or after the
securitization process. The Bank has not historically securitized
 mortgage loans and retained the mortgage-backed security.
Therefore, the adoption did not have any impact on the
Companys consolidated financial statements.

3.  The following table discloses Earnings Per Share for the
 three months ended September 30, 1999 and
September 30, 1998.

|                        |                                         |                                  |   |               |  |           |         |             |  |               |      |           |  |  |   |           |  |  |         |           |  |  |      |      | 
|----------------------- | --------------------------------------- | -------------------------------- | - | ------------- |  | --------- | ------- | ----------- |  | ------------- | ---- | --------- |  |  | - | --------- |  |  | ------- | --------- |  |  | ---- | ---- | 
|                        |                                         |                                 
|                        |                                         | Three months ended September 30,
|                        |                                         |                                 
|                        |                                         |                                  |   |              
|                        |                                         | 1999                             |   | 1998         
|                        |                                         |                                  |   |              
|                        |                                         | Income                           |   | Shares        |  | Per-Share |         | Income      |  | Shares        |      | Per-Share
|                        |                                         | (Numerator)                      |   | (Denominator) |  | Amount    |         | (Numerator) |  | (Denominator) |      | Amount   
|                        |                                         |                                  |   |               |  |           |         |             |  |               |      |          
|Basic EPS               |                                         |                                  |   |               |  |           |         |             |  |               |      |           |  |  |   |           |  |  |         |           |  |  |      |     
|                       
|                       
|                       
|                       
|                        | Income available to common stockholders |                                  | $ | 1,551,987     |  |           |         | 4,389,742   |  |               | $    | 0.35      |  |  | $ | 1,263,400 |  |  |         | 4,389,742 |  |  | $    | 0.29 | 
|                       
|                       
|                       
|                       
|Effect of Stock Options |                                         |                                  |   |               |  |           | 170,149 |             |  |               | 0.01 |           |  |  |   |           |  |  | 174,285 |           |  |  | 0.01 |     
|Diluted EPS             |                                         |                                  |   |               |  |           |         |             |  |               |      |           |  |  |   |           |  |  |         |           |  |  |      |     
|                       
|                       
|                       
|                       
|                        | Income available to common stockholders |                                  | $ | 1,551,987     |  |           |         | 4,559,891   |  |               | $    | 0.34      |  |  | $ | 1,263,400 |  |  |         | 4,564,027 |  |  | $    | 0.28 | 

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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, 1999 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, and
PVF Holdings, Inc., a wholly-owned and currently inactive
subsidiary.

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, competition that could cause actual
results to differ materially from historical earnings and those
presently anticipated or projected and Year 2000 issues. 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 $466.0 million as of
September 30, 1999, an increase of approximately
$16.8 million or 3.7% as compared to June 30, 1999. The
 Bank remained in regulatory capital compliance for tangible,
core, and risk-based capital on a fully phased-in basis with
capital levels of 7.60%, 7.60% and 10.62% respectively at
September 30, 1999.

During the three months ended September 30, 1999, the
Companys cash and cash equivalents, which consist of cash,
interest-bearing deposits and federal funds sold, decreased
$2.4 million or 24.1% as compared to June 30, 1999. The
 change in the Companys cash and cash equivalents consisted
 of a decrease in cash and interest-bearing deposits of
$0.6 million and a decrease in federal funds sold of
$1.8 million. The net $20.2 million, or 5.1%, increase
in loans receivable and mortgage-backed securities during the
three months ended September 30, 1999, resulted from an
increase in loans receivable of $20.4 million and a decrease
 in mortgage-backed securities of $0.2 million. The increase
 of $20.4 million in loans receivable included increases of
$10.0 million in single family loans, $10.3 million in
construction loans, $0.9 million in home equity loans,
$1.0 million in multi-family loans, and $1.7 million in
 installment loans, and a decrease of $2.5 million in
commercial real estate loans and $1.0 million in land loans.
 The decrease in mortgage-backed securities was the result of
payments received of $0.2 million. The growth of the loan
portfolio was as anticipated and resulted in no material change
to the composition of the portfolio.

Prepaid expenses and other assets decreased by $1.1 million
as a result of adjustments made to N.O.W. Clearing accounts. The
decrease of $123,800 in real estate owned (REO) is
attributable to the disposal of developed building lots.
Investment in stock with the Federal Home Loan Bank of Cincinnati
 increased by $357,100, or 9.5%, due to the purchase of $287,800
in additional stock and stock dividends paid.

During the three months ended September 30, 1999,
managements decision to take advantage of attractive
borrowing rates from the Federal Home Loan Bank of Cincinnati,
and match market savings rates to retain deposits, resulted in an
 increase of $15.0 million, or 22.7%, in advances and an
increase of $2.8 million, or 0.8%, in deposits. The decrease
 in advances from borrowers for taxes and insurance of
$2.1 million, or 39.0%, is due to timing differences between
 the collection and payment of escrow funds.

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The increase in Federal Home Loan Bank advances of
$15.0 million, and deposits of $2.8 million, along with
 a reduction in cash and cash equivalents of $2.4 million
and prepaid expenses and other assets of $1.1 million, and
an increase in retained earnings of $1.2 million were used
to fund the net increase in loans receivable and mortgage-backed
securities of $20.2 million and the reduction in advances
from borrowers for taxes and insurance of $2.1 million.

Results of Operations

Three months ended September 30, 1999
compared to the three months ended September 30, 1998

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.

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 and mortgage-backed securities available for sale. 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. In addition, net income is affected by the level of
operating expenses and loan loss provisions.

The Companys net income for the three months ended
September 30, 1999 was $1,552,000. This represents a
$288,600, or 22.8%, increase when compared with the prior year
comparable period.

Net interest income for the three months ended September 30,
 1999 increased by $439,900, or 11.7%, as compared to the prior
year comparable period, due to an increase of $174,300, or 2.0%,
in interest income that resulted from an increase of
$28.5 million in the average balance of the loan and
mortgage-backed securities portfolios and a decrease in the
average balance of the investment portfolio of $6.3 million.
 The increased average balance of interest-earning assets was
partially offset by a 27 basis point decrease in the return on
interest-earning assets from the prior year comparable period.
The average balance on deposits decreased by $6.5 million
while the average balance on advances increased by
$26.1 million from the prior year comparable period. The
increased average balance of interest-bearing liabilities was
partially offset by a 51 basis point decrease in the average cost
 of funds for the current period and resulted in an overall
decrease in interest expense of $265,600, or 5.1%. The
Companys net interest income increased due to an increase
of 24 basis points in the Companys interest-rate spread
during the current period as compared to the prior year
comparable period and balance sheet growth in both
interest-earning assets and interest-bearing liabilities.

For the three months ended September 30, 1999 a $350,000
provision for loan losses 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, 1999, the
Company experienced an increase in the level of impaired loans
and classified assets of $1.3 million and $1.2 million,
 respectively. Due to the increase in impaired loans and
classified assets as well as growth in the loan portfolio of
$20.4 million, management determined it was necessary and
prudent to record a provision for loan losses of $350,000 in the
current period. For the three months ended September 30,
1998, the Company experienced an increase in the levels of
impaired loans and

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For the three months ended September 30, 1999, noninterest
income increased by $652,200, or 179.4%, from the prior year
comparable period. This was primarily the result of an increase
of $750,700 in other noninterest income, net from the prior year
comparable period, which resulted primarily from the receipt of
an insurance payment of $692,000 for costs previously incurred
relating to the settlement of a lawsuit and the associated legal
expenses by PVF Holdings, Inc., a wholly owned subsidiary of PVF
Capital Corp. In addition, rental income increased by $78,900 in
the current period. Service and other fees increased by $35,800,
or 34.7% from the prior year comparable period, primarily due to
increases in NOW account fee income. A decrease of $134,300, or
56.3%, in income from mortgage-banking activities resulted
primarily from a decrease in profit on loan sales in the current
period. 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.

Noninterest expense for the three months ended September 30,
 1999 increased by $310,000, or 13.8%, from the prior year
comparable period. This was primarily the result of a $187,700,
or 15.7%, increase in compensation and benefits attributable to
increased staffing, employee 401(k) benefits, incentive bonuses
paid, and salary and wage adjustments. In addition, office,
occupancy and equipment increased by $40,800, or 9.5%, due to
increases in office rent and additional expenses incurred due to
the relocation of one of our current branch offices and the
opening of a new branch office. Other noninterest expense
increased by $81,500, or 13.2%, primarily due to an increase in
legal expenses of $65,000, and an increase in advertising of
$30,000 in the current period. The increase in legal expenses is
the result of costs incurred in defending lawsuits filed against
the Bank and two other entities, PVF Financial Planning Inc. and
Emissary Financial Group, Inc., which are majority-owned
subsidiaries of the Companys wholly owned subsidiary, PVF
Holdings, Inc. Information pertaining to these lawsuits is set
forth in Item 3 of Form 10-K for the year ended
June 30, 1999. There have been no significant changes to
these lawsuits for the three month period ended
September 30, 1999.

The federal income tax provision for both the three month periods
 ended September 30, 1999 and September 30, 1998 was at
 an effective rate of 33.3%.

Year 2000

Park View Federal realizes the challenges of the Year 2000 (Y2K)
issue and, in compliance with federal regulators, has assembled a
 project team to assess and remediate any deficient system in use
 within the Bank. A formal plan, approved by the Board of
Directors, called for the inventory of all internal systems and
third-party relationships to determine the impact on Bank
operations. Following this assessment, correction, testing,
validation and installation of affected systems was completed
without any complications. These systems are currently in
production within the organization and have been operating
successfully.

As part of the effort to assure continued inter-operability with
third-party relationships, the Bank was an active participant in
the Mortgage Bankers Association Y2K readiness testing program.
This program established specific guidelines and standards for
testing information exchange between financial organizations. The
 Bank successfully completed all required testing and did
additional testing to assure readiness in this area.

Rapid and accurate data processing is essential to Company
operations. If testing reveals that any system critical to
continued business operation should fail, all internal and
external resources available will be directed toward correcting
these systems. System delays, mistakes, or failures could have an
 adverse impact on the Company. In addition, non-compliance by
third parties (including loan customers) and disruptions to the
economy in general resulting from Year 2000 issues could also
have a negative impact.

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As part of its Y2K readiness efforts, the Bank has initiated a
customer awareness program to educate and inform its customers of
 Y2K issues and progress made in resolving these issues. The Bank
 has developed a Y2K business resumption contingency plan for all
 mission critical systems that augments its existing disaster
recovery plan.

The cost for the Bank to become Year 2000 ready is not
anticipated to be material to the Banks net income for any
year. The Board of Directors and the Bank staff are making every
effort to ensure that the Bank will continue to deliver financial
 services to its customers.

Liquidity and Capital Resources

The Bank is required by federal regulations to maintain specific
levels of liquid assets consisting of cash and other
eligible investments. The current level of liquidity required by
the Office of Thrift Supervision is 4% of the sum of net
withdrawable savings and borrowings due within one year. The
Banks liquidity at September 30, 1999 was 9.0%.
Management believes the Bank has sufficient liquidity to meet its
 operational needs.




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, 1999.




PART II   OTHER INFORMATION




Item 6  Exhibits and Reports on Form 8-K

(a)  The following exhibits to this Quarterly Report on
Form 10-Q are filed herewith:

|            |  |                                                                                                                                                                    
|----------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                                                        
|            |  |                                                                                                                                                                    
|10.3        |  | Form of Amended Severance Agreements by and among PVF Capital
	Corp., Park View Federal Savings Bank and each of John R. Male,
	C. Keith Swaney and Jeffrey N. Male

(b)  PVF did not file any reports on Form 8-K during
the quarter ended September 30, 1999.

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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 10, 1999 |  | /s/ C. KEITH SWANEY                          
|                        |  |                                              
|                        |  | C. Keith Swaney
	Vice President and Treasurer

9