##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D. C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended March 31, 2006.
 o
    
    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.
  Ohio
    
    34-1659805(State or other jurisdiction of
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 30000 Aurora Road, Solon, Ohio
    
    44139(Address of principal executive offices)
    
    (Zip Code)
 
  
   þ o
 
 Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
  o þ
  Common Stock, $0.01 Par Value
    
    7,716,142(Class)
    
    (Outstanding at May 5, 2006)




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##### 



PVF CAPITAL CORP.
  PagePart I Financial InformationItem 1 Financial StatementsConsolidated Statements of Financial Condition, March 31, 2006 (unaudited) and June 30, 2005.
    
    
    1Consolidated Statements of Operations for the three and nine months ended March 31, 2006 and 2005 (unaudited).
    
    
    2Consolidated Statements of Cash Flows for the nine months ended March 31, 2006 and 2005 (unaudited).
    
    
    3Notes to Consolidated Financial Statements (unaudited).
    
    
    4Item 2 Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    10Liquidity and Capital Resources
    
    
    18Item 3 Quantitative and Qualitative Disclosures about Market Risk
    
    
    19Item 4 Controls and Procedures
    
    
    19Part II Other Information
    
    
    20EX-31.1 302 CEO CERTIFICATIONEX-31.2 302 CFO CERTIFICATIONEX-32 906 CEO & CFO CERTIFICATION




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##### Table of Contents



PVF CAPITAL CORP.
 
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 March 31,2006
    
    
    June 30,unaudited
    
    
    2005ASSETSCash and cash equivalents:Cash and amounts due from depository institutions
    
    $
    8,200,662
    
    
    $
    4,034,353Interest bearing deposits
    
    
    1,579,137
    
    
    
    2,180,723Federal funds sold
    
    
    10,050,000
    
    
    
    4,875,000Total cash and cash equivalents
    
    
    19,829,799
    
    
    
    11,090,076Securities held to maturity (fair value of $57,018,878
and $57,345,425, respectively)
    
    
    58,000,000
    
    
    
    57,500,000Mortgage-backed securities held to maturity (fair value of
$26,370,824 and $31,487,772, respectively)
    
    
    27,549,027
    
    
    
    31,720,033Loans receivable held for sale, net
    
    
    6,462,454
    
    
    
    9,059,647Loans receivable, net of allowance of
$4,595,733 and $4,312,274
    
    
    725,796,902
    
    
    
    660,494,144Office properties and equipment, net
    
    
    12,418,885
    
    
    
    13,413,231Real estate owned, net
    
    
    1,673,382
    
    
    
    1,319,251Federal Home Loan Bank stock
    
    
    11,786,100
    
    
    
    11,316,400Prepaid expenses and other assets
    
    
    29,047,857
    
    
    
    27,985,916Total Assets
    
    $
    892,564,406
    
    
    $
    823,898,698LIABILITIES AND STOCKHOLDERS EQUITYLiabilitiesDeposits
    
    $
    627,843,202
    
    
    $
    591,226,478Short-term advances from the Federal Home Loan Bank
    
    
    94,000,000
    
    
    
    15,000,000Long-term advances from the Federal Home Loan Bank
    
    
    20,000,000
    
    
    
    120,012,018Repurchase agreement
    
    
    50,000,000
    
    
    
    0Notes payable
    
    
    1,057,871
    
    
    
    1,400,780Subordinated debentures
    
    
    10,000,000
    
    
    
    10,000,000Advances from borrowers for taxes and insurance
    
    
    5,213,258
    
    
    
    3,184,981Accrued expenses and other liabilities
    
    
    16,132,132
    
    
    
    16,621,262Total Liabilities
    
    
    824,246,463
    
    
    
    757,445,519Stockholders EquitySerial preferred stock, none issued
    
    
    
    
    
    
    Common stock, $0.01 par value, 15,000,000 shares
authorized;
8,188,867 and 8,175,779 shares issued, respectively
    
    
    81,889
    
    
    
    81,758Additional paid-in-capital
    
    
    68,478,181
    
    
    
    68,288,834Retained earnings
    
    
    3,595,020
    
    
    
    1,663,992Treasury Stock, at cost 472,725 and 451,088 shares,
respectively
    
    
    (3,837,147
    )
    
    
    (3,581,405
    )Total Stockholders Equity
    
    
    68,317,943
    
    
    
    66,453,179Total Liabilities and Stockholders Equity
    
    $
    892,564,406
    
    
    $
    823,898,698
  Page 1




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PVF CAPITAL CORP.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS 
(Unaudited)
 Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2006
    
    
    2005
    
    
    2006
    
    
    2005Interest and dividends incomeLoans
    
    $
    13,127,758
    
    
    $
    9,908,600
    
    
    $
    36,746,344
    
    
    $
    28,874,143Mortgage-backed securities
    
    
    337,758
    
    
    
    393,274
    
    
    
    1,042,856
    
    
    
    1,221,484Federal Home Loan Bank stock dividends
    
    
    164,769
    
    
    
    122,698
    
    
    
    469,846
    
    
    
    355,234Securities
    
    
    583,273
    
    
    
    482,271
    
    
    
    1,670,829
    
    
    
    969,231Fed funds sold and interest bearing
deposits
    
    
    114,092
    
    
    
    33,795
    
    
    
    262,874
    
    
    
    73,785Total interest income
    
    
    14,327,650
    
    
    
    10,940,638
    
    
    
    40,192,749
    
    
    
    31,493,877Interest expenseDeposits
    
    
    5,287,576
    
    
    
    3,365,977
    
    
    
    14,494,865
    
    
    
    9,337,067Short-term borrowings
    
    
    1,249,879
    
    
    
    278,229
    
    
    
    1,851,547
    
    
    
    652,731Long-term borrowings
    
    
    673,496
    
    
    
    1,267,134
    
    
    
    3,264,991
    
    
    
    3,857,720Subordinated debt
    
    
    180,621
    
    
    
    191,771
    
    
    
    503,781
    
    
    
    416,335Total interest expense
    
    
    7,391,572
    
    
    
    5,103,111
    
    
    
    20,115,184
    
    
    
    14,263,853Net interest income
    
    
    6,936,078
    
    
    
    5,837,527
    
    
    
    20,077,565
    
    
    
    17,230,024Provision for loan losses
    
    
    352,000
    
    
    
    75,000
    
    
    
    646,300
    
    
    
    211,000Net interest income after
provision for loan losses
    
    
    6,584,078
    
    
    
    5,762,527
    
    
    
    19,431,265
    
    
    
    17,019,024Noninterest income, netService and other fees
    
    
    277,466
    
    
    
    216,527
    
    
    
    788,214
    
    
    
    584,511Mortgage banking activities, net
    
    
    161,581
    
    
    
    210,688
    
    
    
    624,363
    
    
    
    873,983Increase in cash surrender value of bank
owned life insurance
    
    
    142,195
    
    
    
    152,599
    
    
    
    454,771
    
    
    
    422,427Other, net
    
    
    (46,712
    )
    
    
    359,526
    
    
    
    7,855
    
    
    
    602,866Total noninterest income, net
    
    
    534,530
    
    
    
    939,340
    
    
    
    1,875,203
    
    
    
    2,483,787Noninterest expenseCompensation and benefits
    
    
    2,905,378
    
    
    
    2,797,166
    
    
    
    9,125,584
    
    
    
    7,854,766Office occupancy and equipment
    
    
    819,959
    
    
    
    850,192
    
    
    
    2,817,363
    
    
    
    2,585,674Other
    
    
    1,571,543
    
    
    
    1,139,124
    
    
    
    4,170,953
    
    
    
    3,247,434Total noninterest expense
    
    
    5,296,880
    
    
    
    4,786,482
    
    
    
    16,113,900
    
    
    
    13,687,874Income before federal income
tax provision
    
    
    1,821,728
    
    
    
    1,915,385
    
    
    
    5,192,568
    
    
    
    5,814,937Federal income tax provision
    
    
    554,844
    
    
    
    602,526
    
    
    
    1,546,844
    
    
    
    1,812,426Net income
    
    $
    1,266,884
    
    
    $
    1,312,859
    
    
    $
    3,645,724
    
    
    $
    4,002,511Basic earnings per share
    
    $
    0.16
    
    
    $
    0.17
    
    
    $
    0.47
    
    
    $
    0.52Diluted earnings per share
    
    $
    0.16
    
    
    $
    0.17
    
    
    $
    0.46
    
    
    $
    0.51Dividends declared per common share
    
    $
    0.074
    
    
    $
    0.067
    
    
    $
    0.222
    
    
    $
    0.202
  Page 2




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PVF CAPITAL CORP.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS 
(Unaudited)
 Nine Months EndedMarch 31,2006
    
    
    2005Operating ActivitiesNet income
    
    $
    3,645,724
    
    
    $
    4,002,511Adjustments to reconcile net income to net cash from operating activities
Amortization of premiums on mortgage-backed securities
    
    
    43,785
    
    
    
    60,280Depreciation and amortization
    
    
    1,366,645
    
    
    
    1,370,459Provision for losses on loans
    
    
    646,300
    
    
    
    211,000Accretion of deferred loan origination fees, net
    
    
    (1,439,561
    )
    
    
    (657,556
    )Gain on sale of loans receivable held for sale, net
    
    
    (438,147
    )
    
    
    (891,474
    )(Gain)/loss on disposal of real estate owned, net
    
    
    35,330
    
    
    
    (165,575
    )Mortgage banking provision
    
    
    240,000
    
    
    
    182,000Stock compensation
    
    
    185,845
    
    
    
    0Federal Home Loan Bank stock dividends
    
    
    (469,700
    )
    
    
    (355,000
    )Change in accrued interest on securities, loans, and
borrowings, net
    
    
    (993,683
    )
    
    
    (303,990
    )Origination of loans receivable held for sale, net
    
    
    (77,223,250
    )
    
    
    (93,271,903
    )Sale of loans receivable held for sale, net
    
    
    79,150,591
    
    
    
    93,332,237Net change in other assets and other liabilities
    
    
    2,218,229
    
    
    
    1,784,825Net cash from operating activities
    
    
    6,968,108
    
    
    
    5,297,814Investing ActivitiesLoan repayments and originations, net
    
    
    (65,469,924
    )
    
    
    (38,255,915
    )Principal repayments on mortgage-backed securities
held to maturity
    
    
    4,127,221
    
    
    
    4,573,353Purchase of mortgage-backed securities held to maturity
    
    
    0
    
    
    
    (1,052,410
    )Proceeds from sale of real estate owned
    
    
    641,626
    
    
    
    1,229,847Purchase of securities held to maturity
    
    
    (500,000
    )
    
    
    (35,000,000
    )Maturities of securities held to maturity
    
    
    0
    
    
    
    5,000,000Additions to office properties and equipment, net
    
    
    (372,299
    )
    
    
    (1,326,852
    )Net cash from investing activities
    
    
    (61,573,376
    )
    
    
    (64,831,977
    )Financing activitiesNet increase (decrease) in demand deposits, NOW, and
passbook savings
    
    
    11,701,799
    
    
    
    (1,328,961
    )Net increase in time deposits
    
    
    24,914,925
    
    
    
    17,166,892Repayment of long-term Federal Home Loan Bank advances
    
    
    (100,012,018
    )
    
    
    (23,926
    )Net increase in short-term Federal Home Loan Bank
advances
    
    
    79,000,000
    
    
    
    38,000,000Repurchase agreement
    
    
    50,000,000
    
    
    
    0Proceeds from note payable
    
    
    1,057,871
    
    
    
    0Repayment of notes payable
    
    
    (1,400,780
    )
    
    
    (1,063,225
    )Purchase of treasury stock
    
    
    (255,742
    )
    
    
    (374,371
    )Proceeds from exercise of stock options
    
    
    144,736
    
    
    
    137,261Stock repurchased and retired
    
    
    (141,104
    )
    
    
    (108,268
    )Cash dividend paid
    
    
    (1,664,696
    )
    
    
    (1,514,655
    )Net cash from financing activities
    
    
    63,344,991
    
    
    
    50,890,747Net decrease in cash and cash equivalents
    
    
    8,739,723
    
    
    
    (8,643,416
    )Cash and cash equivalents at beginning of period
    
    
    11,090,076
    
    
    
    17,469,773Cash and cash equivalents at end of period
    
    $
    19,829,799
    
    
    $
    8,826,357Supplemental disclosures of cash flow information:Cash payments of interest expense
    
    $
    20,386,919
    
    
    $
    14,166,657Cash payments of income taxes
    
    $
    1,845,000
    
    
    $
    1,455,000Supplemental noncash investing activity:Transfer of loans to real estate owned
    
    $
    960,427
    
    
    $
    2,316,511
  Page 3




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PVF CAPITAL CORP.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 March 31, 2006 and 2005
(Unaudited)
     Page 4




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##### Table of Contents



Nine months endedMarch 31, 2006Total options outstandingWeightedAverageExerciseShares
    
    
    PriceOptions outstanding, beginning of period
    
    
    469,877
    
    
    $
    8.01Forfeited
    
    
    (12,250
    )
    
    
    11.10Exercised
    
    
    (26,038
    )
    
    
    5.54Granted
    
    
    126,885
    
    
    
    11.15Options outstanding, end of period
    
    
    558,474
    
    
    $
    8.77Options exercisable, end of period
    
    
    424,329
    
    
    $
    7.94
  Nine months endedMarch 31, 2006Total unvested optionsWeightedAverageFairShares
    
    
    ValueUnvested options, beginning of period
    
    
    81,866
    
    
    $
    3.13Vested
    
    
    (62,356
    )
    
    $
    3.21Granted
    
    
    126,885
    
    
    $
    3.69Forfeited
    
    
    (12,250
    )
    
    $
    3.79Unvested options, end of period
    
    
    134,145
    
    
    $
    3.56
 Page 5




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##### Table of Contents



Nine months endedMarch 31,2006
    
    2005Proceeds of options exercised
    
    $
    144,736
    
    
    $
    137,261Related tax benefit recognized
    
    
    0
    
    
    
    5,778Intrinsic value of options exercised
    
    $
    137,946
    
    
    $
    114,975
  Average risk-free interest rate
    
    
    4.57
    %Expected average life (in years)
    
    
    9.72Expected volatility
    
    
    31.56
    %Expected dividend yield
    
    
    2.67
    %
  Average risk-free interest rate
    
    
    3.75
    %Expected average life (in years)
    
    
    7.00Expected volatility
    
    
    29.29
    %Expected dividend yield
    
    
    2.21
    %Weighted average fair value
    
    $
    2.97
 Page 6




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##### Table of Contents



Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2005
    
    
    2005Net income as reported
    
    $
    1,312,859
    
    
    $
    4,002,511Less: Pro forma compensation
expense, net of tax
    
    $
    36,210
    
    
    $
    100,407Pro forma net income
    
    $
    1,276,649
    
    
    $
    3,902,104Basic earnings per share
    
    $
    0.17
    
    
    $
    0.52Pro forma basic earnings per
share
    
    $
    0.17
    
    
    $
    0.50Diluted earnings per share
    
    $
    0.17
    
    
    $
    0.51Pro forma diluted earnings
per share
    
    $
    0.16
    
    
    $
    0.49
 Page 7




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##### Table of Contents



Three months ended March 31,2006
    
    
    2005Income
    
    
    Shares
    
    
    Per Share
    
    
    Income
    
    
    Shares
    
    
    Per Share(Numerator)
    
    
    (Denominator)
    
    
    Amount
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    AmountBasic EPSNet Income
    
    $
    1,266,884
    
    
    
    7,714,921
    
    
    $
    0.16
    
    
    $
    1,312,859
    
    
    
    7,731,997
    
    
    $
    0.17Effect ofStock
Options
    
    
    
    
    
    
    114,223
    
    
    
    0.00
    
    
    
    
    
    
    
    164,030
    
    
    
    0.00Diluted EPSNet Income
    
    $
    1,266,884
    
    
    
    7,829,144
    
    
    $
    0.16
    
    
    $
    1,312,859
    
    
    
    7,896,026
    
    
    $
    0.17
 Nine months ended March 31,2006
    
    
    2005Income
    
    
    Shares
    
    
    Per Share
    
    
    Income
    
    
    Shares
    
    
    Per Share(Numerator)
    
    
    (Denominator)
    
    
    Amount
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    AmountBasic EPSNet Income
    
    $
    3,645,724
    
    
    
    7,716,941
    
    
    $
    0.47
    
    
    $
    4,002,511
    
    
    
    7,736,658
    
    
    $
    0.52Effect of
    
    
    
    
    
    
    136,645Stock
Options
    
    
    
    
    
    
    136,645
    
    
    
    0.01
    
    
    
    
    
    
    
    178,078
    
    
    
    0.01Diluted EPSNet Income
    
    $
    3,645,724
    
    
    
    7,853,586
    
    
    $
    0.46
    
    
    $
    4,002,511
    
    
    
    7,914,736
    
    
    $
    0.51
  Page 8




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##### Table of Contents



2006
    
    
    2005Servicing rights:Beginning of period
    
    $
    5,001,474
    
    
    $
    5,358,845Additions
    
    
    867,999
    
    
    
    985,273Amortized to expense
    
    
    (1,044,487
    )
    
    
    (1,256,840
    )End of period
    
    $
    4,824,986
    
    
    $
    5,087,278
  Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2006
    
    
    2005
    
    
    2006
    
    
    2005Mortgage loan servicing fees
    
    $
    493,091
    
    
    $
    488,379
    
    
    $
    1,470,703
    
    
    $
    1,421,349Amortization and impairment of
mortgage loan servicing fees
    
    $
    (314,792
    )
    
    $
    (387,095
    )
    
    $
    (1,044,487
    )
    
    $
    (1,256,840
    )Mortgage banking provision
    
    
    (41,000
    )
    
    
    (182,000
    )
    
    
    (240,000
    )
    
    
    (182,000
    )Gain on sales of loans
    
    $
    24,282
    
    
    $
    291,404
    
    
    $
    438,147
    
    
    $
    891,474Mortgage banking activities,
net
    
    $
    161,581
    
    
    $
    210,688
    
    
    $
    624,363
    
    
    $
    873,983
 Page 9




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##### Table of Contents



MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  FORWARD-LOOKING STATEMENTS
  
 FINANCIAL CONDITION
   Page 10




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FINANCIAL CONDITION continued
         Page 11




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##### Table of Contents



RESULTS OF OPERATIONS
    
    Three months ended March 31, 2006,compared to three months endedMarch 31, 2005.
      Page 12




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RESULTS
OF OPERATIONS continued
      Page 13




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RESULTS
OF OPERATIONS continued
  RESULTS OF OPERATIONS
    
    Nine months ended March 31, 2006,compared to nine months endedMarch 31, 2005.
     Page 14




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##### Table of Contents



RESULTS
OF OPERATIONS continued
 March 31,
    
    
    June 30,2006
    
    
    2005(Dollars in thousands)Non-accruing loans (1) :Real estate
    
    $
    13,755
    
    
    $
    11,750Accruing loans which are contractually
past due 90 days or more:Real estate
    
    $
    400
    
    
    $
    608Total non-accrual and 90 days
past due loans
    
    $
    14,155
    
    
    $
    12,358Ratio of non-performing loans to total loans
    
    
    1.95
    %
    
    
    1.85
    %Other non-performing assets (2)
    
    $
    1,673
    
    
    
    $1,319Total non-performing assets
    
    $
    15,828
    
    
    $
    13,677Total non-performing assets to total assets
    
    
    1.77
    %
    
    
    1.66
    %
 
 (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 loans greater than 90 days past due. 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.    Page 15




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RESULTS
OF OPERATIONS continued
         Page 16




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##### Table of Contents



RESULTS
OF OPERATIONS continued
 March 31, 2006More than90 daysPerforming
    
    
    and accruing
    
    
    Nonaccrual
    
    
    TotalOne-to-four family
residential
    
    $
    426,869
    
    
    $
    
    
    
    $
    4,774,481
    
    
    $
    5,201,350Home equity line of credit
    
    $
    784,646
    
    
    $
    
    
    
    $
    1,978,862
    
    
    $
    2,763,508Multi-family residential
    
    $
    
    
    
    $
    
    
    
    $
    21,300
    
    
    $
    21,300Commercial real estate
    
    $
    141,000
    
    
    $
    
    
    
    $
    2,559,536
    
    
    $
    2,700,536Land
    
    $
    
    
    
    $
    
    
    
    $
    255,910
    
    
    $
    255,910Residential construction
    
    $
    
    
    
    $
    399,900
    
    
    $
    4,165,400
    
    
    $
    4,565,300Total classified real
estate loans
    
    $
    1,352,515
    
    
    $
    399,900
    
    
    $
    13,755,489
    
    
    $
    15,507,904Non real estate loans
    
    $
    59,890
    
    
    $
    
    
    
    $
    
    
    
    $
    59,890$
    1,412,405
    
    
    $
    399,900
    
    
    $
    13,755,489
    
    
    $
    15,567,794
 June 30, 2005More than90 daysPerforming
    
    
    and accruing
    
    
    Nonaccrual
    
    
    TotalOne-to-four family
residential
    
    $
    923,355
    
    
    $
    150,577
    
    
    $
    3,169,450
    
    
    $
    4,243,382Home equity line of credit
    
    $
    541,189
    
    
    $
    
    
    
    $
    1,768,463
    
    
    $
    2,309,652Multi-family residential
    
    $
    319,393
    
    
    $
    
    
    
    $
    
    
    
    $
    319,393Commercial real estate
    
    $
    1,210,406
    
    
    $
    167,520
    
    
    $
    3,186,442
    
    
    $
    4,564,368Land
    
    $
    141,651
    
    
    $
    
    
    
    $
    276,427
    
    
    $
    418,078Residential construction
    
    $
    
    
    
    $
    
    
    
    $
    526,000
    
    
    $
    526,000Total classified real
estate loans
    
    $
    3,135,994
    
    
    $
    318,097
    
    
    $
    8,926,782
    
    
    $
    12,380,873Non real estate loans
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    $
    3,135,994
    
    
    $
    318,097
    
    
    $
    8,926,782
    
    
    $
    12,380,873
  Page 17




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##### Table of Contents



RESULTS
OF OPERATIONS continued
    
 LIQUIDITY AND CAPITAL RESOURCES
   
 Page 18




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##### Table of Contents



QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  
 
 CONTROLS AND PROCEDURES
   Page 19




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##### Table of Contents



Item 1.
    
    Legal Proceedings. N/AItem 2.
    
    Unregistered sale of Equity Securities and Use of Proceeds.(a)
    
    N/A(b)
    
    N/A(c)
    
    The following table illustrates the repurchase of the Companys
common stock during the period ended March 31, 2006:
 (c) TotalNumber ofSharesPurchased as
    
    (d) Maximum Number(a) Total
    
    
    
    
    
    Part of
    
    of Shares that MayNumber of
    
    (b) Average
    
    Publicly
    
    Yet Be PurchasedShares
    
    Price Paid
    
    Announced Plans
    
    Under the Plans orPeriod
    
    Purchased
    
    per Share
    
    or Programs
    
    ProgramsJanuary 1 through
January 31, 2006
    
    
    2,600
    
    
    $
    11.00
    
    
    
    2,600
    
    
    
    268,228February 1 through
February 28, 2006
    
    
    2,626
    
    
    $
    10.47
    
    
    
    2,626
    
    
    
    265,602March 1 through
March 31, 2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    265,602Total
    
    
    5,226
    
    
    $
    10.73
    
    
    
    5,226
  Item 3.
    
    Defaults Upon Senior Securities. N/AItem 4.
    
    Submission of Matters to a Vote of Security Holders. N/AItem 5.
    
    Other Information. N/AItem 6.
    
    (a) ExhibitsThe following exhibits are filed herewith:31.1
    
    
    Rule 13a-14(a) Certification of Chief Executive Officer31.2
    
    
    Rule 13a-14(a) Certification of Chief Financial Officer32
    
    
    Section 1350 Certification
 Page 20




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##### Table of Contents



Signature
  PVF Capital Corp.
     (Registrant)Date: May 8, 2006

/s/ C. Keith SwaneyC. Keith SwaneyPresident, Chief Operating
Officer and Treasurer
(Only authorized officer and
Principal Financial Officer)