<PAGE>

                                  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 December 31, 1996.

[ ]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           
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(State or other jurisdiction of           (I.R.S. Employer
  incorporation or organization)           Identification No.)

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

                    (216) 439-2200                               
-----------------------------------------------------------------
      (Registrant's telephone number, including area code)

                          Not Applicable                         
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(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               2,323,338            
------------------------------    --------------------------------
           (Class)                (Outstanding at January 31, 1997)


<PAGE>


                                PVF CAPITAL CORP.


                                      INDEX

                                                         Page

Part I      Financial Information          

  Item 1    Financial Statements

            Consolidated Statements of Financial
            Condition, December 31, 1996 (unaudited) 
            and June 30, 1996.                             1

            Consolidated Statements of Operations for
            the three and six months ended December 31,
            1996 and 1995 (unaudited).                     2

            Consolidated Statements of Cash Flows for
            the six months ended December 31, 1996 and
            1995 (unaudited).                              3

            Notes to Consolidated Financial
            Statements (unaudited).                        4         

  Item 2    Management's Discussion and Analysis of        
            Financial Condition and Results of
            Operations                                     5  

Part II     Other Information                             10              


<PAGE>


PART I   FINANCIAL INFORMATION
ITEM 1


                                PVF CAPITAL CORP.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                                         DECEMBER 31,            JUNE 30,
                         ASSETS                                              1996                  1996
                                                                         ------------            --------
                                                                         (UNAUDITED)

<S>                                                                      <C>                   <C>
Cash and amounts due from depository institutions                          $3,311,103          $6,670,604
Interest bearing deposits                                                     758,547             244,612
Federal funds sold                                                          1,875,000           6,875,000
Investment securities, at cost                                             13,994,725          14,094,100
Loans receivable, net                                                     319,136,278         278,318,945
Loans receivable available for sale, net                                    1,680,311          11,203,705
Mortgage-backed securities held to maturity, net                              540,918             637,022
Mortgage-backed securities available for sale, net                                  0           7,613,365
Office properties and equipment, net                                        2,015,336           2,571,566
Real estate in development                                                    889,442             854,891
Investment required by law
   Stock in the Federal Home Loan Bank of Cincinnati                        2,141,121           1,880,000
Prepaid expenses and other assets                                           1,234,198             670,271

                                                                         ------------        ------------
Total Assets                                                             $347,576,979        $331,634,081
                                                                         ------------        ------------
                                                                         ------------        ------------


LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
   Deposits                                                              $278,156,158        $271,045,085
   Advances from the Federal Home Loan Bank of Cincinnati                  34,944,113          27,481,651
   Notes payable                                                            2,510,000           2,710,000
   Advances from borrowers for taxes and insurance                          4,431,262           4,205,151
   Accrued expenses and other liabilities                                   3,738,530           3,718,536

                                                                         ------------        ------------
Total Liabilities                                                         323,780,063         309,160,423


Stockholders' Equity
   Serial preferred stock, none issued                                              0                   0
   Common stock                                                                23,233              23,233
   Paid in capital                                                          9,995,918           9,995,918
   Retained earnings-substantially restricted                              13,777,765          12,608,775
   Unrealized market adjustment on available for sale securities                    0            (154,268)

                                                                         ------------        ------------
Total Stockholders' Equity                                                 23,796,916          22,473,658

                                                                         ------------        ------------
Total Liabilities and Stockholders' Equity                               $347,576,979        $331,634,081
                                                                         ------------        ------------
                                                                         ------------        ------------
</TABLE>


See accompanying notes to consolidated financial statements

                                     PAGE 1

<PAGE>

PART I   FINANCIAL INFORMATION
ITEM 1

                                PVF CAPITAL CORP.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                       THREE MONTHS ENDED              SIX MONTHS ENDED
                                                                           DECEMBER 31,                    DECEMBER 31,
                                                                   -----------------------          -------------------------
                                                                       1996             1995           1996                1995

<S>                                                                <C>              <C>              <C>               <C>
Interest income
   Loans                                                           $7,272,036       $6,350,547       $14,302,570       $12,347,909
   Mortgage-backed securities                                          85,084           46,313           265,467           115,710
   Cash and investment securities                                     305,281          515,231           630,603         1,310,378

                                                                   ----------       ----------       -----------       -----------
                                                                                              
          Total interest income                                     7,662,401        6,912,091        15,198,640        13,773,997
                                                                   ----------       ----------       -----------       -----------

Interest expense
   Deposits                                                         3,529,625        3,896,143         6,985,822         7,810,359
   Borrowings                                                         569,867           74,620         1,129,238           289,489

                                                                   ----------       ----------       -----------       -----------
          Total interest expense                                    4,099,492        3,970,763         8,115,060         8,099,848
                                                                   ----------       ----------       -----------       -----------

          Net interest income                                       3,562,909        2,941,328         7,083,580         5,674,149

Provisions for loan losses                                                  0          374,000                 0           394,000

                                                                   ----------       ----------       -----------       -----------

          Net interest income after provision for loan losses       3,562,909        2,567,328         7,083,580         5,280,149
                                                                   ----------       ----------       -----------       -----------

Noninterest income, net
   Service and other fees                                             119,879          116,696           241,592           224,004
   Mortgage banking activities, net                                   151,931          355,215           188,313           483,027
   Other, net                                                          23,042          112,919            98,940           197,278

                                                                   ----------       ----------       -----------       -----------
          Total noninterest income, net                               294,852          584,830           528,845           904,309
                                                                   ----------       ----------       -----------       -----------

Noninterest expense
   Compensation and benefits                                        1,081,052          928,807         2,166,089         1,907,770
   Office, occupancy, and equipment                                   414,010          350,057           791,285           713,535
   Federal deposit insurance special assessment                             0                0         1,707,867                 0
   Other                                                              572,504          534,512         1,157,845         1,156,816

                                                                   ----------       ----------       -----------        ----------

          Total noninterest expense                                 2,067,566        1,813,376         5,823,086         3,778,121
                                                                   ----------       ----------       -----------        ----------

          Income before federal income tax provision                1,790,195        1,338,782         1,789,339         2,406,337


Federal income tax provision                                          609,000          420,000           619,000           735,600

                                                                   ----------        ----------       -----------       ----------
                                                                                              
          Net income                                               $1,181,195         $918,782        $1,170,339        $1,670,737

Net income per share                                                    $0.48            $0.37             $0.47             $0.67
                                                                        -----            -----             -----             -----
                                                                        -----            -----             -----             -----
</TABLE>

See accompanying notes to consolidated financial statements

                                     PAGE 2

<PAGE>

PART I   FINANCIAL INFORMATION
ITEM 1



                                PVF CAPITAL CORP.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                  SIX MONTHS ENDED
                                                                                                    DECEMBER 31ST
                                                                                              ----------------------------
                                                                                                 1996              1995   
                                                                                              ----------------------------

<S>                                                                                          <C>                <C>
OPERATING ACTIVITIES
   Net income                                                                                 $1,170,339        $1,670,737
   Adjustments to reconcile net income to net cash provided by operating activities
      Accretion of discount on marketable securities                                                (625)          (25,163)
      Depreciation and amortization                                                              237,230           244,144
      Provision for losses on loans, net                                                               0           394,000
      Provision for lower of cost or market adjustment loans available for sale                   81,930                 0
      Accretion of unearned discount and deferred loan origination fees, net                    (726,397)         (515,675)
      Gain on loans available for sale, net                                                     (152,748)         (239,121)
       Loss on mortgage-backed securities available for sale, net                                 65,086            23,582
      Gain on investment securities available for sale, net                                            0           (74,721)
      Change in accrued interest on investments, loans, and borrowings, net                     (216,931)          (60,905)
      Change in other assets and other liabilities, net                                         (317,822)         (112,430)
      Change in loans receivable available for sale, net                                       9,594,212         1,644,440

                                                                                              ----------        -----------
               Net cash provided by operating activities                                       9,734,274         2,948,888
                                                                                              ----------        -----------

INVESTING ACTIVITIES
      Loan and mortgage-backed securities repayments and originations, net                   (44,753,626)      (19,369,802)
      Proceeds from  mortgage-backed securities available for sale                            12,738,470           855,477
      Purchase of investment securities                                                                0       (10,305,000)
      Investment securities maturities                                                           100,000        33,086,314
      Sale of investment securities available for sale                                                 0        10,007,188
      FHLB stock purchases dividends, net                                                       (261,121)          (57,890)
      Office properties and equipment (purchases) sales, net                                     319,000          (251,307)
      Additions to real estate in development, net                                               (34,551)          (15,132)

                                                                                             -------------     ------------
                                                                                                                          
               Net cash provided by (used in) investing activities                           (31,891,828)       13,949,848
                                                                                             -------------     ------------

FINANCING ACTIVITIES
      Net increase in demand deposits, NOW, and passbook savings                                 488,286          2,007,353
      Net increase in time deposits                                                            6,562,589          6,963,519
      Net increase (decrease) FHLB advances                                                    7,462,462        (15,000,000)
      Proceeds from  (payments on) note payable                                                 (200,000)         1,200,000
      Stock options exercised                                                                          0             25,000
      Cash paid in lieu of fractional shares                                                      (1,349)            (1,098)

                                                                                              ------------      -------------
                                                                                                                          
               Net cash provided by (used in) financing activities                            14,311,988         (4,805,226)
                                                                                              ------------      -------------


Net increase (decrease) in cash and cash equivalents                                          (7,845,566)        12,093,510

Cash and cash equivalents at beginning of period                                              13,790,216         12,618,580
                                                                                              -----------       -----------
Cash and cash equivalents at end of period                                                    $5,944,650        $24,712,090
                                                                                              -----------       -----------
                                                                                              -----------       -----------
</TABLE>

See accompanying notes to consolidated financial statements

                                     PAGE 3

<PAGE>


Part I Financial Information   
Item 1                                          

                                PVF CAPITAL CORP.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                           DECEMBER 31, 1996 AND 1995
                                   (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, 1996 consolidated statement of financial 
condition which was derived from the Corporation's audited financial 
statements. Certain information required for a complete presentation in 
accordance with generally accepted accounting principles has been condensed 
or omitted. However, in the opinion of management, these interim financial 
statements contain all adjustments, consisting only of normal recurring 
accruals, necessary to fairly present the interim financial information.  The 
results of operations for the three and six months ended December 31, 1996 
are not necessarily indicative of the results to be expected for the entire 
year ending June 30, 1997.  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.   Legislation was signed into law on September 30, 1996 to recapitalize 
the Savings Association Insurance Fund ("SAIF") that required SAIF-insured 
savings institutions to pay a one-time special assessment of 65.7 cents for 
every $100 of deposits.  This assessment was charged against earnings for the 
quarter ended September 30, 1996 and resulted in a pre-tax charge to the 
Company of approximately $1,708,000 and is reflected in the Statement of 
Operation for the six-month period ended December 31, 1996.  This assessment 
was paid on November 27, 1996.  The FICO SAIF assessment beginning January 1, 
1997 is expected to be 6.48 basis points annually. 

3.   Cash and cash equivalents consist of the following:

                                        December 31, 1996     June 30, 1996
                                        -----------------     -------------

Cash and amounts due from depository                                      
 institutions                                 $ 3,311,103       $ 6,670,604
Interest-bearing deposits                         758,547           244,612
Federal funds sold                              1,875,000         6,875,000
                                              -----------       -----------
                                              $ 5,944,650       $13,790,216
                                              -----------       -----------
                                              -----------       -----------

4.   Net income per share is based on the weighted-average number of common 
shares outstanding of 2,323,338 and 220,523 in outstanding stock options.  

                                     Page 4

<PAGE>

Part I Financial Information
Item 2


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

The following analysis discusses changes in financial condition and results 
of operations at and for the three-month and six-month periods ended December 
31, 1996 for PVF Capital Corp ("PVF" or the "Company") and Park View Federal 
Savings Bank (the "Bank"), its principal and wholly-owned subsidiary.

FINANCIAL CONDITION

Consolidated assets of PVF were $347.6 million as of December 31, 1996, an 
increase of approximately $15.9 million or 4.8% as compared to June 30, 1996. 
The Bank remained in regulatory capital compliance for tangible, core, and 
risk-based capital on a fully phased-in basis with capital levels of 7.19%, 
7.19% and 10.30% respectively at December 31, 1996.

During the six months ended December 31, 1996, the Company's cash and cash 
equivalents, which consist of cash, interest-bearing deposits and federal 
funds sold, decreased $7.9 million or 56.9% as compared to June 30, 1996.  
The change in the Company's cash and cash equivalents consisted of an 
increase in interest-bearing deposits of $0.5 million, a decrease in cash of 
$3.4 million and a decrease in federal funds sold of $5.0 million.

The net $23.6 million or 7.9% increase in loans receivable and 
mortgage-backed securities, during the six months ended December 31, 1996, 
resulted from an increase in loans receivable of $31.3 million and a decrease 
in mortgage-backed securities of $7.7 million.  The increase of $31.3 million 
in loans receivable included increases of $9.1 million in construction loans, 
$6.1 million in land loans, $10.9 million in commercial loans, $4.0 million 
in home equity loans, $0.8 million in installment loans, and a net increase 
of $0.4 million in all other mortgage loans.  The decrease in mortgage-backed 
securities of $7.7 million was the result of a net decrease of $7.6 million 
in mortgage-backed securities available for sale resulting from the Bank 
swapping $5.4 million in loans with the Federal Home Loan Mortgage 
Corporation ("FHLMC") for mortgage-backed securities and the sale and 
repayment of $12.8 million and $0.2 million in mortgage-backed securities 
available for sale, respectively, along with the repayment of $0.1 million in 
mortgage-backed securities held to maturity.  

The decrease in office properties and equipment of $0.6 million was the 
result of the sale and leaseback of one of our branch offices.  The increase 
in prepaid expenses and other assets of $0.6 million is the result of a 
reduction in the credit balance for Federal Reserve Bank adjustments on NOW 
accounts.

                                     Page 5

<PAGE>

Part I Financial Information
Item 2


FINANCIAL CONDITION CONTINUED


During the six months ended December 31, 1996, management decided to compete 
with market savings rates for additional deposits and also utilize attractive 
borrowing rates from the Federal Home Loan Bank of Cincinnati ("FHLB").  This 
strategy resulted in an increase to both savings deposits and FHLB advances 
of $7.1 million and $7.5 million, respectively.  

The increase in savings deposits and FHLB advances of $14.6 million along 
with the reduction in cash and cash equivalents of $7.9 million and 
mortgage-backed securities of $7.7 million and the increase of $1.3 million 
in stockholders' equity were used to fund the increase of $31.3 million in 
loans receivable.

RESULTS OF OPERATIONS   Three months ended December 31, 1996,  
                        compared to three months ended     
                        December 31, 1995.

PVF's net income is dependent primarily on its net interest income, which is 
the difference between interest earned on its loans and investments and 
interest paid on interest-bearing liabilities.  Net interest income also 
includes amortization of loan origination fees, net of origination costs.

PVF's net income is also affected by the generation of non-interest income, 
which primarily consists of loan servicing income, service fees on deposit 
accounts, and gains on the sale of loans and mortgage-backed securities 
available for sale.  Net interest income is determined by (i) the difference 
between yields earned on interest-earning assets and rates paid on 
interest-bearing liabilities ("interest-rate spread") and (ii) the relative 
amounts of interest-earning assets and interest-bearing liabilities.  The 
Company's interest-rate spread is affected by regulatory, economic and 
competitive factors that influence interest rates, loan demand and deposit 
flows.  In addition, net income is affected by the level of operating 
expenses and loan loss provisions.

The Company's net income for the three months ended December 31, 1996 was 
$1,181,000.  This represents a 28.6% increase when compared with the prior 
year comparable period.  

Net interest income for the three months ended December 31, 1996 increased by 
$621,600 or 21.1%, as compared to the prior year comparable period, primarily 
due to an increase of $750,300 or 10.9% in interest income that resulted from 
an increase of $48.0 million in the average balance of the loan and 
mortgage-backed 

                                     Page 6

<PAGE>

Part I Financial Information
Item 2

RESULTS OF OPERATION CONTINUED

securities portfolios.  This was partially offset by a decrease in the 
average balance of the investment portfolio of $14.6 million and resulted in 
a similar return on interest-earning assets from the prior year comparable 
period.  The average balance on deposits and advances increased by $29.6 
million from the prior year comparable period.  This increased balance, 
offset by a 33 basis point decrease in the average cost of funds for the 
current period, resulted in an overall increase in interest expense of 
$128,700 or 3.2%.  The Company's net interest income increased due to an 
increase of 33 basis points in the Company's interest-rate spread during the 
current period as compared to the prior year comparable period, along with 
balance sheet growth in both interest-earning assets and interest-bearing 
liabilities.

For the three months ended December 31, 1995, a provision for loan losses of 
$374,000 was recorded, while no provision was necessary for the three months 
ended December 31, 1996.  Provisions are based on management's analysis of 
the various factors which affect the loan portfolio and management's desire 
to maintain the allowance for loan losses at a level considered adequate to 
provide for probable future loan losses.  During the three months ended 
December 31, 1995, management increased its unallocated reserves for loan 
losses, based primarily on growth of the loan portfolio, along with 
prevailing economic conditions and other factors deemed relevant.  At 
December 31, 1996, the allowance for loan losses was $2.5 million, which 
represented 95.5% of nonperforming loans and 0.8% of net loans.

For the three months ended December 31, 1996, noninterest income decreased 
$290,000 or 49.6% from the prior year comparable period.  This was primarily 
attributable to a decrease of $203,300 or 57.2% in income from 
mortgage-banking activities that resulted from a decline in gains on the sale 
of loans available for sale and mortgage-backed securities available for sale 
of $170,300 from the prior year comparable period, along with a decrease in 
net servicing income in the current period attributable to the amortization 
of the servicing asset resulting from the application of FASB 122, Accounting 
for Mortgage Servicing Rights.  During these periods, PVF pursued a strategy 
of originating long-term, fixed-rate loans pursuant to Federal Home Loan 
Mortgage Corporation ("FHLMC") and Federal National Mortgage Association 
("FNMA") guidelines and selling such loans to the FHLMC or the FNMA, while 
retaining the servicing.  Other noninterest income, net, decreased by $89,900 
or 79.6% from the previous year's comparable period, primarily due to net 
gains realized on the sale of investment securities available for sale during 
the prior year comparable period. 

Noninterest expense for the three months ended December 31, 1996 increased by 
$254,200 or 14.0% from the prior year comparable 

                                     Page 7

<PAGE>

Part I Financial Information
Item 2

RESULTS OF OPERATIONS CONTINUED

period.  This was primarily the result of a $152,200, or 16.4% increase in 
compensation and benefits attributable to increased staffing, employee 401K 
benefits, incentive bonuses paid, and salary and wage adjustments.  In 
addition, a $64,000 or 18.3% increase in office occupancy was primarily 
attributable to the costs associated with the sale and leaseback of one of 
our branch office locations.

The federal income tax provision for the three month period ended December 
31, 1996 increased to an effective rate of 34.0% for the current period from 
an effective rate of 31.4% for the prior year comparable period.  This 
increase is due to the absence of tax statutory bad debt deductions in the 
current year versus the prior year comparable period.

RESULTS OF OPERATIONS   Six months ended December 31, 1996,  
                        compared to six months ended     
                        December 31, 1995.

PVF's net income is dependent primarily on its net interest income, which is 
the difference between interest earned on its loans and investments and 
interest paid on interest-bearing liabilities.  Net interest income also 
includes amortization of loan origination fees, net of origination costs.

PVF's net income is also affected by the generation of non-interest income, 
which primarily consists of loan servicing income, service fees on deposit 
accounts, and gains on the sale of loans and mortgage-backed securities 
available for sale.  Net interest income is determined by (i) the difference 
between yields earned on interest-earning assets and rates paid on 
interest-bearing liabilities ("interest-rate spread") and (ii) the relative 
amounts of interest-earning assets and interest-bearing liabilities.  The 
Company's interest-rate spread is affected by regulatory, economic and 
competitive factors that influence interest rates, loan demand and deposit 
flows.  In addition, net income is affected by the level of operating 
expenses and loan loss provisions.

The Company's net income for the six months ended December 31, 1996 was 
$1,170,000.  This represents a 30.0% decrease when compared with the prior 
year comparable period.  The decrease for the quarter is due to a one-time 
charge of approximately $1,708,000 or $1,127,000 after tax, representing a 
special assessment of 65.7 basis points on the Bank's deposits held as of 
March 31, 1995, as a result of the recently enacted legislation to 
recapitalize the Savings Association Insurance Fund.  The Company's income 
excluding this assessment for the six-month period ended December 31, 1996 
was $2,297,000. This represents a 37.5% increase when compared with the prior 
year comparable period.

                                     Page 8

<PAGE>

Part I Financial Information
Item 2


RESULTS OF OPERATION CONTINUED

Net interest income for the six months ended December 31, 1996 increased by 
$1,409,400 or 24.8%, primarily due to an increase of $1,424,600 or 10.3% in 
interest income that resulted from an increase of $48.2 million in the 
average balance of the loan and mortgage-backed securities portfolios.  This 
was partially offset by a decrease in the average balance of the investment 
portfolio of $22.8 million and resulted in an 18 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 $21.6 
million from the prior year comparable period.  This increased balance along 
with a 36 basis point decrease in the average cost of funds for the current 
period resulted in an overall increase in interest expense of $15,200 or 
0.2%.  In addition to an increase of 54 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.

For the six months ended December 31, 1995, a provision for loan losses of 
$394,000 was recorded, while no provision was necessasry for the six months 
ended December 31, 1996.  Provisions are based on management's analysis of 
the various factors which affect the loan portfolio and management's desire 
to maintain the allowance for loan losses at a level considered adequate to 
provide for probable future loan losses.  During the six months ended 
December 31, 1995, management increased its unallocated reserves for loan 
losses based primarily on growth of the loan portfolio, along with prevailing 
economic conditions and other factors deemed relevant.  At December 31, 1996, 
the allowance for loan losses was $2.5 million, which represented 95.5% of 
nonperforming loans and 0.8% of net loans.

For the six months ended December 31, 1996 noninterest income decreased 
$375,000 or 41.5% from the prior year comparable period.  This was primarily 
attributable to a decrease of $294,700 or 61.0% in income from 
mortgage-banking activities that resulted from a decline in gains on the sale 
of loans available for sale and mortgage-backed securities available for sale 
of $210,200 from the prior year comparable period, along with a decrease in 
net servicing income in the current period attributable to the amortization 
of the servicing asset resulting from the application of FASB 122, Accounting 
for Mortgage Servicing Rights. During these periods, PVF pursued a strategy 
of originating long-term, fixed-rate loans pursuant to Federal Home Loan 
Mortgage Corporation ("FHLMC") and Federal National Mortgage Association 
("FNMA") guidelines and selling such loans to the FHLMC or the FNMA, while 
retaining the servicing.  Other noninterest income, net, decreased by $98,300 
or 49.8% from the previous year's comparable period, primarily due to net 
gains 

                                     Page 9

<PAGE>

Part I Financial Information
Item 2


RESULTS OF OPERATIONS CONTINUED

realized on the sale of investment securities available for sale during the 
prior period. 

Noninterest expense for the six months ended December 31, 1996 increased by 
$2.0 million or 54.1% from the prior year comparable period.  This was 
primarily the result of the previously noted federal deposit insurance 
special assessment of $1,708,000.  In addition, a $258,300 or 13.5% increase 
in compensation and benefits was attributable to increased staffing, employee 
401K benefits, incentive bonuses paid, and salary and wage adjustments.  A 
$77,700 or 10.9% increase in office occupancy was primarily attributable to 
the costs associated with the sale and leaseback of one of our branch offices.

The federal income tax provision for the six-month period ended December 31, 
1996 increased to an effective rate of 34.6% for the current period from an 
effective rate of 30.6% for the prior year comparable period.  This increase 
is due to the absence of tax statutory bad debt deductions in the current 
year versus the prior year comparable period.

LIQUIDITY AND CAPITAL RESOURCES

The Bank is required by federal regulations to maintain specific levels of 
"liquid" assets consisting of cash and other eligible investments.  The 
current level of liquidity required by the Office of Thrift Supervision is 5% 
of the sum of net withdrawable savings and borrowings due within one year.  
The Bank's liquidity at December 31, 1996 was 7.2%.  Management believes the 
Bank has sufficient liquidity to meet its operational needs.

Part II.  Other Information

Item 6.   Exhibits and Reports on Form 8-K

     (a)  PVF did not file any reports on Form 8-K
          during the quarter ended December 31, 1996.  


                                     Page 10

<PAGE>


                            SIGNATURE

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

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


Date:  February 7, 1997                /s/ C. Keith Swaney
      ------------------               ---------------------------------
          
                                       C. Keith Swaney
                                       Vice President and Treasurer