TABLE OF CONTENTS




| |                                                                                              |  |  |  |  |  |  | 
| | -------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
| | Part I Financial Information                                                                
| | Item 2 Managements Discussion and Analysis of Financial Condition and Results of Operations
| | Item 3 Quantitative and Qualitative Disclosures about Market Risk                           
| | Part II Other Information                                                                   



---



SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20552

FORM 10-Q

|     |                                                                                                                                      
|---- | -------------------------------------------------------------------------------------------------------------------------------------
|[X]  | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934For the quarterly period ended March 31, 2000.
|    
|[  ] | 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 | 

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

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

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

(440) 439-2200

---

|                                                                                    |                | 
|----------------------------------------------------------------------------------- | -------------- | 
|                                                                                    | 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 |         |  | 4,393,724 |                                
|                              |         | 
|                              | (Class) |  |           | (Outstanding at
April 30, 2000) | 





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##### Table of Contents



PVF CAPITAL CORP.

INDEX

|        |  |                                                                                                                |      |  |    | 
|------- |  | -------------------------------------------------------------------------------------------------------------- | ---- |  | -- | 
|       
|        |  |                                                                                                                | Page
|        |  |                                                                                                                |     
|Part I  |  | Financial Information                                                                                         
|       
|       
|       
|       
|Item 1  |  | Financial Statements                                                                                          
|       
|       
|       
|       
|        |  | Consolidated Statements of Financial
Condition, March 31, 2000 and
June 30, 1999 (unaudited).                  |      |  | 1  | 
|       
|       
|       
|       
|        |  | Consolidated Statements of Operations
for the three and nine months
ended March 31, 2000 and 1999 (unaudited). |      |  | 2  | 
|       
|       
|       
|       
|        |  | Consolidated Statements of Cash Flows
for the nine months ended March 31,
2000 and 1999 (unaudited).           |      |  | 3  | 
|       
|       
|       
|       
|        |  | Notes to Consolidated Financial
Statements (unaudited).                                                        |      |  | 4  | 
|       
|       
|       
|       
|Item 2  |  | Managements Discussion and Analysis of
Financial Condition and Results of
Operations                          |      |  | 6  | 
|       
|       
|       
|       
|Item 3  |  | Quantitative and Qualitative Disclosures about
Market Risk                                                     |      |  | 15 | 
|       
|       
|       
|       
|Part II |  | Other Information                                                                                              |      |  | 15 | 





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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,   
|ASSETS                                                                         |                                                                                                                  | 2000                                              |                                      | 1999       
|                                                                               |                                                                                                                  |                                                   |                                      |            
|Cash and cash equivalents:                                                    
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               |                                                                                                                  | Cash and amounts due from depository institutions |                                      | $           | 1,996,753 |   |             | $           | 4,140,460 | 
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               |                                                                                                                  | Interest bearing deposits                         |                                      |             | 723,685   |   |             |             | 573,872   | 
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               |                                                                                                                  | Federal funds sold                                |                                      |             | 5,550,000 |   |             |             | 5,375,000 | 
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |             |           | 
|Total cash and cash equivalents                                                |                                                                                                                  |                                                   | 8,270,438                            |             |           |   | 10,089,332  |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Securities held to maturity, at cost                                           |                                                                                                                  |                                                   | 65,276,849                           |             |           |   | 25,334,041  |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Loans receivable, net                                                          |                                                                                                                  |                                                   | 462,762,926                          |             |           |   | 395,550,737 |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Loans receivable held for sale, net                                            |                                                                                                                  |                                                   | 12,305,206                           |             |           |   | 1,772,176   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Mortgage-backed securities held to maturity, net                               |                                                                                                                  |                                                   | 1,237,260                            |             |           |   | 1,732,726   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Office properties and equipment, net                                           |                                                                                                                  |                                                   | 2,055,372                            |             |           |   | 2,003,211   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Real estate owned, net                                                         |                                                                                                                  |                                                   | 490,668                              |             |           |   | 168,500     |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Investment in real estate                                                      |                                                                                                                  |                                                   | 4,023,951                            |             |           |   | 3,796,852   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Investment required by law -
stock in the Federal Home Loan Bank of Cincinnati |                                                                                                                  |                                                   | 4,960,899                            |             |           |   | 3,759,452   |            
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Prepaid expenses and other assets                                              |                                                                                                                  |                                                   | 3,952,299                            |             |           |   | 4,994,438   |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |             |           | 
|Total Assets                                                                   |                                                                                                                  | $                                                 | 565,335,868                          |             |           | $ | 449,201,465 |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |             |           | 
|                                                                               |                                                                                                                  |                                                   | LIABILITIES AND STOCKHOLDERS EQUITY
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|Liabilities                                                                   
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Deposits                                                                                                         |                                                   | $                                    | 438,820,174 |           |   | $           | 331,241,736 |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Advances from the Federal Home Loan Bank of Cincinnati                                                           |                                                   |                                      | 74,990,945  |           |   |             | 66,040,736  |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Advances from borrowers for taxes and insurance                                                                  |                                                   |                                      | 3,426,134   |           |   |             | 5,463,660   |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Accrued expenses and other liabilities                                                                           |                                                   |                                      | 6,481,960   |           |   |             | 7,599,525   |          
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |             |           | 
|Total Liabilities                                                              |                                                                                                                  |                                                   | 523,719,213                          |             |           |   | 410,345,657 |            
|Stockholders Equity                                                          
|                                                                               | Serial preferred stock, none issued                                                                              |                                                   |                                      |            |           |   |             |            |          
|                                                                               | Common stock, $0.01 par value, 15,000,000 shares authorized;
4,393,724 and 4,389,888 shares issued, respectively |                                                   |                                      | 43,937      |           |   |             | 43,899      |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Additional paid-in-capital                                                                                       |                                                   |                                      | 20,255,871  |           |   |             | 20,250,236  |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Retained earnings-substantially restricted                                                                       |                                                   |                                      | 22,211,494  |           |   |             | 18,632,923  |          
|                                                                              
|                                                                              
|                                                                              
|                                                                              
|                                                                               | Treasury Stock, at cost 76,185 and 5,500 shares, respectively                                                    |                                                   |                                      | (894,647    | )         |   |             | (71,250     | )        
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |             |           | 
|Total Stockholders Equity                                                     |                                                                                                                  |                                                   | 41,616,655                           |             |           |   | 38,855,808  |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |             |           | 
|Total Liabilities and Stockholders Equity                                     |                                                                                                                  | $                                                 | 565,335,868                          |             |           | $ | 449,201,465 |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |   |             |             |           | 

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,        
|                             |                                  |                                                     |           |                    |            |                  
|Interest income             
|                            
|                            
|                            
|                            
|                             | Loans                            |                                                     | $         | 9,720,562          |            |                   | $         | 8,202,412 |           |   | $          | 27,497,041 |            |   | $          | 24,853,508 |           
|                            
|                            
|                            
|                            
|                             | Mortgage-backed securities       |                                                     |           | 20,557             |            |                   |           | 33,485    |           |   |            | 69,767     |            |   |            | 118,351    |           
|                            
|                            
|                            
|                            
|                             | Cash and investment securities   |                                                     |           | 1,098,622          |            |                   |           | 430,256   |           |   |            | 2,315,344  |            |   |            | 1,567,131  |           
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|                             |                                  | Total interest income                               |           |                    | 10,839,741 |                   |           |           | 8,666,153 |   |            |            | 29,882,152 |   |            |            | 26,538,990 | 
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|Interest expense             |                                  |                                                     | 5,371,032 |                    |            |                   | 4,163,653 |           |           |   | 13,594,504 |            |            |   | 12,951,600 |           
|                            
|                            
|                            
|                            
|                             | Deposits                         |                                                     |           | 5,371,032          |            |                   |           | 4,163,653 |           |   |            | 13,594,504 |            |   |            | 12,951,600 |           
|                            
|                            
|                            
|                            
|                             | Borrowings                       |                                                     |           | 1,050,130          |            |                   |           | 714,596   |           |   |            | 3,162,942  |            |   |            | 2,170,419  |           
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|                             |                                  | Total interest expense                              |           |                    | 6,421,162  |                   |           |           | 4,878,249 |   |            |            | 16,757,446 |   |            |            | 15,122,019 | 
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|                             |                                  | Net interest income                                 |           |                    | 4,418,579  |                   |           |           | 3,787,904 |   |            |            | 13,124,706 |   |            |            | 11,416,971 | 
|                            
|                            
|                            
|                            
|Provision for loan losses    |                                  |                                                     | 0         |                    |            |                   | 0         |           |           |   | 450,000    |            |            |   | 0          |           
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|                             |                                  | Net interest income after provision for loan losses |           |                    | 4,418,579  |                   |           |           | 3,787,904 |   |            |            | 12,674,706 |   |            |            | 11,416,971 | 
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|Noninterest income, net     
|                            
|                            
|                            
|                            
|                             | Service and other fees           |                                                     |           | 94,582             |            |                   |           | 133,790   |           |   |            | 347,284    |            |   |            | 362,403    |           
|                            
|                            
|                            
|                            
|                             | Mortgage banking activities, net |                                                     |           | 102,295            |            |                   |           | 269,825   |           |   |            | 405,885    |            |   |            | 801,681    |           
|                            
|                            
|                            
|                            
|                             | Insurance proceeds               |                                                     |           | 40,100             |            |                   |           | 0         |           |   |            | 732,243    |            |   |            | 0          |           
|                            
|                            
|                            
|                            
|                             | Other, net                       |                                                     |           | 90,503             |            |                   |           | 16,245    |           |   |            | 514,784    |            |   |            | 63,693     |           
|                            
|                            
|                            
|                            
|                             | Gain on sale of real estate      |                                                     |           | 0                  |            |                   |           | 3,770,057 |           |   |            | 0          |            |   |            | 3,770,057  |           
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|                             |                                  | Total noninterest income, net                       |           |                    | 327,480    |                   |           |           | 4,189,917 |   |            |            | 2,000,196  |   |            |            | 4,997,834  | 
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|Noninterest expense         
|                            
|                            
|                            
|                            
|                             | Compensation and benefits        |                                                     |           | 1,363,897          |            |                   |           | 1,329,592 |           |   |            | 4,169,623  |            |   |            | 3,632,883  |           
|                            
|                            
|                            
|                            
|                             | Office, occupancy, and equipment |                                                     |           | 512,655            |            |                   |           | 440,034   |           |   |            | 1,489,625  |            |   |            | 1,335,059  |           
|                            
|                            
|                            
|                            
|                             | Other                            |                                                     |           | 754,035            |            |                   |           | 912,284   |           |   |            | 2,120,014  |            |   |            | 2,152,768  |           
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|                             |                                  | Total noninterest expense                           |           |                    | 2,630,587  |                   |           |           | 2,681,910 |   |            |            | 7,779,262  |   |            |            | 7,120,710  | 
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|                             |                                  | Income before federal income tax provision          |           |                    | 2,115,472  |                   |           |           | 5,295,911 |   |            |            | 6,895,640  |   |            |            | 9,294,095  | 
|                            
|                            
|                            
|                            
|Federal income tax provision |                                  |                                                     | 702,417   |                    |            |                   | 1,803,846 |           |           |   | 2,296,306  |            |            |   | 3,131,846  |           
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|                             |                                  | Net income                                          |           | $                  | 1,413,055  |                   |           | $         | 3,492,065 |   |            | $          | 4,599,334  |   |            | $          | 6,162,249  | 
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|Basic earnings per share     |                                  | $                                                   | 0.33      |                    |            | $                 | 0.80      |           |           | $ | 1.06       |            |            | $ | 1.40       |           
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           
|Diluted earnings per share   |                                  | $                                                   | 0.32      |                    |            | $                 | 0.77      |           |           | $ | 1.02       |            |            | $ | 1.35       |           
|                             |                                  |                                                     |           |                    |            |                   |           |           |           |   |            |            |            |   |            |           

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.
(Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |             |            |             |            |  
|-------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------- | ---------------------------------------------------------------------- | --------------------------------------------------- | ---------- | ----------------- | ------------ | ----------- | ---------- | ----------- | ---------- | -
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            | Nine Months Ended
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            | March 31,        
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                  
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            | 2000              |              | 1999       
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |            
|Operating Activities                              
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   | Net Income                                                                                                                                |                                   | $                                                                      | 4,599,334                                           |            |                   | $            | 6,162,249   |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   | Adjustments to reconcile net income to net cash provided by (used in) operating activities
Accretion of discount on marketable securities |                                   |                                                                        | (6,875                                              | )          |                   |              | 0           |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Depreciation and amortization                                          |                                                     |            | 447,189           |              |             |            | 454,909     |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Provision for losses on loans                                          |                                                     |            | 450,000           |              |             |            | 0           |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Accretion of unearned discount and deferred loan origination fees, net |                                                     |            | (827,470          | )            |             |            | (918,306    | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Gain on loans receivable held for sale, net                            |                                                     |            | 4,326             |              |             |            | (520,486    | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Gain on disposal of real estate owned, net                             |                                                     |            | (28,829           | )            |             |            | 0           |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Gain on sale of real estate                                            |                                                     |            | 0                 |              |             |            | (3,770,057  | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Change in accrued interest on investments, loans, and borrowings, net  |                                                     |            | (526,185          | )            |             |            | 11,247      |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Change in other assets and other liabilities, net                      |                                                     |            | (2,166,492        | )            |             |            | (719,641    | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Origination of loans receivable held for sale, net                     |                                                     |            | (39,844,378       | )            |             |            | (84,657,923 | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Sale of loans receivable held for sale, net                            |                                                     |            | 29,307,022        |              |             |            | 84,858,622  |           
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |            
|                                                   |                                                                                                                                           |                                   |                                                                        | Net cash provided by (used in) operating activities |            |                   | (8,592,358   | )           |            |             | 900,614    |  
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |            
|Investing Activities                              
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   | Loan and mortgage-backed securities repayments and originations, net                                                                      |                                   |                                                                        | (66,180,698                                         | )          |                   |              | (13,005,044 | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Disposals of real estate owned                                         |                                                     |            | 127,832           |              |             |            | 574,541     |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Securities purchases                                                   |                                                     |            | (39,995,313       | )            |             |            | (20,433,000 | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Securities maturities                                                  |                                                     |            | 59,380            |              |             |            | 27,833,247  |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | FHLB stock purchases, dividends, net                                   |                                                     |            | (1,201,447        | )            |             |            | (187,524    | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Additions to office properties and equipment, net                      |                                                     |            | (499,350          | )            |             |            | (146,212    | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Change in real estate held for investment                              |                                                     |            | (227,099          | )            |             |            | 925,406     |           
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |            
|                                                   |                                                                                                                                           |                                   |                                                                        | Net cash used in investing activities               |            |                   | (107,916,695 | )           |            |             | (4,438,586 | )
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |            
|Financing activities                              
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   | Net increase in demand deposits, NOW, and passbook savings                                                                                |                                   |                                                                        | 6,747,107                                           |            |                   |              | 5,472,752   |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Net increase (decrease) in time deposits                               |                                                     |            | 100,831,331       |              |             |            | (14,347,970 | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Net increase in FHLB advances                                          |                                                     |            | 8,950,208         |              |             |            | 9,732,383   |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Repayment of notes payable                                             |                                                     |            | 0                 |              |             |            | (1,060,000  | )         
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Purchase of treasury stock                                             |                                                     |            | (823,398          | )            |             |            | 0           |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Proceeds from exercise of stock options                                |                                                     |            | 8,083             |              |             |            | 0           |           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           |                                   | Cash dividend paid                                                     |                                                     |            | (1,023,172        | )            |             |            | (938        | )         
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |            
|                                                   |                                                                                                                                           |                                   |                                                                        | Net cash provided by (used in) financing activities |            |                   | 114,690,159  |             |            |             | (203,773   | )
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |            
|Net decrease in cash and cash equivalents          |                                                                                                                                           |                                   | (1,818,894                                                             | )                                                   |            |                   | (3,741,745   | )          
|                                                  
|                                                  
|                                                  
|                                                  
|Cash and cash equivalents at beginning of period   |                                                                                                                                           |                                   | 10,089,332                                                             |                                                     |            |                   | 23,216,962   |            
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |            
|Cash and cash equivalents at end of period         |                                                                                                                                           | $                                 | 8,270,438                                                              |                                                     |            | $                 | 19,475,217   |            
|                                                   |                                                                                                                                           |                                   |                                                                        |                                                     |            |                   |              |            
|Supplemental disclosures of cash flow information:
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           | Cash payments of interest expense |                                                                        | $                                                   | 16,802,909 |                   |              | $           | 15,124,445 |            
|                                                  
|                                                  
|                                                  
|                                                  
|                                                   |                                                                                                                                           | Cash payments of income taxes     |                                                                        | $                                                   | 2,440,000  |                   |              | $           | 2,050,000  |            

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, 2000 and 1999
(Unaudited)

1. The accompanying consolidated interim financial statements were prepared in
accordance with regulations of the Securities and Exchange Commission for Form
10-Q. All information in the consolidated interim financial statements is
unaudited except for the June 30, 1999 consolidated statement of financial
condition which was derived from the Corporations audited financial
statements. Certain information required for a complete presentation in
accordance with generally accepted accounting principles has been condensed or
omitted. However, in the opinion of management, these interim financial
statements contain all adjustments, consisting only of normal recurring
accruals, necessary to fairly present the interim financial information. The
results of operations for the three and nine months ended March 31, 2000 are
not necessarily indicative of the results to be expected for the entire year
ending June 30, 2000. The results of operations for PVF Capital Corp. (PVF
or the Company) for the periods being reported have been derived primarily
from the results of operation of Park View Federal Savings Bank (the Bank).
PVF Capital Corp.s common stock is traded on the NASDAQ SMALL-CAP ISSUES under
the symbol PVFC.

2. Recently Issued Accounting Standards

SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities
was issued in June, 1998 with an effective date of fiscal years beginning after
June 15, 1999. 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. SFAS No. 137, Deferral of Effective Date of FASB Statement No. 133
amended the effective date of SFAS No. 133 to June 15, 2000. At the present
time, the Bank has not fully analyzed the effect or timing of the adoption of
SFAS No. 133 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, 2000 and March 31, 1999.

|                        |            |  |                              |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |         |           |  |  |      |      | 
|----------------------- | ---------- |  | ---------------------------- | --------- | ------------- |  | --------- | --------- | ----------- |  | ------------- | ---- | --------- |  | - | --------- |  |  | ------- | --------- |  |  | ---- | ---- | 
|                        |            |  | Three months ended March 31,
|                        |            |  | 2000                         |           | 1999         
|                        |            |  |                              |           |              
|                        |            |  | Income                       |           | Shares        |  | Per-Share |           | Income      |  | Shares        |      | Per-Share
|                        |            |  | (Numerator)                  |           | (Denominator) |  | Amount    |           | (Numerator) |  | (Denominator) |      | Amount   
|                        |            |  |                              |           |               |  |           |           |             |  |               |      |          
|Basic EPS              
|                       
|                       
|                       
|                       
|                        | Net Income |  | $                            | 1,413,055 |               |  |           | 4,329,829 |             |  | $             | 0.33 |           |  | $ | 3,492,065 |  |  |         | 4,389,742 |  |  | $    | 0.80 | 
|                       
|                       
|                       
|                       
|Effect of Stock Options |            |  |                              |           |               |  | 154,049   |           |             |  | 0.01          |      |           |  |   |           |  |  | 162,496 |           |  |  | 0.03 |     
|                       
|                       
|                       
|                       
|Diluted EPS            
|                       
|                       
|                       
|                       
|                        | Net Income |  | $                            | 1,413,055 |               |  |           | 4,483,878 |             |  | $             | 0.32 |           |  | $ | 3,492,065 |  |  |         | 4,552,238 |  |  | $    | 0.77 | 

|                        |            |  |                             |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |         |           |  |  |      |      | 
|----------------------- | ---------- |  | --------------------------- | --------- | ------------- |  | --------- | --------- | ----------- |  | ------------- | ---- | --------- |  | - | --------- |  |  | ------- | --------- |  |  | ---- | ---- | 
|                        |            |  | Nine months ended March 31,
|                        |            |  | 2000                        |           | 1999         
|                        |            |  |                             |           |              
|                        |            |  | Income                      |           | Shares        |  | Per-Share |           | Income      |  | Shares        |      | Per-Share
|                        |            |  | (Numerator)                 |           | (Denominator) |  | Amount    |           | (Numerator) |  | (Denominator) |      | Amount   
|                        |            |  |                             |           |               |  |           |           |             |  |               |      |          
|Basic EPS              
|                       
|                       
|                       
|                       
|                        | Net Income |  | $                           | 4,599,334 |               |  |           | 4,358,888 |             |  | $             | 1.06 |           |  | $ | 6,162,249 |  |  |         | 4,389,742 |  |  | $    | 1.40 | 
|                       
|                       
|                       
|                       
|Effect of Stock Options |            |  |                             |           |               |  | 165,326   |           |             |  | 0.04          |      |           |  |   |           |  |  | 166,968 |           |  |  | 0.05 |     
|                       
|                       
|                       
|                       
|Diluted EPS            
|                       
|                       
|                       
|                       
|                        | Net Income |  | $                           | 4,599,334 |               |  |           | 4,524,214 |             |  | $             | 1.02 |           |  | $ | 6,162,249 |  |  |         | 4,556,710 |  |  | $    | 1.35 | 



|** |  | 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,
2000 for PVF Capital Corp. (PVF or the Company) and Park View Federal
Savings Bank (the Bank), its principal and wholly-owned subsidiary.

FORWARD-LOOKING STATEMENTS

When used in this Form 10-Q, the words or phrases will likely result, are
expected to, will continue, is anticipated, estimate, project, or
similar expressions are intended to identify forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are subject to certain risks and uncertainties including
changes in economic conditions in the Companys market area, changes in
policies by regulatory agencies, fluctuations in interest rates, demand for
loans in the Companys market area, competition that could cause actual results
to differ materially from historical earnings and those presently anticipated
or projected, and Year 2000 issues. The Company wishes to caution readers not
to place undue reliance on any such forward-looking statements, which speak
only as of the date made. The Company wishes to advise readers that the
factors listed above could affect the Companys financial performance and could
cause the Companys actual results for future periods to differ materially from
any opinions or statements expressed with respect to future periods in any
current statements.

The Company does not undertake, and specifically disclaims any obligation, to
publicly release the results of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or unanticipated
events.

FINANCIAL CONDITION

Consolidated assets of PVF were $565.3 million as of March 31, 2000, an
increase of approximately $116.1 million, or 25.8%, as compared to June 30,
1999. The Bank remained in regulatory capital compliance for tangible, core,
and risk-based capital on a fully phased-in basis with capital levels of 6.80%,
6.80% and 10.15%, respectively at March 31, 2000.

During the nine months ended March 31, 2000, the Companys cash and cash
equivalents, which consist of cash, interest-bearing deposits and federal funds
sold, decreased $1.8 million, or 18.0%, as compared to June 30, 1999. The
change in the Companys cash and cash equivalents

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##### Table of Contents



Part I Financial Information
Item 2

consisted of a decrease in cash of $2.1 million and an increase in federal funds sold and interest-bearing
deposits of $0.3 million.

The net $77.2 million, or 19.4%, increase in loans receivable and
mortgage-backed securities during the nine months ended March 31, 2000,
resulted from an increase in loans receivable of $77.7 million and a decrease
in mortgage-backed securities of $0.5 million. The increase of $77.7 million
in loans receivable included increases of $35.5 million in single-family
mortgage loans, $6.4 million in home equity loans, $21.9 million in
construction loans (primarily single-family construction loans), $12.9 million
in commercial real estate loans, $3.2 million in multi-family loans, $1.6
million in installment loans, and a decrease of $3.8 million in land loans.
The decrease in mortgage-backed securities was the result of payments received
of $0.5 million. The growth of the loan portfolio resulted in no material
change to the composition of the portfolio.

Securities increased by $39.9 million, or 157.7%, as a result of the
purchase of $40.0 million in agency securities and the scheduled maturity of
$0.1 million in a municipal security. This increase is the result of
managements decision to invest funds from newly opened deposit accounts in
higher yielding agency securities, having a final maturity of five years or
less, in order to lock in a positive interest rate spread on these funds.

The increase of $0.3 million in real estate owned (REO) is the result of the
acquisition into REO of one property for $450,000 in commercial real estate and
the disposal of $128,000 in developed building lots. Investment in stock with
the Federal Home Loan Bank of Cincinnati increased by $1.2 million due to the
purchase of $964,400 in additional stock and stock dividends paid. The
increase of $227,000 in investment in real estate is the result of the
construction of mini-storage units at the strip center in Berea, Ohio. These
mini-storage units are expected to result in additional future rental income
for the strip center. The decrease in prepaid assets and other assets of $1.0
million is primarily the result of adjustments to N.O.W. clearing accounts.

During the nine months ended March 31, 2000, the opening of one new branch
office and the relocation of an existing branch office combined with
managements goal to build the deposit bases at these offices resulted in the
Bank competing aggressively with market savings rates to increase total
deposits by $107.6 million, or 32.5%. The increase of $9.0 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 decrease in advances from borrowers for taxes and insurance of $2.0
million, or 37.3%, is due to timing differences between the collection and
payment of escrow funds. The decrease of $1.1 million, or 14.7%, in accrued
expenses and other liabilities is primarily the

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##### Table of Contents



Part I Financial Information
Item 2

result of timing differences between the collection and remittance of payments received on loans serviced
for investors.

The increase in deposits of $107.6 million and Federal Home Loan Bank advances
of $9.0 million along with a reduction in cash and cash equivalents of $1.8
million and net income of $4.6 million were used to fund the net increase in
loans receivable and mortgage-backed securities of $77.2 million, to purchase
$40.0 million in securities, to purchase $964,400 in stock from the Federal
Home Loan Bank of Cincinnati, to purchase $823,000 in treasury stock, and to
pay cash dividends for the nine-month period of $1,023,000.

|                      |  |                                                                                   | 
|--------------------- |  | --------------------------------------------------------------------------------- | 
|RESULTS OF OPERATIONS |  | Three months ended March 31, 2000,
compared to three months ended
March 31, 1999. | 

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, 2000 was
$1,413,100 as compared to $3,492,100 for the prior year comparable period.
This represents a decrease of $2,079,000, or 59.5%, when compared with the
prior year comparable period. Earnings for the three-month period ended March
31, 1999 included an after-tax gain of approximately $2,488,000 as a result of
the closing on the sale by PVF Service Corporation of its 250-acre parcel of
land in Solon, Ohio.

The Companys net income from operations for the three months ended March 31,
2000 was $1,413,100 as compared to $1,004,100 for the prior year comparable
period. This represents an increase of $409,000, or 40.7%, when compared with
the prior year comparable period.

Net interest income for the three months ended March 31, 2000 increased by
$630,700, or 16.6%, as compared to the prior year comparable period, due to an
increase of $2,173,600, or 25.1%, in interest income that resulted from an
increase of $110.1 million in

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##### Table of Contents



Part I Financial Information
Item 2

the average balance of interest-earning assets
and a 1 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 $105.0 million from the prior year comparable period.
This increased balance, along with a 14 basis point increase in the average
cost of funds for the current period, resulted in an overall increase in
interest expense of $1,542,900, or 31.6%. The Companys net interest income
increased despite a decrease of 13 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 month periods ended March 31, 2000 and 1999, no provision for
loan losses was recorded. 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, 2000, the Company experienced loan
growth of $23.8 million, along with an increase in the level of impaired loans
of $1.6 million and an increase of $451,000 in classified assets. Despite the
increase in loans, impaired loans and classified assets, it was not necessary
to record a provision for loan losses in the current quarter because the Bank
made sufficient provisions in the first and second quarters of fiscal year
2000. For the three months ended March 31, 1999, the Company experienced an
increase in the level of impaired loans of $2,080,000 and a decrease of
$379,000 in classified assets. Despite the increase in impaired loans and net
charge-offs of $18,000, it was not necessary to record a provision for loan
losses due to a decrease in classified assets, a decline in the loan portfolio
of $3.9 million, and adjustments made to the systematic calculation of required
reserve percentages. 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 three months ended March 31, 2000, noninterest income decreased
$3,862,400, or 92.2%, from the prior year comparable period.

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Part I Financial Information
Item 2

Gain on the sale of real estate decreased by $3,770,000, due to a gain recorded in the prior
year comparable period resulting from the sale by PVF Service Corporation of
its 250-acre parcel of land in Solon, Ohio. In addition, a decrease of
$167,500, or 62.1%, in income from mortgage banking activities resulted from a
decrease 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 decreased by
$39,200, or 29.3%, from the prior year comparable period, primarily due to
decreases in NOW checking account fee income. 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. In addition, other non-interest income, net, increased by $74,300
primarily due to rental income received on the Berea Strip Center.

Noninterest expense for the three months ended March 31, 2000 decreased by
$51,300, or 1.9%, from the prior year comparable
period. This was primarily the result of a decrease in other, noninterest
expense of $158,200, or 17.3%, primarily attributable to a provision for legal
expenses of $300,000 recorded in the prior year comparable period. The
provision for legal expenses was for costs incurred in defending lawsuits filed
against the Bank and two other entities, PVF Financial Planning, Inc. and
Emissary Financial Group, Inc., which are majority-owned subsidiaries of the
Companys wholly-owned subsidiary, PVF Holdings, Inc. Information pertaining
to these lawsuits is set forth in Item 3 of Form 10-K for the year ended June
30, 1999. There have been no significant changes to these lawsuits for the
three-month period ended March 31, 2000. As a result of the expansion of our
branch network, advertising, stationary, printing, and supplies expenses
increased in the current period. The increase in office occupancy and equipment
of $72,600, or 16.5%, was due to 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,
2000 decreased to an effective rate of 33.2% for the current period from an
effective rate of 34.1% for the prior year comparable period. The decrease in
the effective tax rate is attributable to the availability of low-income
affordable housing credits in the current period.

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##### Table of Contents



Part I Financial Information
Item 2

|                      |  |                                                                                 | 
|--------------------- |  | ------------------------------------------------------------------------------- | 
|RESULTS OF OPERATIONS |  | Nine months ended March 31, 2000,
compared to nine months ended
March 31, 1999. | 

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, 2000 was
$4,599,300 as compared to $6,162,200 for the prior year comparable period.
This represents a decrease of $1,562,900, or 25.4%, when compared with the
prior year comparable period. Earnings for the nine-month period ended March
31, 1999 include an after-tax gain of approximately $2,488,000 as a result of
the closing on the sale by PVF Service Corporation of its 250-acre parcel of
land in Solon, Ohio.

The Companys net income from operations for the nine months ended March 31,
2000 was $4,599,300 as compared to $3,674,200 for the prior year comparable
period. This represents an increase of $925,100, or 25.2%, when compared with
the prior year comparable period.

Net interest income for the nine months ended March 31, 2000 increased by
$1,707,700, or 15.0%, primarily due to an increase of $3,343,100, or 12.6%, in
interest income that resulted from an increase of $61.9 million in the average
balance of interest-earning assets. This increased balance was offset
partially by a 12 basis point decrease in the average return on
interest-earning assets from the prior year comparable period. The average
balance on deposits and advances increased by $58.1 million from the prior year
comparable period. This increased balance partially offset by a 19 basis point
decrease in the average cost of funds for the current period resulted in an
overall increase in interest expense of $1,635,400, or 10.8%. In addition to
an increase of 7 basis points 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.

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##### Table of Contents



Part I Financial Information
Item 2

For the nine months ended March 31, 2000, a $450,000 provision for loan losses
was recorded, while no provision for loan losses was recorded in the prior year
comparable period. The Company uses a systematic approach to determine the
adequacy of its loan loss allowance and the necessary provision for loan
losses. The loan portfolio is reviewed and delinquent loan accounts are
analyzed individually on a monthly basis with respect to payment history,
ability to repay, probability of repayment, and loan-to-value percentage.
Consideration is given to the types of loans in the portfolio and the overall
risk inherent in the portfolio. After reviewing current economic conditions,
changes to the size and composition of the loan portfolio, changes in
delinquency status, levels of non-accruing loans, non-performing assets,
impaired loans, and actual loan losses incurred by the Company, management
establishes an appropriate reserve percentage applicable to each category of
loans, and a provision for loan losses is recorded when necessary to bring the
allowance to a level consistent with this analysis. Management believes it uses
the best information available to make a determination as to the adequacy of
the allowance for loan losses.

During the nine months ended March 31, 2000, the Company experienced an
increase in the level of impaired loans of $3.1 million and an increase of $1.5
million in classified assets. Due to the increase in the level of impaired
loans and classified assets, as well as growth in the loan portfolio of $77.7
million, management determined it was necessary and prudent to record a
provision for loan losses of $450,000 in the current period. For the nine
months ended March 31, 1999, the Company experienced an increase in the level
of impaired loans of $1.6 million and an increase of $2.4 million in classified
assets. Despite growth in the loan portfolio of $15.5 million, net charge-offs
of $14,000, and an increase in impaired loans and classified assets, it was not
necessary to record a provision for loan losses due to adjustments made to the
systematic calculation of required reserve percentages. 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, 2000, noninterest income decreased
$2,997,600, or 60.0%, from the prior year comparable period. Gain on the sale
of real estate decreased in the current period by $3,770,000 due to a gain
resulting from the sale by PVF Service Corporation of its 250-acre parcel of
land in Solon, Ohio. In addition, a decrease of $395,800, or 49.4%, in income
from mortgage banking activities resulted from a decrease 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. The Company also received 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

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Part I Financial Information
Item 2

subsidiary of PVF Capital Corp. In addition, other, net increased by $451,100 as a result of a gain of $207,200 on the sale
of the North Moreland office building and an increase in rental income of
$230,000 in the current period.

Noninterest expense for the nine months ended March 31, 2000 increased by
$658,600, or 9.2%, from the prior year comparable period. This resulted from a
$536,700, or 14.8%, increase in compensation and benefits attributable to
increased staffing, incentive bonuses paid, and salary and wage adjustments.
In addition, office occupancy and equipment increased by $154,600, or 11.6%,
due to the opening of a new branch office and the relocation of one of our
existing branch offices.

The federal income tax provision for the nine-month period ended March 31, 2000
decreased to an effective rate of 33.3% for the current period from an
effective rate of 33.7% for the prior year comparable period. The decrease in
the effective tax rate is attributable to the availability of low-income
affordable housing credits in the current period.

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Part I Financial Information
Item 2

YEAR 2000

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

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

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, 2000 was 17.6%. Management believes the Bank has
sufficient liquidity to meet its operational needs.

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Part I Financial Information
Item 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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




Part II Other Information

Item 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, 1999.

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 10, 2000 |  |  | /s/ C. Keith Swaney                         
|      |  |  |              |  |  |                                             
|      |  |  |              |  |  | C. Keith Swaney
Vice President and Treasurer