UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D. C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended September 30, 2008.
 o
    
    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.
 
 Ohio
    
    34-1659805(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)30000 Aurora Road, Solon, Ohio
    
    44139(Address of principal executive offices)
    
    (Zip Code)
  
  
 þ o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller Reporting Company o(Do not check if a smaller reporting company)
 o þ
  Common Stock, $0.01 Par Value
    
    7,773,823(Class)
    
    (Outstanding at November 7, 2008)




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##### 



PVF CAPITAL CORP.
  PagePart I
    
    Financial InformationItem 1
    
    Financial StatementsConsolidated Statements of Financial Condition, September 30, 2008 (unaudited) and June 30, 2008
    
    
    1Consolidated Statements of Operations for the three months ended September 30, 2008 and 2007 (unaudited)
    
    
    2Consolidated Statements of Cash Flows for the three months ended September 30, 2008 and 2007 (unaudited)
    
    
    3Notes to Consolidated Financial Statements (unaudited)
    
    
    4Item 2
    
    Management's Discussion and Analysis of Financial Condition and Results of Operations
    
    
    10Liquidity and Capital Resources
    
    
    16Item 3
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    
    17Item 4
    
    Controls and Procedures
    
    
    17Part II
    
    Other Information 18




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##### 



PVF CAPITAL CORP.
 
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 September 30,
2008
    
    
    June 30,unaudited
    
    
    2008ASSETSCash and cash equivalents:Cash and amounts due from depository institutions
    
    $
    16,302,973
    
    
    $
    7,455,720Interest bearing deposits
    
    
    39,308,113
    
    
    
    700,674Federal funds sold
    
    
    0
    
    
    
    9,648,000Total cash and cash equivalents
    
    
    55,611,086
    
    
    
    17,804,394Securities available for sale
    
    
    151,200
    
    
    
    1,890,000Securities held to maturity (fair values of $7,703,812 and $7,603,907, respectively)
    
    
    7,580,000
    
    
    
    7,580,000Mortgage-backed securities held to maturity (fair values of $56,479,031 and $53,259,867, respectively)
    
    
    56,995,644
    
    
    
    55,151,069Loans receivable held for sale at fair value
    
    
    3,392,286
    
    
    
    7,830,994Loans receivable, net of allowance of
$8,843,278 and $9,653,972, respectively
    
    
    716,702,784
    
    
    
    714,492,406Office properties and equipment, net
    
    
    9,257,696
    
    
    
    9,232,711Real estate owned, net
    
    
    7,942,032
    
    
    
    4,064,708Federal Home Loan Bank stock
    
    
    12,811,100
    
    
    
    12,640,600Bank owned life insurance
    
    
    23,061,964
    
    
    
    23,009,038Prepaid expenses and other assets
    
    
    11,726,156
    
    
    
    13,706,218Total Assets
    
    $
    905,231,948
    
    
    $
    867,402,138LIABILITIES AND STOCKHOLDERS EQUITYLiabilitiesDeposits
    
    $
    709,720,446
    
    
    $
    659,385,765Short-term advances from the Federal Home Loan Bank
    
    
    0
    
    
    
    9,000,000Line of credit
    
    
    1,375,000
    
    
    
    950,000Long-term advances from the Federal Home Loan Bank
    
    
    35,000,000
    
    
    
    35,000,000Repurchase agreement
    
    
    50,000,000
    
    
    
    50,000,000Subordinated debentures
    
    
    20,000,000
    
    
    
    20,000,000Advances from borrowers for taxes and insurance
    
    
    6,281,273
    
    
    
    8,973,604Accrued expenses and other liabilities
    
    
    14,810,319
    
    
    
    15,017,435Total Liabilities
    
    
    837,187,039
    
    
    
    798,326,804Stockholders EquitySerial preferred stock, none issued
    
    
    
    
    
    
    Common stock, $0.01 par value, 15,000,000 shares authorized;
8,246,548 shares issued
    
    
    82,465
    
    
    
    82,465Additional paid-in-capital
    
    
    69,181,999
    
    
    
    69,155,729Retained earnings
    
    
    2,617,592
    
    
    
    3,674,287Accumulated other comprehensive income (loss)
    
    
    0
    
    
    
    0Treasury Stock, at cost 472,725 shares
    
    
    (3,837,147
    )
    
    
    (3,837,147
    )Total Stockholders Equity
    
    
    68,044,909
    
    
    
    69,075,334Total Liabilities and Stockholders Equity
    
    $
    905,231,948
    
    
    $
    867,402,138
  Page 1




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##### 



PVF CAPITAL CORP.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months EndedSeptember 30,2008
    
    
    2007Interest and dividends incomeLoans
    
    $
    11,412,241
    
    
    $
    13,927,505Mortgage-backed securities
    
    
    700,273
    
    
    
    318,688Federal Home Loan Bank stock dividends
    
    
    170,557
    
    
    
    201,708Securities
    
    
    121,059
    
    
    
    687,112Federal funds sold and interest bearing deposits
    
    
    86,793
    
    
    
    156,955Total interest and dividends income
    
    
    12,490,923
    
    
    
    15,291,968Interest expenseDeposits
    
    
    5,942,553
    
    
    
    7,315,879Short-term borrowings
    
    
    9,099
    
    
    
    937,102Long-term borrowings
    
    
    910,714
    
    
    
    791,939Subordinated debt
    
    
    325,445
    
    
    
    390,012Total interest expense
    
    
    7,187,811
    
    
    
    9,434,932Net interest income
    
    
    5,303,112
    
    
    
    5,857,036Provision for loan losses
    
    
    691,000
    
    
    
    593,400Net interest income after provision for loan losses
    
    
    4,612,112
    
    
    
    5,263,636Noninterest income, netService and other fees
    
    
    178,254
    
    
    
    222,898Mortgage banking activities, net
    
    
    457,699
    
    
    
    400,381Increase in cash surrender value of bank owned life insurance
    
    
    52,926
    
    
    
    253,216Impairment of securities
    
    
    (1,738,800
    )
    
    
    0Other, net
    
    
    8,557
    
    
    
    (78,218
    )Total noninterest income, net
    
    
    (1,041,364
    )
    
    
    798,277Noninterest expenseCompensation and benefits
    
    
    2,558,015
    
    
    
    2,964,431Office occupancy and equipment
    
    
    706,750
    
    
    
    801,853Other
    
    
    1,670,852
    
    
    
    1,519,963Total noninterest expense
    
    
    4,935,617
    
    
    
    5,286,247Income (loss) before federal income tax provision
    
    
    (1,364,869
    )
    
    
    775,666Federal income tax provision (benefit)
    
    
    (463,612
    )
    
    
    164,600Net income (loss)
    
    
    ($901,257
    )
    
    $
    611,066Basic earnings (loss) per share
    
    
    ($0.12
    )
    
    $
    0.08Diluted earnings (loss) per share
    
    
    ($0.12
    )
    
    $
    0.08Dividends declared per common share
    
    $
    0.010
    
    
    $
    0.074
  Page 2




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##### 



PVF CAPITAL CORP.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months EndedSeptember 30,2008
    
    
    2007Operating ActivitiesNet income
    
    
    ($901,257
    )
    
    $
    611,066Adjustments to reconcile net income to net cash from operating activitiesAmortization of premium on mortgage-backed securities
    
    
    1,814
    
    
    
    6,330Depreciation and amortization
    
    
    314,723
    
    
    
    403,910Provision for loan losses
    
    
    691,000
    
    
    
    593,400Impairment of securities
    
    
    1,738,800
    
    
    
    0Accretion of deferred loan origination fees, net
    
    
    (223,035
    )
    
    
    (271,847
    )(Gain) loss on sale of loans receivable held for sale, net
    
    
    (126,492
    )
    
    
    (182,121
    )Loss on disposal of real estate owned, net
    
    
    299,408
    
    
    
    86,079Market adjustment for loans held for sale
    
    
    (67,332
    )
    
    
    (50,400
    )Change in fair value of mortgage banking derivatives
    
    
    (111,618
    )
    
    
    3,700Stock compensation
    
    
    26,270
    
    
    
    32,036Federal Home Loan Bank stock dividends
    
    
    (170,500
    )
    
    
    0Change in accrued interest on securities, loans, and borrowings, net
    
    
    1,108,214
    
    
    
    (447,718
    )Origination of loans receivable held for sale, net
    
    
    (10,856,452
    )
    
    
    (21,392,250
    )Sale of loans receivable held for sale, net
    
    
    15,316,926
    
    
    
    28,440,657Increase in cash surrender value of bank owned life insurance
    
    
    (52,926
    )
    
    
    (253,216
    )Net change in other assets and other liabilities
    
    
    (1,743,921
    )
    
    
    (2,441,146
    )Net cash from operating activities
    
    
    5,243,622
    
    
    
    5,138,480Investing ActivitiesLoan repayments and originations, net
    
    
    (10,568,538
    )
    
    
    (9,722,627
    )Principal repayments on mortgage-backed securities held to maturity
    
    
    1,153,610
    
    
    
    647,961Mortgage-backed securities purchased
    
    
    (3,000,000
    )
    
    
    0Proceeds from sale of real estate owned
    
    
    3,713,463
    
    
    
    449,578Additions to office properties and equipment, net
    
    
    (339,708
    )
    
    
    (26,168
    )Net cash from investing activities
    
    
    (9,041,173
    )
    
    
    (8,651,256
    )Financing activitiesNet increase (decrease) in demand deposits, NOW, and passbook savings
    
    
    (9,493,854
    )
    
    
    (9,924,711
    )Net increase (decrease) in time deposits
    
    
    59,828,535
    
    
    
    (11,909,613
    )Net increase (decrease) in short-term Federal Home Loan Bank advances
    
    
    (9,000,000
    )
    
    
    10,000,000Net proceeds from (repayment of) line of credit
    
    
    425,000
    
    
    
    850,000Proceeds from exercise of stock options
    
    
    0
    
    
    
    253,254Stock repurchased and retired
    
    
    0
    
    
    
    (66,806
    )Cash dividend paid
    
    
    (155,438
    )
    
    
    (572,583
    )Net cash from financing activities
    
    
    41,604,243
    
    
    
    (11,370,459
    )Net increase in cash and cash equivalents
    
    
    37,806,692
    
    
    
    (14,883,235
    )Cash and cash equivalents at beginning of period
    
    
    17,804,394
    
    
    
    28,457,579Cash and cash equivalents at end of period
    
    $
    55,611,086
    
    
    $
    13,574,344Supplemental disclosures of cash flow information:Cash payments of interest expense
    
    $
    6,002,738
    
    
    $
    9,445,388Cash payments of income taxes
    
    $
    0
    
    
    $
    0Supplemental noncash investing activity:Transfer of loans to real estate owned
    
    $
    7,890,196
    
    
    $
    991,310
  Page 3




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PVF CAPITAL CORP.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 For the Three Months Ended
September 30, 2008 and 2007
(Unaudited)
   2008
    
    
    2007Beginning balance
    
    $
    9,653,972
    
    
    $
    4,580,549Provision for loan losses
    
    
    691,000
    
    
    
    593,400Charge-offs
    
    
    (1,501,694
    )
    
    
    (374,022
    )Recoveries
    
    
    
    
    
    
    Ending balance
    
    $
    8,843,278
    
    
    $
    4,799,927
       Page 4




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##### 



Three months endedSeptember 30, 2008Total options outstandingWeightedAverageExerciseShares
    
    
    PriceOptions outstanding, beginning of period
    
    
    533,426
    
    
    $
    9.32Forfeited
    
    
    
    
    
    
    Exercised
    
    
    
    
    
    
    Granted
    
    
    
    
    
    
    Options outstanding, end of period
    
    
    533,426
    
    
    $
    9.32Options exercisable, end of period
    
    
    421,357
    
    
    $
    8.83
   Three months endedSeptember 30,2008
    
    2007Proceeds
from options Exercised
    
    $
    0
    
    
    $
    253,254Related tax
benefit Recognized
    
    
    0
    
    
    
    0Intrinsic value of
options exercised
    
    $
    0
    
    
    $
    283,397
  Page 5




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##### 



Three months ended September 30,2008
    
    2007Income
    
    Shares
    
    Per Share
    
    Income
    
    Shares
    
    Per Share(Numerator)
    
    (Denominator)
    
    Amount
    
    (Numerator)
    
    (Denominator)
    
    AmountBasic EPSNet Income(loss)
    
    $
    (901,257
    )
    
    
    7,747,683
    
    
    $
    (0.12
    )
    
    $
    611,066
    
    
    
    7,747,683
    
    
    $
    0.08Effect of Stock
Options
    
    
    
    
    
    
    
    
    
    
    0.00
    
    
    
    
    
    
    
    218,054
    
    
    
    0.00Diluted EPSNet Income(loss)
    
    $
    (901,257
    )
    
    
    7,747,683
    
    
    $
    (0.12
    )
    
    $
    611,066
    
    
    
    7,965,737
    
    
    $
    0.08
    September 30,
    
    
    June 30,2008
    
    
    2008Loans held for sale
    
    $
    3,392,286
    
    
    $
    7,872,155Less: Allowance to adjust to lower of cost or market
    
    
    
    
    
    
    (41,161
    )Loans held for sale, net
    
    $
    3,392,286
    
    
    $
    7,830,994
   Three Months EndedSeptember 30,2008
    
    
    2007Servicing rights:Beginning of period
    
    $
    4,398,783
    
    
    $
    4,426,296Additions
    
    
    172,059
    
    
    
    334,495Amortized to expense
    
    
    (360,423
    )
    
    
    (330,444
    )End of period
    
    $
    4,210,419
    
    
    $
    4,430,347
 Page 6




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##### 



Three Months EndedSeptember 30,2008
    
    
    2007Mortgage loan servicing fees
    
    $
    512,680
    
    
    $
    502,004Amortization and impairment of
mortgage loan servicing rights
    
    
    (360,423
    )
    
    
    (330,444
    )Market adjustments for loans held for sale
    
    
    67,332
    
    
    
    50,400Change in fair value of mortgage banking
derivatives
    
    
    111,618
    
    
    
    (3,700
    )Gain on sales of loans
    
    
    126,492
    
    
    
    182,121Mortgage banking activities, net
    
    $
    457,699
    
    
    $
    400,381
     Page 7




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Page 8




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##### 



QuotedPrices inActiveMarkets
    
    Significantfor
    
    Other
    
    SignificantIdentical
    
    Observable
    
    UnobservableSeptember 30,
    
    Assets
    
    Inputs
    
    Inputs2008
    
    (Level 1)
    
    (Level 2)
    
    (Level 3)Assets:Securities available
for sale
    
    $
    151,200
    
    
    $
    151,200
    
    
    
    
    
    
    
    Loans held for sale
    
    $
    3,392,286
    
    
    
    
    
    
    $
    3,392,286
    
    
    
    Mortgage-banking pipeline derivative
    
    $
    194,144
    
    
    
    
    
    
    $
    194,144
    
    
    
    
  QuotedPrices inActiveMarkets
    
    Significantfor
    
    Other
    
    SignificantIdentical
    
    Observable
    
    UnobservableSeptember 30,
    
    Assets
    
    Inputs
    
    Inputs2008
    
    (Level 1)
    
    (Level 2)
    
    (Level 3)Assets:Impaired loans
    
    $
    6,261,787
    
    
    
    
    
    
    
    
    
    
    
    6,261,787
     Page 9




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##### 



MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  FORWARD-LOOKING STATEMENTS
  
 FINANCIAL CONDITION
    Page 10




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##### 



September 30,
    
    
    June 30,2008
    
    
    2008Real estate mortgages:One-to-four family residential
    
    $
    166,527,717
    
    
    $
    168,532,008Home equity line of credit
    
    
    89,133,333
    
    
    
    87,876,182Multi-family residential
    
    
    59,313,718
    
    
    
    52,420,774Commercial
    
    
    190,359,510
    
    
    
    174,403,925Commercial equity line of credit
    
    
    38,070,241
    
    
    
    36,913,491Land
    
    
    69,319,034
    
    
    
    73,544,594Construction  residential
    
    
    52,303,108
    
    
    
    55,442,114Construction  multi-family
    
    
    5,454,889
    
    
    
    5,802,842Construction  commercial
    
    
    29,528,576
    
    
    
    38,303,228Total real estate mortgages
    
    
    700,010,126
    
    
    
    693,239,158Non-real estate loans
    
    
    28,091,438
    
    
    
    33,592,529Total loans receivable
    
    
    728,101,564
    
    
    
    726,831,687Net deferred loan origination fees
    
    
    (2,555,502
    )
    
    
    (2,685,309
    )Allowance for loan losses
    
    
    (8,843,278
    )
    
    
    (9,653,972
    )Loans receivable, net
    
    $
    716,702,784
    
    
    $
    714,492,406
    Page 11




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##### 



RESULTS OF OPERATIONS
    
    Three months ended September 30, 2008,compared to three months endedSeptember 30, 2007.
     Page 12




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##### 



RESULTS OF OPERATIONS continued
  September 30, 2008
    
    
    September 30, 2007Average
    
    
    
    
    
    
    Average
    
    
    Average
    
    
    
    
    
    
    AverageBalance
    
    
    Interest
    
    
    Yield/Cost
    
    
    Balance
    
    
    Interest
    
    
    Yield/CostInterest-earning assetsLoans (1)
    
    $
    721,682
    
    
    $
    11,412
    
    
    
    6.33
    %
    
    $
    725,558
    
    
    $
    13,927
    
    
    
    7.68
    %Mortgage-backed securities
    
    
    54,994
    
    
    
    700
    
    
    
    5.09
    %
    
    
    25,613
    
    
    
    319
    
    
    
    4.98
    %Investments and other
    
    
    39,157
    
    
    
    379
    
    
    
    3.87
    %
    
    
    82,139
    
    
    
    1,046
    
    
    
    5.09
    %Total interest-earning
assets
    
    
    815,833
    
    
    
    12,491
    
    
    
    6.12
    %
    
    
    833,310
    
    
    
    15,292
    
    
    
    7.34
    %Non-interest-earning assets
    
    
    70,627
    
    
    
    
    
    
    
    
    
    
    
    52,293Total assets
    
    $
    886,460
    
    
    
    
    
    
    
    
    
    
    $
    885,603Interest-bearing liabilitiesDeposits
    
    $
    676,187
    
    
    $
    5,943
    
    
    
    3.52
    %
    
    $
    643,257
    
    
    $
    7,316
    
    
    
    4.55
    %Borrowings
    
    
    87,553
    
    
    
    920
    
    
    
    4.20
    %
    
    
    133,081
    
    
    
    1,729
    
    
    
    5.20
    %Subordinated debt
    
    
    20,000
    
    
    
    325
    
    
    
    6.50
    %
    
    
    20,000
    
    
    
    390
    
    
    
    7.80
    %Total interest-bearing
liabilities
    
    
    783,740
    
    
    
    7,188
    
    
    
    3.67
    %
    
    
    796,338
    
    
    
    9,435
    
    
    
    4.74
    %Non-interest-bearing
liabilities
    
    
    33,127
    
    
    
    
    
    
    
    
    
    
    
    19,028Total liabilities
    
    $
    816,867
    
    
    
    
    
    
    
    
    
    
    $
    815,366Retained earnings
    
    
    69,593
    
    
    
    
    
    
    
    
    
    
    
    70,237Total liabilities and R.E.
    
    $
    886,460
    
    
    
    
    
    
    
    
    
    
    $
    885,603Net interest income
    
    
    
    
    
    $
    5,303
    
    
    
    
    
    
    
    
    
    
    $
    5,857Interest-rate spread
    
    
    
    
    
    
    
    
    
    
    2.45
    %
    
    
    
    
    
    
    
    
    
    
    2.60
    %Yield on interest-earning
assets
    
    
    
    
    
    
    
    
    
    
    2.60
    %
    
    
    
    
    
    
    
    
    
    
    2.81
    %Interest-earning assets to
interest-bearing
liabilities
    
    
    104.09
    %
    
    
    
    
    
    
    
    
    
    
    104.64
    %
 
 (1)
    
    Non-accruing loans are included in the average loan balances for the periods presented. Page 13




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##### 



RESULTS OF OPERATIONS continued
   September 30,
    
    
    June 30,2008
    
    
    2008(Dollars in thousands)Loans on non-accruing status (1):Real estate mortgages:One-to-four family residential
    
    $
    5,827
    
    
    $
    6,453Commercial
    
    
    4,118
    
    
    
    3,001Multi-family residential
    
    
    275
    
    
    
    152Construction and land
    
    
    16,922
    
    
    
    12,350Non real estate
    
    
    1,037
    
    
    
    533Total loans on non-accrual status:
    
    $
    28,179
    
    
    $
    22,489Ratio of non-performing loans to total loans
    
    
    3.91
    %
    
    
    3.09
    %Other non-performing assets (2)
    
    $
    7,942
    
    
    $
    4,065Total non-performing assets
    
    $
    36,121
    
    
    $
    26,554Total non-performing assets to total assets
    
    
    3.99
    %
    
    
    3.06
    %
 
 (1)
    
    Non-accrual status denotes loans on which, in the opinion of management, the collection of
additional interest is unlikely, or loans that meet the non-accrual criteria established by
regulatory authorities. Payments received on a non-accrual loan are either applied to the
outstanding principal balance or recorded as interest income, depending on an assessment of
the collectibility of the principal balance of the loan.(2)
    
    Other non-performing assets represent property acquired by the Bank through foreclosure or
repossession.  Page 14




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##### 



RESULTS OF OPERATIONS continued
        Page 15




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##### 



RESULTS OF OPERATIONS continued
    
 LIQUIDITY AND CAPITAL RESOURCES
  September 30, 2008
    
    Park View
    
    
    
    
    
    
    Requirement forFederal
    
    
    Percent of
    
    
    Well-Capitalized(dollars in thousands)
    
    Capital
    
    
    Assets(1)
    
    
    InstitutionTangible capital
    
    $
    83,272
    
    
    
    9.22
    %
    
    
    N/ATier-1 core capital
    
    $
    83,272
    
    
    
    9.22
    
    
    
    5.00
    %Tier-1 risk-based capital
    
    $
    83,272
    
    
    
    11.93
    
    
    
    6.00Total risk-based capital
    
    $
    89,347
    
    
    
    12.81
    
    
    
    10.00
 June 30, 2008
    
    Park View
    
    
    
    
    
    
    Requirement forFederal
    
    
    Percent of
    
    
    Well-Capitalized(dollars in thousands)
    
    Capital
    
    
    Assets(1)
    
    
    InstitutionTangible capital
    
    
    $83,972
    
    
    
    9.68
    %
    
    
    N/ATier-1 core capital
    
    
    $83,972
    
    
    
    9.68
    
    
    
    5.00
    %Tier-1 risk-based capital
    
    
    $83,972
    
    
    
    12.09
    
    
    
    6.00Total risk-based capital
    
    
    $90,286
    
    
    
    12.99
    
    
    
    10.00
 
 (1)
    
    Tangible and core capital levels are shown as a percentage of total adjusted assets;
risk-based capital levels are shown as a percentage of risk-weighted assets.        Page 16




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##### 



QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  
 
 CONTROLS AND PROCEDURES
  Page 17




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##### 



Page 18




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##### 



(a)
    
    N/A(b)
    
    N/A(c)
    
    The following table illustrates the repurchase of the Companys
common stock during the period ended September 30, 2008:
 (c) TotalNumber ofSharesPurchased as
    
    (d) Maximum Number(a) Total
    
    
    
    
    
    Part of
    
    of Shares that MayNumber of
    
    (b) Average
    
    Publicly
    
    Yet Be PurchasedShares
    
    Price Paid
    
    Announced Plans
    
    Under the Plans orPeriod
    
    Purchased
    
    per Share
    
    or Programs
    
    ProgramsJuly 1 through
July 31, 2008
    
    
    0
    
    
    $
    0.00
    
    
    
    0
    
    
    
    265,602August 1 through
August 31, 2008
    
    
    0
    
    
    $
    0.00
    
    
    
    0
    
    
    
    265,602September 1 through
September 30, 2008
    
    
    0
    
    
    $
    0.00
    
    
    
    0
    
    
    
    265,602Total
    
    
    0
    
    
    $
    0.00
    
    
    
    0
    
    
    
    265,602
      Page 19




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##### 



Exhibits
  31.1
    
    Rule 13a-14(a) Certification of Chief Executive Officer31.2
    
    Rule 13a-14(a) Certification of Chief Financial Officer32
    
    Section 1350 Certification
 Page 20




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##### 



Signature
  PVF Capital Corp.
(Registrant)Date:  November 7, 2008
    
    /s/ C. Keith SwaneyC. Keith SwaneyPresident, Chief Operating Officer and Treasurer

(Only authorized officer and Principal Financial Officer)