##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D. C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended September 30, 2006.
 o
    
    Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File Number 0-24948
 PVF Capital Corp.
  Ohio
    
    34-1659805(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 30000 Aurora Road, Solon, Ohio
    
    44139(Address of principal executive offices)
    
    (Zip Code)
  (Registrants telephone number, including area code)
  (Former name, former address and former fiscal year, if changed
since last report.)
  þ o
 
 o þ o
  o þ
  Common Stock, $0.01 Par Value
    
    7,723,436(Class)
    
    (Outstanding at November 6, 2006)




---



##### 



PVF CAPITAL CORP.
  PagePart I
    
    Financial InformationItem 1
    
    Financial StatementsConsolidated Statements of Financial Condition, September 30, 2006 (unaudited) and June 30, 2006.
    
    
    1Consolidated Statements of Operations for the three months ended September 30, 2006 and 2005 (unaudited).
    
    
    2Consolidated Statements of Cash Flows for three months ended September 30, 2006 and 2005 (unaudited).
    
    
    3Notes to Consolidated Financial Statements (unaudited).
    
    
    4Item 2
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    9Liquidity and Capital Resources
    
    
    17Item 3
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    
    18Item 4
    
    Controls and Procedures
    
    
    18Part II
    
    Other Information
    
    
    19EX-31.1EX-31.2EX-32




---



##### Table of Contents



PVF CAPITAL CORP.
 
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 September 30,
    
    
    June 30,2006
    
    
    2006(unaudited)ASSETSCash and cash equivalents:Cash and amounts due from depository institutions
    
    $
    13,665,137
    
    
    $
    6,614,171Interest bearing deposits
    
    
    866,761
    
    
    
    1,804,098Federal funds sold
    
    
    9,028,000
    
    
    
    11,320,000Total cash and cash equivalents
    
    
    23,559,898
    
    
    
    19,738,269Securities
held to maturity (fair values of $58,190,340 and $57,256,642, respectively)
    
    
    58,000,000
    
    
    
    58,000,000Mortgage-backed securities held to maturity (fair values of
$25,884,170 and $25,761,813, respectively)
    
    
    26,749,106
    
    
    
    27,577,923Loans receivable held for sale, net
    
    
    11,099,398
    
    
    
    10,698,064Loans receivable, net of allowance of
$4,442,428 and $4,674,681
    
    
    738,929,556
    
    
    
    736,064,995Office properties and equipment, net
    
    
    11,606,347
    
    
    
    12,032,692Real estate owned, net
    
    
    439,648
    
    
    
    817,279Federal Home Loan Bank stock
    
    
    12,128,200
    
    
    
    11,955,000Prepaid expenses and other assets
    
    
    29,866,824
    
    
    
    29,197,159Total Assets
    
    $
    912,378,977
    
    
    $
    906,081,381LIABILITIES AND STOCKHOLDERS EQUITYLiabilitiesDeposits
    
    $
    666,791,585
    
    
    $
    656,864,201Short-term advances from the Federal Home Loan Bank
    
    
    64,000,000
    
    
    
    75,000,000Line of credit
    
    
    0
    
    
    
    1,772,871Long-term advances from the Federal Home Loan Bank
    
    
    20,000,000
    
    
    
    20,000,000Repurchase agreement
    
    
    50,000,000
    
    
    
    50,000,000Subordinated debentures
    
    
    20,000,000
    
    
    
    10,000,000Advances from borrowers for taxes and insurance
    
    
    5,275,637
    
    
    
    8,102,098Accrued expenses and other liabilities
    
    
    16,316,445
    
    
    
    15,369,071Total Liabilities
    
    
    842,383,667
    
    
    
    837,108,241Stockholders EquitySerial preferred stock, none issued
    
    
    
    
    
    
    Common stock, $0.01 par value, 15,000,000 shares authorized;
8,190,173 and 8,188,867 shares issued, respectively
    
    
    81,902
    
    
    
    81,889Additional paid-in-capital
    
    
    68,538,153
    
    
    
    68,507,097Retained earnings
    
    
    5,212,402
    
    
    
    4,221,301Treasury Stock, at cost 472,725 shares
    
    
    (3,837,147
    )
    
    
    (3,837,147
    )Total Stockholders Equity
    
    
    69,995,310
    
    
    
    68,973,140Total Liabilities and Stockholders Equity
    
    $
    912,378,977
    
    
    $
    906,081,381
  Page 1




---



##### Table of Contents



PVF CAPITAL CORP.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months EndedSeptember 30,2006
    
    
    2005Interest and dividend incomeLoans
    
    $
    14,322,005
    
    
    $
    11,487,566Mortgage-backed securities
    
    
    331,737
    
    
    
    359,011Federal Home Loan Bank stock dividends
    
    
    175,672
    
    
    
    139,052Securities
    
    
    605,863
    
    
    
    518,188Fed funds sold and interest bearing deposits
    
    
    123,216
    
    
    
    78,730Total interest income
    
    
    15,558,493
    
    
    
    12,582,547Interest expenseDeposits
    
    
    6,870,088
    
    
    
    4,384,078Short-term borrowings
    
    
    825,366
    
    
    
    211,439Long-term borrowings
    
    
    842,021
    
    
    
    1,298,334Subordinated debt
    
    
    379,350
    
    
    
    153,876Total interest expense
    
    
    8,916,825
    
    
    
    6,047,727Net interest income
    
    
    6,641,668
    
    
    
    6,534,820Provision for loan losses
    
    
    (160,000
    )
    
    
    37,300Net interest income after provision for loan losses
    
    
    6,801,668
    
    
    
    6,497,520Noninterest income, netService and other fees
    
    
    333,298
    
    
    
    255,531Mortgage banking activities, net
    
    
    449,388
    
    
    
    321,154Increase in cash surrender value of bank owned life insurance
    
    
    146,421
    
    
    
    167,136Other, net
    
    
    17,228
    
    
    
    35,356Total noninterest income, net
    
    
    946,335
    
    
    
    779,177Noninterest expenseCompensation and benefits
    
    
    3,124,712
    
    
    
    3,141,881Office occupancy and equipment
    
    
    861,790
    
    
    
    1,036,225Other
    
    
    1,484,258
    
    
    
    1,196,090Total noninterest expense
    
    
    5,470,760
    
    
    
    5,374,196Income before federal income tax provision
    
    
    2,277,243
    
    
    
    1,902,501Federal income tax provision
    
    
    714,148
    
    
    
    550,900Net income
    
    $
    1,563,095
    
    
    $
    1,351,601Basic earnings per share
    
    $
    0.20
    
    
    $
    0.18Diluted earnings per share
    
    $
    0.20
    
    
    $
    0.17Dividends declared per common share
    
    $
    0.074
    
    
    $
    0.074
  Page 2




---



##### Table of Contents



PVF CAPITAL CORP.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedSeptember 30,2006
    
    
    2005Operating ActivitiesNet income
    
    $
    1,563,095
    
    
    $
    1,351,601Adjustments to reconcile net income to net cash from operating activities
Amortization of premium on mortgage-backed securities
    
    
    7,943
    
    
    
    20,386Depreciation and amortization
    
    
    449,637
    
    
    
    459,932Provision for losses on loans
    
    
    (160,000
    )
    
    
    37,300Accretion of deferred loan origination fees, net
    
    
    (413,028
    )
    
    
    (358,375
    )Gain on sale of loans receivable held for sale, net
    
    
    (22,025
    )
    
    
    (299,218
    )Gain on disposal of real estate owned, net
    
    
    (1,174
    )
    
    
    0Market adjustment for loans held for sale
    
    
    (156,000
    )
    
    
    0Change in fair value of mortgage banking derivatives
    
    
    (92,000
    )
    
    
    67,000Stock compensation
    
    
    31,067
    
    
    
    34,200Federal Home Loan Bank stock dividends
    
    
    (173,200
    )
    
    
    (139,000
    )Change in accrued interest on securities, loans, and borrowings, net
    
    
    (462,771
    )
    
    
    (145,944
    )Origination of loans receivable held for sale, net
    
    
    (20,642,366
    )
    
    
    (37,374,523
    )Sale of loans receivable held for sale, net
    
    
    20,310,254
    
    
    
    33,583,575Net change in other assets and other liabilities
    
    
    (1,886,176
    )
    
    
    3,995,877Net cash from operating activities
    
    
    (1,646,744
    )
    
    
    1,232,811Investing ActivitiesLoan repayments and originations, net
    
    
    (2,291,534
    )
    
    
    (16,969,606
    )Principal repayments on mortgage-backed securities held to maturity
    
    
    820,873
    
    
    
    1,922,151Proceeds from sale of real estate owned
    
    
    378,805
    
    
    
    150,000Additions to office properties and equipment, net
    
    
    (23,291
    )
    
    
    (486,225
    )Net cash from investing activities
    
    
    (1,115,147
    )
    
    
    (15,383,680
    )Financing activitiesNet increase (decrease) in demand deposits, NOW, and passbook savings
    
    
    (2,426,338
    )
    
    
    (2,012,350
    )Net increase in time deposits
    
    
    12,353,722
    
    
    
    10,599,565Repayment of long-term Federal Home Loan Bank advances
    
    
    0
    
    
    
    (3,945
    )Net increase (decrease) in short-term Federal Home Loan Bank advances
    
    
    (11,000,000
    )
    
    
    15,000,000Proceeds
from subordinated debentures
    
    
    10,000,000
    
    
    
    0Repayment of
line of credit, net
    
    
    (1,772,871
    )
    
    
    0Repayment of
note payment
    
    
    0
    
    
    
    (322,830
    )Purchase of treasury stock
    
    
    0
    
    
    
    (119,432
    )Proceeds from exercise of stock options
    
    
    11,284
    
    
    
    0Stock repurchased and retired
    
    
    (11,282
    )
    
    
    0Cash dividend paid
    
    
    (570,995
    )
    
    
    (522,685
    )Net cash from financing activities
    
    
    6,583,520
    
    
    
    22,618,323Net decrease in cash and cash equivalents
    
    
    3,821,629
    
    
    
    8,467,454Cash and cash equivalents at beginning of period
    
    
    19,738,269
    
    
    
    11,090,076Cash and cash equivalents at end of period
    
    $
    23,559,898
    
    
    $
    19,557,530Supplemental disclosures of cash flow information:Cash payments of interest expense
    
    $
    8,866,778
    
    
    $
    6,031,673Cash payments of income taxes
    
    $
    0
    
    
    $
    0Supplemental noncash investing activity:Transfer of loans to real estate owned
    
    $
    0
    
    
    $
    150,000
  Page 3




---



##### Table of Contents



PVF CAPITAL CORP.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 September 30, 2006 and 2005
 (Unaudited)
     Page 4




---



##### Table of Contents



Three months endedSeptember 30, 2006Total options outstandingWeightedAverageExerciseShares
    
    
    PriceOptions outstanding, beginning of period
    
    
    558,474
    
    
    $
    8.77Forfeited
    
    
    0
    
    
    
    0Exercised
    
    
    (2,411
    )
    
    
    4.65Granted
    
    
    0
    
    
    
    0Options outstanding, end of period
    
    
    556,063
    
    
    $
    8.79Options exercisable, end of period
    
    
    421,918
    
    
    $
    7.96
   Three months endedSeptember 30,2006
    
    
    2005Proceeds from options exercised
    
    $
    11,284
    
    
    $
    0Related tax benefit recognized
    
    
    0
    
    
    
    0Intrinsic value of options exercised
    
    $
    13,405
    
    
    $
    0
  Page 5




---



##### Table of Contents



Three months ended September 30,2006
    
    
    2005Income
    
    
    Shares
    
    
    Per Share
    
    
    Income
    
    
    Shares
    
    
    Per Share(Numerator)
    
    
    (Denominator)
    
    
    Amount
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    AmountBasic EPSNet Income
    
    $
    1,563,095
    
    
    
    7,716,795
    
    
    $
    0.20
    
    
    $
    1,351,601
    
    
    
    7,719,026
    
    
    $
    0.18Effect of Stock
Options
    
    
    
    
    
    
    107,020
    
    
    
    0.00
    
    
    
    
    
    
    
    163,893
    
    
    
    0.01Diluted EPSNet Income
    
    $
    1,563,095
    
    
    
    7,823,815
    
    
    $
    0.20
    
    
    $
    1,351,601
    
    
    
    7,882,919
    
    
    $
    0.17
   2006
    
    
    2005Servicing rights:Beginning of period
    
    $
    4,806,836
    
    
    $
    5,001,474Additions
    
    
    200,804
    
    
    
    357,064Amortized to expense
    
    
    (314,215
    )
    
    
    (397,544
    )End of period
    
    $
    4,693,425
    
    
    $
    4,960,994
  Three Months EndedSeptember 30,2006
    
    
    2005Mortgage loan servicing fees
    
    $
    493,578
    
    
    $
    486,480Amortization of
mortgage loan servicing rights
    
    
    (314,215
    )
    
    
    (397,544
    )Market adjustment for loans held for sale
    
    
    156,000
    
    
    
    0Change in fair value of mortgage
Banking derivatives
    
    
    92,000
    
    
    
    (67,000
    )Gain on sales of loans
    
    $
    22,025
    
    
    $
    299,218Mortgage banking activities, net
    
    $
    449,388
    
    
    $
    321,154
 Page 6




---



##### Table of Contents



Page 7




---



##### Table of Contents



Page 8




---



##### Table of Contents



MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  FORWARD-LOOKING STATEMENTS
   FINANCIAL CONDITION
   Page 9




---



##### Table of Contents



FINANCIAL CONDITION continued
     September 30,
    
    
    June 30,2006
    
    
    2006Real estate mortgages:One-to-four family residential
    
    $
    180,857,367
    
    
    $
    174,574,861Home equity line of credit
    
    
    92,935,511
    
    
    
    94,449,845Multi-family residential
    
    
    45,472,099
    
    
    
    45,715,780Commercial
    
    
    177,609,996
    
    
    
    170,392,400Commercial equity line of credit
    
    
    32,922,987
    
    
    
    34,063,990Land
    
    
    76,060,325
    
    
    
    77,242,222Construction  residential
    
    
    79,351,235
    
    
    
    84,146,125Construction  commercial
    
    
    36,756,114
    
    
    
    41,712,042Total real estate mortgages
    
    
    721,965,634
    
    
    
    722,297,265Non-real estate loans
    
    
    24,868,387
    
    
    
    21,824,041Total loans receivable
    
    
    746,834,021
    
    
    
    744,121,306Net deferred loan origination fees
    
    
    (3,462,037
    )
    
    
    (3,381,630
    )Allowance for loan losses
    
    
    (4,442,428
    )
    
    
    (4,674,681
    )Loans receivable, net
    
    $
    738,929,556
    
    
    $
    736,064,995
    Page 10




---



##### Table of Contents



FINANCIAL CONDITION continued
  RESULTS OF OPERATIONS
     Page 11




---



##### Table of Contents



RESULTS OF OPERATION continued
  September 30, 2006
    
    
    September 30, 2005Average
    
    
    
    
    
    
    Average
    
    
    Average
    
    
    
    
    
    
    AverageBalance
    
    
    Interest
    
    
    Yld/Cost
    
    
    Balance
    
    
    Interest
    
    
    Yld/CostInterest-earning assetsLoans (1)
    
    $
    741,484
    
    
    $
    14,322
    
    
    
    7.73
    %
    
    $
    675,812
    
    
    $
    11,488
    
    
    
    6.80
    %Mortgage-backed securities
    
    
    27,281
    
    
    
    332
    
    
    
    4.87
    %
    
    
    30,988
    
    
    
    359
    
    
    
    4.63
    %Investments
    
    
    79,014
    
    
    
    905
    
    
    
    4.58
    %
    
    
    77,850
    
    
    
    736
    
    
    
    3.78
    %Total interest-earning
Assets
    
    
    847,779
    
    
    
    15,559
    
    
    
    7.34
    %
    
    
    784,650
    
    
    
    12,583
    
    
    
    6.41
    %Non-interest-earning assets
    
    
    61,451
    
    
    
    
    
    
    
    
    
    
    
    52,964Total Assets
    
    $
    909,230
    
    
    
    
    
    
    
    
    
    
    $
    837,614Interest-bearing liabilitiesDeposits
    
    $
    660,766
    
    
    $
    6,870
    
    
    
    4.16
    %
    
    $
    593,403
    
    
    $
    4,384
    
    
    
    2.96
    %Borrowings
    
    
    131,113
    
    
    
    1,667
    
    
    
    5.09
    %
    
    
    141,818
    
    
    
    1,510
    
    
    
    4.26
    %Subordinated debt
    
    
    20,000
    
    
    
    380
    
    
    
    7.60
    %
    
    
    11,314
    
    
    
    154
    
    
    
    5.44
    %Total interest-bearing
liabilities
    
    
    811,879
    
    
    
    8,917
    
    
    
    4.39
    %
    
    
    746,535
    
    
    
    6,048
    
    
    
    3.24
    %Non-interest-bearing
liabilities
    
    
    27,867
    
    
    
    
    
    
    
    
    
    
    
    24,279Total liabilities
    
    $
    839,746
    
    
    
    
    
    
    
    
    
    
    $
    770,814Retained earnings
    
    
    69,484
    
    
    
    
    
    
    
    
    
    
    
    66,800Total liabilities and R.E.
    
    $
    909,230
    
    
    
    
    
    
    
    
    
    
    $
    837,614Interest Income
    
    
    
    
    
    $
    6,642
    
    
    
    
    
    
    
    
    
    
    $
    6,535Interest Rate Spread
    
    
    
    
    
    
    
    
    
    
    2.95
    %
    
    
    
    
    
    
    
    
    
    
    3.17
    %Yield on interest-earning
assets
    
    
    
    
    
    
    
    
    
    
    3.13
    %
    
    
    
    
    
    
    
    
    
    
    3.33
    %Interest-earning assets to
interest-bearing
liabilities
    
    
    104.42
    %
    
    
    
    
    
    
    
    
    
    
    105.11
    %
 
 (1)
    
    Non-accruing loans are included in the average loan balance for the periods. Page 12




---



##### Table of Contents



RESULTS OF OPERATION continued
     September 30,
    
    
    June 30,2006
    
    
    2006(Dollars in thousands)Non-accruing loans (1) :Real estate
    
    $
    13,895
    
    
    $
    15,456Accruing loans which are contractually
past due 90 days or more:Real estate
    
    $
    0
    
    
    $
    0Total non-accrual and 90 days
past due loans
    
    $
    13,895
    
    
    $
    15,456Ratio of non-performing loans to total loans
    
    
    1.86
    %
    
    
    2.08
    %Other non-performing assets (2)
    
    $
    440
    
    
    $
    817Total non-performing assets
    
    $
    14,335
    
    
    $
    16,273Total non-performing assets to total assets
    
    
    1.57
    %
    
    
    1.80
    %
 Page 13




---



##### Table of Contents



RESULTS OF OPERATION continued
 (1)
    
    Non-accrual status denotes loans on which, in the opinion of management, the collection of
additional interest is unlikely, or loans that meet the non-accrual criteria established by
regulatory authorities. Non-accrual loans include all loans classified as doubtful or loss,
loans in foreclosure, and loans greater than 90 days past due. Payments received on a
non-accrual loan are either applied to the outstanding principal balance or recorded as
interest income, depending on an assessment of the collectibility of the principal balance of
the loan.(2)
    
    Other non-performing assets represent property acquired by the Bank through foreclosure or
repossession.
    Page 14




---



##### Table of Contents



RESULTS OF OPERATION continued
      Page 15




---



##### Table of Contents



RESULTS OF OPERATION continued
  September 30, 2006More than90 daysPerforming
    
    
    and accruing
    
    
    Nonaccrual
    
    
    TotalOne-to-four family
residential
    
    $
    468,801
    
    
    $
    0
    
    
    $
    4,215,740
    
    
    $
    4,684,541Home equity line of credit
    
    
    692,530
    
    
    
    0
    
    
    
    1,766,620
    
    
    
    2,459,150Multi-family residential
    
    
    0
    
    
    
    0
    
    
    
    21,300
    
    
    
    21,300Commercial real estate
    
    
    0
    
    
    
    0
    
    
    
    1,902,790
    
    
    
    1,902,790Land
    
    
    994,305
    
    
    
    0
    
    
    
    238,642
    
    
    
    1,232,947Residential construction
    
    
    175,000
    
    
    
    0
    
    
    
    3,287,450
    
    
    
    3,462,450Commercial construction
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0Total classified real
estate loans
    
    $
    2,330,636
    
    
    $
    0
    
    
    $
    11,432,542
    
    
    $
    13,763,178Non real estate loans
    
    
    59,810
    
    
    
    0
    
    
    
    0
    
    
    
    59,810$
    2,390,446
    
    
    $
    0
    
    
    $
    11,432,542
    
    
    $
    13,822,988
 June 30, 2006More than90 daysPerforming
    
    
    and accruing
    
    
    Nonaccrual
    
    
    TotalOne-to-four family
residential
    
    $
    124,401
    
    
    $
    0
    
    
    $
    4,732,215
    
    
    $
    4,856,616Home equity line of credit
    
    
    124,363
    
    
    
    0
    
    
    
    2,593,797
    
    
    
    2,718,160Multi-family residential
    
    
    0
    
    
    
    0
    
    
    
    21,300
    
    
    
    21,300Commercial real estate
    
    
    0
    
    
    
    0
    
    
    
    2,480,794
    
    
    
    2,480,794Land
    
    
    0
    
    
    
    0
    
    
    
    1,188,660
    
    
    
    1,188,660Residential construction
    
    
    175,000
    
    
    
    0
    
    
    
    3,687,350
    
    
    
    3,862,350Commercial construction
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0Total classified real
estate loans
    
    $
    423,764
    
    
    $
    0
    
    
    $
    14,704,116
    
    
    $
    15,127,880Non real estate loans
    
    
    59,810
    
    
    
    0
    
    
    
    0
    
    
    
    59,810$
    483,574
    
    
    $
    0
    
    
    $
    14,704,116
    
    
    $
    15,187,690
  Page 16




---



##### Table of Contents



RESULTS OF OPERATION continued
    
 LIQUIDITY AND CAPITAL RESOURCES
  Page 17




---



##### Table of Contents



RESULTS OF OPERATION continued
   
 
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  
 
 CONTROLS AND PROCEDURES
  
 Page 18




---



##### Table of Contents



(a)
    
    N/A(b)
    
    N/A(c)
    
    The following table illustrates the repurchase of the Companys
common stock during the period ended September 30, 2006:
 (c) TotalNumber ofSharesPurchased as(a) Total
    
    
    
    
    
    Part of
    
    (d) Maximum Number ofNumber of
    
    (b) Average
    
    Publicly
    
    Shares that May YetShares
    
    Price Paid
    
    Announced Plans
    
    Be Purchased UnderPeriod
    
    Purchased
    
    per Share
    
    or Programs
    
    the Plans or ProgramsJuly 1 through
July 31, 2006
    
    
    0
    
    
    $
    0
    
    
    
    0
    
    
    
    265,602August 1 through
August 31, 2006
    
    
    0
    
    
    $
    0
    
    
    
    0
    
    
    
    265,602September 1 through
September 30,2006
    
    
    0
    
    
    $
    0
    
    
    
    0
    
    
    
    265,602Total
    
    
    0
    
    
    $
    0
    
    
    
    0
       31.1
    
    Rule 13a-14(a) Certification of Chief Executive Officer31.2
    
    Rule 13a-14(a) Certification of Chief Financial Officer32
    
    Section 1350 Certification
 Page 19




---



##### Table of Contents



Signature
  PVF Capital Corp.
     (Registrant)Date: November 9, 2006
    /s/ C. Keith SwaneyC. Keith SwaneyPresident, Chief Operating
Officer and Treasurer
(Only authorized officer and
Principal Financial Officer)