TABLE OF CONTENTS




|                                                                                      |  |  |  |  |  |  |  | 
|------------------------------------------------------------------------------------- |  |  |  |  |  |  |  | 
|PART I FINANCIAL INFORMATION                                                         
|ITEM 1                                                                               
|CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION                                       
|CONSOLIDATED STATEMENTS OF OPERATIONS                                                
|CONSOLIDATED STATEMENTS OF CASH FLOWS                                                
|NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                                           
|ITEM 2                                                                               
|MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                           
|Part II   Other Information                                                          
|Signature                                                                            



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##### Table of Contents



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 March 31, 2001.

[   ] Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

For the transition period from ___________ to ______________

Commission File Number 0-24948

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

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

|                                           |  |           
|------------------------------------------ |  | ----------
|25350 Rockside Road, Bedford Heights, Ohio |  | 44146     
|                                           |  |           
|(Address of principal executive offices)   |  | (Zip Code)

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

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

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

YES
X    NO

Indicate 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 |  | 4,745,203                      
|                              |  |                                
|(Class)                       |  | (Outstanding at April 30, 2001)





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##### Table of Contents



PVF CAPITAL CORP.

INDEX

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|------- |  | -------------------------------------------------------------------------------------------------------------- |  | ---- | -- | 
|        |  |                                                                                                                |  | Page
|        |  |                                                                                                                |  |     
|Part I  |  | Financial Information                                                                                         
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|Item 1  |  | Financial Statements                                                                                          
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|        |  | Consolidated Statements of Financial
Condition, March 31, 2001 and
June 30, 2000 (unaudited).                  |  |      | 1  | 
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|        |  | Consolidated Statements of Operations
for the three and nine months
ended March 31, 2001 and 2000
(unaudited). |  |      | 2  | 
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|        |  | Consolidated Statements of Cash Flows
for the nine months ended March 31,
2001 and 2000 (unaudited).           |  |      | 3  | 
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|        |  | Notes to Consolidated Financial
Statements (unaudited).                                                        |  |      | 4  | 
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|Item 2  |  | Managements Discussion and Analysis of
Financial Condition and Results of
Operations                          |  |      | 6  | 
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|Item 3  |  | Quantitative and Qualitative Disclosures
about Market Risk                                                     |  |      | 13 | 
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|Part II |  | Other Information                                                                                              |  |      | 13 | 





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##### Table of Contents






PART I FINANCIAL INFORMATION




ITEM 1




PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)

|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |             |           |  | 
|------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------- | ------------------------------------------------- | ------------------------------------ | ----------- | --------- | - | ----------- | ----------- | --------- |  | 
|                                                                               |                                                                                                                  |                                                   |                                      |             | March 31, |   | June 30,   
|                                                                               |                                                                                                                  |                                                   |                                      |             | 2001      |   | 2000       
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |            
|                                                                               |                                                                                                                  |                                                   | ASSETS                              
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Cash and cash equivalents:                                                    
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               |                                                                                                                  | Cash and amounts due from depository institutions |                                      | $           | 4,109,667 |   |             | $           | 3,806,575 | 
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               |                                                                                                                  | Interest bearing deposits                         |                                      |             | 547,349   |   |             |             | 815,280   | 
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               |                                                                                                                  | Federal funds sold                                |                                      |             | 4,050,000 |   |             |             | 1,050,000 | 
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |            
|Total cash and cash equivalents                                                |                                                                                                                  |                                                   | 8,707,016                            |             |           |   | 5,671,855   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Securities held to maturity, at cost                                           |                                                                                                                  |                                                   | 65,125,193                           |             |           |   | 65,258,853  |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Loans receivable, net                                                          |                                                                                                                  |                                                   | 559,093,535                          |             |           |   | 513,669,748 |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Loans receivable held for sale, net                                            |                                                                                                                  |                                                   | 6,092,814                            |             |           |   | 10,737,721  |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Mortgage-backed securities held to maturity, net                               |                                                                                                                  |                                                   | 21,209,922                           |             |           |   | 1,215,045   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Office properties and equipment, net                                           |                                                                                                                  |                                                   | 3,566,051                            |             |           |   | 1,857,344   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Real estate owned, net                                                         |                                                                                                                  |                                                   | 448,867                              |             |           |   | 488,461     |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Investment in real estate                                                      |                                                                                                                  |                                                   | 5,089,446                            |             |           |   | 4,094,020   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Investment required by law -
stock in the Federal Home Loan Bank of Cincinnati |                                                                                                                  |                                                   | 7,125,341                            |             |           |   | 5,841,227   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Prepaid expenses and other assets                                              |                                                                                                                  |                                                   | 3,646,287                            |             |           |   | 4,151,852   |            
|                                                                              
|                                                                              
|                                                                              
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|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |            
|Total Assets                                                                   |                                                                                                                  | $                                                 | 680,104,472                          |             |           | $ | 612,986,126 |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |            
|                                                                               |                                                                                                                  |                                                   | LIABILITIES AND STOCKHOLDERS EQUITY
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Liabilities                                                                    |                                                                                                                  |                                                   |                                      |             |           |   |             |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Deposits                                                                                                         |                                                   | $                                    | 480,411,630 |           |   | $           | 440,981,859 |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Advances from the Federal Home Loan Bank of Cincinnati                                                           |                                                   |                                      | 135,920,951 |           |   |             | 114,973,840 |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Notes payable                                                                                                    |                                                   |                                      | 4,250,000   |           |   |             | 1,000,000   |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Advances from borrowers for taxes and insurance                                                                  |                                                   |                                      | 3,083,241   |           |   |             | 6,175,119   |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Accrued expenses and other liabilities                                                                           |                                                   |                                      | 9,881,611   |           |   |             | 6,955,245   |          
|                                                                              
|                                                                              
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|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |            
|Total Liabilities                                                              |                                                                                                                  |                                                   | 633,547,433                          |             |           |   | 570,086,063 |            
|                                                                              
|                                                                              
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|Stockholders Equity                                                           |                                                                                                                  |                                                   |                                      |             |           |   |             |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
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|                                                                              
|                                                                               | Serial preferred stock, none issued                                                                              |                                                   |                                      |            |           |   |             |            |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Common stock, $0.01 par value, 15,000,000 shares authorized;
4,851,000 and 4,832,918 shares issued, respectively |                                                   |                                      | 48,510      |           |   |             | 48,329      |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Additional paid-in-capital                                                                                       |                                                   |                                      | 24,818,171  |           |   |             | 24,780,978  |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Retained earnings-substantially restricted                                                                       |                                                   |                                      | 22,783,273  |           |   |             | 19,043,934  |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Treasury Stock, at cost 105,797 and 93,063 shares, respectively                                                  |                                                   |                                      | (1,092,915  | )         |   |             | (973,178    | )        
|                                                                              
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|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |            
|Total Stockholders Equity                                                     |                                                                                                                  |                                                   | 46,557,039                           |             |           |   | 42,900,063  |            
|                                                                              
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|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |            
|Total Liabilities and Stockholders Equity                                     |                                                                                                                  | $                                                 | 680,104,472                          |             |           | $ | 612,986,126 |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |            

See accompanying notes to consolidated financial statements

Page 1



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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1




PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |            |            | 
|---------------------------- | -------------------------------- | --------------------------------------------------- | ------- | ------------------ | ---------- | ----------------- | ------- | --------- | ---------- | ---- | --------- | ---------- | ---------- | - | --------- | ---------- | ---------- | 
|                             |                                  |                                                     |         | Three Months Ended |            | Nine Months Ended
|                             |                                  |                                                     |         | March 31,          |            | March 31,        
|                             |                                  |                                                     |         |                    |            |                  
|                             |                                  |                                                     |         | 2001               |            | 2000              |         | 2001      |            | 2000
|Interest income             
|                            
|                            
|                            
|                            
|                             | Loans                            |                                                     | $       | 12,103,826         |            |                   | $       | 9,720,562 |            |      | $         | 36,057,782 |            |   | $         | 27,497,041 |           
|                            
|                            
|                            
|                            
|                             | Mortgage-backed securities       |                                                     |         | 379,179            |            |                   |         | 20,557    |            |      |           | 857,236    |            |   |           | 69,767     |           
|                            
|                            
|                            
|                            
|                             | Cash and investment securities   |                                                     |         | 782,550            |            |                   |         | 1,098,622 |            |      |           | 3,408,342  |            |   |           | 2,315,344  |           
|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           
|                            
|                            
|                            
|                            
|                             |                                  | Total interest income                               |         |                    | 13,265,555 |                   |         |           | 10,839,741 |      |           |            | 40,323,360 |   |           |            | 29,882,152 | 
|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           
|Interest expense            
|                            
|                            
|                            
|                            
|                             | Deposits                         |                                                     |         | 6,879,762          |            |                   |         | 5,371,032 |            |      |           | 20,508,733 |            |   |           | 13,594,504 |           
|                            
|                            
|                            
|                            
|                             | Borrowings                       |                                                     |         | 1,375,631          |            |                   |         | 1,050,130 |            |      |           | 5,042,354  |            |   |           | 3,162,942  |           
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|                            
|                             |                                  | Total interest expense                              |         |                    | 8,255,393  |                   |         |           | 6,421,162  |      |           |            | 25,551,087 |   |           |            | 16,757,446 | 
|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           
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|                             |                                  | Net interest income                                 |         |                    | 5,010,162  |                   |         |           | 4,418,579  |      |           |            | 14,772,273 |   |           |            | 13,124,706 | 
|                            
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|Provision for loan losses    |                                  |                                                     | 75,000  |                    |            |                   | 0       |           |            |      | 75,000    |            |            |   | 450,000   |           
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|                             |                                  | Net interest income after provision for loan losses |         |                    | 4,935,162  |                   |         |           | 4,418,579  |      |           |            | 14,697,273 |   |           |            | 12,674,706 | 
|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           
|Noninterest income, net     
|                            
|                            
|                            
|                            
|                             | Service and other fees           |                                                     |         | 138,091            |            |                   |         | 94,582    |            |      |           | 358,420    |            |   |           | 347,284    |           
|                            
|                            
|                            
|                            
|                             | Mortgage banking activities, net |                                                     |         | 276,973            |            |                   |         | 102,295   |            |      |           | 604,728    |            |   |           | 405,885    |           
|                            
|                            
|                            
|                            
|                             | Insurance proceeds               |                                                     |         | 0                  |            |                   |         | 40,100    |            |      |           | 0          |            |   |           | 732,243    |           
|                            
|                            
|                            
|                            
|                             | Other, net                       |                                                     |         | 151,033            |            |                   |         | 90,503    |            |      |           | 632,441    |            |   |           | 514,784    |           
|                            
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|                             |                                  | Total noninterest income, net                       |         |                    | 566,097    |                   |         |           | 327,480    |      |           |            | 1,595,589  |   |           |            | 2,000,196  | 
|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           
|Noninterest expense         
|                            
|                            
|                            
|                            
|                             | Compensation and benefits        |                                                     |         | 1,720,684          |            |                   |         | 1,363,897 |            |      |           | 4,895,832  |            |   |           | 4,169,623  |           
|                            
|                            
|                            
|                            
|                             | Office, occupancy, and equipment |                                                     |         | 738,853            |            |                   |         | 512,655   |            |      |           | 1,980,105  |            |   |           | 1,489,625  |           
|                            
|                            
|                            
|                            
|                             | Other                            |                                                     |         | 762,138            |            |                   |         | 754,035   |            |      |           | 2,229,985  |            |   |           | 2,120,014  |           
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|                             |                                  | Total noninterest expense                           |         |                    | 3,221,675  |                   |         |           | 2,630,587  |      |           |            | 9,105,922  |   |           |            | 7,779,262  | 
|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           
|                             |                                  | Income before federal income tax provision          |         |                    | 2,279,584  |                   |         |           | 2,115,472  |      |           |            | 7,186,940  |   |           |            | 6,895,640  | 
|                            
|                            
|                            
|                            
|Federal income tax provision |                                  |                                                     | 770,502 |                    |            |                   | 702,417 |           |            |      | 2,408,818 |            |            |   | 2,296,306 |           
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|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           
|                            
|                            
|                            
|                            
|                             |                                  | Net income                                          |         | $                  | 1,509,082  |                   |         | $         | 1,413,055  |      |           | $          | 4,778,122  |   |           | $          | 4,599,334  | 
|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|Basic earnings per share     |                                  | $                                                   | 0.32    |                    |            | $                 | 0.30    |           |            | $    | 1.01      |            |            | $ | 0.96      |           
|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|Diluted earnings per share   |                                  | $                                                   | 0.31    |                    |            | $                 | 0.29    |           |            | $    | 0.97      |            |            | $ | 0.92      |           
|                             |                                  |                                                     |         |                    |            |                   |         |           |            |      |           |            |            |   |           |           

See accompanying notes to consolidated financial statements

Page 2



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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1




PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |           |   |            |              |  
|---------------------------------------------------- | ------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | --------------------------------- | ---------------------------------------------------------------------- | ---------- | ----------------- | ----------- | --------- | - | ---------- | ------------ | -
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            | Nine Months Ended
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            | March 31,        
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                  
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            | 2001              |             | 2000     
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |          
|Operating Activities                                
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Net income                                                                                 |                                                                                 | $                                 | 4,778,122                                                              |            |                   | $           | 4,599,334 |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     | Adjustments to reconcile net income to net cash provided by (used in) operating activities |                                                                                 |                                   |                                                                        |            |                   |             |           |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Accretion of discount on marketable securities                         |            |                   | (10,702     | )         |   |            | (6,875       | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Depreciation and amortization                                          |            |                   | 558,522     |           |   |            | 447,189      |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Provision for losses on loans                                          |            |                   | 75,000      |           |   |            | 450,000      |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Accretion of unearned discount and deferred loan origination fees, net |            |                   | (844,485    | )         |   |            | (827,470     | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | (Gain) loss on loans receivable held for sale, net                     |            |                   | (277,505    | )         |   |            | 4,326        |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Gain on disposal of real estate owned, net                             |            |                   | (55,270     | )         |   |            | (28,829      | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Federal Home Loan Bank stock dividends                                 |            |                   | (376,814    | )         |   |            | (237,047     | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Change in accrued interest on investments, loans, and borrowings, net  |            |                   | (505,871    | )         |   |            | (526,185     | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Origination of loans receivable held for sale, net                     |            |                   | (40,956,998 | )         |   |            | (39,844,378  | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Sale of loans receivable held for sale, net                            |            |                   | 45,879,410  |           |   |            | 29,307,022   |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Change in other, net                                                   |            |                   | (66,642     | )         |   |            | (2,166,492   | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Net cash provided by (used in) operating activities                    |            |                   | 8,196,767   |           |   |            | (8,829,405   | )
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |          
|Investing Activities                                
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Loan and mortgage-backed securities repayments and originations, net   |            |                   | (62,806,493 | )         |   |            | (66,180,698  | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Disposals of real estate owned                                         |            |                   | 142,286     |           |   |            | 127,832      |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Mortgage-backed securities purchased, net                              |            |                   | (977,543    | )         |   |            | 0            |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Securities purchases                                                   |            |                   | (49,918,836 | )         |   |            | (39,995,313  | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Securities maturities                                                  |            |                   | 50,063,199  |           |   |            | 59,380       |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Federal Home Loan Bank stock purchases                                 |            |                   | (907,300    | )         |   |            | (964,400     | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Additions to office properties and equipment, net                      |            |                   | (2,267,229  | )         |   |            | (499,350     | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Change in real estate held for investment                              |            |                   | (995,426    | )         |   |            | (227,099     | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Net cash used in investing activities                                  |            |                   | (67,667,342 | )         |   |            | (107,679,648 | )
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |          
|Financing Activities                                
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Net increase in demand deposits, NOW, and passbook savings             |            |                   | 1,828,994   |           |   |            | 6,747,107    |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Net increase in time deposits                                          |            |                   | 37,600,777  |           |   |            | 100,831,331  |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Net increase in Federal Home Loan Bank advances                        |            |                   | 20,947,111  |           |   |            | 8,950,208    |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Net increase in notes payable                                          |            |                   | 3,250,000   |           |   |            | 0            |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Purchase of treasury stock                                             |            |                   | (119,737    | )         |   |            | (823,398     | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Proceeds from exercise of stock options                                |            |                   | 33,405      |           |   |            | 8,083        |  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Cash dividend paid                                                     |            |                   | (1,034,814  | )         |   |            | (1,023,172   | )
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |          
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 |                                   | Net cash provided by financing activities                              |            |                   | 62,505,736  |           |   |            | 114,690,159  |  
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |          
|Net increase (decrease) in cash and cash equivalents |                                                                                            |                                                                                 | 3,035,161                         |                                                                        |            |                   | (1,818,894  | )        
|                                                    
|                                                    
|                                                    
|                                                    
|Cash and cash equivalents at beginning of period     |                                                                                            |                                                                                 | 5,671,855                         |                                                                        |            |                   | 10,089,332  |          
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |          
|Cash and cash equivalents at end of period           |                                                                                            | $                                                                               | 8,707,016                         |                                                                        |            | $                 | 8,270,438   |          
|                                                     |                                                                                            |                                                                                 |                                   |                                                                        |            |                   |             |          
|Supplemental disclosures of cash flow information:  
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 | Cash payments of interest expense |                                                                        | $          | 25,231,409        |             |           | $ | 16,802,909 |             
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            |                                                                                 | Cash payments of income taxes     |                                                                        | $          | 3,250,000         |             |           | $ | 2,440,000  |             
|                                                    
|                                                    
|                                                    
|                                                    
|Supplemental noncash investing activity:            
|                                                    
|                                                    
|                                                    
|                                                    
|                                                     |                                                                                            | Securitization of mortgage loans to mortgage-backed securities held to maturity |                                   | $                                                                      | 19,857,995 |                   |             | $         | 0 |           

See accompanying notes to consolidated financial statements

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1

PVF CAPITAL CORP.




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2001 and 2000
(Unaudited)

1. The accompanying consolidated interim financial statements were prepared in
accordance with regulations of the Securities and Exchange Commission for Form
10-Q. All information in the consolidated interim financial statements is
unaudited except for the June 30, 2000 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 nine months ended March 31, 2001 are
not necessarily indicative of the results to be expected for the entire year
ending June 30, 2001. 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, Deferral of Effective
Date of FASB Statement No. 133, 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. In June 2000, SFAS No. 133 was also amended by SFAS No. 138,
Accounting for Certain Derivative Instruments and Certain Hedging Activities,
which adds further guidance to the accounting for derivative instruments and
hedging activities. The Company adopted SFAS No. 133 as amended by SFAS No.
137 and SFAS No. 138 as of July 1, 2000. The adoption did not have a material
impact on the Banks consolidated financial statements.

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##### Table of Contents



Part I Financial Information
Item 1

3. The following table discloses Earnings Per Share for the three and nine
months ended March 31, 2001 and March 31, 2000.

|                        |  |                              |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |  |           |  |  |   |      | 
|----------------------- |  | ---------------------------- | --------- | ------------- |  | --------- | --------- | ----------- |  | ------------- | ---- | --------- |  | - | --------- |  |  |  | --------- |  |  | - | ---- | 
|                        |  | Three months ended March 31,
|                        |  | 2001                         |           | 2000         
|                        |  |                              |           |              
|                        |  | Income                       |           | Shares        |  | Per-Share |           | Income      |  | Shares        |      | Per-Share
|                        |  | (Numerator)                  |           | (Denominator) |  | Amount    |           | (Numerator) |  | (Denominator) |      | Amount   
|                        |  |                              |           |               |  |           |           |             |  |               |      |          
|Basic EPS              
|                       
|                       
|                       
|                       
|Net Income              |  | $                            | 1,509,082 |               |  |           | 4,737,703 |             |  | $             | 0.32 |           |  | $ | 1,413,055 |  |  |  | 4,762,812 |  |  | $ | 0.30 | 
|                       
|Effect of Stock Options |  |                              |           |               |  |           | 162,638   |             |  |               | 0.01 |           |  |   |           |  |  |  | 169,454   |  |  |   | 0.01 | 
|                       
|Diluted EPS            
|                       
|                       
|                       
|                       
|Net Income              |  | $                            | 1,509,082 |               |  |           | 4,900,341 |             |  | $             | 0.31 |           |  | $ | 1,413,055 |  |  |  | 4,932,266 |  |  | $ | 0.29 | 

|                        |  |                             |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |  |           |  |  |   |      | 
|----------------------- |  | --------------------------- | --------- | ------------- |  | --------- | --------- | ----------- |  | ------------- | ---- | --------- |  | - | --------- |  |  |  | --------- |  |  | - | ---- | 
|                        |  | Nine months ended March 31,
|                        |  | 2001                        |           | 2000         
|                        |  |                             |           |              
|                        |  | Income                      |           | Shares        |  | Per-Share |           | Income      |  | Shares        |      | Per-Share
|                        |  | (Numerator)                 |           | (Denominator) |  | Amount    |           | (Numerator) |  | (Denominator) |      | Amount   
|                        |  |                             |           |               |  |           |           |             |  |               |      |          
|Basic EPS              
|                       
|                       
|                       
|                       
|Net Income              |  | $                           | 4,778,122 |               |  |           | 4,740,322 |             |  | $             | 1.01 |           |  | $ | 4,599,334 |  |  |  | 4,794,777 |  |  | $ | 0.96 | 
|                       
|Effect of Stock Options |  |                             |           |               |  |           | 161,108   |             |  |               | 0.04 |           |  |   |           |  |  |  | 181,859   |  |  |   | 0.04 | 
|                       
|Diluted EPS            
|                       
|                       
|                       
|                       
|Net Income              |  | $                           | 4,778,122 |               |  |           | 4,901,430 |             |  | $             | 0.97 |           |  | $ | 4,599,334 |  |  |  | 4,976,636 |  |  | $ | 0.92 | 

Note  Shares represent average shares for the period adjusted for Treasury Stock.

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##### 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 nine-month periods ended March 31,
2001 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, Mid Pines Land
Co., 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. 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 $680.1 million as of March 31, 2001, an
increase of approximately $67.1 million, or 10.9%, as compared to June 30,
2000. The Bank remained in regulatory capital compliance for tangible, core,
and risk-based capital on a fully phased-in basis with capital levels of 6.76%,
6.76% and 10.27%, respectively at March 31, 2001.

During the nine months ended March 31, 2001, the Companys cash and

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##### Table of Contents



Part I Financial Information
Item 2

cash equivalents, which consist of cash, interest-bearing deposits and federal funds
sold, increased $3.0 million, or 53.5%, as compared to June 30, 2000. The
change in the Companys cash and cash equivalents consisted of a decrease in
interest-bearing deposits of $0.3 million and an increase in federal funds sold
and cash of $3.3 million.

The net $60.8 million, or 11.6%, increase in loans receivable and
mortgage-backed securities during the nine months ended March 31, 2001,
resulted from an increase in loans receivable of $40.8 million and an increase
in mortgage-backed securities of $20.0 million. The increase of $40.8 million
in loans receivable included increases of $13.6 million in land loans, $10.1
million in construction loans (primarily single-family construction loans),
$8.3 million in commercial real-estate loans, $3.9 million in home equity
loans, $2.3 million in single-family mortgage loans, $1.2 million in
commercial equity line of credit loans, $1.2 million in consumer loans, and
$0.2 million in multi-family loans. The increase in mortgage-backed securities
resulted from the Banks decision to securitize $19.9 million in single-family
loans and purchase a $1.0 million mortgage-backed security less payments
received of $0.9 million. The growth of the loan portfolio resulted in no
material change to the composition of the portfolio.

Securities decreased by $0.1 million, or 0.2%. This resulted from the
purchase of a $50.0 million agency security that was offset by calls exercised
by the issuers on $50.0 million in agency securities and the scheduled maturity
of $0.1 million in a municipal security. Investment in stock with the Federal
Home Loan Bank of Cincinnati increased by $1.3 million, or 22.0%, due to the
purchase of $907,300 in additional stock and stock dividends paid.

The increase of $1.7 million in office properties and equipment is the result
of the purchase of a previously leased branch office, the purchase of office
furniture for our new corporate headquarters in Solon, Ohio, and leasehold
improvements at our corporate headquarters, and new branch offices in Solon and
Shaker Heights, Ohio. Investment in real estate increased by $995,000 due to
the purchase by Mid Pines Land Co., a wholly-owned subsidiary of PVF Capital
Corp., of 5 acres of land, and investment in real estate development by PVF
Service Corp., also a wholly owned subsidiary of PVF Capital Corp.

During the nine months ended March 31, 2001, the opening of one new branch
office and the relocation of an existing branch office combined with
managements decision to build the deposit bases at these offices resulted in
the Bank competing aggressively with market savings rates to increase total
deposits by $39.4 million, or 8.9%. The increase of $20.9 million in advances
from the Federal Home Loan Bank of Cincinnati was a result of managements
decision to take advantage of attractive short-term borrowing rates. The
increase in notes payable of $3.2 million was used to fund the investment in
real estate and for other general operating expenses.

Page 7



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##### Table of Contents



Part I Financial Information
Item 2

The decrease in advances from borrowers for taxes and insurance of $3.1
million, or 50.1%, is due to timing differences between the collection and
payment of escrow funds. The increase of $2.9 million, or 42.1%, 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 $39.4 million, Federal Home Loan Bank advances of
$20.9 million, and notes payable of $3.2 million along with net income of $4.8
million were used to fund the net increase in loans receivable and
mortgage-backed securities of $60.8 million, to fund the increase in cash and
cash equivalents of $3.0 million, to increase the investment in office
properties and equipment by $1.7 million, to fund the increase in investments
in real estate of $1.0 million, to pay cash dividends for the nine-month period
of $1.0 million, and to purchase $0.9 million in stock from the Federal Home
Loan Bank of Cincinnati.

|                      |  |                                                                                  
|--------------------- |  | ---------------------------------------------------------------------------------
|RESULTS OF OPERATIONS |  | Three months ended March 31, 2001,
compared to three months ended
March 31, 2000.

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 noninterest 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 March 31, 2001 was
$1,509,100 as compared to $1,413,100 for the prior year comparable period.
This represents an increase of $96,000, or 6.8%, when compared with the prior
year comparable period.

Net interest income for the three months ended March 31, 2001 increased by
$591,600, or 13.4%, as compared to the prior year comparable period, due to an
increase of $2,425,800, or 22.4%, in interest income that resulted from an
increase of $91.1 million in the average balance of interest-earning assets and
a 29 basis point

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Part I Financial Information
Item 2

increase in the average return on interest-earning assets from
the prior year comparable period. The average balance on deposits and advances
increased by $84.1 million from the prior year comparable period. This
increased balance, along with a 50 basis point increase in the average cost of
funds for the current period, resulted in an overall increase in interest
expense of $1,834,200, or 28.6%. The Companys net interest income increased
despite a decrease of 21 basis points in the Companys interest-rate spread,
during the current period as compared to the prior year comparable period,
because of balance sheet growth in both interest-earning assets and
interest-bearing liabilities.

For the three months ended March 31, 2001, a $75,000 provision for loan losses
was recorded, while no provision for loan losses was recorded in the prior year
comparable period. The Company uses a systematic approach to determine the
adequacy of its loan loss allowance and the necessary provision for loan
losses. The loan portfolio is reviewed and delinquent loan accounts are
analyzed individually on a monthly basis with respect to payment history,
ability to repay, probability of repayment, and loan-to-value percentage.
Consideration is given to the types of loans in the portfolio and the overall
risk inherent in the portfolio. After reviewing current economic conditions,
changes to the size and composition of the loan portfolio, changes in
delinquency status, levels of non-accruing loans, non-performing assets,
impaired loans, and actual loan losses incurred by the Company, management
establishes an appropriate reserve percentage applicable to each category of
loans, and a provision for loan losses is recorded when necessary to bring the
allowance to a level consistent with this analysis. Management believes it uses
the best information available to make a determination as to the adequacy of
the allowance for loan losses.

During the three months ended March 31, 2001, the Company experienced loan
growth of $15.9 million, an increase in the level of impaired loans of $2.2
million, an increase of $1.0 million in classified assets and had no loans
charged off. Due to increases in loans, impaired loans and classified assets,
management determined it was necessary to record a provision for loan losses of
$75,000 in the current period. At March 31, 2001, the allowance for loan
losses was $3.4 million, which represented 58.9% of nonperforming loans and
0.60% of loans. For the three months ended March 31, 2000, the Company
experienced loan growth of $23.8 million, an increase in the level of impaired
loans of $1.6 million, an increase of $451,000 in classified assets and had no
loans charged off. Despite the increase in loans, impaired loans and classified
assets, it was not necessary to record a provision for loan losses in the
prior quarter because the Bank made sufficient provisions in the first and
second quarters of fiscal year 2000. At March 31, 2000, the allowance for loan
losses was $3.0 million, which represented 44.9% of nonperforming loans and
0.64% of loans.

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Part I Financial Information
Item 2

For the three months ended March 31, 2001, noninterest income increased
$238,600, or 72.9%, from the prior year comparable period. This was primarily
attributable to an increase of $174,700, or 170.8%, in income from mortgage
banking activities that resulted from an increase in gain on loan sales in the
current period. During these periods, PVF pursued a strategy of originating
long-term, fixed-rate loans pursuant to Federal Home Loan Mortgage Corporation
(FHLMC) and Federal National Mortgage Association (FNMA) guidelines and
selling such loans to the FHLMC or the FNMA, while retaining the servicing.
Service and other fees increased by $43,500, or 46.0%, from the prior year
comparable period primarily due to increases in late charges collected on loans
along with increases in NOW checking account fee income. During the three
months ended March 31, 2000, the Company received an insurance payment of
$40,100 for legal costs previously incurred relating to the settlement of a
lawsuit by PVF Holdings, Inc., a wholly-owned subsidiary of PVF Capital Corp.
Other non-interest income, net, increased by $60,500, or 66.9%, primarily due
to increased rental income in the current period.

Noninterest expense for the three months ended March 31, 2001 increased by
$591,100, or 22.5%, from the prior year comparable
period. This was primarily the result of a $356,800, or 26.2%, 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 $226,200, or 44.1%
due to increases in office rent and additional lease payments attributable to
the opening of our new corporate center along with the opening of a new branch
office and the relocation of an existing branch office.

The federal income tax provision for the three-month period ended March 31,
2001 increased to an effective rate of 33.8% for the current period from an
effective rate of 33.2% for the prior year comparable period.

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Part I Financial Information
Item 2

|                      |  |                                                                                
|--------------------- |  | -------------------------------------------------------------------------------
|RESULTS OF OPERATIONS |  | Nine months ended March 31, 2001,
compared to nine months ended
March 31, 2000.

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 noninterest 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 nine months ended March 31, 2001 was
$4,778,100 as compared to $4,599,300 for the prior year comparable period.
This represents an increase of $178,800, or 3.9%, when compared with the prior
year comparable period.

Net interest income for the nine months ended March 31, 2001 increased by
$1,647,600, or 12.5%, primarily due to an increase of $10,441,200, or 34.9%, in
interest income that resulted from an increase of $143.0 million in the average
balance of interest-earning assets and a 31 basis point increase in the average
return on interest-earning assets from the prior year comparable period. The
average balance on deposits and advances increased by $135.6 million from the
prior year comparable period. In addition, an 80 basis point increase in the
average cost of funds for the current period resulted in an overall increase in
interest expense of $8,793,600, or 52.5%. Despite a 49 basis point decrease in
the Banks interest-rate spread during the current period, as compared to the
prior year comparable period, the Banks net interest income increased due to
balance sheet growth in both interest-earning assets and interest-bearing
liabilities.

For the nine months ended March 31, 2001, a $75,000 provision for loan losses
was recorded, while a $450,000 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

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Part I Financial Information
Item 2

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 nine months ended March 31, 2001, the Company experienced growth in
the loan portfolio of $40.8 million, an increase in the level of impaired loans
of $0.9 million, and had $215,000 in loans charged off. Due to the growth of
the loan portfolio, an increase in the level of impaired loans, and loans
charged off, management determined it was necessary to record a provision for
loan losses of $75,000 in the current period. At March 31, 2001, the allowance
for loan losses was $3.4 million, which represented 58.9% of nonperforming
loans and 0.60% of loans. For the nine months ended March 31, 2000, the
Company experienced growth in the loan portfolio of $77.7 million, an increase
in the level of impaired loans of $3.1 million, an increase of $1.5 million in
classified assets, and had $36,000 in loans charged off. Due to the growth of
the loan portfolio, an increases in the level of impaired loans and classified
assets, and loans charged off, management determined it was necessary to record
a provision for loan losses of $450,000 in the prior period. At March 31, 2000,
the allowance for loan losses was $3.0 million, which represented 44.9% of
nonperforming loans and 0.64% of loans.

For the nine months ended March 31, 2001, noninterest income decreased
$404,600, or 20.2%, from the prior year comparable period. This was primarily
attributable to the Companys receipt of an insurance payment of $732,200 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 the prior
year comparable period. An increase of $198,800, or 49.0%, in income from mortgage banking activities
resulted from an increase in gain on loan sales in the current period. During
these periods, PVF pursued a strategy of originating long-term, fixed-rate
loans pursuant to Federal Home Loan Mortgage Corporation (FHLMC) and Federal
National Mortgage Association (FNMA) guidelines and selling such loans to the
FHLMC or the FNMA, while retaining the servicing. Other non-interest income,
net, increased by $117,700, or 22.9%, primarily due to increased rental income
in the current period.

Noninterest expense for the nine months ended March 31, 2001 increased by
$1,326,700, or 17.0%, from the prior year comparable period. This resulted
from a $726,200, or 17.4%, increase in compensation and benefits attributable
to increased staffing, incentive bonuses paid, and salary and wage adjustments.
Office occupancy and equipment

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Part I Financial Information
Item 2

increased by $490,500, or 32.9% due to increases
in office rent and additional lease payments attributable to the opening of our
new corporate center along with the opening of a new branch office and the
relocation of an existing branch office.

The federal income tax provision for the nine-month period ended March 31, 2001
increased to an effective rate of 33.5% for the current period from an
effective rate of 33.3% for the prior year comparable period.

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 March 31, 2001 was 7.6%. Management believes the Bank has
sufficient liquidity to meet its operational needs.




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, 2000.




|        |  |                                                                                                             
|------- |  | ------------------------------------------------------------------------------------------------------------
|Part II |  | Other Information                                                                                           
|       
|       
|       
|       
|Item 1. |  | Legal Proceedings. N/A                                                                                      
|       
|       
|       
|       
|        |  | (a) Information pertaining to lawsuits is set forth in Item
3 of Form 10-K for the Year ended June 30, 2000.
|       
|       
|       
|       
|Item 2. |  | Changes in Securities and Use of Proceeds. N/A                                                              
|       
|       
|       
|       
|Item 3. |  | Defaults Upon Senior Securities. N/A                                                                        
|       
|       
|       
|       
|Item 4. |  | Submission of Matters to a Vote of Security Holders. N/A                                                    
|       
|       
|       
|       
|Item 5. |  | Other Information. N/A                                                                                      
|       
|       
|       
|       
|Item 6. |  | Exhibits and Reports on Form 8-K. N/A                                                                       

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Signature

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

|                  |  |                        
|----------------- |  | -----------------------
|                  |  | PVF Capital Corp.      
|                  |  |                        
|                  |  | (Registrant)           
|                 
|Date: May 9, 2001 |  | /s/ C. Keith Swaney    
|                  |  |                        
|                  |  | C. Keith Swaney        
|                  |  | President and Treasurer