TABLE OF CONTENTS




|                                      |                                                                                       |  |  |  |  |  |  | 
|------------------------------------- | ------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I FINANCIAL INFORMATION         
|                                      | ITEM 1                                                                               
|                                      | CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION                                       
|                                      | CONSOLIDATED STATEMENTS OF OPERATIONS                                                
|                                      | CONSOLIDATED STATEMENTS OF CASH FLOWS                                                
|                                      | Notes to Consolidated Financial Statements                                           
|                                      | Item 2                                                                               
|                                      | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|                                      | Item 3                                                                               
|                                      | Quantitative and Qualitative Disclosures about Market Risk                           
|Part II OTHER INFORMATION            
|Signature                            
|Exhibit 27 -- Financial Data Schedule



---



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20552

FORM 10-Q

[X]  Quarterly Report Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 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 |  | 0-24948
|                       |  |        

PVF Capital Corp.




(Exact name of registrant as specified in its
charter)


|                                                                       |  |                                             
|---------------------------------------------------------------------- |  | --------------------------------------------
|United States                                                          |  | 34-1659805                                  
|                                                                       |  |                                             
|(State or other jurisdiction of
        incorporation or organization) |  | (I.R.S. Employer
        Identification No.)
|                                                                      
|25350 Rockside Road, Bedford Heights, Ohio                             |  | 44146                                       
|                                                                       |  |                                             
|(Address of principal executive offices)                               |  | (Zip Code)                                  

(440) 439-2200




(Registrants telephone number, including
area code)


Not Applicable




(Former name, former address and former fiscal
year, if changed


since last report.)


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

YES  X       NO

Indicate the number of shares outstanding of each of the
issuers classes of common stock, as of the latest
practicable date.

|                              |  |                                  
|----------------------------- |  | ---------------------------------
|Common Stock, $0.01 Par Value |  | 4,744,153                        
|                              |  |                                  
|(Class)                       |  | (Outstanding at October 27, 2000)



---



##### Table of Contents



PVF CAPITAL CORP.

INDEX

|        |        |                                                                                                                   |                                                                                               |      |    |    | 
|------- | ------ | ----------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- | ---- | -- | -- | 
|        |        |                                                                                                                   |                                                                                               | Page
|Part I  |        | Financial Information                                                                                             |                                                                                               |      |    |   
|       
|        | Item 1 |                                                                                                                   | Financial Statements                                                                          |      |    |    | 
|        |        | Consolidated Statements of Financial Condition, September 
        30, 2000 and June 30, 2000 (unaudited).        |                                                                                               |      | 1  |   
|        |        | Consolidated Statements of Operations for the three months ended
        September 30, 2000 and 1999 (unaudited). |                                                                                               |      | 2  |   
|        |        | Consolidated Statements of Cash Flows for the three months ended
        September 30, 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                                    |      |    | 11 | 
|       
|Part II |        | Other Information                                                                                                 |                                                                                               |      | 11 |   



---



##### Table of Contents













PVF CAPITAL CORP.




CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


(Unaudited)


|                                                                                      |                                                                                                                          |                                                   |             |            |             |   |             |             |             | 
|------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------- | ----------- | ---------- | ----------- | - | ----------- | ----------- | ----------- | 
|                                                                                      |                                                                                                                          | September 30,                                     |             | June 30,  
|                                                                                      |                                                                                                                          | 2000                                              |             | 2000      
|                                                                                      |                                                                                                                          |                                                   |             |           
|ASSETS                                                                                |                                                                                                                          |                                                   |             |            |             |   |             |            
|                                                                                     
|                                                                                     
|                                                                                     
|                                                                                     
|Cash and cash equivalents:                                                            |                                                                                                                          |                                                   |             |            |             |   |             |            
|                                                                                      |                                                                                                                          | Cash and amounts due from depository institutions |             | $          | 9,263,877   |   |             | $           | 3,806,575   | 
|                                                                                      |                                                                                                                          | Interest bearing deposits                         |             |            | 834,176     |   |             |             | 815,280     | 
|                                                                                      |                                                                                                                          | Federal funds sold                                |             |            | 50,000      |   |             |             | 1,050,000   | 
|                                                                                      |                                                                                                                          |                                                   |             |            |             |   |             |            
|                                                                                     
|Total cash and cash equivalents                                                       |                                                                                                                          |                                                   | 10,148,053  |            |             |   | 5,671,855   |            
|Securities held to maturity, at cost                                                  |                                                                                                                          |                                                   | 65,240,536  |            |             |   | 65,258,853  |            
|Loans receivable, net                                                                 |                                                                                                                          |                                                   | 528,463,321 |            |             |   | 513,669,748 |            
|Loans receivable held for sale, net                                                   |                                                                                                                          |                                                   | 6,950,866   |            |             |   | 10,737,721  |            
|Mortgage-backed securities held to maturity, net                                      |                                                                                                                          |                                                   | 18,396,085  |            |             |   | 1,215,045   |            
|Office properties and equipment, net                                                  |                                                                                                                          |                                                   | 2,372,841   |            |             |   | 1,857,344   |            
|Real estate owned, net                                                                |                                                                                                                          |                                                   | 450,392     |            |             |   | 488,461     |            
|Investment in real estate                                                             |                                                                                                                          |                                                   | 8,663,982   |            |             |   | 4,094,020   |            
|Investment required by law -stock in the Federal Home Loan Bank
        of Cincinnati |                                                                                                                          |                                                   | 6,870,772   |            |             |   | 5,841,227   |            
|Prepaid expenses and other assets                                                     |                                                                                                                          |                                                   | 4,269,161   |            |             |   | 4,151,852   |            
|                                                                                      |                                                                                                                          |                                                   |             |            |             |   |             |            
|Total Assets                                                                          |                                                                                                                          | $                                                 | 651,826,009 |            |             | $ | 612,986,126 |            
|                                                                                      |                                                                                                                          |                                                   |             |            |             |   |             |            
|                                                                                     
|LIABILITIES AND STOCKHOLDERS EQUITY                                                  |                                                                                                                          |                                                   |             |            |             |   |             |            
|Liabilities                                                                          
|                                                                                      | Deposits                                                                                                                 |                                                   |             | $          | 503,841,013 |   |             | $           | 440,981,859 | 
|                                                                                      | Advances from the Federal Home Loan Bank of Cincinnati                                                                   |                                                   |             | 84,956,476 |             |   |             | 114,973,840 |            
|                                                                                      | Notes payable                                                                                                            |                                                   |             | 6,620,000  |             |   |             | 1,000,000   |            
|                                                                                      | Advances from borrowers for taxes and insurance                                                                          |                                                   |             | 3,781,792  |             |   |             | 6,175,119   |            
|                                                                                      | Accrued expenses and other liabilities                                                                                   |                                                   |             | 8,456,799  |             |   |             | 6,955,245   |            
|                                                                                      |                                                                                                                          |                                                   |             |            |             |   |             |            
|Total Liabilities                                                                     |                                                                                                                          |                                                   | 607,656,080 |            |             |   | 570,086,063 |            
|                                                                                     
|Stockholders Equity                                                                  |                                                                                                                          |                                                   |             |            |             |   |             |            
|                                                                                      | Serial preferred stock, none issued                                                                                      |                                                   |             |           |             |   |             |            |            
|                                                                                      | Common stock, $0.01 par value, 15,000,000 shares authorized;
        4,839,951 and 4,832,918 shares issued, respectively |                                                   |             | 48,400     |             |   |             | 48,329      |            
|                                                                                      | Additional paid-in-capital                                                                                               |                                                   |             | 24,798,301 |             |   |             | 24,780,978  |            
|                                                                                      | Retained earnings-substantially restricted                                                                               |                                                   |             | 20,320,334 |             |   |             | 19,043,934  |            
|                                                                                      | Treasury Stock, at cost 95,798 and 93,063 shares, respectively                                                           |                                                   |             | (997,106   | )           |   |             | (973,178    | )          
|                                                                                      |                                                                                                                          |                                                   |             |            |             |   |             |            
|Total Stockholders Equity                                                            |                                                                                                                          |                                                   | 44,169,929  |            |             |   | 42,900,063  |            
|                                                                                      |                                                                                                                          |                                                   |             |            |             |   |             |            
|Total Liabilities and Stockholders Equity                                            |                                                                                                                          | $                                                 | 651,826,009 |            |             | $ | 612,986,126 |            
|                                                                                      |                                                                                                                          |                                                   |             |            |             |   |             |            

See accompanying notes to consolidated financial statements

Page 1



---



##### Table of Contents







PVF CAPITAL CORP.




CONSOLIDATED STATEMENTS OF OPERATIONS


(Unaudited)


|                             |                                  |                                                     |         |            |            |  |         |           |           | 
|---------------------------- | -------------------------------- | --------------------------------------------------- | ------- | ---------- | ---------- |  | ------- | --------- | --------- | 
|                             |                                  |                                                    
|                             |                                  | Three Months Ended                                 
|                             |                                  | September 30,                                      
|                             |                                  |                                                    
|                             |                                  | 2000                                                |         | 1999      
|                             |                                  |                                                     |         |           
|Interest income              |                                  |                                                     |         |            |            |  |         |          
|                             | Loans                            |                                                     | $       | 11,838,474 |            |  | $       | 8,568,436 |          
|                             | Mortgage-backed securities       |                                                     |         | 38,790     |            |  |         | 26,359    |          
|                             | Cash and investment securities   |                                                     |         | 1,324,843  |            |  |         | 517,459   |          
|                             |                                  |                                                     |         |            |            |  |         |          
|                             |                                  | Total interest income                               |         |            | 13,202,107 |  |         |           | 9,112,254 | 
|                             |                                  |                                                     |         |            |            |  |         |          
|                            
|Interest expense             |                                  |                                                     |         |            |            |  |         |          
|                             | Deposits                         |                                                     |         | 6,357,663  |            |  |         | 3,868,624 |          
|                             | Borrowings                       |                                                     |         | 2,007,016  |            |  |         | 1,031,043 |          
|                             |                                  |                                                     |         |            |            |  |         |          
|                             |                                  | Total interest expense                              |         |            | 8,364,679  |  |         |           | 4,899,667 | 
|                             |                                  |                                                     |         |            |            |  |         |          
|                             |                                  | Net interest income                                 |         |            | 4,837,428  |  |         |           | 4,212,587 | 
|Provision for loan losses    |                                  |                                                     | 0       |            |            |  | 350,000 |          
|                             |                                  |                                                     |         |            |            |  |         |          
|                             |                                  | Net interest income after provision for loan losses |         |            | 4,837,428  |  |         |           | 3,862,587 | 
|                             |                                  |                                                     |         |            |            |  |         |          
|                            
|Noninterest income, net      |                                  |                                                     |         |            |            |  |         |          
|                             | Service and other fees           |                                                     |         | 105,240    |            |  |         | 138,957   |          
|                             | Mortgage banking activities, net |                                                     |         | 192,568    |            |  |         | 104,337   |          
|                             | Insurance proceeds               |                                                     |         | 0          |            |  |         | 692,143   |          
|                             | Other, net                       |                                                     |         | 143,392    |            |  |         | 80,252    |          
|                             |                                  |                                                     |         |            |            |  |         |          
|                             |                                  | Total noninterest income, net                       |         |            | 441,200    |  |         |           | 1,015,689 | 
|                             |                                  |                                                     |         |            |            |  |         |          
|                            
|Noninterest expense          |                                  |                                                     |         |            |            |  |         |          
|                             | Compensation and benefits        |                                                     |         | 1,558,821  |            |  |         | 1,381,120 |          
|                             | Office, occupancy, and equipment |                                                     |         | 564,497    |            |  |         | 469,675   |          
|                             | Other                            |                                                     |         | 718,165    |            |  |         | 700,077   |          
|                             |                                  |                                                     |         |            |            |  |         |          
|                             |                                  | Total noninterest expense                           |         |            | 2,841,483  |  |         |           | 2,550,872 | 
|                             |                                  |                                                     |         |            |            |  |         |          
|                             |                                  | Income before federal income tax provision          |         |            | 2,437,145  |  |         |           | 2,327,404 | 
|                            
|Federal income tax provision |                                  |                                                     | 808,609 |            |            |  | 775,417 |          
|                             |                                  |                                                     |         |            |            |  |         |          
|                             |                                  | Net income                                          |         | $          | 1,628,536  |  |         | $         | 1,551,987 | 
|                             |                                  |                                                     |         |            |            |  |         |          
|Basic earnings per share     |                                  |                                                     | $0.34   |            |            |  | $0.32   |          
|                             |                                  |                                                     |         |            |            |  |         |          
|Diluted earnings per share   |                                  |                                                     | $0.33   |            |            |  | $0.31   |          
|                             |                                  |                                                     |         |            |            |  |         |          

See accompanying notes to consolidated financial statements

Page 2



---



##### Table of Contents







PVF CAPITAL CORP.




CONSOLIDATED STATEMENTS OF CASH FLOWS


(Unaudited)


|                                                     |                                                                                                    |                                                     |            |             |             |   |            |             |             |  
|---------------------------------------------------- | -------------------------------------------------------------------------------------------------- | --------------------------------------------------- | ---------- | ----------- | ----------- | - | ---------- | ----------- | ----------- | -
|                                                     |                                                                                                    |                                                    
|                                                     |                                                                                                    | Three Months Ended                                 
|                                                     |                                                                                                    | September 30,                                      
|                                                     |                                                                                                    |                                                    
|                                                     |                                                                                                    | 2000                                                |            | 1999       
|                                                     |                                                                                                    |                                                     |            |            
|Operating Activities                                 |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                     | Net Income                                                                                         |                                                     | $          | 1,628,536   |             |   | $          | 1,551,987   |            
|                                                     | Adjustments to reconcile net income to net cash provided by
        (used in) operating activities |                                                     |            |             |             |   |            |             |            
|                                                     | Accretion of discount on marketable securities                                                     |                                                     |            | (2,422      | )           |   |            | (2,188      | )          
|                                                     | Depreciation and amortization                                                                      |                                                     |            | 149,939     |             |   |            | 148,974     |            
|                                                     | Provision for losses on loans                                                                      |                                                     |            | 0           |             |   |            | 350,000     |            
|                                                     | Accretion of unearned discount and deferred loan origination
        fees, net                     |                                                     |            | (304,444    | )           |   |            | (308,016    | )          
|                                                     | Gain (loss)on loans receivable held for sale, net                                                  |                                                     |            | (68,675     | )           |   |            | 755         |            
|                                                     | Federal Home Loan Bank stock dividends                                                             |                                                     |            | (122,245    | )           |   |            | (69,342     | )          
|                                                     | Change in accrued interest on investments, loans, and
        borrowings, net                      |                                                     |            | (80,659     | )           |   |            | (64,591     | )          
|                                                     | Origination of loans receivable held for sale, net                                                 |                                                     |            | (6,898,862  | )           |   |            | (13,717,489 | )          
|                                                     | Sale of loans receivable held for sale, net                                                        |                                                     |            | 10,754,392  |             |   |            | 10,504,679  |            
|                                                     | Change in other, net                                                                               |                                                     |            | (1,091,862  | )           |   |            | (1,153,965  | )          
|                                                     |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                     |                                                                                                    | Net cash provided by (used in) operating activities |            |             | 3,963,698   |   |            |             | (2,759,196  | )
|                                                     |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                    
|Investing Activities                                 |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                     | Loan and mortgage-backed securities repayments and originations,
        net                       |                                                     |            | (30,529,187 | )           |   |            | (16,773,072 | )          
|                                                     | Disposals of real estate owned                                                                     |                                                     |            | 38,069      |             |   |            | 123,766     |            
|                                                     | Mortgage-backed securities purchased, net                                                          |                                                     |            | (977,543    | )           |   |            | 0           |            
|                                                     | Securities maturities                                                                              |                                                     |            | 20,739      |             |   |            | 19,486      |            
|                                                     | Federal Home Loan Bank stock purchases                                                             |                                                     |            | (907,300    | )           |   |            | (287,800    | )          
|                                                     | Additions to office properties and equipment, net                                                  |                                                     |            | (665,436    | )           |   |            | (86,155     | )          
|                                                     | Change in real estate held for investment                                                          |                                                     |            | (4,569,962  | )           |   |            | 0           |            
|                                                     |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                     |                                                                                                    | Net cash used in investing activities               |            |             | (37,590,620 | ) |            |             | (17,003,775 | )
|                                                     |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                    
|Financing activities                                 |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                     | Net increase (decrease) in demand deposits, NOW, and
        passbook savings                      |                                                     |            | (2,611,583  | )           |   |            | 2,092,874   |            
|                                                     | Net increase in time deposits                                                                      |                                                     |            | 65,470,737  |             |   |            | 571,361     |            
|                                                     | Net increase (decrease) in Federal Home Loan Bank advances                                         |                                                     |            | (30,017,364 | )           |   |            | 14,983,653  |            
|                                                     | Net increase in notes payable                                                                      |                                                     |            | 5,620,000   |             |   |            | 0           |            
|                                                     | Purchase of treasury stock                                                                         |                                                     |            | (23,928     | )           |   |            | 0           |            
|                                                     | Proceeds from exercise of stock options                                                            |                                                     |            | 13,425      |             |   |            | 0           |            
|                                                     | Cash dividend paid                                                                                 |                                                     |            | (348,167    | )           |   |            | (321,375    | )          
|                                                     |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                     |                                                                                                    | Net cash provided by financing activities           |            |             | 38,103,120  |   |            |             | 17,326,513  |  
|                                                     |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                    
|Net increase (decrease) in cash and cash equivalents |                                                                                                    |                                                     | 4,476,198  |             |             |   | (2,436,458 | )          
|                                                    
|Cash and cash equivalents at beginning of period     |                                                                                                    |                                                     | 5,671,855  |             |             |   | 10,089,332 |            
|                                                     |                                                                                                    |                                                     |            |             |             |   |            |            
|Cash and cash equivalents at end of period           |                                                                                                    | $                                                   | 10,148,053 |             |             | $ | 7,652,874  |            
|                                                     |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                    
|Supplemental disclosures of cash flow information:   |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                     | Cash payments of interest expense                                                                  |                                                     | $          | 8,319,968   |             |   | $          | 4,801,843   |            
|                                                     | Cash payments of income taxes                                                                      |                                                     | $          | 275,000     |             |   |            | $0          |            
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|Supplemental noncash investing activity:             |                                                                                                    |                                                     |            |             |             |   |            |            
|                                                     | Securitization of mortgage loans to mortgage-backed securities,
        held to maturity           |                                                     | $          | 16,335,623  |             |   |            | $0          |            

See accompanying notes to consolidated financial statements

Page 3



---



##### Table of Contents



Part I Financial Information



PVF CAPITAL CORP.




Notes to Consolidated Financial Statements

September 30, 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, 2000 consolidated
statement of financial condition which was derived from the
Corporations audited financial statements. Certain
information required for a complete presentation in accordance
with generally accepted accounting principles has been condensed
or omitted. However, in the opinion of management, these interim
financial statements contain all adjustments, consisting only of
normal recurring accruals, necessary to fairly present the
interim financial information. The results of operations for the
three months ended September 30, 2000 are not necessarily
indicative of the results to be expected for the entire year
ending June 30, 2001. PVF Capital Corp.s common stock
is traded on the NASDAQ SMALL-CAP ISSUES under the symbol PVFC.

2. Recently Issued Accounting Standards

SFAS No. 133, Accounting for Derivative Instruments
and Hedging Activities was issued in June 1998 and
amended by SFAS No. 137 which deferred the effective date
to fiscal years beginning after June 15, 2000. This
statement establishes comprehensive accounting and reporting
requirements for derivative instruments and hedging activities.
This statement requires entities to recognize all derivatives as
either assets or liabilities, with the instruments measured at
fair value. The accounting for gains and losses resulting from
changes in fair value of the derivative instrument depends on
the use of the derivative and the type of risk being hedged. In
June 2000, SFAS No. 133 was also amended by SFAS
No. 138, Accounting for Certain Derivative
Instruments and Certain Hedging Activities, which adds
further guidance to the accounting for derivative instruments
and hedging activities. Management determined that the adoption
of SFAS No. 133 as amended by SFAS No. 137 and SFAS
No. 138 would not have a material impact on the Banks
consolidated financial statements.

Page 4



---



##### Table of Contents



Part I Financial Information



3.  The following table discloses earnings per share for
the three months ended September 30, 2000 and
September 30, 1999.

|                        |                                         |                                  |   |               |  |           |         |             |  |               |      |           |  |  |   |           |  |  |         |           |  |  |      |      | 
|----------------------- | --------------------------------------- | -------------------------------- | - | ------------- |  | --------- | ------- | ----------- |  | ------------- | ---- | --------- |  |  | - | --------- |  |  | ------- | --------- |  |  | ---- | ---- | 
|                        |                                         |                                 
|                        |                                         | Three months ended September 30,
|                        |                                         |                                 
|                        |                                         |                                  |   |               |  |          
|                        |                                         | 2000                             |   | 1999          |  |          
|                        |                                         |                                  |   |               |  |          
|                        |                                         | Income                           |   | Shares        |  | Per-Share |         | Income      |  | Shares        |      | Per-Share
|                        |                                         | (Numerator)                      |   | (Denominator) |  | Amount    |         | (Numerator) |  | (Denominator) |      | Amount   
|                        |                                         |                                  |   |               |  |           |         |             |  |               |      |          
|Basic EPS               |                                         |                                  |   |               |  |           |         |             |  |               |      |           |  |  |   |           |  |  |         |           |  |  |      |     
|                        | Income available to common stockholders |                                  | $ | 1,628,536     |  |           |         | 4,740,837   |  |               | $    | 0.34      |  |  | $ | 1,551,987 |  |  |         | 4,822,666 |  |  | $    | 0.32 | 
|                       
|                       
|                       
|                       
|Effect of Stock Options |                                         |                                  |   |               |  |           | 166,086 |             |  |               | 0.01 |           |  |  |   |           |  |  | 187,164 |           |  |  | 0.01 |     
|                       
|                       
|                       
|                       
|Diluted EPS             |                                         |                                  |   |               |  |           |         |             |  |               |      |           |  |  |   |           |  |  |         |           |  |  |      |     
|                        | Income available to common stockholders |                                  | $ | 1,628,536     |  |           |         | 4,906,923   |  |               | $    | 0.33      |  |  | $ | 1,551,987 |  |  |         | 5,009,830 |  |  | $    | 0.31 | 

Page 5



---



##### Table of Contents



Part I Financial Information









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 period
ended September 30, 2000 for PVF Capital Corp.
(PVF or the Company), Park View Federal
Savings Bank (the Bank), its principal and
wholly-owned subsidiary, PVF Service Corporation, a wholly-owned
real estate subsidiary, Mid Pines Land Co., a wholly-owned real
estate subsidiary, and PVF Holdings, Inc., a wholly-owned and
currently inactive subsidiary.

Forward-Looking Statements

When used in this Form 10-Q, the words or phrases
will likely result, are expected to,
will continue, is anticipated,
estimate, project, or similar
expressions are intended to identify forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are subject to
certain risks and uncertainties including changes in economic
conditions in the Companys market area, changes in
policies by regulatory agencies, fluctuations in interest rates,
demand for loans in the Companys market area, competition
that could cause actual results to differ materially from
historical earnings and those presently anticipated or projected
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 $651.8 million as of
September 30, 2000, an increase of approximately $38.8
million or 6.3% as compared to June 30, 2000. The Bank
remained in regulatory capital compliance for tangible, core,
and risk-based capital on a fully phased-in basis with capital
levels of 6.62%, 6.62% and 10.03% respectively at
September 30, 2000.

During the three months ended September 30, 2000, the
Companys cash and cash equivalents, which consist of cash,
interest-bearing deposits and federal funds sold, increased
$4.5 million or 78.9% as compared to June 30, 2000.
The change in the Companys cash and cash equivalents
consisted of an increase in cash and interest-

Page 6



---



##### Table of Contents



Part I Financial Information



FINANCIAL CONDITION continued

bearing deposits of $5.5 million and a decrease in federal
funds sold of $1.0 million. The net $28.2 million, or
5.4%, increase in loans receivable and mortgage-backed
securities during the three months ended September 30,
2000, resulted from an increase in loans receivable of
$11.0 million and an increase in mortgage-backed securities
of $17.2 million. The increase of $11.0 million in
loans receivable included increases of $2.6 million in
single-family loans, $6.6 million in construction loans,
$1.3 million in home equity loans, and $4.9 million in
commercial real estate loans, and decreases of $2.8 million
in land loans and $1.6 million in multi-family loans. The
increase in mortgage-backed securities resulted from the Banks
decision to securitize $16.4 million in single-family loans
and purchase a $1.0 million mortgage-backed security less
payments received of $0.2 million. The growth of the loan
portfolio was as anticipated and resulted in no material change
to the composition of the portfolio.

Investment in real estate increased by $4.6 million due to
the purchase by Mid Pines Land Co., a subsidiary of PVF Capital
Corp., of a leased office building in Solon, Ohio and the
construction of mini-storage units at the strip center in Berea,
Ohio. Investment in stock with the Federal Home Loan Bank of
Cincinnati increased by $1,029,500, or 17.6%, due to the
purchase of $907,300 in additional stock and stock dividends
paid.

During the three months ended September 30, 2000, the
opening of a new branch office in Solon, Ohio and the relocation
of the North Moreland branch office to Shaker Towne Centre along
with managements decision to compete aggressively for
market deposits to build the deposit base of the new Solon and
Shaker Towne Centre branch offices and to repay advances from
the Federal Home Loan Bank of Cincinnati, resulted in an
increase of $62.9 million, or 14.3%, in deposits and a decrease
of $30.0 million, or 26.1%, in advances. The increase in
notes payable of $5.6 million was used primarily to
purchase the Solon office building and for other miscellaneous
business expenses. The decrease from borrowers for taxes and
insurance of $2.4 million, or 39.0%, is due to timing
differences between the collection and payment of escrow funds.
The increase in accrued expenses and other liabilities of
$1.5 million, or 21.6%, is primarily the result of timing
differences between the collection and remittance of payments
received on loans serviced for investors.

The increase in deposits of $62.9 million, and notes
payable of $5.6 million, and an increase in retained
earnings of $1.3 million were used to repay Federal Home
Loan Bank advances of $30.0 million, purchase and improve
real estate in the amount of $4.6 million, purchase
$1.0 million in stock of Federal Home Loan Bank of
Cincinnati, fund the net increase in loans receivable and
mortgage-backed securities of $28.2 million, fund the
increase in cash and cash equivalents of $4.5 million and
the reduction in advances from borrowers for taxes and insurance
of $2.4 million.

Page 7



---



##### Table of Contents



Part I Financial Information





|                      |  |                                                                                                     
|--------------------- |  | ----------------------------------------------------------------------------------------------------
|RESULTS OF OPERATIONS |  | Three months ended September 30, 2000Compared to the three
        months ended September  30, 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. 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.

PVFs net income is also affected by the generation of
non-interest income, which primarily consists of loan servicing
income, service fees on deposit accounts, and gains on the sale
of loans and mortgage-backed securities available for sale. 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
September 30, 2000 was $1,629,000. This represents a
$76,500, or 4.9%, increase when compared with the prior year
comparable period.

Net interest income for the three months ended
September 30, 2000 increased by $624,800, or 14.8%, as
compared to the prior year comparable period, due to an increase
of $4,089,800, or 44.9%, in interest income that resulted from
an increase of $134.7 million in the average balance of the
loan and mortgage-backed securities portfolios and an increase
in the average balance of the investment portfolio of
$40.7 million. In addition, return on interest-earning
assets increased by 30 basis points from the prior year
comparable period. The average balance on deposits increased by
$125.5 million and the average balance on advances
increased by $43.0 million from the prior year comparable
period. In addition, the average cost of funds on
interest-bearing liabilities increased by 96 basis points in the
current period, attributable primarily to a premium rate paid on
new deposits at the new branch offices, resulted in an overall
increase in interest expense of $3,465,000, or 70.7%. The
Companys net interest income increased despite a decrease
of 66 basis points in the Companys interest-rate spread
during the current period as compared to the prior year
comparable period due to balance sheet growth in both
interest-earning assets and interest-bearing liabilities.

For the three months ended September 30, 2000 no provision
for loan losses was recorded, while a $350,000 provision for
loan losses was recorded in the prior year comparable period.
The Company uses a systematic approach to determine the adequacy
of its loan loss

Page 8



---



##### Table of Contents



Part I Financial Information



RESULTS OF OPERATIONS continued

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 September 30, 2000, the
company experienced decreases in the level of impaired loans and
classified assets of $0.6 million and $1.0 million,
respectively. Despite growth in the loan portfolio of
$11.0 million, it was not necessary to record a provision
for loan losses due to decreases in the levels of impaired loans
and classified assets in the period. During the three months
ended September 30, 1999, the Company experienced increases
in the level of impaired loans and classified assets of
$1.3 million and $1.2 million, respectively. Due to the
increase in impaired loans and classified assets as well as
growth in the loan portfolio of $20.4 million, management
determined it was necessary and prudent to record a provision
for loan losses of $350,000 in the prior period. At
September 30, 2000, the allowance for loan losses was
$3.3 million, which represented 78.1% of nonperforming
loans and 0.6% of net loans.

For the three months ended September 30, 2000, noninterest
income decreased by $574,500, or 56.6%, from the prior year
comparable period. The decrease was primarily the result of a
decrease of $692,100 in income recognized on insurance proceeds,
which resulted from the receipt of an insurance payment of
$692,100 for costs previously incurred relating to the
settlement of a lawsuit and the associated legal expenses by PVF
Holdings, Inc., a wholly owned subsidiary of PVF Capital Corp.
In addition, other noninterest income, net increased by $63,100,
or 78.7%, in the current period primarily due to gains
recognized on the disposal of real estate owned properties.
Service and other fees decreased by $33,700, or 24.3%, from the
prior year comparable period, primarily due to net decreases in
NOW account fee income. An increase of $88,200, or 84.6%, in
income from mortgage-banking activities resulted primarily from
an increase in profit 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

Page 9



---



##### Table of Contents



Part I Financial Information



RESULTS OF OPERATIONS continued

or the FNMA, while retaining the servicing. Noninterest expense
for the three months ended September 30, 2000 increased by
$290,600, or 11.4%, from the prior year comparable period. This
was primarily the result of a $177,700, or 12.9%, increase in
compensation and benefits attributable to increased staffing,
employee 401(k) benefits, incentive bonuses paid, and salary and
wage adjustments. In addition, office, occupancy and equipment
increased by $94,800, or 20.2%, due to increases in office rent
and additional expenses incurred due to the cost of the lease on
our new corporate headquarters and the opening of a new branch
office.

The federal income tax provision for the three month-period
ended September 30, 2000 decreased to an effective rate of
33.2% for the current period from an effective rate of 33.3% for
the prior year comparable period.

YEAR 2000

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

Page 10



---



##### Table of Contents



Part I Financial Information



RESULTS OF OPERATIONS continued

September 30, 2000 was 11.6%. Management believes the Bank
has sufficient liquidity to meet its operational needs.

Part I Financial Information









Quantitative and Qualitative Disclosures about Market Risk

There have been no significant changes to the Companys
interest rate risk position or any changes to how the Company
manages its Asset/ Liability position since June 30, 2000.




Part II OTHER INFORMATION

|        |  |                                                                                                                             
|------- |  | ----------------------------------------------------------------------------------------------------------------------------
|Item 1. |  | Legal Proceedings. N/ A                                                                                                     
|       
|        |  | (a) Information pertaining to lawsuits is set forth in
        Item 3 of Form 10-K for the Year ended June 30,
        2000.
|       
|Item 2. |  | Changes in Securities and Use of Proceeds. N/ A                                                                             
|       
|Item 3. |  | Defaults Upon Senior Securities. N/ A                                                                                       
|       
|Item 4. |  | Submission of Matters to a Vote of Security Holders. N/ A                                                                   
|       
|Item 5. |  | Other Information. N/ A                                                                                                     
|       
|Item 6. |  | Exhibits and Reports on Form 8-K. N/ A                                                                                      
|       
|(a)     |  | The following exhibits to this Quarterly Report on Form 10-Q are
        filed herewith:                                    
|       
|(b)     |  | PVF did not file any reports on Form 8-K during the quarter
        ended September 30, 2000.                               

Page 11



---



##### Table of Contents






Signature

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



| |  |                  
| |  | -----------------
| |  | PVF Capital Corp.
| |  |                  
| |  | (Registrant)     
|

|      |                   |                        
|----- | ----------------- | -----------------------
|Date: | November 10, 2000 | /s/ C. Keith Swaney    
|      |                   |                        
|      |                   | C. Keith Swaney        
|      |                   | President and Treasurer

Page 12