TABLE OF CONTENTS




|                             |                                                                                              |                                                      |  |  |  |  |  | 
|---------------------------- | -------------------------------------------------------------------------------------------- | ---------------------------------------------------- |  |  |  |  |  | 
|PART I FINANCIAL INFORMATION
|                             | ITEM 1 FINANCIAL STATEMENTS                                                                 
|                             |                                                                                              | CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION      
|                             |                                                                                              | CONSOLIDATED STATEMENTS OF OPERATIONS               
|                             |                                                                                              | CONSOLIDATED STATEMENTS OF CASH FLOWS               
|                             |                                                                                              | NOTES TO CONDENSED CONSOLIDATED 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   



---



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 December 31, 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.

---



|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|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

---



Not Applicable

---



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 |  | 4,393,724                        
|                              |  |                                  
|(Class)                       |  | (Outstanding at January 31, 2000)



---



##### Table of Contents



PVF CAPITAL CORP.

INDEX

|        |  |                                                                                                                 |  |      |    | 
|------- |  | --------------------------------------------------------------------------------------------------------------- |  | ---- | -- | 
|        |  |                                                                                                                 |  | Page
|        |  |                                                                                                                 |  |     
|Part I  |  | Financial Information                                                                                          
|       
|Item 1  |  | Financial Statements                                                                                           
|       
|        |  | Consolidated Statements of Financial
Condition, December 31, 1999 and
June 30, 1999 (unaudited)                 |  |      | 1  | 
|       
|        |  | Consolidated Statements of Operations
for the three and six months ended
December 31, 1999 and 1998 (unaudited) |  |      | 2  | 
|       
|        |  | Consolidated Statements of Cash Flows
for the six months ended December 31,
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                           |  |      | 6  | 
|       
|Item 3  |  | Quantitative and Qualitative Disclosures
about Market Risk                                                      |  |      | 15 | 
|       
|Part II |  | Other Information                                                                                               |  |      | 15 | 



---



##### Table of Contents






PART I FINANCIAL INFORMATION
ITEM 1




PVF CAPITAL CORP.




CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

|                                                 |                                                                                                                  |                                                   |                                      |             |              |   |             |             |           |  | 
|------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------- | ------------------------------------------------- | ------------------------------------ | ----------- | ------------ | - | ----------- | ----------- | --------- |  | 
|                                                 |                                                                                                                  |                                                   |                                      |             | December 31, |   | June 30,   
|ASSETS                                           |                                                                                                                  | 1999                                              |                                      | 1999       
|                                                 |                                                                                                                  |                                                   |                                      |            
|                                                
|                                                
|                                                
|                                                
|Cash and cash equivalents:                      
|                                                
|                                                
|                                                
|                                                
|                                                 |                                                                                                                  | Cash and amounts due from depository institutions |                                      | $           | 4,693,687    |   |             | $           | 4,140,460 | 
|                                                
|                                                
|                                                
|                                                
|                                                 |                                                                                                                  | Interest bearing deposits                         |                                      |             | 447,989      |   |             |             | 573,872   | 
|                                                
|                                                
|                                                
|                                                
|                                                 |                                                                                                                  | Federal funds sold                                |                                      |             | 7,050,000    |   |             |             | 5,375,000 | 
|                                                 |                                                                                                                  |                                                   |                                      |             |              |   |             |            
|Total cash and cash equivalents                  |                                                                                                                  |                                                   | 12,191,676                           |             |              |   | 10,089,332  |            
|                                                
|                                                
|                                                
|                                                
|Securities held to maturity, at cost             |                                                                                                                  |                                                   | 45,294,530                           |             |              |   | 25,334,041  |            
|                                                
|                                                
|                                                
|                                                
|Loans receivable, net                            |                                                                                                                  |                                                   | 441,250,502                          |             |              |   | 395,550,737 |            
|                                                
|                                                
|                                                
|                                                
|Loans receivable held for sale, net              |                                                                                                                  |                                                   | 10,012,662                           |             |              |   | 1,772,176   |            
|                                                
|                                                
|                                                
|                                                
|Mortgage-backed securities held to maturity, net |                                                                                                                  |                                                   | 1,367,359                            |             |              |   | 1,732,726   |            
|                                                
|                                                
|                                                
|                                                
|Office properties and equipment, net             |                                                                                                                  |                                                   | 1,794,984                            |             |              |   | 2,003,211   |            
|                                                
|                                                
|                                                
|                                                
|Real estate owned, net                           |                                                                                                                  |                                                   | 42,701                               |             |              |   | 168,500     |            
|                                                
|                                                
|                                                
|                                                
|Investment in real estate                        |                                                                                                                  |                                                   | 3,874,455                            |             |              |   | 3,796,852   |            
|                                                
|                                                
|                                                
|                                                
|Investment required by law                      
|                                                 | Stock in the Federal Home Loan Bank of Cincinnati                                                                |                                                   |                                      | 4,882,171   |              |   |             | 3,759,452   |          
|                                                
|                                                
|                                                
|                                                
|Prepaid expenses and other assets                |                                                                                                                  |                                                   | 3,253,180                            |             |              |   | 4,994,438   |            
|                                                
|                                                
|                                                
|                                                
|                                                 |                                                                                                                  |                                                   |                                      |             |              |   |             |            
|Total Assets                                     |                                                                                                                  | $                                                 | 523,964,220                          |             |              | $ | 449,201,465 |            
|                                                 |                                                                                                                  |                                                   |                                      |             |              |   |             |            
|                                                 |                                                                                                                  |                                                   | LIABILITIES AND STOCKHOLDERS EQUITY
|                                                
|                                                
|                                                
|                                                
|Liabilities                                     
|                                                
|                                                
|                                                
|                                                
|                                                 | Deposits                                                                                                         |                                                   | $                                    | 400,570,706 |              |   | $           | 331,241,736 |          
|                                                
|                                                
|                                                
|                                                
|                                                 | Advances from the Federal Home Loan Bank of Cincinnati                                                           |                                                   |                                      | 70,007,793  |              |   |             | 66,040,736  |          
|                                                
|                                                
|                                                
|                                                
|                                                 | Advances from borrowers for taxes and insurance                                                                  |                                                   |                                      | 5,887,201   |              |   |             | 5,463,660   |          
|                                                
|                                                
|                                                
|                                                
|                                                 | Accrued expenses and other liabilities                                                                           |                                                   |                                      | 6,655,221   |              |   |             | 7,599,525   |          
|                                                
|                                                
|                                                
|                                                
|                                                 |                                                                                                                  |                                                   |                                      |             |              |   |             |            
|Total Liabilities                                |                                                                                                                  |                                                   | 483,120,921                          |             |              |   | 410,345,657 |            
|                                                
|                                                
|                                                
|                                                
|Stockholders Equity                            
|                                                
|                                                
|                                                
|                                                
|                                                 | Serial preferred stock, none issued                                                                              |                                                   |                                      |            |              |   |             |            |          
|                                                
|                                                
|                                                
|                                                
|                                                 | Common stock, $0.01 par value, 15,000,000 shares authorized;
4,392,724 and 4,389,888 shares issued, respectively |                                                   |                                      | 43,927      |              |   |             | 43,899      |          
|                                                
|                                                
|                                                
|                                                
|                                                 | Paid in capital                                                                                                  |                                                   |                                      | 20,253,851  |              |   |             | 20,250,236  |          
|                                                
|                                                
|                                                
|                                                
|                                                 | Retained earnings-substantially restricted                                                                       |                                                   |                                      | 21,149,498  |              |   |             | 18,632,923  |          
|                                                
|                                                
|                                                
|                                                
|                                                 | Treasury Stock, at cost 48,685 and 5,500 shares, respectively                                                    |                                                   |                                      | (603,977    | )            |   |             | (71,250     | )        
|                                                
|                                                
|                                                
|                                                
|                                                 |                                                                                                                  |                                                   |                                      |             |              |   |             |            
|                                                
|                                                
|                                                
|                                                
|Total Stockholders Equity                       |                                                                                                                  |                                                   | 40,843,299                           |             |              |   | 38,855,808  |            
|                                                 |                                                                                                                  |                                                   |                                      |             |              |   |             |            
|Total Liabilities and Stockholders Equity       |                                                                                                                  | $                                                 | 523,964,220                          |             |              | $ | 449,201,465 |            
|                                                 |                                                                                                                  |                                                   |                                      |             |              |   |             |            

See accompanying notes to consolidated financial statements

PAGE 1



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1

PVF CAPITAL CORP.




CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |            |            | 
|---------------------------- | -------------------------------- | --------------------------------------------------- | ------- | ------------------ | --------- | ---------------- | ------- | --------- | --------- | ---- | --------- | ---------- | ---------- | - | --------- | ---------- | ---------- | 
|                             |                                  |                                                     |         | Three Months Ended |           | Six Months Ended
|                             |                                  |                                                     |         | December 31,       |           | December 31,    
|                             |                                  |                                                     |         |                    |           |                 
|                             |                                  |                                                     |         | 1999               |           | 1998             |         | 1999      |           | 1998
|Interest income             
|                             | Loans                            |                                                     | $       | 9,208,043          |           |                  | $       | 8,383,739 |           |      | $         | 17,776,479 |            |   | $         | 16,651,096 |           
|                            
|                            
|                            
|                            
|                             | Mortgage-backed securities       |                                                     |         | 22,851             |           |                  |         | 40,374    |           |      |           | 49,210     |            |   |           | 84,866     |           
|                            
|                            
|                            
|                            
|                             | Cash and investment securities   |                                                     |         | 699,263            |           |                  |         | 510,787   |           |      |           | 1,216,722  |            |   |           | 1,136,875  |           
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|                             |                                  | Total interest income                               |         |                    | 9,930,157 |                  |         |           | 8,934,900 |      |           |            | 19,042,411 |   |           |            | 17,872,837 | 
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|Interest expense            
|                             | Deposits                         |                                                     |         | 4,354,848          |           |                  |         | 4,348,972 |           |      |           | 8,223,472  |            |   |           | 8,787,947  |           
|                            
|                            
|                            
|                            
|                             | Borrowings                       |                                                     |         | 1,081,769          |           |                  |         | 729,569   |           |      |           | 2,112,812  |            |   |           | 1,455,823  |           
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|                             |                                  | Total interest expense                              |         |                    | 5,436,617 |                  |         |           | 5,078,541 |      |           |            | 10,336,284 |   |           |            | 10,243,770 | 
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|                             |                                  | Net interest income                                 |         |                    | 4,493,540 |                  |         |           | 3,856,359 |      |           |            | 8,706,127  |   |           |            | 7,629,067  | 
|                            
|                            
|                            
|                            
|Provision for loan losses    |                                  |                                                     | 100,000 |                    |           |                  | 0       |           |           |      | 450,000   |            |            |   | 0         |           
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|                             |                                  | Net interest income after provision for loan losses |         |                    | 4,393,540 |                  |         |           | 3,856,359 |      |           |            | 8,256,127  |   |           |            | 7,629,067  | 
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|Noninterest income, net     
|                             | Service and other fees           |                                                     |         | 113,745            |           |                  |         | 125,451   |           |      |           | 252,702    |            |   |           | 228,613    |           
|                            
|                            
|                            
|                            
|                             | Mortgage banking activities, net |                                                     |         | 199,253            |           |                  |         | 293,155   |           |      |           | 303,590    |            |   |           | 531,856    |           
|                            
|                            
|                            
|                            
|                             | Insurance proceeds               |                                                     |         | 0                  |           |                  |         | 0         |           |      |           | 692,143    |            |   |           | 0          |           
|                            
|                            
|                            
|                            
|                             | Other, net                       |                                                     |         | 344,029            |           |                  |         | 25,790    |           |      |           | 424,281    |            |   |           | 47,448     |           
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|                             |                                  | Total noninterest income, net                       |         |                    | 657,027   |                  |         |           | 444,396   |      |           |            | 1,672,716  |   |           |            | 807,917    | 
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|Noninterest expense         
|                             | Compensation and benefits        |                                                     |         | 1,424,606          |           |                  |         | 1,109,830 |           |      |           | 2,805,726  |            |   |           | 2,303,291  |           
|                            
|                            
|                            
|                            
|                             | Office, occupancy, and equipment |                                                     |         | 507,295            |           |                  |         | 466,186   |           |      |           | 976,970    |            |   |           | 895,025    |           
|                            
|                            
|                            
|                            
|                             | Other                            |                                                     |         | 665,902            |           |                  |         | 621,955   |           |      |           | 1,365,979  |            |   |           | 1,240,484  |           
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|                             |                                  | Total noninterest expense                           |         |                    | 2,597,803 |                  |         |           | 2,197,971 |      |           |            | 5,148,675  |   |           |            | 4,438,800  | 
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|                             |                                  | Income before federal income tax provision          |         |                    | 2,452,764 |                  |         |           | 2,102,784 |      |           |            | 4,780,168  |   |           |            | 3,998,184  | 
|                            
|                            
|                            
|                            
|Federal income tax provision |                                  |                                                     | 818,472 |                    |           |                  | 696,000 |           |           |      | 1,593,889 |            |            |   | 1,328,000 |           
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|                             |                                  | Net income                                          |         | $                  | 1,634,292 |                  |         | $         | 1,406,784 |      |           | $          | 3,186,279  |   |           | $          | 2,670,184  | 
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|Basic earnings per share     |                                  | $                                                   | 0.37    |                    |           | $                | 0.32    |           |           | $    | 0.73      |            |            | $ | 0.61      |           
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           
|Diluted earnings per share   |                                  | $                                                   | 0.36    |                    |           | $                | 0.31    |           |           | $    | 0.70      |            |            | $ | 0.59      |           
|                             |                                  |                                                     |         |                    |           |                  |         |           |           |      |           |            |            |   |           |           

See accompanying notes to consolidated financial statements

PAGE 2



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1

PVF CAPITAL CORP.




CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |           |            |             |            |  
|---------------------------------------------------- | ------------------------------------------------------------------------------------------ | --------------------------------- | ---------------------------------------------------------------------- | --------------------------------------------------- | ---------- | ---------------- | ----------- | --------- | ---------- | ----------- | ---------- | -
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            | Six Months Ended
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            | December 31,    
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                 
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            | 1999             |             | 1998     
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |          
|Operating Activities                                
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Net Income                                                                                 |                                   | $                                                                      | 3,186,279                                           |            |                  | $           | 2,670,184 |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Adjustments to reconcile net income to net cash provided by (used in) operating activities
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Accretion of discount on marketable securities                         |                                                     |            | (4,453           | )           |           |            | 0           |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Depreciation and amortization                                          |                                                     |            | 300,915          |             |           |            | 303,230     |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Provision for losses on loans                                          |                                                     |            | 450,000          |             |           |            | 0           |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Accretion of unearned discount and deferred loan origination fees, net |                                                     |            | (558,315         | )           |           |            | (566,877    | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Gain on loans receivable held for sale, net                            |                                                     |            | (81,251          | )           |           |            | (339,720    | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Gain on disposal of real estate owned, net                             |                                                     |            | (7,882           | )           |           |            | 0           |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Change in accrued interest on investments, loans, and borrowings, net  |                                                     |            | (351,128         | )           |           |            | (79,958     | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Change in other assets and other liabilities, net                      |                                                     |            | 1,118,864        |             |           |            | (1,371,324  | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Origination of loans receivable held for sale, net                     |                                                     |            | (20,073,228      | )           |           |            | (33,570,267 | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Sale of loans receivable held for sale, net                            |                                                     |            | 11,913,993       |             |           |            | 33,663,069  |           
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |          
|                                                     |                                                                                            |                                   |                                                                        | Net cash provided by (used in) operating activities |            |                  | (4,106,206  | )         |            |             | 708,337    |  
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |          
|Investing Activities                                
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Loan and mortgage-backed securities repayments and originations, net   |                                                     |            | (44,765,442      | )           |           |            | (17,630,556 | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Disposals of real estate owned                                         |                                                     |            | 125,799          |             |           |            | 438,816     |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Securities purchases                                                   |                                                     |            | (19,995,313      | )           |           |            | (10,433,000 | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Securities maturities                                                  |                                                     |            | 39,277           |             |           |            | 22,818,595  |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | FHLB stock purchases, dividends, net                                   |                                                     |            | (1,122,719       | )           |           |            | (129,292    | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Additions to office properties and equipment, net                      |                                                     |            | (92,688          | )           |           |            | (77,487     | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Change in real estate held for investment                              |                                                     |            | (77,603          | )           |           |            | (122,501    | )         
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |          
|                                                     |                                                                                            |                                   |                                                                        | Net cash used in investing activities               |            |                  | (65,888,689 | )         |            |             | (5,135,425 | )
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |          
|Financing activities                                
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Net increase in demand deposits, NOW, and passbook savings             |                                                     |            | 3,828,401        |             |           |            | 4,755,910   |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Net increase (decrease) in time deposits                               |                                                     |            | 65,500,569       |             |           |            | (9,700,690  | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Net increase in FHLB advances                                          |                                                     |            | 3,967,057        |             |           |            | 4,854,095   |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Repayment of notes payable                                             |                                                     |            | 0                |             |           |            | (1,060,000  | )         
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Purchase of treasury stock                                             |                                                     |            | (532,727         | )           |           |            | 0           |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Proceeds from exercise of stock options                                |                                                     |            | 6,053            |             |           |            | 0           |           
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                   | Cash dividend paid                                                     |                                                     |            | (672,114         | )           |           |            | (938        | )         
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |          
|                                                     |                                                                                            |                                   |                                                                        | Net cash provided by (used in) financing activities |            |                  | 72,097,239  |           |            |             | (1,151,623 | )
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |          
|Net increase (decrease) in cash and cash equivalents |                                                                                            |                                   | 2,102,344                                                              |                                                     |            |                  | (5,578,711  | )        
|                                                    
|                                                    
|                                                    
|                                                    
|Cash and cash equivalents at beginning of period     |                                                                                            |                                   | 10,089,332                                                             |                                                     |            |                  | 23,216,962  |          
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |          
|Cash and cash equivalents at end of period           |                                                                                            | $                                 | 12,191,676                                                             |                                                     |            | $                | 17,638,251  |          
|                                                     |                                                                                            |                                   |                                                                        |                                                     |            |                  |             |          
|Supplemental disclosures of cash flow information:  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            | Cash payments of interest expense |                                                                        | $                                                   | 10,352,570 |                  |             | $         | 10,226,875 |            
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            | Cash payments of income taxes     |                                                                        | $                                                   | 1,680,000  |                  |             | $         | 1,600,000  |            

|
|

See accompanying notes to consolidated financial statements

PAGE 3



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1

PVF CAPITAL CORP.




NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 1999 and 1998
(Unaudited)

1. The accompanying condensed 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 and six months ended
December 31, 1999 are not necessarily indicative of the results to be expected
for the entire year ending June 30, 2000. The results of operations for PVF
Capital Corp. (PVF or the Company) for the periods being reported have been
derived primarily from the results of operation of Park View Federal Savings
Bank (the Bank). 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.

PAGE 4



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1

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 and six
months ended December 31, 1999 and December 31, 1998.

|                        |  |                                 |           |               |  |           |           |        |  |             |      |               |  |        |  |  |  |   |           |  |  |  |           |  |  |   |      |  |  |  |  | 
|----------------------- |  | ------------------------------- | --------- | ------------- |  | --------- | --------- | ------ |  | ----------- | ---- | ------------- |  | ------ |  |  |  | - | --------- |  |  |  | --------- |  |  | - | ---- |  |  |  |  | 
|                        |  | Three months ended December 31,
|                        |  |                                
|                        |  | 1999                            |           | 1998         
|                        |  |                                 |           |              
|                        |  | Income                          |           | Shares        |  | Per-Share |           | Income |  | Shares      |      | Per-Share    
|                        |  | (Numerator)                     |           | (Denominator) |  | Amount    |           |        |  | (Numerator) |      | (Denominator) |  | Amount
|                        |  |                                 |           |               |  |           |           |        |  |             |      |               |  |       
|Basic EPS              
|                       
|                       
|                       
|                       
|Net Income              |  | $                               | 1,634,292 |               |  |           | 4,365,219 |        |  | $           | 0.37 |               |  |        |  |  |  | $ | 1,406,784 |  |  |  | 4,389,742 |  |  | $ | 0.32 | 
|                       
|                       
|                       
|                       
|Effect of Stock Options |  |                                 |           |               |  |           | 170,939   |        |  |             | 0.01 |               |  |        |  |  |  |   |           |  |  |  | 161,467   |  |  |   | 0.01 | 
|                       
|                       
|                       
|                       
|Diluted EPS            
|                       
|                       
|                       
|                       
|Net Income              |  | $                               | 1,634,292 |               |  |           | 4,536,158 |        |  | $           | 0.36 |               |  |        |  |  |  | $ | 1,406,784 |  |  |  | 4,551,209 |  |  | $ | 0.31 | 

|                        |  |                               |           |               |  |           |           |        |  |             |      |               |  |        |  |  |  |   |           |  |  |  |           |  |  |   |      |  |  |  |  | 
|----------------------- |  | ----------------------------- | --------- | ------------- |  | --------- | --------- | ------ |  | ----------- | ---- | ------------- |  | ------ |  |  |  | - | --------- |  |  |  | --------- |  |  | - | ---- |  |  |  |  | 
|                        |  | Six months ended December 31,
|                        |  |                              
|                        |  | 1999                          |           | 1998         
|                        |  |                               |           |              
|                        |  | Income                        |           | Shares        |  | Per-Share |           | Income |  | Shares      |      | Per-Share    
|                        |  | (Numerator)                   |           | (Denominator) |  | Amount    |           |        |  | (Numerator) |      | (Denominator) |  | Amount
|                        |  |                               |           |               |  |           |           |        |  |             |      |               |  |       
|Basic EPS              
|                       
|                       
|                       
|                       
|Net Income              |  | $                             | 3,186,279 |               |  |           | 4,373,372 |        |  | $           | 0.73 |               |  |        |  |  |  | $ | 2,670,184 |  |  |  | 4,389,742 |  |  | $ | 0.61 | 
|                       
|                       
|                       
|                       
|Effect of Stock Options |  |                               |           |               |  |           | 172,844   |        |  |             | 0.03 |               |  |        |  |  |  |   |           |  |  |  | 167,873   |  |  |   | 0.02 | 
|                       
|                       
|                       
|                       
|Diluted EPS            
|                       
|                       
|                       
|                       
|Net Income              |  | $                             | 3,186,279 |               |  |           | 4,546,216 |        |  | $           | 0.70 |               |  |        |  |  |  | $ | 2,670,184 |  |  |  | 4,557,615 |  |  | $ | 0.59 | 

PAGE 5



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2




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

The following analysis discusses changes in financial condition and results of
operations at and for the three-month and six-month periods ended December 31,
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 (PVFSC), 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 $524.0 million as of December 31, 1999, an
increase of approximately $74.8 million, or 16.6%, 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 7.06%,
7.06%, and 10.38% respectively at December 31, 1999.

During the six months ended December 31, 1999, the Companys cash and cash
equivalents, which consist of cash, interest-bearing deposits and federal funds
sold, increased $2.1 million, or 20.8%, as compared to June 30, 1999. The
change in the Companys cash and cash equivalents consisted of an increase in
cash and interest-bearing deposits of $0.4 million and an increase in federal
funds sold of $1.7 million.

PAGE 6



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

FINANCIAL CONDITION continued

The net $53.6 million, or 13.4%, increase in loans receivable and
mortgage-backed securities during the six months ended December 31, 1999,
resulted from an increase in loans receivable of $54.0 million and a decrease
in mortgage-backed securities of $0.4 million. The increase of $54.0 million
in loans receivable included increases of $19.8 million in one-to-four family
residential loans, $16.4 million in one-to-four family construction loans, $6.9
million in commercial real estate loans, $2.1 million in commercial
construction real estate loans, $3.9 million in home equity line of credit
loans, $3.8 million in commercial line of credit loans, $2.5 million in
multifamily loans, and $0.9 million in consumer loans. These increases were
partially offset by a $1.2 million decrease in multifamily construction loans
and $1.1 million in land loans. The decrease in mortgage-backed securities
resulted from payments received of $0.4 million. The growth of the loan
portfolio resulted in no material change to the composition of the portfolio.

Securities increased by $20.0 million, or 78.8%, as a result of the Banks
decision to invest surplus cash balances in higher yielding agency securities
rather than in overnight fed funds. The decrease of $208,200 in office
properties and equipment is primarily the result of the sale of the North
Moreland office building. The decrease of $125,800 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 $1.1
million, or 29.9%, due to the purchase of $964,400 in additional stock along
with stock dividends paid. The decrease in prepaid expenses and other assets
of $1.7 million is primarily the result of adjustments to N.O.W. clearing
accounts.

During the six months ended December 31, 1999, the opening of one new branch
office and the relocation of an existing branch office combined with
managements goal to build the deposit bases at these offices resulted in the
Bank competing aggressively with market savings rates to increase total
deposits by $69.3 million, or 20.9%. The increase of $4.0 million, or 6.0%, in
advances from the Federal Home Loan Bank of Cincinnati was a result of the
Banks decision to take advantage of attractive short-term borrowing rates.

The increase in advances from borrowers for taxes and insurance of $0.4
million, or 7.7%, is due to timing differences between the collection and
payment of escrow funds. The decrease of $0.9 million, or 12.4%, in accrued
expenses and other liabilities is primarily the result of timing differences
between the collection and remittance of payments received on loans serviced
for investors.

The increase in deposits of $69.3 million and Federal Home Loan Bank advances
of $4.0 million along with net income of $3.2 million were used to fund the net
increase in loans receivable and mortgage-backed securities of $53.6 million,
to purchase $20.0 million in securities, to purchase $964,400 of stock in the
Federal Home Loan Bank of Cincinnati, and for the purchase of $533,000 in
treasury stock.

PAGE 7



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

|                      |  |                                                                                        
|--------------------- |  | ---------------------------------------------------------------------------------------
|RESULTS OF OPERATIONS |  | Three months ended December 31, 1999,
compared to three months ended
December 31, 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 held 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 December 31, 1999 was
$1,634,300 as compared to $1,406,800 for the prior year comparable period.
This represents an increase of $227,500, or 16.2%, when compared with the prior
year comparable period.

Net interest income for the three months ended December 31, 1999 increased by
$637,200, or 16.5%, as compared to the prior year comparable period, primarily
due to an increase of $995,300, or 11.1%, in interest income that resulted
primarily from an increase of $53.3 million in the average balance of
interest-earning assets. This increased balance was offset partially by an 11
basis point decrease in the average return on interest-earning assets from the
prior year comparable period. The average balance on deposits and advances
increased by $49.7 million from the prior year comparable period. This
increased balance, partially offset by a 27 basis point decrease in the average
cost of funds for the current period, resulted in an overall increase in
interest expense of $358,100, or 7.0% The Companys net interest income
increased because of an increase of 16 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 December 31, 1999, a $100,000 provision for loan
losses was recorded as compared to no provision for loan losses being 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

PAGE 8



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

RESULTS OF OPERATIONS continued

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 December 31, 1999, the Company experienced an
increase in the level of impaired loans of $228,000 and a decrease of $126,000
in classified assets. Despite a decrease in classified assets, growth in the
loan portfolio of $33.5 million along with an increase in the level of impaired
loans made it necessary to record a provision of $100,000 for loan losses in
the current period. For the three months ended December 31, 1998, the Company
experienced a decrease in the level of impaired loans of $607,000 and a
decrease of $370,000 in classified assets. Despite growth in the loan
portfolio of $9.2 million, it was not necessary to record a provision for loan
losses due to a decrease in impaired loans and classified assets and no net
charge-offs in the prior period. At December 31, 1999, the allowance for loan
losses was $3.1 million, which represented 43.6% of non-performing loans and
0.7% of net loans.

For the three months ended December 31, 1999, non-interest income increased
$212,600, or 47.8%, from the prior year comparable period. This resulted from
an increase of $318,200 in other non-interest income, net which was primarily
the result of a gain of $207,200 on the sale of the North Moreland office
building along with an increase in rental income of $77,500 and a recovery on a
previously written-off asset of $32,000 in the current period. This was
partially offset by a decrease of $93,900, or 32.0%, in income from
mortgage-banking activities that resulted from a decrease in gain on loan sales
of $127,800 which was partially offset by a $33,900 increase in servicing
income 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. Service and other fees decreased by $11,700, or 9.3%, from the
prior year comparable period, primarily due to a decline in N.O.W. account fee
income.

Non-interest expense for the three months ended December 31, 1999 increased by
$399,800, or 18.2%, from the prior year comparable period. This was primarily
the result of a $314,800, or 28.4% increase in compensation and benefits
primarily attributable to increased staffing along with employee 401(k)
benefits, incentive bonuses paid, and salary and wage adjustments. Office
occupancy and equipment increased by $41,100, or 8.8%, due to the opening of a
new branch office and the relocation of an existing branch office. Other

PAGE 9



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

RESULTS OF OPERATIONS continued

non-interest expense increased by $43,900, or 7.1%, primarily attributable to
an increase in legal expenses and advertising 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 December 31, 1999.

The federal income tax provision for the three-month period ended December 31,
1999 increased to an effective rate of 33.4% for the current period from an
effective rate of 33.1% for the prior year comparable period.

|                      |  |                                                                                    
|--------------------- |  | -----------------------------------------------------------------------------------
|RESULTS OF OPERATIONS |  | Six months ended December 31, 1999,
compared to six months ended
December 31, 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 held 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 six months ended December 31, 1999 was
$3,186,300 as compared to $2,670,200 for the prior year comparable period.
This represents an increase of $516,100, or 19.3%, when compared with the prior
year comparable period.

Net interest income for the six months ended December 31, 1999 increased by
$1,077,100, or 14.1%, primarily due to an increase of $1,169,600, or 6.5%, in
interest income that resulted primarily from an increase of $37.8 million in
the average balance of interest-earning assets. This increased balance was
offset partially by a 19 basis point decrease in the average return on
interest-earning assets from the prior year comparable period. The average
balance on deposits and advances increased by $34.7 million from the prior year

PAGE 10



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

RESULTS OF OPERATIONS continued

comparable period. This increased balance was offset by a 38 basis point
decrease in the average cost of funds for the current period, and resulted in
an overall increase in interest expense of $92,500, or 0.90%. The Banks net
interest income increased due to an increase of 19 basis points in the Banks
interest-rate spread and balance sheet growth in both interest-earning assets
and interest-bearing liabilities during the current period as compared to the
prior year comparable period.

For the six months ended December 31, 1999, a $450,000 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 six months ended December 31, 1999, the Company experienced an
increase in the level of impaired loans of $1.5 million and an increase of $1.1
million in classified assets. Due to the increase in the level of impaired
loans and classified assets, as well as growth in the loan portfolio of $54.0
million, management determined it was necessary and prudent to record a
provision for loan losses of $450,000 in the current period. During the six
months ended December 31, 1998, the Company experienced a decrease in the level
of impaired loans of $477,000 and an increase of $2.8 million in classified
assets. Despite growth in the loan portfolio of $19.4 million and an increase
in classified assets, it was not necessary to record a provision for loan
losses due to a decrease in impaired loans and no net charge-offs during the
prior period. At December 31, 1999, the allowance for loan losses was $3.1
million, which represents 43.6% of non-performing loans and 0.7% of net loans.

For the six months ended December 31, 1999, non-interest income increased
$864,800, or 107.0%, from the prior year comparable period. This was primarily
the result of the receipt of an insurance payment of $692,100 for legal costs
previously incurred relating to the settlement of a lawsuit by PVF Holdings,
Inc., a wholly-owned subsidiary of PVF Capital Corp. In addition, other
non-interest income, net, increased by $376,800 as a result of the gain of
$207,200

PAGE 11



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

RESULTS OF OPERATIONS continued

on the sale of the North Moreland office building along with an increase in
rental income of $156,400 in the current period. This was partially offset by
a decrease of $228,300, or 42.9%, in income from mortgage-banking activities
that resulted from a decrease in gain on loan sales of $258,500 partially
offset by a $30,200 increase in servicing income 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. Service and other fees
increased by $24,100, or 10.5%, from the prior year comparable period,
primarily due to increases in N.O.W. account fee income.

Noninterest expense for the six months ended December 31, 1999 increased by
$709,900, or 16.0%, from the prior year comparable period. This was primarily
the result of a $502,400, or 21.8%, increase in compensation and benefits
primarily attributable to increased staffing along with employee 401(K)
benefits, incentive bonuses paid, and salary and wage adjustments. Office
occupancy and equipment increased by $82,000, or 9.2%, due to the opening of a
new branch office and the relocation of one of our existing branch offices.
Other non-interest expense increased by $125,500, or 10.1%, primarily
attributable to an increase in legal expenses and advertising 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 six-month period ended December 31, 1999.

The federal income tax provision for the six-month period ended December 31,
1999 increased to an effective rate of 33.3% for the current period from an
effective rate of 33.2% for the prior year comparable period.

Year 2000

Park View Federal did not experience any significant malfunctions or errors in
its operating or business systems when the date changed from 1999 to 2000.
Based on operations since January 1, 2000, the Company does not expect any
significant impact on its ongoing business as a result of the Year 2000
issue. However, it is possible that the full impact of the date change, which
was of concern due to computer programs that use two digits instead of four
digits to define years, has not been fully recognized. For example, it is
possible that Year 2000 or similar issues such as leap year-related problems
may occur with billing, payroll, or financial closings at month, quarterly, or
year end. The Company believes that any such problems are likely to

PAGE 12



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

Year 2000 continued

be minor and correctable. In addition, the Company could still be negatively
affected if its customers are adversely affected by the Year 2000 or similar
issues. The Company currently is not aware of any significant Year 2000 or
similar problems that have arisen for its customers.

The cost to the Bank to become Year 2000 ready did not have a material impact
to the Banks net income for any year. These efforts included replacing some
outdated, non-compliant hardware and non-compliant software as well as
identifying and remediating Year 2000 problems.

PAGE 13



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

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 December 31, 1999 was 11.1%. Management believes the Bank has
sufficient liquidity to meet its operational needs.

ANNUAL MEETING VOTING RESULTS

The Companys Annual Meeting of Stockholders was held on October 18, 1999. A
total of 3,504,620 shares of the Companys common stock were represented at the
Annual Meeting in person or by proxy.

Stockholders voted in favor of the election of three nominees for director.
The voting results for each nominee were as follows:

|                    |  |             |                |               |  |  |       | 
|------------------- |  | ----------- | -------------- | ------------- |  |  | ----- | 
|                    |  |             | Votes in Favor
|Nominee             |  | of election |                | Votes Against
|                    |  |             |                |              
|Creighton E. Miller |  |             | 3,495,021      |               |  |  | 9,599 | 
|                   
|                   
|                   
|                   
|John R. Male        |  |             | 3,495,265      |               |  |  | 9,355 | 
|                   
|                   
|                   
|                   
|Stanley T. Jaros    |  |             | 3,495,265      |               |  |  | 9,355 | 

There were 885,122 non-votes on the matter.

Proposal to ratify the appointment of KPMG LLP as independent certified public
accountants of the Company for the fiscal year ending June 30, 2000.

|          |  |               |   |         |  |            |       |  |  |  |         | 
|--------- |  | ------------- | - | ------- |  | ---------- | ----- |  |  |  | ------- | 
|Votes For |  | Votes Against |   | Abstain |  | Not Voting
|          |  |               |   |         |  |           
|3,497,673 |  |               | 0 |         |  |            | 6,947 |  |  |  | 885,122 | 

There were no broker non-votes for the annual meeting.

PAGE 14



---



##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 3




QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no significant changes to the Companys interest rate risk
position or any changes to how the Company manages its Asset/ Liability
position since June 30, 1999.




Part II Other Information

Item 6. Exhibits and Reports on Form 8-K



| |                                                                                                    
| | ---------------------------------------------------------------------------------------------------
| | (a) PVF did not file any reports on Form 8-K during the three-month
period ended December 31, 1999.

PAGE 15



---



##### Table of Contents



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: |  | February 11, 2000 |  |  | /s/ C. Keith Swaney
|      |  |                   |  |  |                    
|      |  |                   |  |  |                     | C. Keith Swaney
Vice President and Treasurer