UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                    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, 2003.

[ ] 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)

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

                 30000 Aurora Road, Solon, Ohio 44139
--------------------------------------------------------------------------------
(Address of principal executive offices)              (Zip Code)

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

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

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

                                          YES  X         NO
                                              ---           ---

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act).

                                          YES            NO  X
                                              ---           ---

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                      6,387,037
------------------------------   -----------------------------------------------
            (Class)                     (Outstanding at January 31, 2004)


<PAGE>



                                PVF CAPITAL CORP.


                                      INDEX


                                                                           Page

Part I Financial Information

     Item 1 Financial Statements

               Consolidated Statements of Financial
               Condition, December 31, 2003
               (unaudited) and June 30, 2003.                               1

               Consolidated  Statements  of  Operations
               for the  three  and six
               months ended December 31, 2003 and 2002 (unaudited)          2

               Consolidated  Statements  of Cash Flows
               For the six months  ended December 31,
               2003 and 2002 (unaudited)                                    3

               Notes to Consolidated Financial
               Statements (unaudited)                                       4

     Item 2  Management's  Discussion  and Analysis
             of Financial  Condition  and Results of
             Operations                                                     7

     Item 3  Liquidity and Capital Resources                               14

     Item 4  Quantitative and Qualitative Disclosures
             about Market Risk                                             14

     Item 5  Controls and Procedures                                       14

Part II Other Information                                                  15


<PAGE>
PART I   FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS



                                PVF CAPITAL CORP.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                                                DECEMBER 31,         JUNE 30,
                                ASSETS                                              2003               2003
                                ------                                          ------------         --------
                                                                                 unaudited
<S>                                                                                  <C>               <C>
Cash and cash equivalents:
     Cash and amounts due from depository institutions                           $5,246,925         $9,755,224
     Interest bearing deposits                                                    2,404,523          3,946,019
     Federal funds sold                                                              50,000         83,050,000
                                                                               ------------       ------------

Total cash and cash equivalents                                                   7,701,448         96,751,243
Securities held to maturity                                                               0             33,252
Mortgage-backed securities held to maturity                                      40,801,622          2,964,798
Loans receivable held for sale, net                                               9,924,234         33,603,895
Loans receivable, net of allowance of
       $4,179,793 and $3,882,839                                                596,748,604        579,670,681
Office properties and equipment, net                                             12,566,491         11,555,919
Real estate owned, net                                                                    0            448,865
Federal Home Loan Bank stock                                                     10,606,918         10,396,399
Prepaid expenses and other assets                                                 9,052,877          7,978,751
                                                                               ------------       ------------
Total Assets                                                                   $687,402,194       $743,403,803
                                                                               ============       ============


                 LIABILITIES AND STOCKHOLDERS' EQUITY
                 ------------------------------------

Liabilities
   Deposits                                                                    $475,258,642       $526,428,927
   Advances from the Federal Home Loan Bank of Cincinnati                       122,102,310        120,123,220
   Notes payable                                                                  4,776,240          5,815,150
   Advances from borrowers for taxes and insurance                                8,373,969          7,964,653
   Accrued expenses and other liabilities                                        15,351,731         24,468,717
                                                                               ------------       ------------
Total Liabilities                                                               625,862,892        684,800,667

Stockholders' Equity
   Serial preferred stock, none issued                                                   --                 --
   Common stock, $0.01 par value, 15,000,000 shares authorized;
       6,727,367 and 6,717,283 shares issued, respectively                           67,274             67,173
   Additional paid-in-capital                                                    47,207,212         47,176,696
   Retained earnings                                                             17,392,009         14,486,460
   Treasury Stock, at cost 343,519 shares                                        (3,127,193)        (3,127,193)
                                                                               ------------       ------------
Total Stockholders' Equity                                                       61,539,302         58,603,136
                                                                               ------------       ------------
Total Liabilities and Stockholders' Equity                                     $687,402,194       $743,403,803
                                                                               ============       ============
</TABLE>

                                     Page 1
<PAGE>

PART I   FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS


                                PVF CAPITAL CORP.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                 Three Months Ended            Six Months Ended
                                                                     December 31,                December 31,
                                                           -----------------------------------------------------------
                                                                 2003           2002            2003          2002
<S>                                                             <C>              <C>           <C>           <C>
Interest income
   Loans                                                      $9,220,741    $10,486,097     $18,684,269   $20,920,563
   Mortgage-backed securities                                    489,656         75,652         933,098       175,984
   Cash and securities                                           119,349        737,575         270,740     1,607,263
                                                              ----------    -----------     -----------    ----------

               Total interest income                           9,829,746     11,299,324      19,888,107    22,703,810
                                                              ----------    -----------     -----------    ----------

Interest expense
   Deposits                                                    2,720,009      3,923,304       5,650,188     8,353,611
   Borrowings                                                  1,357,694      1,393,667       2,738,405     2,788,671
                                                              ----------    -----------     -----------    ----------

               Total interest expense                          4,077,703      5,316,971       8,388,593    11,142,282
                                                              ----------     ----------      ----------    ----------

               Net interest income                             5,752,043      5,982,353      11,499,514    11,561,528

Provision for loan losses                                        192,000              0         292,000             0
                                                              ----------    -----------     -----------    ----------

               Net interest income after provision
                for loan losses                                5,560,043      5,982,353      11,207,514    11,561,528
                                                              ----------     ----------     -----------    ----------

Noninterest income, net
   Service and other fees                                        157,564        218,279         304,210       347,703
   Mortgage banking activities, net                              604,707      1,534,385       3,277,954     2,130,699
   Other, net                                                    105,506         85,598         596,969       109,688
                                                              ----------    -----------     -----------    ----------

               Total noninterest income, net                     867,777      1,838,262       4,179,133     2,588,090
                                                                --------     ----------      ----------     ---------

Noninterest expense
   Compensation and benefits                                   2,346,503      2,223,861       4,852,899     4,327,421
   Office occupancy and equipment                                806,681        775,274       1,604,405     1,522,444
   Other                                                       1,208,498      1,413,130       2,442,423     2,363,842
                                                              ----------    -----------     -----------    ----------

               Total noninterest expense                       4,361,682      4,412,265       8,899,727     8,213,707
                                                              ----------     ----------      ----------     ---------

               Income before federal income tax provision      2,066,138      3,408,350       6,486,920     5,935,911

Federal income tax provision                                     716,400      1,151,190       2,205,100     1,991,665
                                                              ----------    -----------     -----------    ----------

               Net income                                     $1,349,738     $2,257,160      $4,281,820    $3,944,246
                                                             ===========    ===========     ===========    ==========

Basic earnings per share                                           $0.21          $0.35           $0.67         $0.62
                                                                  ======         ======          ======         =====

Diluted earnings per share                                         $0.21          $0.35           $0.66         $0.61
                                                                  ======         ======          ======         =====

Dividends declared per common share                               $0.074         $0.067          $0.148        $0.134
                                                                 =======        =======         =======        ======
</TABLE>



See accompanying notes to consolidated financial statements

                                     Page 2

<PAGE>
PART I   FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS

                                PVF CAPITAL CORP.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                                       Six Months Ended
                                                                                                          December 31,
                                                                                               ---------------------------------
                                                                                                        2003            2002
                                                                                                        ----            ----
<S>                                                                                                     <C>              <C>
OPERATING ACTIVITIES
   Net income                                                                                        $4,281,820      $3,944,246
   Adjustments to reconcile net income to net cash provided by (used in) operating activities
      Depreciation and amortization                                                                     791,822         664,097
      Provision for losses on loans                                                                     292,000               0
      Accretion of unearned discount and deferred loan origination fees, net                           (610,458)       (608,691)
      Gain on sale of loans receivable held for sale, net                                            (3,716,289)     (2,502,412)
      Gain on disposal of real estate owned, net                                                       (488,839)              0
      Federal Home Loan Bank stock dividends                                                           (210,519)       (252,068)
      Change in accrued interest on investments, loans, and borrowings, net                            (174,517)         66,056
      Origination of loans receivable held for sale, net                                           (177,798,831)   (188,241,355)
      Sale of loans receivable held for sale, net                                                   205,194,781     171,114,985
      Increase (decrease) in other, net                                                             (10,697,920)      3,302,134
                                                                                                    -----------     -----------
               Net cash from operating activities                                                    16,863,050     (12,513,008)
                                                                                                    -----------    ------------

INVESTING ACTIVITIES
      Loan and mortgage-backed securities repayments and originations, net                          (14,124,845)    (20,822,222)
      Purchase of mortgage-backed securities held for investment                                    (39,853,303)              0
      Disposals of real estate owned                                                                    937,704          22,779
      Securities purchased                                                                                    0     (30,000,000)
      Maturities of securities held to maturity                                                          33,252      50,047,354
      Additions to office properties and equipment, net                                              (1,802,394)     (1,923,373)
                                                                                                    -----------      ----------
               Net cash used in investing activities                                                (54,809,586)     (2,675,462)
                                                                                                    -----------      ----------

FINANCING ACTIVITIES
      Net increase (decrease) in demand deposits, NOW, and passbook savings                          (1,858,010)     13,483,132
      Net increase (decrease) in time deposits                                                      (49,312,275)      5,774,074
      Net increase (decrease) in Federal Home Loan Bank advances                                      1,979,090         (28,914)
      Net decrease in notes payable                                                                  (1,038,910)     (1,035,940)
      Purchase of treasury stock                                                                              0        (110,114)
      Proceeds from exercise of stock options                                                            30,617          33,716
      Cash dividend paid                                                                               (903,771)       (798,112)
                                                                                                    -----------      ----------
               Net cash from financing activities                                                   (51,103,259)     17,317,842
                                                                                                    -----------      ----------


Net increase (decrease) in cash and cash equivalents                                                (89,049,795)      2,129,372

Cash and cash equivalents at beginning of period                                                     96,751,243      14,313,688
                                                                                                    -----------     -----------
Cash and cash equivalents at end of period                                                          $ 7,701,448     $16,443,060
                                                                                                    ===========     ===========

Supplemental disclosures of cash flow information:
     Cash payments of interest expense                                                               $8,393,834     $11,191,880
     Cash payments of income taxes                                                                   $1,760,000      $2,195,000

</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, 2003 and 2002
                                   (Unaudited)

1.     The accompanying  condensed  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, 2003  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, 2003 are
not  necessarily  indicative  of the results to be expected  for the entire year
ending June 30, 2004. 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.       Stock  Compensation:  Employee  compensation  expense  under  stock  is
reported using the intrinsic valuation method. No stock-based  compensation cost
is reflected in net income,  as all options  granted had an exercise price equal
to or greater than the market price of the  underlying  common stock at the date
of grant. The following table  illustrates the effect on net income and earnings
per share if expense was measured using the fair value recognition provisions of
FASB Statement No. 123, "Accounting for Stock Based Compensation."
<TABLE>
<CAPTION>

                                                           Three Months Ended                         Six Months Ended
                                                              December 31,                              December 31,
                                                           2003              2002                 2003                2002
                                                    ---------------- -----------------    ------------------ ------------------
<S>                                                        <C>              <C>                    <C>                 <C>
Net Income as reported                                   $1,349,738        $2,257,160            $4,281,820         $3,944,246

Less: Pro forma compensation
      expense, net of tax                                $   23,383        $   31,034            $   49,513         $   62,068
                                                         ----------        ----------            ----------         ----------

Pro forma net income                                     $1,326,355        $2,226,126            $4,232,307         $3,882,178
                                                         ==========        ==========            ==========         ==========

Basic earnings per share                                     $ 0.21            $ 0.35                $ 0.67             $ 0.62

Pro forma basic earnings per share                           $ 0.21            $ 0.35                $ 0.66             $ 0.61

Diluted earnings per share                                   $ 0.21            $ 0.35                $ 0.66             $ 0.61

Pro forma diluted earnings per share                         $ 0.20            $ 0.34                $ 0.65             $ 0.60
</TABLE>


                                     Page 4
<PAGE>

Part I Financial Information
Item 1


3.      The following table  discloses  earnings per share for the three and six
months ended December 31, 2003 and December 31, 2002.

<TABLE>
<CAPTION>

                                                        Three months ended December 31,
                                            2003                                               2002
                       -----------------------------------------------     ----------------------------------------------
                            Income            Shares       Per Share           Income           Shares        Per Share
                         (Numerator)      (Denominator)      Amount         (Numerator)     (Denominator)      Amount
<S>                             <C>           <C>            <C>                <C>             <C>               <C>
BASIC EPS
 Net Income             $1,349,738         6,379,917       $0.21          $2,257,160         6,371,460        $0.35

EFFECT OF STOCK
OPTIONs                                      158,669        0.00                                87,838         0.00

DILUTED EPS
 Net Income             $1,349,738         6,538,586       $0.21          $2,257,160         6,459,298        $0.35


</TABLE>
<TABLE>
<CAPTION>

                                                         Six months ended December 31,
                                            2003                                               2002
                       -----------------------------------------------     ----------------------------------------------
                            Income            Shares       Per Share           Income           Shares        Per Share
                         (Numerator)      (Denominator)      Amount         (Numerator)     (Denominator)      Amount
<S>                           <C>               <C>          <C>               <C>             <C>               <C>
BASIC EPS
 Net Income             $4,281,820         6,377,414       $0.67          $3,944,246         6,366,542        $0.62

EFFECT OF
 STOCK OPTIONS                               155,188        0.01                                78,274         0.01

DILUTED EPS
 Net Income             $4,281,820         6,532,602       $0.66          $3,944,246         6,444,816        $0.61

</TABLE>

                                     Page 5
<PAGE>

Part I Financial Information
Item 1

4.     Mortgage Banking Activities:  The Company services real estate loans for
investors  that are not  included  in the  accompanying  condensed  consolidated
financial  statements.  Mortgage  servicing rights are established  based on the
allocated  fair value of servicing  rights  retained on loans  originated by the
Bank and subsequently  sold in the secondary market.  Mortgage  servicing rights
are included in the  consolidated  statement of  financial  condition  under the
caption "Prepaid expenses and other assets."
<TABLE>
<CAPTION>

                                                                      2003                           2002
                                                               ------------------             ------------------
<S>                                                                     <C>                          <C>
Servicing rights:
 Beginning of period                                              $4,655,182                     $3,255,147
 Additions                                                         2,643,810                      1,587,045
 Amortized to expense                                             (1,963,212)                    (1,068,282)
                                                                  ----------                     ----------
 End of period                                                    $5,335,780                     $3,773,910
                                                                  ==========                     ==========


Valuation allowance:
 Beginning of period                                              $  670,000                     $        0
 Reductions credited to expense                                      670,000                              0
                                                                  ----------                     ----------
 End of period                                                    $        0                     $        0
                                                                  ==========                     ==========
</TABLE>



Mortgage banking activities, net consists of the following:
<TABLE>
<CAPTION>
                                                          Three Months Ended                       Six Months Ended
                                                             December 31,                            December 31,
                                                       2003               2002                  2003               2002
                                                  ---------------- -------------------   ------------------- ------------------
<S>                                                     <C>               <C>                   <C>                 <C>
Mortgage Loan Servicing Fees                         $ 447,260       $  375,556           $   854,877         $   696,569

Amortization and impairment of
mortgage loan servicing fees                         $(442,289)      $ (695,585)          $(1,293,212)        $(1,068,282)

Gross realized:
 Gain on sales of loans                              $ 913,530       $2,121,156           $ 4,821,188         $ 3,149,812
 Losses on sales of loans                            $(313,794)      $ (266,742)          $(1,104,899)        $  (647,400)
                                                     ---------       ----------           -----------         -----------

Mortgage banking activities, net                     $ 604,707       $1,534,385           $ 3,277,954         $ 2,130,699
                                                     =========       ==========           ===========         ===========
</TABLE>



Page 6
<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,
2003 for PVF Capital Corp.  ("PVF" or the "Company"),  Park View Federal Savings
Bank (the  "Bank"),  its  principal  and  wholly-owned  subsidiary,  PVF Service
Corporation  ("PVFSC"),  a wholly-owned real estate  subsidiary,  Mid Pines Land
Co.,  a  wholly-owned  real  estate  subsidiary,   and  PVF  Holdings,  Inc.,  a
wholly-owned and currently inactive subsidiary.


FORWARD-LOOKING STATEMENTS
--------------------------

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

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

FINANCIAL CONDITION
-------------------

Consolidated  assets of PVF were  $687.4  million as of  December  31,  2003,  a
decrease of approximately  $56.0 million, or 7.5%, as compared to June 30, 2003.
The Bank remained in regulatory  capital  compliance  for  tangible,  core,  and
risk-based  capital on a fully  phased-in  basis with  capital  levels of 8.66%,
8.66%, and 10.83%, respectively, at December 31, 2003.

During the six months  ended  December  31, 2003,  the  Company's  cash and cash
equivalents, which consist of cash, interest-bearing deposits, and federal funds
sold,  decreased  $89.0  million,  or 92.0%,  as compared to June 30, 2003.  The
change in the  Company's  cash and cash  equivalents  consisted of a decrease in
cash and interest-bearing

                                     Page 7
<PAGE>

Part I Financial Information
Item 2

FINANCIAL CONDITION continued
-----------------------------

deposits of $6.0 million and a decrease in federal funds sold of $83.0 million.

The net $31.2 million, or 5.1%, increase in loans receivable and mortgage-backed
securities  during the six months  ended  December 31,  2003,  resulted  from an
increase in loans receivable held for investment of $17.1 million, a decrease in
loans   receivable  held  for  sale  of  $23.7  million,   and  an  increase  in
mortgage-backed  securities of $37.8  million.  The increase of $17.1 million in
loans receivable held for investment included increases of $10.2 million in home
equity line of credit loans,  $2.3 million in  commercial  line of credit loans,
$8.7 million in  commercial  real estate loans,  $10.7  million in  construction
loans,  and $0.2  million in  multi-family  loans,  offset by decreases of $12.2
million in  one-to-four  family  residential  loans held for investment and $2.8
million  in land  loans.  The  increase  of  $37.8  million  in  mortgage-backed
securities  resulted  from the  purchase  of $39.9  million  in  mortgage-backed
securities less payments received of $2.1 million. The decrease of $23.7 million
in loans  receivable  held for sale is attributable to a slowdown in refinancing
activity during the period.

The increase of $1.0 million in office properties and equipment is the result of
capital  improvements to our Corporate Center office in Solon, Ohio,  investment
in new  technology,  and the  opening of a new branch  office.  The  increase in
prepaid  expenses  and other  assets of $1.1  million,  or 13.5%,  is  primarily
attributable to an increase of $0.7 million in the mortgage servicing asset that
resulted  from the  reversal of the  impairment  charge in the six months  ended
December 31, 2003. The decrease of $0.4 million in real estate owned  properties
is attributable to the sale of real estate owned.

As a result of management's  decision not to match market certificate of deposit
rates,  management  allowed deposits to decrease by $51.2 million,  or 9.7%. The
decrease in notes payable of $1.0 million,  or 17.9%,  is the result of payments
made on notes  payable.  Advances  increased  by $2.0  million  as a  result  of
short-term borrowings from the Federal Home Loan Bank of Cincinnati.

The  decrease in accrued  expenses and other  liabilities  of $9.1  million,  or
37.3%, is primarily the result of timing differences  between the collection and
remittance of payments received on loans serviced for investors.

The decrease in cash and cash  equivalents of $89.0  million,  proceeds from the
sale and  repayment  of  loans  receivable  of $6.6  million,  earnings  of $4.3
million, advances of $2.0 million, and proceeds of $0.4 million from the sale of
real estate owned, were used to repay maturing  deposits of $51.2 million,  fund
the net  increase  of $37.8  million  in  mortgage-backed  securities,  fund the
decrease in accrued  expenses and other  liabilities  of $9.1 million,  fund the
increase of

                                     Page 8
<PAGE>

Part I Financial Information
Item 2

FINANCIAL CONDITION continued
-----------------------------

$1.1  million in prepaid  expenses  and other  assets and $1.0 million in office
properties  and  equipment,  repay $1.0 million in notes  payable and pay a cash
dividend of $0.9 million to stockholders.

RESULTS OF OPERATIONS   Three months ended December 31, 2003,
---------------------   compared to three months ended December 31, 2002.

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 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. 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 held 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  December  31,  2003 was
$1,349,700 as compared to $2,257,100 for the prior year comparable period.  This
represents a decrease of $907,400,  or 40.2%,  when compared with the prior year
comparable period.

Net interest  income for the three months ended  December 31, 2003  decreased by
$230,300,  or 3.8%,  as  compared  to the prior  year  comparable  period.  This
resulted  from a decrease of  $1,469,600,  or 13.0%,  in  interest  income and a
decrease of $1,239,300,  or 23.3%, in interest expense. The decrease in interest
income  resulted  primarily  from a decrease of 80 basis points in the return on
interest-earning assets in the current period. This decrease in yield along with
a decrease of $24.1 million in the average  balance of  interest-earning  assets
resulted in an overall  decrease to interest income of $1,469,600 in the current
period. The average balance on interest-bearing  liabilities  decreased by $20.8
million  from the prior year  comparable  period.  The average  cost of funds on
interest-bearing liabilities decreased by 65 basis points in the current period,
as a result of declining market interest rates, resulting in an overall decrease
in interest  expense of $1,239,300.  The Company's net interest income decreased
by $230,300  due to a decline in the average  balances of both  interest-earning
assets and interest-bearing  liabilities,  in addition to a decrease of 15 basis
points in the  Company's  interest-rate  spread  during  the  current  period as
compared to the prior year comparable period.

                                     Page 9
<PAGE>

Part I Financial Information
Item 2


RESULTS OF OPERATIONS continued
-------------------------------

For the three  months ended  December  31, 2003, a provision  for loan losses of
$192,000 was  recorded,  while no provision  for loan losses was recorded in the
prior  year  comparable  period.  The  Company  uses a  systematic  approach  to
determine the adequacy of its loan loss  allowance  and the necessary  provision
for loan losses. The loan portfolio is reviewed and delinquent loan accounts are
analyzed  individually  on a monthly  basis,  with  respect to payment  history,
ability  to repay,  probability  of  repayment,  and  loan-to-value  percentage.
Consideration  is given to the types of loans in the  portfolio  and the overall
risk inherent in the portfolio.  After reviewing  current  economic  conditions,
changes  to  the  size  and  composition  of  the  loan  portfolio,  changes  in
delinquency  status,  levels  of  non-accruing  loans,   non-performing  assets,
impaired  loans,  and actual loan losses  incurred  by the  Company,  management
establishes an  appropriate  reserve  percentage  applicable to each category of
loans,  and a provision for loan losses is recorded when  necessary to bring the
allowance to a level consistent with this analysis.  Management believes it uses
the best information available to make a determination as to the adequacy of the
allowance for loan losses.

During the three months ended  December 31,  2003,  the Company  experienced  an
increase in loans held for  investment  of $24.9  million and an increase in the
level of impaired  loans of $1.3 million.  Due to the increase in loans held for
investment along with an increase in the level of impaired loans and recognition
of specific  loan losses,  management  determined  it was  necessary to record a
provision  for loan losses of $192,000 in the current  period.  During the three
months ended  December 31, 2002,  the Company  experienced  an increase in loans
held for  investment of $0.6 million.  In addition,  the level of impaired loans
and  classified  assets  decreased by $541,000 and $3.4  million,  respectively.
Management determined it was not necessary to record a provision for loan losses
in the prior  period  due to the  application  of  revised  reserve  percentages
reflecting the Company's  historic loss  experience to certain loan  categories,
along with decreases to impaired loans and  classified  assets.  At December 31,
2003, the allowance for loan losses was $4.2 million, which represented 46.9% of
non-performing loans and 0.69% of net loans. At June 30, 2003, the allowance for
loan losses was $3.9 million,  which represented  52.2% of non-performing  loans
and 0.63% of net loans.

                                    Page 10
<PAGE>
Part I Financial Information
Item 2


RESULTS OF OPERATIONS continued
-------------------------------
<TABLE>
<CAPTION>
                                                                         At December 31,            June 30,
                                                                              2003                    2003
                                                                     ----------------------------------------------
                                                                                 (Dollars in thousands)
<S>                                                                             <C>                  <C>
Non-accruing loans (1):
      Real estate....................................                         $8,919                  $7,437
                                                                              ------                  ------
Accruing loans which are contractually past due
  90 days or more:
      Real estate....................................                      $     124               $     275
                                                                           ---------               ---------

Total non-accrual and 90 days
         past due loans..............................                      $   9,043               $   7,712
                                                                           =========               =========

Ratio of non-performing loans to total loans
  and mortgage-backed securities.....................                          1.40%                   1.26%
                                                                           ========                ========

Other non-performing assets (2)......................                      $       0               $     449
                                                                           =========               =========
Total non-performing assets..........................                      $   9,043               $   8,161
                                                                           =========               =========

Total non-performing assets to
  total assets.......................................                          1.32%                   1.10%
                                                                           ========                ========
</TABLE>

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

For the three months ended December 31, 2003,  non-interest  income decreased by
$970,500,  or 52.8%,  from the  prior  year  comparable  period.  This  resulted
primarily from a decrease of $929,700, or 60.6%, in mortgage-banking  activities
that  resulted  from a  decrease  of  $1,254,400  in profit on loan sales in the
current period offset by an increase of $324,700 in loan servicing  income.  The
increase in loan servicing  income is  attributable to an increase in the volume
of loans  serviced  for  others  along with a slowdown  in the  amortization  of
mortgage loan servicing  rights that resulted from  increasing  market  interest
rates and decreased prepayment speed on loans serviced for others.  During these
periods,  PVF  pursued a strategy of  originating  long-term,  fixed-rate  loans
pursuant  to  Federal  Home Loan  Mortgage  Corporation  ("FHLMC")  and  Federal
National Mortgage  Association ("FNMA") guidelines and selling such loans to the
FHLMC or the FNMA,  while  retaining the  servicing.  The reduction in profit on
loan sales for the  quarter is the direct  result of a slowdown  in  refinancing
activities. Those gains are expected to remain soft for at least the rest of the
fiscal year.

In addition,  service and other fees decreased by $60,700,  or 27.8%,  primarily
due to decreases in loan prepayment  penalties and late charge fee income. Other
non-interest  income, net, increased by $19,900, or 23.3%, in the current period
primarily due to an increase in gains on the sale of real estate owned.

Non-interest  expense for the three months ended  December 31, 2003 decreased by
$50,600, or 1.1%, from the prior year comparable period.


                                    Page 11

<PAGE>

Part I Financial Information
Item 2

RESULTS OF OPERATIONS continued
-------------------------------

This was  primarily  the result of a decrease of  $204,600,  or 14.5%,  in other
non-interest expense that was primarily  attributable to decreases in legal fees
and advertising expenses. Compensation and benefits increased $122,600, or 5.5%,
as the result of increased staffing, incentive bonuses paid, and salary and wage
adjustments.  Office occupancy and equipment  increased $31,400, or 4.1%, due to
the operation of one additional branch office along with repairs and maintenance
costs to our Corporate Center office.

The federal income tax provision for the  three-month  period ended December 31,
2003  increased  to an  effective  rate of 34.7% for the current  period from an
effective rate of 33.8% for the prior year comparable period.


RESULTS OF OPERATIONS   Six months ended December 31, 2003,
---------------------   compared to six months ended December 31, 2002.

The  Company's  net  income  for the six  months  ended  December  31,  2003 was
$4,281,800 as compared to $3,944,200 for the prior year comparable period.  This
represents an increase of $337,600,  or 8.6%,  when compared with the prior year
comparable period.

Net  interest  income for the six months ended  December  31, 2003  decreased by
$62,000, or 0.5%, due to a decrease of $2,815,700,  or 12.4%, in interest income
and a  $2,753,700,  or 24.7%,  decrease in  interest  expense.  The  decrease in
interest  income  resulted  primarily  from a decrease of 91 basis points in the
return on interest-earning  assets in the current period. This decrease in yield
along with a decrease of $0.5 million in the average balance of interest-earning
assets  resulted in an overall  decrease to interest income of $2,815,700 in the
current period. The average balance on interest-bearing liabilities decreased by
$14.0 million from the prior year comparable  period.  The average cost of funds
on  interest-bearing  liabilities  decreased  by 84 basis  points in the current
period, as a result of declining market interest rates,  resulting in an overall
decrease in interest  expense of $2,753,700.  The Company's net interest  income
decreased  by  $62,000  due to a  decrease  of 7 basis  points in the  Company's
interest-rate  spread  during the  current  period as compared to the prior year
comparable period.

For the six months  ended  December  31,  2003,  a provision  for loan losses of
$292,000 was  recorded,  while no provision  for loan losses was recorded in the
prior year comparable period.

During the six months  ended  December  31,  2003,  the Company  experienced  an
increase in loans held for  investment  of $17.1  million and an increase in the
level of impaired loans of $1.5 million. Due to the increase in loans receivable
held for  investment  along with an increase in the level of impaired  loans and
recognition of specific loan losses,  management  determined it was necessary to
record a provision for loan losses of $292,000 in the current period. During the
six months ended December 31, 2002, the Company experienced an


                                    Page 12

<PAGE>
Part I Financial Information
Item 2

RESULTS OF OPERATIONS continued
-------------------------------

increase in loans receivable held for investment of $24.2 million.  In addition,
the level of impaired  loans and  classified  assets  decreased  by $758,000 and
$934,000,  respectively.  Management determined it was not necessary to record a
provision for loan losses in the prior period due to the  application of revised
reserve percentages reflecting the Company's historic loss experience to certain
loan categories,  along with decreases to impaired loans and classified  assets.
At December 31, 2003,  the  allowance  for loan losses was $4.2  million,  which
represented  46.9% of  non-performing  loans and 0.69% of net loans. At June 30,
2003, the allowance for loan losses was $3.9 million, which represented 52.2% of
non-performing loans and 0.63% of net loans.

For the six months ended  December 31, 2003,  non-interest  income  increased by
$1,591,000,  or 61.5%,  from the prior year  comparable  period.  This  resulted
primarily  from  an  increase  of  $1,147,200,  or  53.8%,  in  mortgage-banking
activities  that resulted from an increase of $1,213,900 in profit on loan sales
in the current period offset by a decrease of $66,700 in loan servicing  income.
The  decrease in loan  servicing  income is  attributable  to an increase in the
amortization  of mortgage loan  servicing  rights that  resulted from  declining
market  interest  rates and  increased  prepayment  speed on loans  serviced for
others.  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.

In  addition,  other  non-interest  income,  net,  increased  by $487,300 in the
current  period  primarily  due to  increased  gains on the sale of real  estate
owned.  Service and other fees decreased by $43,500, or 12.5%,  primarily due to
decreases in loan prepayment penalties and late charge fee income.

Non-interest  expense for the six months ended  December  31, 2003  increased by
$686,000, or 8.4%, from the prior year comparable period. This was primarily the
result of an increase in compensation and benefits of $525,500, or 12.1%, as the
result of  increased  staffing,  incentive  bonuses  paid,  and  salary and wage
adjustments.  Office occupancy and equipment  increased by $81,900, or 5.4%, due
to the  operation  of one  additional  branch  office  along  with  repairs  and
maintenance  costs to our Corporate Center office.  Other  non-interest  expense
increased by $78,600,  or 3.3%,  primarily as the result of increases in outside
services and charitable contributions.

The federal  income tax provision for the  six-month  period ended  December 31,
2003  increased  to an  effective  rate of 34.0% for the current  period from an
effective rate of 33.6% for the prior year comparable period.

                                    Page 13
<PAGE>

Part I Financial Information
Item 3

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

The Company's  liquidity  measures its ability to generate  adequate  amounts of
funds to meet its cash needs.  Adequate  liquidity  guarantees  that  sufficient
funds are available to meet deposit withdrawals, fund loan commitments, purchase
securities,  maintain  adequate reserve  requirements,  pay operating  expenses,
provide funds for debt service,  pay  dividends to  stockholders  and meet other
general commitments in a cost-effective manner.

Our primary  source of funds are deposits,  principal  and interest  payments on
loans,  proceeds from the sale of loans, and advances from the Federal Home Loan
Bank of Cincinnati  ("FHLB").  While  maturities and scheduled  amortization  of
loans are predictable sources of funds,  deposit flows and mortgage  prepayments
are greatly influenced by general interest rates,  economic conditions and local
competition.

Our most liquid assets are cash and cash equivalents. The levels of these assets
are dependent on our  operating,  financing,  lending and  investing  activities
during any given  period.  Additional  sources of funds  include lines of credit
available from the FHLB.

Management believes the Company maintains  sufficient  liquidity to meet current
operational needs.


Part I Financial Information
Item 4

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,  2003.  This is  attributable  to the  Company's  Asset/Liability
Management  policy of  monitoring  and  matching  the  maturity  and  re-pricing
characteristics of its interest-earning assets and interest-bearing liabilities,
while  remaining  short-term with the  weighted-average  maturity and re-pricing
periods.

Part I Financial Information
Item 5

CONTROLS AND PROCEDURES
-----------------------

As of the end of the period  covered by this report,  management  of the Company
carried out an evaluation,  under the supervision and with the  participation of
the Company's  principal  executive officer and principal  financial officer, of
the effectiveness of the Company's disclosure controls and procedures.  Based on
this  evaluation,  the  Company's  principal  executive  officer  and  principal
financial  officer  concluded  that  the  Company's   disclosure   controls  and
procedures are effective in ensuring that  information  required to be disclosed
by the Company in reports that it files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized

                                    Page 14

<PAGE>

Part I Financial Information
Item 5

CONTROLS AND PROCEDURES continued
---------------------------------

and reported,  within the time periods  specified in the Securities and Exchange
Commission's  rules  and  forms.  It  should  be noted  that the  design  of the
Company's  disclosure  controls  and  procedures  is based in part upon  certain
reasonable  assumptions about the likelihood of future events,  and there can be
no reasonable  assurance  that any design of disclosure  controls and procedures
will  succeed  in  achieving  its  stated  goals  under  all  potential   future
conditions,  regardless of how remote, but the Company's principal executive and
financial  officers have  concluded that the Company's  disclosure  controls and
procedures are, in fact, effective at a reasonable assurance level.

There have been no changes in the  Company's  internal  control  over  financial
reporting  (to the extent  that  elements  of internal  control  over  financial
reporting are subsumed within disclosure controls and procedures)  identified in
connection  with the evaluation  described in the above  paragraph that occurred
during the Company's last fiscal quarter,  that has materially  affected,  or is
reasonably  likely to materially  affect,  the Company's  internal  control over
financial reporting.

PART II OTHER INFORMATION
-------------------------
Item 1.    Legal Proceedings.  N/A

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.

The Company's  Annual  Meeting of  Stockholders  was held on October 20, 2003. A
total of 5,752,109  shares of the Company's common stock were represented at the
Annual Meeting in person or by proxy.

Stockholders  voted in favor of the election of four nominees for director.  The
voting results for each nominee were as follows:
<TABLE>
<CAPTION>

                                                                 Votes in Favor
Nominee                                                           of election                Votes Against
---------------------                                            ---------------             -------------
<S>                                                                     <C>                       <C>
John R. Male                                                        5,612,892                     -0-

Stanley T. Jaros                                                    5,612,121                     -0-

Raymond J. Negrelli                                                 5,662,975                     -0-

Ronald D. Holman, II                                                5,672,637                     -0-
</TABLE>


                                    Page 15

<PAGE>

Part II Other Information continued

Proposal  to  ratify  the  appointment  of  Crowe,  Chizek  and  Company  LLP as
independent  certified  public  accountants  of the  Company for the fiscal year
ending June 30, 2004.
<TABLE>
<CAPTION>

Votes For                         Votes against                  Abstain                  Not Voting
---------                         -------------                  -------                  ----------
<S>                                     <C>                       <C>                          <C>
5,610,867                            120,942                      20,300                     -0-
</TABLE>

There were no broker non-votes.

Approval  of the  amendment  and  restatement  of the  PVF  Capital  Corp.  2000
Incentive Stock Option Plan as the PVF Capital Corp. 2000 Incentive Stock Option
and Deferred Compensation Plan.
<TABLE>
<CAPTION>

Votes For                       Votes against                    Abstain                  Not Voting
---------                       -------------                    -------                  ----------
<S>                                     <C>                       <C>                        <C>
3,290,945                          213,106                        22,826                   2,225,232
</TABLE>


Item 5.    Other Information.  N/A

Item 6.    (a)    Exhibits
                  --------

                  The following exhibits are filed herewith:
                  31.1  Rule 13a-14(a) Certification of Chief Executive Officer
                  31.2  Rule 13a-14(a) Certification of Chief Financial Officer
                  32    Section 1350 Certification

           (b)    Reports on Form 8-K

                  The Registrant filed the following Current Reports on Form
                  8-K during the quarter ended December 31, 2003:
<TABLE>
<CAPTION>

                 Date of Report        Item(s) Reported     Financial Statements Filed
                ----------------       ----------------     --------------------------
                     <S>                    <C>                          <C>
                October 15, 2003            7, 12                      N/A
</TABLE>

                                    Page 16
<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 11, 2004            /s/ C. Keith Swaney
      -------------------          ------------------------------
                                   C. Keith Swaney
                                   President, Chief Operating
                                   Officer and Treasurer
                                   (Only authorized officer and
                                   Principal Financial Officer)