TABLE OF CONTENTS




|                             |                                                                                       |                                                      |  |  |  |  |  | 
|---------------------------- | ------------------------------------------------------------------------------------- | ---------------------------------------------------- |  |  |  |  |  | 
|PART I FINANCIAL INFORMATION
|                             | ITEM 1                                                                               
|                             | Financial Statements                                                                 
|                             |                                                                                       | CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION      
|                             |                                                                                       | CONSOLIDATED STATEMENTS OF OPERATIONS               
|                             |                                                                                       | CONSOLIDATED STATEMENTS OF CASH FLOWS               
|                             |                                                                                       | NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|                             | ITEM 2                                                                               
|                             | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|                             | ITEM 3                                                                               
|                             | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                           
|Part II Other Information   
|                             | Item 6. Exhibits and Reports on Form 8-K                                             
|Signature                   



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##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20552

FORM 10-Q

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

For the quarterly period ended December 31, 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 of
incorporation or organization) |  | (I.R.S. Employer
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 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 |  |  | 5,458,584                         | 
|                              |  |  |                                   | 
|(Class)                       |  |  | (Outstanding at January 31, 2002)





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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, December 31, 2001 and
June 30, 2001 (unaudited)                 |  | 1   
|        |  | Consolidated Statements of Operations
for the three and six months ended
December 31, 2001 and 2000 (unaudited) |  | 2   
|        |  | Consolidated Statements of Cash Flows
for the six months ended December 31,
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                                                      |  | 13  
|Part II |  | Other Information                                                                                               |  | 13  





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##### Table of Contents






PART I FINANCIAL
INFORMATION 
 ITEM 1







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


|                                                                               |                                                                                                                  |                                                   |             |             |              |   |             |             |            |  | 
|------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------- | ------------------------------------------------- | ----------- | ----------- | ------------ | - | ----------- | ----------- | ---------- |  | 
|                                                                               |                                                                                                                  |                                                   |             |             | December 31, |   | June 30,   
|                                                                               |                                                                                                                  |                                                   |             |             | 2001         |   | 2001       
|                                                                               |                                                                                                                  |                                                   |             |             |              |   |            
|ASSETS                                                                         |                                                                                                                  |                                                   |             |             |              |   |             |            
|Cash and cash equivalents:                                                     |                                                                                                                  |                                                   |             |             |              |   |             |            
|                                                                               |                                                                                                                  | Cash and amounts due from depository institutions |             | $           | 2,025,370    |   |             | $           | 8,144,926  | 
|                                                                               |                                                                                                                  | Interest bearing deposits                         |             |             | 891,028      |   |             |             | 1,200,192  | 
|                                                                               |                                                                                                                  | Federal funds sold                                |             |             | 50,000       |   |             |             | 56,050,000 | 
|                                                                               |                                                                                                                  |                                                   |             |             |              |   |             |            
|Total cash and cash equivalents                                                |                                                                                                                  |                                                   | 2,966,398   |             |              |   | 65,395,118  |            
|Securities held to maturity, at cost                                           |                                                                                                                  |                                                   | 50,167,112  |             |              |   | 50,211,605  |            
|Loans receivable, net                                                          |                                                                                                                  |                                                   | 594,166,140 |             |              |   | 573,643,498 |            
|Loans receivable held for sale, net                                            |                                                                                                                  |                                                   | 11,707,190  |             |              |   | 6,151,814   |            
|Mortgage-backed securities held to maturity, net                               |                                                                                                                  |                                                   | 10,685,123  |             |              |   | 18,123,936  |            
|Office properties and equipment, net                                           |                                                                                                                  |                                                   | 8,900,683   |             |              |   | 7,783,457   |            
|Real estate owned, net                                                         |                                                                                                                  |                                                   | 607,160     |             |              |   | 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 |                                                                                                                  |                                                   | 9,741,500   |             |              |   | 9,442,305   |            
|Prepaid expenses and other assets                                              |                                                                                                                  |                                                   | 4,815,133   |             |              |   | 3,925,903   |            
|                                                                               |                                                                                                                  |                                                   |             |             |              |   |             |            
|Total Assets                                                                   |                                                                                                                  | $                                                 | 695,406,439 |             |              | $ | 736,524,915 |            
|                                                                               |                                                                                                                  |                                                   |             |             |              |   |             |            
|LIABILITIES AND STOCKHOLDERS EQUITY                                           |                                                                                                                  |                                                   |             |             |              |   |             |            
|Liabilities                                                                    |                                                                                                                  |                                                   |             |             |              |   |             |            
|                                                                               | Deposits                                                                                                         |                                                   | $           | 450,884,763 |              |   | $           | 480,532,150 |           
|                                                                               | Advances from the Federal Home Loan Bank of Cincinnati                                                           |                                                   |             | 170,833,001 |              |   |             | 185,866,855 |           
|                                                                               | Notes payable                                                                                                    |                                                   |             | 5,125,000   |              |   |             | 4,700,000   |           
|                                                                               | Advances from borrowers for taxes and insurance                                                                  |                                                   |             | 7,346,154   |              |   |             | 6,469,061   |           
|                                                                               | Accrued expenses and other liabilities                                                                           |                                                   |             | 10,511,455  |              |   |             | 10,950,714  |           
|                                                                               |                                                                                                                  |                                                   |             |             |              |   |             |            
|Total Liabilities                                                              |                                                                                                                  |                                                   | 644,700,373 |             |              |   | 688,518,780 |            
|Stockholders Equity                                                           |                                                                                                                  |                                                   |             |             |              |   |             |            
|                                                                               | Serial preferred stock, none issued                                                                              |                                                   |             |            |              |   |             |            |           
|                                                                               | Common stock, $0.01 par value, 15,000,000 shares authorized;
5,356,465 and 5,331,314 shares issued, respectively |                                                   |             | 53,565      |              |   |             | 53,313      |           
|                                                                               | Additional paid-in-capital                                                                                       |                                                   |             | 31,362,583  |              |   |             | 31,237,583  |           
|                                                                               | Retained earnings-substantially restricted                                                                       |                                                   |             | 20,545,208  |              |   |             | 17,877,854  |           
|                                                                               | Treasury Stock, at cost 132,856 and 123,857 shares, respectively                                                 |                                                   |             | (1,255,290  | )            |   |             | (1,162,615  | )         
|                                                                               |                                                                                                                  |                                                   |             |             |              |   |             |            
|Total Stockholders Equity                                                     |                                                                                                                  |                                                   | 50,706,066  |             |              |   | 48,006,135  |            
|                                                                               |                                                                                                                  |                                                   |             |             |              |   |             |            
|Total Liabilities and Stockholders Equity                                     |                                                                                                                  | $                                                 | 695,406,439 |             |              | $ | 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 |            | Six Months Ended
|                             |                                  |                                                     |         | December 31,       |            | December 31,    
|                             |                                  |                                                     |         |                    |            |                 
|                             |                                  |                                                     |         | 2001               |            | 2000             |         | 2001       |            | 2000
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |     
|Interest income              |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             | Loans                            |                                                     | $       | 11,635,767         |            |                  | $       | 12,115,482 |            |      | $         | 23,245,898 |            |   | $         | 23,953,956 |           
|                             | Mortgage-backed securities       |                                                     |         | 193,935            |            |                  |         | 439,267    |            |      |           | 435,759    |            |   |           | 478,057    |           
|                             | Cash and securities              |                                                     |         | 884,842            |            |                  |         | 1,300,949  |            |      |           | 1,922,325  |            |   |           | 2,625,792  |           
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             |                                  | Total interest income                               |         |                    | 12,714,544 |                  |         |            | 13,855,698 |      |           |            | 25,603,982 |   |           |            | 27,057,805 | 
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|Interest expense             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             | Deposits                         |                                                     |         | 5,403,849          |            |                  |         | 7,271,308  |            |      |           | 11,642,564 |            |   |           | 13,628,971 |           
|                             | Borrowings                       |                                                     |         | 1,600,821          |            |                  |         | 1,659,707  |            |      |           | 3,246,911  |            |   |           | 3,666,723  |           
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             |                                  | Total interest expense                              |         |                    | 7,004,670  |                  |         |            | 8,931,015  |      |           |            | 14,889,475 |   |           |            | 17,295,694 | 
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             |                                  | Net interest income                                 |         |                    | 5,709,874  |                  |         |            | 4,924,683  |      |           |            | 10,714,507 |   |           |            | 9,762,111  | 
|Provision for loan losses    |                                  |                                                     | 228,000 |                    |            |                  | 0       |            |            |      | 353,000   |            |            |   | 0         |           
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             |                                  | Net interest income after provision for loan losses |         |                    | 5,481,874  |                  |         |            | 4,924,683  |      |           |            | 10,361,507 |   |           |            | 9,762,111  | 
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|Noninterest income, net      |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             | Service and other fees           |                                                     |         | 169,632            |            |                  |         | 115,089    |            |      |           | 305,579    |            |   |           | 220,329    |           
|                             | Mortgage banking activities, net |                                                     |         | 884,269            |            |                  |         | 135,187    |            |      |           | 1,494,803  |            |   |           | 327,755    |           
|                             | Other, net                       |                                                     |         | 16,084             |            |                  |         | 338,016    |            |      |           | 50,889     |            |   |           | 481,408    |           
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             |                                  | Total noninterest income, net                       |         |                    | 1,069,985  |                  |         |            | 588,292    |      |           |            | 1,851,271  |   |           |            | 1,029,492  | 
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|Noninterest expense          |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             | Compensation and benefits        |                                                     |         | 2,117,296          |            |                  |         | 1,616,327  |            |      |           | 3,923,019  |            |   |           | 3,175,148  |           
|                             | Office, occupancy, and equipment |                                                     |         | 645,078            |            |                  |         | 676,755    |            |      |           | 1,266,530  |            |   |           | 1,241,252  |           
|                             | Other                            |                                                     |         | 969,787            |            |                  |         | 749,682    |            |      |           | 1,701,297  |            |   |           | 1,467,847  |           
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             |                                  | Total noninterest expense                           |         |                    | 3,732,161  |                  |         |            | 3,042,764  |      |           |            | 6,890,846  |   |           |            | 5,884,247  | 
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             |                                  | Income before federal income tax provision          |         |                    | 2,819,698  |                  |         |            | 2,470,211  |      |           |            | 5,321,932  |   |           |            | 4,907,356  | 
|Federal income tax provision |                                  |                                                     | 977,177 |                    |            |                  | 829,707 |            |            |      | 1,808,707 |            |            |   | 1,638,316 |           
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|                             |                                  | Net income                                          |         | $                  | 1,842,521  |                  |         | $          | 1,640,504  |      |           | $          | 3,513,225  |   |           | $          | 3,269,040  | 
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|Basic earnings per share     |                                  | $                                                   | 0.35    |                    |            | $                | 0.31    |            |            | $    | 0.67      |            |            | $ | 0.63      |           
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           
|Diluted earnings per share   |                                  | $                                                   | 0.34    |                    |            | $                | 0.30    |            |            | $    | 0.65      |            |            | $ | 0.61      |           
|                             |                                  |                                                     |         |                    |            |                  |         |            |            |      |           |            |            |   |           |           

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)


|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |           |             |            |             |  
|---------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------- | --------------------------------- | --------------------------------------------------- | ------------ | ---------------- | ----------- | --------- | ----------- | ---------- | ----------- | -
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              | Six Months Ended
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              | December 31,    
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                 
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              | 2001             |             | 2000     
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|Operating Activities                                 |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|                                                     | Net income                                                                                                                                |                                                                                 | $                                 | 3,513,225                                           |              |                  | $           | 3,269,040 |            
|                                                     | Adjustments
to reconcile net income to net cash provided by (used in) operating
activities
Accretion of discount on marketable securities |                                                                                 |                                   | 0                                                   |              |                  |             | (4,844    | )          
|                                                     |                                                                                                                                           | Depreciation and amortization                                                   |                                   |                                                     | 784,668      |                  |             |           | 317,940     |           
|                                                     |                                                                                                                                           | Provision for losses on loans                                                   |                                   |                                                     | 353,000      |                  |             |           | 0           |           
|                                                     |                                                                                                                                           | Accretion of unearned discount and deferred loan origination fees, net          |                                   |                                                     | (522,699     | )                |             |           | (586,756    | )         
|                                                     |                                                                                                                                           | Gain on sale of loans receivable held for sale, net                             |                                   |                                                     | (1,496,564   | )                |             |           | (71,218     | )         
|                                                     |                                                                                                                                           | Gain on disposal of real estate owned, net                                      |                                   |                                                     | (13,744      | )                |             |           | (51,128     | )         
|                                                     |                                                                                                                                           | Federal Home Loan Bank stock dividends                                          |                                   |                                                     | (299,195     | )                |             |           | (243,059    | )         
|                                                     |                                                                                                                                           | Change in accrued interest on investments, loans, and borrowings, net           |                                   |                                                     | (1,521,630   | )                |             |           | (646,928    | )         
|                                                     |                                                                                                                                           | Origination of loans receivable held for sale, net                              |                                   |                                                     | (158,653,305 | )                |             |           | (19,368,167 | )         
|                                                     |                                                                                                                                           | Sale of loans receivable held for sale, net                                     |                                   |                                                     | 154,594,493  |                  |             |           | 28,243,457  |           
|                                                     |                                                                                                                                           | Decrease in other, net                                                          |                                   |                                                     | 676,128      |                  |             |           | 877,791     |           
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|                                                     |                                                                                                                                           |                                                                                 |                                   | Net cash provided by (used in) operating activities |              |                  | (2,585,623  | )         |             |            | 11,736,128  |  
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|Investing Activities                                 |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|                                                     |                                                                                                                                           | Loan and mortgage-backed securities repayments and originations, net            |                                   |                                                     | (12,789,612  | )                |             |           | (52,174,903 | )         
|                                                     |                                                                                                                                           | Disposals of real estate owned                                                  |                                   |                                                     | 223,451      |                  |             |           | 142,286     |           
|                                                     |                                                                                                                                           | Mortgage-backed securities purchased, net                                       |                                   |                                                     | 0            |                  |             |           | (977,543    | )         
|                                                     |                                                                                                                                           | Securities maturities                                                           |                                   |                                                     | 44,493       |                  |             |           | 5,041,803   |           
|                                                     |                                                                                                                                           | Federal Home Loan Bank stock purchases                                          |                                   |                                                     | 0            |                  |             |           | (907,300    | )         
|                                                     |                                                                                                                                           | Additions to office properties and equipment, net                               |                                   |                                                     | (1,901,894   | )                |             |           | (1,749,286  | )         
|                                                     |                                                                                                                                           | Increase in real estate held for investment                                     |                                   |                                                     | (350,000     | )                |             |           | (667,694    | )         
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|                                                     |                                                                                                                                           |                                                                                 |                                   | Net cash used in investing activities               |              |                  | (14,773,562 | )         |             |            | (51,292,637 | )
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|Financing activities                                 |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|                                                     |                                                                                                                                           | Net increase in demand deposits, NOW, and passbook savings                      |                                   |                                                     | 11,496,284   |                  |             |           | 1,865,416   |           
|                                                     |                                                                                                                                           | Net increase (decrease) in time deposits                                        |                                   |                                                     | (41,143,671  | )                |             |           | 49,657,039  |           
|                                                     |                                                                                                                                           | Net decrease in Federal Home Loan Bank advances                                 |                                   |                                                     | (15,033,854  | )                |             |           | (11,034,992 | )         
|                                                     |                                                                                                                                           | Net increase in notes payable                                                   |                                   |                                                     | 425,000      |                  |             |           | 2,800,000   |           
|                                                     |                                                                                                                                           | Purchase of treasury stock                                                      |                                   |                                                     | (92,675      | )                |             |           | (119,737    | )         
|                                                     |                                                                                                                                           | Proceeds from exercise of stock options                                         |                                   |                                                     | 16,257       |                  |             |           | 13,425      |           
|                                                     |                                                                                                                                           | Cash dividend paid                                                              |                                   |                                                     | (736,876     | )                |             |           | (691,548    | )         
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|                                                     |                                                                                                                                           |                                                                                 |                                   | Net cash provided by (used in) financing activities |              |                  | (45,069,535 | )         |             |            | 42,489,603  |  
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|Net increase (decrease) in cash and cash equivalents |                                                                                                                                           |                                                                                 | (62,428,720                       | )                                                   |              |                  | 2,933,094   |          
|Cash and cash equivalents at beginning of period     |                                                                                                                                           |                                                                                 | 65,395,118                        |                                                     |              |                  | 5,671,855   |          
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|Cash and cash equivalents at end of period           |                                                                                                                                           | $                                                                               | 2,966,398                         |                                                     |              | $                | 8,604,949   |          
|                                                     |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|Supplemental disclosures of cash flow information:   |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|                                                     |                                                                                                                                           |                                                                                 | Cash payments of interest expense |                                                     | $            | 16,224,865       |             |           | $           | 17,300,459 |            
|                                                     |                                                                                                                                           |                                                                                 | Cash payments of income taxes     |                                                     | $            | 2,450,000        |             |           | $           | 2,275,000  |            
|Supplemental noncash investing activity:             |                                                                                                                                           |                                                                                 |                                   |                                                     |              |                  |             |          
|                                                     |                                                                                                                                           | Securitization of mortgage loans to mortgage-backed securities held to maturity |                                   | $                                                   | 0            |                  |             | $         | 19,857,995  |           
|                                                     |                                                                                                                                           | Transfer of loans to real estate owned                                          |                                   | $                                                   | 283,332      |                  |             | $         | 102,692     |           

See accompanying notes to consolidated financial statements

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1



PVF CAPITAL CORP. 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS December 31, 2001 and 2000
(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, 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 and six months ended
December 31, 2001 are not necessarily indicative of the results to be expected
for the entire year ending June 30, 2002. The results of operations for PVF
Capital Corp. (PVF or the Company) for the periods being reported have been
derived primarily from the results of operation of Park View Federal Savings
Bank (the Bank). PVF Capital Corp.s common stock is traded on the NASDAQ
SMALL-CAP ISSUES under the symbol PVFC.

2.     Recently Issued Accounting Standards

SFAS No. 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 of accounting. 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 requirements 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. The Company must
adopt statement 142 by July 1, 2002. Management determined that the adoption
of Statement 142 would not have a material impact on the Banks consolidated
financial statements.

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 1



3.     The following table discloses Earnings Per Share for the three and six
months ended December 31, 2001 and December 31, 2000.

|                        |            |  |                                 |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |         |           |  |  |      |      | 
|----------------------- | ---------- |  | ------------------------------- | --------- | ------------- |  | --------- | --------- | ----------- |  | ------------- | ---- | --------- |  | - | --------- |  |  | ------- | --------- |  |  | ---- | ---- | 
|                        |            |  | Three months ended December 31,
|                        |            |  |                                
|                        |            |  | 2001                            |           | 2000         
|                        |            |  |                                 |           |              
|                        |            |  | Income                          |           | Shares        |  | Per-Share |           | Income      |  | Shares        |      | Per-Share
|                        |            |  | (Numerator)                     |           | (Denominator) |  | Amount    |           | (Numerator) |  | (Denominator) |      | Amount   
|                        |            |  |                                 |           |               |  |           |           |             |  |               |      |          
|Basic EPS               |            |  |                                 |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |         |           |  |  |      |     
|                        | Net Income |  | $                               | 1,842,521 |               |  |           | 5,220,145 |             |  | $             | 0.35 |           |  | $ | 1,640,504 |  |  |         | 5,216,093 |  |  | $    | 0.31 | 
|Effect of Stock Options |            |  |                                 |           |               |  | 191,746   |           |             |  | 0.01          |      |           |  |   |           |  |  | 188,368 |           |  |  | 0.01 |     
|Diluted EPS             |            |  |                                 |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |         |           |  |  |      |     
|                        | Net Income |  | $                               | 1,842,521 |               |  |           | 5,411,891 |             |  | $             | 0.34 |           |  | $ | 1,640,504 |  |  |         | 5,404,461 |  |  | $    | 0.30 | 

|                        |            |  |                               |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |         |           |  |  |      |      | 
|----------------------- | ---------- |  | ----------------------------- | --------- | ------------- |  | --------- | --------- | ----------- |  | ------------- | ---- | --------- |  | - | --------- |  |  | ------- | --------- |  |  | ---- | ---- | 
|                        |            |  | Six months ended December 31,
|                        |            |  |                              
|                        |            |  | 2001                          |           | 2000         
|                        |            |  |                               |           |              
|                        |            |  | Income                        |           | Shares        |  | Per-Share |           | Income      |  | Shares        |      | Per-Share
|                        |            |  | (Numerator)                   |           | (Denominator) |  | Amount    |           | (Numerator) |  | (Denominator) |      | Amount   
|                        |            |  |                               |           |               |  |           |           |             |  |               |      |          
|Basic EPS               |            |  |                               |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |         |           |  |  |      |     
|                        | Net Income |  | $                             | 3,513,225 |               |  |           | 5,219,805 |             |  | $             | 0.67 |           |  | $ | 3,269,040 |  |  |         | 5,215,070 |  |  | $    | 0.63 | 
|Effect of Stock Options |            |  |                               |           |               |  | 199,926   |           |             |  | 0.02          |      |           |  |   |           |  |  | 185,632 |           |  |  | 0.02 |     
|Diluted EPS             |            |  |                               |           |               |  |           |           |             |  |               |      |           |  |   |           |  |  |         |           |  |  |      |     
|                        | Net Income |  | $                             | 3,513,225 |               |  |           | 5,419,731 |             |  | $             | 0.65 |           |  | $ | 3,269,040 |  |  |         | 5,400,702 |  |  | $    | 0.61 | 

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2







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

The following analysis discusses changes in financial condition and results of
operations at and for the three-month and six-month periods ended December 31,
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 (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, 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 $695.4 million as of December 31, 2001, a
decrease of approximately $41.1 million, or 5.6%, 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 7.19%,
7.19%, and 10.60% respectively at December 31, 2001.

During the six months ended December 31, 2001, the Companys cash and cash
equivalents, which consist of cash, interest-bearing deposits and federal funds
sold, decreased $62.4 million, or 95.5%, as compared to June 30, 2001. The
change in the Companys cash and cash equivalents consisted of decreases in
cash and interest-bearing deposits of $6.4

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

FINANCIAL CONDITION continued

million and a decrease in federal funds sold of $56.0 million.

The net $18.6 million, or 3.1%, increase in loans receivable and
mortgage-backed securities during the six months ended December 31, 2001,
resulted from an increase in loans receivable of $26.1 million and a decrease
in mortgage-backed securities of $7.5 million. The increase of $26.1 million
in loans receivable included increases of $7.7 million in home equity line of
credit loans, $5.6 million in construction loans, $3.5 million in commercial
real estate loans, $3.2 million in one-to-four family residential loans, $2.7
million in land loans, $1.4 million in multi-family loans, $1.2 million in
commercial line of credit loans, and $0.8 million in consumer loans. The
decrease in mortgage-backed securities resulted from payments received of $7.5
million. The growth of the loan portfolio resulted in no material change to the
composition of the portfolio.

The increase of $1.1 million in office properties and equipment is the result
of capital improvements to our corporate office building in Solon, Ohio.
Investment in real estate increased by 350,000 due to the investment by PVF
Service Corp. in two fully improved residential building lots. The increase of
$59,900 in real estate owned properties resulted from the addition of one
single-family property and six building lots totaling $283,300 and the disposal
of 2 single-family properties totaling $223,400. The increase in prepaid
expenses and other assets of $889,000, or 22.6%, is attributable to an increase
in the mortgage servicing asset that resulted from the high volume of loan
sales in the current period.

At June 30, 2001, the Bank had cash and cash equivalents of $65.4 million that
included $50.5 million from the recent maturity of an agency security. The
decrease in cash and cash equivalents for the six months ended December 31,
2001, resulted from managements decision to utilize excess liquidity to repay
advances from the Federal Home Loan Bank of Cincinnati and allow deposits to
runoff by not competing aggressively with market savings rates. This resulted
in a decrease in cash and cash equivalents of $62.4 million and decreases in
advances and deposits of $29.6 million and $15.0 million, respectively.

The increase in notes payable of $425,000 was used for the purchase of two
improved building lots for $350,000 and other miscellaneous operating expenses.
The increase from borrowers for taxes and insurance of $877,000, or 13.5%, is
due to timing differences between the collection and payment of escrow funds
along with a larger mortgage servicing portfolio. The decrease in accrued
expenses and other liabilities of $439,000 is primarily the result of timing
differences between the collection and remittance of payments received on loans
serviced for others.

The decrease in cash and cash equivalents of $62.4 million and the repayment of
$7.5 million in mortgage-backed securities were used to fund the increase of
$26.1 million in loans receivable, fund savings

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

FINANCIAL CONDITION continued

withdrawals of 29.6 million, and repay Federal Home Loan Bank advances of $15.0 million.

|                      |  |                                                                                        
|--------------------- |  | ---------------------------------------------------------------------------------------
|RESULTS OF OPERATIONS |  | Three months ended December 31, 2001,
compared to three months ended
December 31, 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.

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. Net interest income is
determined by (i) the difference between yields earned on interest-earning
assets and rates paid on interest-bearing liabilities (interest-rate spread)
and (ii) the relative amounts of interest-earning assets and interest-bearing
liabilities. The Companys interest-rate spread is affected by regulatory,
economic and competitive factors that influence interest rates, loan demand and
deposit flows. In addition, net income is affected by the level of operating
expenses and loan loss provisions.

The Companys net income for the three months ended December 31, 2001 was
$1,842,500 as compared to $1,640,500 for the prior year comparable period.
This represents an increase of $202,000, or 12.3%, when compared with the prior
year comparable period.

Net interest income for the three months ended December 31, 2001 increased by
$785,200, or 15.9%, as compared to the prior year comparable period. This
resulted from a decrease of $1,141,100, or 8.2%, in interest income and a
$1,926,300, or 21.6%, decrease in interest expense, both of which resulted from
the dramatic decline in market interest rates during the current period. The
decrease in interest income resulted primarily from a decrease of 116 basis
points in the return on interest-earning assets in the current period. This
decrease in yield more than offset the increase of 38.0 million in the average
balance of interest-earning assets and resulted in an overall decrease to
interest income of $1,141,100 in the current period. The average balance on
interest-bearing liabilities increased by $29.0 million from the prior year
comparable period, while the average cost of funds on interest-bearing
liabilities decreased by 148 basis points in the current period, resulting in
an overall decrease in interest expense of $1,926,300. The Companys net
interest income increased due to an increase of 32 basis points in the
Companys interest-rate spread during the current period as compared to the
prior year comparable period, as well as balance sheet growth in both
interest-earning assets and interest-bearing liabilities.

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

RESULTS OF OPERATIONS continued

For the three months ended December 31, 2001, a $228,000 provision for general
loan losses was recorded, while no provision for general 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 general 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, 2001, the Company experienced a
decrease in the level of impaired loans of $379,000 and a decrease of $408,000
in classified assets. Due to an increase in the loan portfolio of $29.5
million, management determined it was necessary to record a provision for
general loan losses of $228,000 in the current period. During the three months
ended December 31, 2000, the Company experienced a decrease in the level of
impaired loans of $696,000 and a decrease of 53,000 in classified assets.
Management determined it was not necessary to record a provision for general
loan losses in the prior period due to decreases in both impaired loans and
classified assets. At December 31, 2001, the allowance for loan losses was $3.9
million, which represented 74.3% of non-performing loans and 0.6% of net loans.

For the three months ended December 31, 2001, non-interest income increased
$481,700, or 81.9%, from the prior year comparable period. This resulted
primarily from an increase of $749,100 from mortgage-banking activities that
resulted primarily from an increase in profit on loan sales in the current
period. During these periods, PVF pursued a strategy of originating long-term,
fixed-rate loans pursuant to Federal Home Loan Mortgage Corporation (FHLMC)
and Federal National Mortgage Association (FNMA) guidelines and selling such
loans to the FHLMC or the FNMA, while retaining the servicing.

In addition, other non-interest income, net decreased by 321,900, or 95.2%, in
the current period as the result of a reduction in rental income and gains
recognized on real estate held for investment. Service and other fees increased
by $54,500, or 47.4%, primarily due to net increases in NOW account fees and
other miscellaneous branch fee income.

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

RESULTS OF OPERATIONS continued

Non-interest expense for the three months ended December 31, 2001 increased by
$689,400, or 22.7%, from the prior year comparable period. This was primarily
the result of a $501,000, or 31.0% increase in compensation and benefits
attributable to increased staffing along with employee 401(k) benefits,
incentive bonuses paid, and salary and wage adjustments. Other Office occupancy
and equipment decreased by $31,700, or 4.7%, due to the absence of branch
opening and branch relocation costs incurred in the prior year comparable
period. Other, non-interest expense increased by $220,100, or 29.4%, primarily
attributable to increases in the cost of furniture and equipment and
professional services.

The federal income tax provision for the three-month period ended December 31,
2001 increased to an effective rate of 34.7% for the current period from an
effective rate of 33.6% for the prior year comparable period.

|                      |  |                                                                                    
|--------------------- |  | -----------------------------------------------------------------------------------
|RESULTS OF OPERATIONS |  | Six months ended December 31, 2001,
compared to six months ended
December 31, 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.

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. Net interest income is
determined by (i) the difference between yields earned on interest-earning
assets and rates paid on interest-bearing liabilities (interest-rate spread)
and (ii) the relative amounts of interest-earning assets and interest-bearing
liabilities. The Companys interest-rate spread is affected by regulatory,
economic and competitive factors that influence interest rates, loan demand and
deposit flows. In addition, net income is affected by the level of operating
expenses and loan loss provisions.

The Companys net income for the six months ended December 31, 2001 was
$3,513,200 as compared to $3,269,000 for the prior year comparable period.
This represents an increase of $244,200, or 7.5%, when compared with the prior
year comparable period.

Net interest income for the six months ended December 31, 2001 increased by
$952,400, or 9.8%, due to a decrease of $1,453,800, or 5.4%, in interest income
and a $2,406,200, or 13.9%, decrease in interest expense, both of which
resulted from the dramatic decline in market interest rates during the current
period. The decrease in interest income resulted primarily from a decrease of
99 basis points in the return on interest-earning assets in the current period.
This

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

RESULTS OF OPERATIONS continued

decrease in yield more than offset the increase of $43.6 million in the
average balance of interest-earning assets and resulted in an overall decrease
to interest income of $1,453,800 in the current period. The average balance on
interest-bearing liabilities increased by $36.0 million from the prior year
comparable period, while the average cost of funds on interest-bearing
liabilities decreased by 110 basis points in the current period, resulting in
an overall decrease in interest expense of $2,406,200. The Companys net
interest income increased due to an increase of 11 basis points in the
Companys interest-rate spread during the current period as compared to the
prior year comparable period, as well as balance sheet growth in both
interest-earning assets and interest-bearing liabilities.

For the six months ended December 31, 2001, a $353,000 provision for general
loan losses was recorded, while no provision for general 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 general 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 six months ended December 31, 2001, the Company experienced a
decrease in the level of impaired loans of $170,000 and a decrease of $223,000
in classified assets. Due to an increase in the loan portfolio of $26.1
million, management determined it was necessary to record a provision for
general loan losses of $353,000 in the current period. During the six months
ended December 31, 2000, the Company experienced a decrease in the level of
impaired loans of $1,277,000 and a decrease of $1,054,000 in classified assets.
Management determined it was not necessary to record a provision for general
loan losses in the prior period due to decreases in both impaired loans and
classified assets. At December 31, 2001, the allowance for loan losses was $3.9
million, which represented 74.3% of non-performing loans and 0.6% of net loans.

For the six months ended December 31, 2001, non-interest income increased
$821,800, or 79.8%, from the prior year comparable period. This resulted
primarily from an increase of $1,167,000 from mortgage-banking activities that
resulted primarily from an increase in profit

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##### Table of Contents



PART I FINANCIAL INFORMATION
ITEM 2

RESULTS OF OPERATIONS continued

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 non-interest income, net decreased by 430,500, or 89.4%, in
the current period primarily due to a reduction in rental income and gains
recognized on real estate held for investment. Service and other fees increased
by $85,300, or 38.7%, primarily due to net increases in NOW account fees and
other miscellaneous branch fee income.

Non-interest expense for the six months ended December 31, 2001 increased by
$1,006,600 or 17.1%, from the prior year comparable period. This was primarily
the result of a $747,900, or 23.6%, increase in compensation and benefits
primarily attributable to increased staffing along with employee 401(K)
benefits, incentive bonuses paid, and salary and wage adjustments. Other,
non-interest expense increased by $233,500, or 15.9%, primarily attributable to
increases in the cost of furniture and equipment and professional services.

The federal income tax provision for the six-month period ended December 31,
2001 increased to an effective rate of 34.0% for the current period from an
effective rate of 33.4% for the prior year comparable period.

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##### Table of Contents



PART I FINANCIAL
INFORMATION 
 ITEM 3


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.

ANNUAL MEETING VOTING RESULTS

The Companys Annual Meeting of Stockholders was held on October 22, 2001. A
total of 4,621,833 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 three nominees for director.
The voting results for each nominee were as follows:

|                    |  |                |           |               |  |  |        | 
|------------------- |  | -------------- | --------- | ------------- |  |  | ------ | 
|                    |  | Votes in Favor |           |               |  | 
|Nominee             |  | of election    |           | Votes Against
|                    |  |                |           |              
|Creighton E. Miller |  |                | 4,578,836 |               |  |  | 42,997 | 
|John R. Male        |  |                | 4,575,252 |               |  |  | 46,581 | 
|Stanley T. Jaros    |  |                | 4,579,130 |               |  |  | 42,703 | 




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 6. Exhibits and Reports on Form 8-K

|    |  |                                                                                                
|--- |  | -----------------------------------------------------------------------------------------------
|(a) |  | PVF did not file any reports on Form 8-K during the three-month
period ended December 31, 2001.

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##### Table of Contents






Signature

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

|      |  |                   |  |                                        
|----- |  | ----------------- |  | ---------------------------------------
|      |  |                   |  | PVF Capital Corp.
(Registrant)         
|     
|Date: |  | February 12, 2002 |  | /s/ C. Keith Swaney                    
|      |  |                   |  | C. Keith Swaney
President and Treasurer

PAGE 14