TABLE OF CONTENTS




|                                                                                      |  |  |  |  |  |  |  | 
|------------------------------------------------------------------------------------- |  |  |  |  |  |  |  | 
|PART I FINANCIAL INFORMATIONITEM 1                                                   
|CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION                                       
|CONSOLIDATED STATEMENTS OF OPERATIONS                                                
|CONSOLIDATED STATEMENTS OF CASH FLOWS                                                
|NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                                           
|ITEM 2                                                                               
|MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|LIQUIDITY AND CAPITAL RESOURCES                                                      
|ITEM 3                                                                               
|QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                           
|SIGNATURE                                                                            



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##### Table of Contents



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20552

FORM 10-Q

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

For the quarterly period ended September 30, 2001.

[  ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from  to

Commission File Number 0-24948



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


|                                                              |  |                                    
|------------------------------------------------------------- |  | -----------------------------------
|United
States                                                 |  | 34-1659805                         
|                                                             
|(State or
other jurisdiction ofincorporation or organization) |  | (I.R.S.
EmployerIdentification No.)
|                                                             
|3000 Aurora
Road, Solon, Ohio                                 |  | 44146                              
|                                                             
|(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 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 |  | 5,341,214                        
|                             
|(Class)                       |  | (Outstanding at
October 26, 2001)



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##### Table of Contents



PVF CAPITAL CORP.

INDEX

|        |  |                                                                                                           |  |     
|------- |  | --------------------------------------------------------------------------------------------------------- |  | ----
|        |  |                                                                                                           |  | Page
|        |  |                                                                                                           |  |     
|Part I  |  | Financial Information                                                                                     |  |     
|       
|Item 1  |  | Financial Statements                                                                                      |  |     
|       
|        |  | Consolidated Statements of Financial
Condition, September 30, 2001 and June 30,
2001 (unaudited).         |  | 1   
|       
|        |  | Consolidated Statements of Operations for
the three months ended September 30,
2001 and 2000 (unaudited). |  | 2   
|       
|        |  | Consolidated Statements of Cash Flows for
the three months ended September 30, 2001
and 2000 (unaudited). |  | 3   
|       
|        |  | Notes to Consolidated Financial
Statements (unaudited).                                                   |  | 4   
|       
|Item 2  |  | Managements Discussion and Analysis of
Financial Condition and Results of
Operations                     |  | 6   
|       
|Item 3  |  | Quantitative and Qualitative Disclosures
about Market Risk                                                |  | 10  
|       
|Part II |  | Other Information                                                                                         |  | 10  



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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1




PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)




|                                                                               |                                                                                                                  |                                                   |                                      |             |           |               |             |             |            |  |  | 
|------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------- | ------------------------------------------------- | ------------------------------------ | ----------- | --------- | ------------- | ----------- | ----------- | ---------- |  |  | 
|                                                                               |                                                                                                                  |                                                   |                                      |             |           | September 30, |             | June 30,   
|                                                                               |                                                                                                                  |                                                   |                                      |             |           | 2001          |             | 2001       
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |               |             |            
|                                                                               |                                                                                                                  |                                                   |                                      | ASSETS      |           |               |             |             |            |  |  | 
|Cash and cash equivalents:                                                     |                                                                                                                  |                                                   |                                      |             |           |               |             |            
|                                                                               |                                                                                                                  | Cash and amounts due from depository institutions |                                      | $           | 7,280,539 |               |             | $           | 8,144,926  | 
|                                                                               |                                                                                                                  | Interest bearing deposits                         |                                      |             | 882,562   |               |             |             | 1,200,192  | 
|                                                                               |                                                                                                                  | Federal funds sold                                |                                      |             | 1,050,000 |               |             |             | 56,050,000 | 
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |               |             |            
|Total cash and cash equivalents                                                |                                                                                                                  |                                                   | 9,213,101                            |             |           |               | 65,395,118  |            
|Securities held to maturity, at cost                                           |                                                                                                                  |                                                   | 50,189,532                           |             |           |               | 50,211,605  |            
|Loans receivable, net                                                          |                                                                                                                  |                                                   | 570,810,288                          |             |           |               | 573,643,498 |            
|Loans receivable held for sale, net                                            |                                                                                                                  |                                                   | 5,535,197                            |             |           |               | 6,151,814   |            
|Mortgage-backed securities held to maturity, net                               |                                                                                                                  |                                                   | 14,051,096                           |             |           |               | 18,123,936  |            
|Office properties and equipment, net                                           |                                                                                                                  |                                                   | 7,744,439                            |             |           |               | 7,783,457   |            
|Real estate owned, net                                                         |                                                                                                                  |                                                   | 547,279                              |             |           |               | 547,279     |            
|Real estate held for investment                                                |                                                                                                                  |                                                   | 1,650,000                            |             |           |               | 1,300,000   |            
|Investment required by law -
stock in the Federal Home Loan Bank of Cincinnati |                                                                                                                  |                                                   | 9,608,378                            |             |           |               | 9,442,305   |            
|Prepaid expenses and other assets                                              |                                                                                                                  |                                                   | 4,978,799                            |             |           |               | 3,925,903   |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |               |             |             |            | 
|Total Assets                                                                   |                                                                                                                  | $                                                 | 674,328,109                          |             |           | $             | 736,524,915 |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |               |             |            
|                                                                               |                                                                                                                  |                                                   | LIABILITIES
AND STOCKHOLDERS EQUITY |             |           |               |             |             |            |  | 
|Liabilities                                                                    |                                                                                                                  | $                                                 | 465,472,247                          |             |           | $             | 480,532,150 |            
|                                                                               | Deposits                                                                                                         |                                                   | $                                    | 465,472,247 |           |               | $           | 480,532,150 |           
|                                                                               | Advances from the Federal Home Loan Bank of Cincinnati                                                           |                                                   |                                      | 140,850,056 |           |               |             | 185,866,855 |           
|                                                                               | Notes payable                                                                                                    |                                                   |                                      | 4,950,000   |           |               |             | 4,700,000   |           
|                                                                               | Advances from borrowers for taxes and insurance                                                                  |                                                   |                                      | 3,703,225   |           |               |             | 6,469,061   |           
|                                                                               | Accrued expenses and other liabilities                                                                           |                                                   |                                      | 10,067,727  |           |               |             | 10,950,714  |           
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |               |             |             |            | 
|Total Liabilities                                                              |                                                                                                                  |                                                   | 625,043,255                          |             |           |               | 688,518,780 |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |               |             |             |            | 
|Stockholders Equity                                                           |                                                                                                                  |                                                   |                                      |             |           |               |             |            
|                                                                               | Serial preferred stock, none issued                                                                              |                                                   |                                      |            |           |               |             |            |           
|                                                                               | Common stock, $0.01 par value, 15,000,000 shares authorized;
5,341,214 and 5,331,314 shares issued, respectively |                                                   |                                      | 53,412      |           |               |             | 53,313      |           
|                                                                               | Additional paid-in-capital                                                                                       |                                                   |                                      | 31,244,161  |           |               |             | 31,237,583  |           
|                                                                               | Retained earnings-substantially restricted                                                                       |                                                   |                                      | 19,201,846  |           |               |             | 17,877,854  |           
|                                                                               | Treasury Stock, at cost 128,857 and 123,857 shares, respectively                                                 |                                                   |                                      | (1,214,565  | )         |               |             | (1,162,615  | )         
|Total Stockholders Equity                                                     |                                                                                                                  |                                                   | 49,284,854                           |             |           |               | 48,006,135  |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |               |             |             |            | 
|Total Liabilities and Stockholders Equity                                     |                                                                                                                  | $                                                 | 674,328,109                          |             |           | $             | 736,524,915 |            
|                                                                               |                                                                                                                  |                                                   |                                      |             |           |               |             |            

See accompanying notes to consolidated financial statements

Page 1



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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1

PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)




|                             |                                  |                                                     |         |                    |            |      |         |            |            | 
|---------------------------- | -------------------------------- | --------------------------------------------------- | ------- | ------------------ | ---------- | ---- | ------- | ---------- | ---------- | 
|                             |                                  |                                                     |         | Three Months Ended
|                             |                                  |                                                     |         | September 30,     
|                             |                                  |                                                     |         |                   
|                             |                                  |                                                     |         | 2001               |            | 2000
|                             |                                  |                                                     |         |                    |            |     
|Interest income              |                                  |                                                     |         |                    |            |      |         |           
|                             | Loans                            |                                                     | $       | 11,610,131         |            |      | $       | 11,838,474 |           
|                             | Mortgage-backed securities       |                                                     |         | 241,824            |            |      |         | 38,790     |           
|                             | Cash and securities              |                                                     |         | 1,037,483          |            |      |         | 1,324,843  |           
|                             |                                  |                                                     |         |                    |            |      |         |           
|                             |                                  | Total interest income                               |         |                    | 12,889,438 |      |         |            | 13,202,107 | 
|                             |                                  |                                                     |         |                    |            |      |         |           
|Interest expense             |                                  |                                                     |         |                    |            |      |         |           
|                             | Deposits                         |                                                     |         | 6,238,715          |            |      |         | 6,357,663  |           
|                             | Borrowings                       |                                                     |         | 1,646,090          |            |      |         | 2,007,016  |           
|                             |                                  |                                                     |         |                    |            |      |         |           
|                             |                                  | Total interest expense                              |         |                    | 7,884,805  |      |         |            | 8,364,679  | 
|                             |                                  |                                                     |         |                    |            |      |         |           
|                             |                                  | Net interest income                                 |         |                    | 5,004,633  |      |         |            | 4,837,428  | 
|Provision for loan losses    |                                  |                                                     | 125,000 |                    |            |      | 0       |           
|                             |                                  |                                                     |         |                    |            |      |         |           
|                             |                                  | Net interest income after provision for loan losses |         |                    | 4,879,633  |      |         |            | 4,837,428  | 
|                             |                                  |                                                     |         |                    |            |      |         |           
|Noninterest income           |                                  |                                                     |         |                    |            |      |         |           
|                             | Service and other fees           |                                                     |         | 135,947            |            |      |         | 105,240    |           
|                             | Mortgage banking activities, net |                                                     |         | 610,534            |            |      |         | 192,568    |           
|                             | Other, net                       |                                                     |         | 34,805             |            |      |         | 143,392    |           
|                             |                                  |                                                     |         |                    |            |      |         |           
|                             |                                  | Total noninterest income                            |         |                    | 781,286    |      |         |            | 441,200    | 
|                             |                                  |                                                     |         |                    |            |      |         |           
|Noninterest expense          |                                  |                                                     |         |                    |            |      |         |           
|                             | Compensation and benefits        |                                                     |         | 1,805,723          |            |      |         | 1,558,821  |           
|                             | Office, occupancy, and equipment |                                                     |         | 621,452            |            |      |         | 564,497    |           
|                             | Other                            |                                                     |         | 731,510            |            |      |         | 718,165    |           
|                             |                                  |                                                     |         |                    |            |      |         |           
|                             |                                  | Total noninterest expense                           |         |                    | 3,158,685  |      |         |            | 2,841,483  | 
|                             |                                  |                                                     |         |                    |            |      |         |           
|                             |                                  | Income before federal income tax provision          |         |                    | 2,502,234  |      |         |            | 2,437,145  | 
|Federal income tax provision |                                  |                                                     | 831,530 |                    |            |      | 808,609 |           
|                             |                                  |                                                     |         |                    |            |      |         |           
|                             |                                  | Net income                                          |         | $                  | 1,670,704  |      |         | $          | 1,628,536  | 
|                             |                                  |                                                     |         |                    |            |      |         |           
|Basic earnings per share     |                                  | $                                                   | 0.32    |                    |            | $    | 0.31    |           
|                             |                                  |                                                     |         |                    |            |      |         |           
|Diluted earnings per share   |                                  | $                                                   | 0.31    |                    |            | $    | 0.30    |           
|                             |                                  |                                                     |         |                    |            |      |         |           

See accompanying notes to consolidated financial statements



Page 2



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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1

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




|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |           |            |           |             |  
|---------------------------------------------------- | ------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------- | --------------------------------- | ---------------------------------------------------------------------- | - | ------------------ | ----------- | --------- | ---------- | --------- | ----------- | -
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   | Three Months Ended
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   | September 30,     
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                   
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   | 2001               |             | 2000     
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|Operating Activities                                 |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|                                                     | Net Income                                                                                 |                                                                                  | $                                 | 1,670,704                                                              |   |                    | $           | 1,628,536 |           
|                                                     | Adjustments to reconcile net income to net cash provided by (used in) operating activities |                                                                                  |                                   |                                                                        |   |                    |             |           |           
|                                                     |                                                                                            |                                                                                  |                                   | Accretion of discount on securities                                    |   |                    | 0           |           |            |           | (2,422      | )
|                                                     |                                                                                            |                                                                                  |                                   | Depreciation and amortization                                          |   |                    | 234,480     |           |            |           | 149,939     |  
|                                                     |                                                                                            |                                                                                  |                                   | Provision for loan losses                                              |   |                    | 125,000     |           |            |           | 0           |  
|                                                     |                                                                                            |                                                                                  |                                   | Accretion of unearned discount and deferred loan origination fees, net |   |                    | (250,213    | )         |            |           | (304,444    | )
|                                                     |                                                                                            |                                                                                  |                                   | Gain on sale of loans, net                                             |   |                    | (537,778    | )         |            |           | (68,675     | )
|                                                     |                                                                                            |                                                                                  |                                   | Federal Home Loan Bank stock dividends                                 |   |                    | (166,073    | )         |            |           | (122,245    | )
|                                                     |                                                                                            |                                                                                  |                                   | Change in accrued interest on investments, loans, and borrowings, net  |   |                    | (2,059,282  | )         |            |           | (80,659     | )
|                                                     |                                                                                            |                                                                                  |                                   | Origination of loans receivable held for sale, net                     |   |                    | (65,677,343 | )         |            |           | (6,898,862  | )
|                                                     |                                                                                            |                                                                                  |                                   | Sale of loans receivable held for sale, net                            |   |                    | 66,831,738  |           |            |           | 10,754,392  |  
|                                                     |                                                                                            |                                                                                  |                                   | Net change in other assets and other liabilities, net                  |   |                    | (3,199,121  | )         |            |           | (1,091,862  | )
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |           |           
|                                                     |                                                                                            |                                                                                  |                                   | Net cash provided by (used in) operating activities                    |   |                    | (3,027,888  | )         |            |           | 3,963,698   |  
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|Investing Activities                                 |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|                                                     |                                                                                            |                                                                                  |                                   | Loan and mortgage-backed securities repayments and originations, net   |   |                    | 7,587,947   |           |            |           | (30,529,187 | )
|                                                     |                                                                                            |                                                                                  |                                   | Disposals of real estate owned                                         |   |                    | 0           |           |            |           | 38,069      |  
|                                                     |                                                                                            |                                                                                  |                                   | Mortgage-backed securities purchased, net                              |   |                    | 0           |           |            |           | (977,543    | )
|                                                     |                                                                                            |                                                                                  |                                   | Securities maturities                                                  |   |                    | 22,073      |           |            |           | 20,739      |  
|                                                     |                                                                                            |                                                                                  |                                   | Federal Home Loan Bank stock purchases                                 |   |                    | 0           |           |            |           | (907,300    | )
|                                                     |                                                                                            |                                                                                  |                                   | Additions to office properties and equipment, net                      |   |                    | (195,462    | )         |            |           | (665,436    | )
|                                                     |                                                                                            |                                                                                  |                                   | Change in real estate held for investment                              |   |                    | (350,000    | )         |            |           | (4,569,962  | )
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |           |           
|                                                     |                                                                                            |                                                                                  |                                   | Net cash provided by (used in) investing activities                    |   |                    | 7,064,558   |           |            |           | (37,590,620 | )
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|Financing activities                                 |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|                                                     |                                                                                            |                                                                                  |                                   | Net increase (decrease) in demand deposits, NOW, and passbook savings  |   |                    | 4,504,562   |           |            |           | (2,611,583  | )
|                                                     |                                                                                            |                                                                                  |                                   | Net increase (decrease) in time deposits                               |   |                    | (19,564,465 | )         |            |           | 65,470,737  |  
|                                                     |                                                                                            |                                                                                  |                                   | Net decrease in Federal Home Loan Bank advances                        |   |                    | (45,016,799 | )         |            |           | (30,017,364 | )
|                                                     |                                                                                            |                                                                                  |                                   | Net increase in notes payable                                          |   |                    | 250,000     |           |            |           | 5,620,000   |  
|                                                     |                                                                                            |                                                                                  |                                   | Purchase of treasury stock                                             |   |                    | (51,950     | )         |            |           | (23,928     | )
|                                                     |                                                                                            |                                                                                  |                                   | Proceeds from exercise of stock options                                |   |                    | 6,989       |           |            |           | 13,425      |  
|                                                     |                                                                                            |                                                                                  |                                   | Cash dividend paid                                                     |   |                    | (347,024    | )         |            |           | (348,167    | )
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |           |           
|                                                     |                                                                                            |                                                                                  |                                   | Net cash provided by (used in) financing activities                    |   |                    | (60,218,687 | )         |            |           | 38,103,120  |  
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|Net increase (decrease) in cash and cash equivalents |                                                                                            |                                                                                  | (56,182,017                       | )                                                                      |   |                    | 4,476,198   |          
|Cash and cash equivalents at beginning of period     |                                                                                            |                                                                                  | 65,395,118                        |                                                                        |   |                    | 5,671,855   |          
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|Cash and cash equivalents at end of period           |                                                                                            | $                                                                                | 9,213,101                         |                                                                        |   | $                  | 10,148,053  |          
|                                                     |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|Supplemental disclosures of cash flow information:   |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|                                                     |                                                                                            |                                                                                  | Cash payments of interest expense |                                                                        | $ | 9,387,404          |             |           | $          | 8,319,968 |            
|                                                     |                                                                                            |                                                                                  | Cash payments of income taxes     |                                                                        | $ | 0                  |             |           | $          | 275,000   |            
|Supplemental noncash investing activity:             |                                                                                            |                                                                                  |                                   |                                                                        |   |                    |             |          
|                                                     |                                                                                            | Securitization of mortgage loans to mortgage-backed securities, held to maturity |                                   | $                                                                      | 0 |                    |             | $         | 16,335,623 |          

See accompanying notes to consolidated financial statements

Page 3



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##### Table of Contents



Part I Financial Information
Item 1

PVF CAPITAL CORP.




Notes to Consolidated Financial
Statements

September 30, 2001 and 2000
(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, 2001 consolidated statement of financial
condition which was derived from the Corporations audited financial
statements. Certain information required for a complete presentation in
accordance with generally accepted accounting principles has been condensed or
omitted. However, in the opinion of management, these interim financial
statements contain all adjustments, consisting only of normal recurring
accruals, necessary to fairly present the interim financial information. The
results of operations for the three months ended September 30, 2001 are not
necessarily indicative of the results to be expected for the entire year ending
June 30, 2002. PVF Capital Corp.s common stock is traded on the NASDAQ
SMALL-CAP ISSUES under the symbol PVFC.

2.     Recently Issued Accounting Standards

SFAS No. 141, Business Combinations was issued in July 2001 and requires all
business combinations initiated after June 30, 2001 to be accounted for using
the purchase method. PVF adopted statement 141 on July 1, 2001.

SFAS No. 142 Goodwill and Other Intangible Assets was issued in July 2001 and
replaces the requirement to amortize intangible assets with indefinite lives
and goodwill with a requirement for an impairment test. Statement 142 also
requires an evaluation of intangible assets and their useful lives and a
transitional impairment test for goodwill and certain intangible assets. After
transition, the impairment tests will be performed annually. A Company must
adopt Statement 142 at the beginning of the fiscal year. PVF adopted statement
142 on July 1, 2001. Management determined that the adoption of Statement 142
would not have a material impact on the Banks consolidated financial
statements.

Page 4



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##### Table of Contents



Part I Financial Information
Item 1

3.     The following table discloses earnings per share for the three months ended
September 30, 2001 and September 30, 2000.

|                                        |  |                                  |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |  |           |  |  |   |      | 
|--------------------------------------- |  | -------------------------------- | --------- | ------------- |  | --------- | --------- | ----------- |  | ------------- | ---- | --------- |  | - | --------- |  |  |  | --------- |  |  | - | ---- | 
|                                        |  | Three months ended September 30,
|                                        |  |                                 
|                                        |  | 2001                             |           | 2000         
|                                        |  |                                  |           |              
|                                        |  | Income                           |           | Shares        |  | Per-Share |           | Income      |  | Shares        |      | Per-Share
|                                        |  | (Numerator)                      |           | (Denominator) |  | Amount    |           | (Numerator) |  | (Denominator) |      | Amount   
|                                        |  |                                  |           |               |  |           |           |             |  |               |      |          
|Basic EPS                               |  |                                  |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |  |           |  |  |   |      | 
|Income available to
common stockholders |  | $                                | 1,670,704 |               |  |           | 5,212,570 |             |  | $             | 0.32 |           |  | $ | 1,628,536 |  |  |  | 5,214,990 |  |  | $ | 0.31 | 
|Effect of Stock Options                 |  |                                  |           |               |  |           | 209,734   |             |  |               | 0.01 |           |  |   |           |  |  |  | 182,695   |  |  |   | 0.01 | 
|Diluted EPS                             |  |                                  |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |  |           |  |  |   |      | 
|Income available to
common stockholders |  | $                                | 1,670,704 |               |  |           | 5,422,304 |             |  | $             | 0.31 |           |  | $ | 1,628,536 |  |  |  | 5,397,685 |  |  | $ | 0.30 | 

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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 period ended September 30, 2001 for PVF
Capital Corp. (PVF or the Company), Park View Federal Savings Bank (the
Bank), its principal and wholly-owned subsidiary, PVF Service Corporation, a
wholly-owned real estate subsidiary, Mid Pines Land Co., a wholly-owned real
estate subsidiary, and PVF Holdings, Inc., a wholly-owned and currently
inactive subsidiary.

Forward-Looking Statements

When used in this Form 10-Q, the words or phrases will likely result, are
expected to, will continue, is anticipated, estimate, project, or
similar expressions are intended to identify forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are subject to certain risks and uncertainties including
changes in economic conditions in the Companys market area, changes in
policies by regulatory agencies, fluctuations in interest rates, demand for
loans in the Companys market area, competition that could cause actual results
to differ materially from historical earnings and those presently anticipated
or projected. 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 $674.3 million as of September 30, 2001, a
decrease of approximately $62.2 million or 8.4% as compared to June 30, 2001.
The Bank remained in regulatory capital compliance for tangible, core, and
risk-based capital on a fully phased-in basis with capital levels of 7.22%,
7.22% and 10.71% respectively at September 30, 2001.

During the three months ended September 30, 2001, the Companys cash and cash
equivalents, which consist of cash, interest-bearing deposits and federal funds
sold, decreased $56.2 million or 85.9% as compared to June 30, 2001. The
change in the Companys cash and cash equivalents consisted of a decrease in
cash and interest-

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Part I Financial Information
Item 2

FINANCIAL CONDITION continued

bearing deposits of $1.2 million and a decrease in federal funds sold of $55.0
million. The net $7.5 million, or 1.3%, decrease in loans receivable and
mortgage-backed securities during the three months ended September 30, 2001,
resulted from a decrease in loans receivable of $3.4 million and a decrease in
mortgage-backed securities of $4.1 million. The decrease of $3.4 million in
loans receivable included decreases of $11.9 million in single-family loans and
$1.5 million in commercial real estate loans, offset by increases of 3.9
million in construction loans, $2.9 million in home equity loans, $2.7 in land
loans, $0.3 million in multi-family loans, and $0.2 million in consumer loans.
The decrease in mortgage-backed securities resulted from payments received of
$4.1 million. The decrease of the loan portfolio was attributable to economic
conditions and resulted in the Bank originating primarily fixed rate loans
available for sale. The loan activity for the quarter ended September 30, 2001
resulted in no material change to the composition of the portfolio.

Investment in real estate increased by $350,000 due to the investment by PVF
Service Corp., a subsidiary of PVF Capital Corp., in two residential developed
building lots. Prepaid assets and other liabilities increased by $1.1 million
due to an increase in accrued interest receivable on securities of $0.7 million
and an increase in the mortgage servicing asset of $0.4 million.

At June 30, 2001, the Bank had cash and cash equivalents of $65.4 million that
included $50.5 million from the maturity of an agency security prior to the end
of the quarter. The decrease in cash and cash equivalents for the three months
ended September 30, 2001, resulted from managements decision to utilize this
excess liquidity to repay Advances from the Federal Home Loan Bank of
Cincinnati and allow deposits to runoff by not competing aggressively for
market deposits. This resulted in a decrease in cash and cash equivalents of
$56.2 million and decreases in advances and deposits of $45.0 million and $15.0
million, respectively.

The decrease from borrowers for taxes and insurance of $2.8 million, or 42.7%,
is due to timing differences between the collection and payment of escrow
funds. The decrease in accrued expenses and other liabilities of $0.9 million,
or 8.0%, 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 $56.2 million and loans receivable
and mortgage-backed securities of $7.5 million were used to repay Federal Home
Loan Bank advances of $45.0 million, fund the deposit runoff of $15.0 million,
the reduction in advances from borrowers for taxes and insurance of $2.8
million, and the reduction in accrued expenses and other liabilities of $0.9
million.

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Part I Financial Information
Item 2

RESULTS OF OPERATIONS

Three months ended September 30, 2001 Compared to the three months ended September 30, 2000.

PVFs net income is dependent primarily on its net interest income, which is
the difference between interest earned on its loans and investments and
interest paid on interest-bearing liabilities. Net interest income also
includes amortization of loan origination fees, net of origination costs. Net
interest income is determined by (i) the difference between yields earned on
interest-earning assets and rates paid on interest-bearing liabilities
(interest-rate spread) and (ii) the relative amounts of interest-earning
assets and interest-bearing liabilities. The Companys interest-rate spread is
affected by regulatory, economic and competitive factors that influence
interest rates, loan demand and deposit flows.

PVFs net income is also affected by the generation of non-interest income,
which primarily consists of loan servicing income, service fees on deposit
accounts, and gains on the sale of loans held for sale and mortgage-backed
securities available for sale. In addition, net income is affected by the level
of operating expenses and loan loss provisions.

The Companys net income for the three months ended September 30, 2001 was
$1,671,000. This represents a $42,200, or 2.6%, increase when compared with
the prior year comparable period.

Net interest income for the three months ended September 30, 2001
increased by $167,200, or 3.5%, as compared to the prior year comparable
period, due to a decrease of $312,700, or 2.4%, in total interest income and a
decrease in total interest expense of $479,900 from the prior year comparable
period. The decrease in total interest income of $312,700, or 2.4%, in the
current period resulted from an increase of $49.2 million in the average
balance of interest-earning assets, which was more than offset by a decline in
the return on interest-earning assets of 82 basis points from the prior year
comparable period. The decrease in total interest expense of $479,900, or
5.7%, in the current period resulted from increases in the average balances on
deposits and advances of $19.1 and $23.9 million, respectively, which was more
than offset by a decrease of 72 basis points in the average cost of funds on
interest-bearing liabilities from the prior year comparable period. The
Companys net interest income increased despite a decrease of 10 basis points
in the Companys interest-rate spread during the current period as compared to
the prior year comparable period due to balance sheet growth in both
interest-earning assets and interest-bearing liabilities.

For the three months ended September 30, 2001 a provision for loan losses of
$125,000 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

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Part I Financial Information
Item 2

RESULTS OF OPERATIONS
continued

allowance and the necessary provision
for loan losses. The loan portfolio is reviewed and delinquent loan accounts
are analyzed individually on a monthly basis, with respect to payment history,
ability to repay, probability of repayment, and loan-to-value percentage.
Consideration is given to the types of loans in the portfolio and the overall
risk inherent in the portfolio. After reviewing current economic conditions,
changes to the size and composition of the loan portfolio, changes in
delinquency status, levels of non-accruing loans, non-performing assets,
impaired loans, and actual loan losses incurred by the Company, management
establishes an appropriate reserve percentage applicable to each category of
loans, and a provision for loan losses is recorded when necessary to bring the
allowance to a level consistent with this analysis. Management believes it
uses the best information available to make a determination as to the adequacy
of the allowance for loan losses.

During the three months ended September 30, 2001, the Company experienced
increases in the level of impaired loans and classified assets of $0.2 million
and $0.2 million, respectively. Despite a decrease in the loan portfolio of
$2.4 million, management determined it was necessary to record a provision for
loan losses of $125,000 in the current period, due to increases in impaired
loans and classified assets as well as changes to the overall composition of
the loan portfolio, During the three months ended September 30, 2000, the
company experienced decreases in the level of impaired loans and classified
assets of $0.6 million and $1.0 million, respectively. Despite growth in the
loan portfolio of $11.0 million, it was not necessary to record a provision for
loan losses due to decreases in the levels of impaired loans and classified
assets in prior period. At September 30, 2001, the allowance for loan losses
was $3.6 million, which represented 65.1% of nonperforming loans and 0.6% of
net loans.

For the three months ended September 30, 2001, noninterest income increased by
$340,100, or 77.1%, from the prior year comparable period. The increase was
primarily the result of an increase of $418,000, or 217.0%, in income from
mortgage-banking activities resulting primarily from an increase in profit on
loan sales in the current period. During these periods, PVF pursued a strategy
of originating long-term, fixed-rate loans pursuant to Federal Home Loan
Mortgage Corporation (FHLMC) and Federal National Mortgage Association
(FNMA) guidelines and selling such loans to the FHLMC or the FNMA, while
retaining the servicing.

In addition, other noninterest income, net decreased by $108,600, or 75.7%, in
the current period primarily due to a reduction of rental income and gains
recognized on the disposal of real estate owned properties in the prior period.
Service and other fees increased by $30,700, or 29.2%, from the prior year
comparable period, primarily due to net increases in NOW account fee income.

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Part I Financial Information
Item 2

RESULTS OF OPERATIONS
continued

Noninterest expense for the three months ended September 30, 2001 increased by
$317,200, or 11.2%, from the prior year comparable period. This was primarily
the result of a $246,900, or 15.8%, increase in compensation and benefits
attributable to increased staffing, employee 401(k) benefits, incentive bonuses
paid, and salary and wage adjustments. In addition, office, occupancy and
equipment increased by $57,000, or 10.1%, due to increases in office rent.

The federal income tax provision for the three month-periods ended September
30, 2001 and September 30, 2000 was at an effective rate of 33.2%.




LIQUIDITY AND CAPITAL
RESOURCES

The Companys liquidity measures its ability to fund loans and meet withdrawals
of deposits and other cash outflows in a cost-effective manner. Management
believes the Company maintains sufficient liquidity to meet its operational
needs.




Part I Financial Information
Item 3




QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK

There have been no significant changes to the Companys interest rate risk
position or any changes to how the Company manages its Asset/Liability position
since June 30, 2001.

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. N/A
|       
|Item 5. |  | Other Information. N/A                                  
|       
|Item 6. |  | Exhibits and Reports on Form 8-K. N/A                   

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Signature

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

| |  |                            |  |                                                            
| |  | -------------------------- |  | -----------------------------------------------------------
| |  |                            |  | PVF Capital
Corp.
(Registrant)                             
|
| |  | Date:     November 9, 2001 |  | /s/ C. Keith
Swaney
C. Keith Swaney
President and Treasurer