<PAGE>

                                 UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D. C.  20552

                                   FORM 10-Q


[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 1998.

[ ]  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                (I.R.S. Employer
  incorporation or organization)               Identification No.)

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

                               (440) 439-2200 
-------------------------------------------------------------------------------
           (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                           2,659,827
-----------------------------               -----------------------------------
           (Class)                            (Outstanding at April 30, 1998)


<PAGE>

                               PVF CAPITAL CORP.


                                     INDEX

<TABLE>
<CAPTION>
                                                                 Page
<C>           <S>                                                <C>
Part I        Financial Information
             
  Item 1      Financial Statements
             
              Consolidated Statements of Financial
              Condition, March 31, 1998 (unaudited)
              and June 30, 1997.                                   1
             
              Consolidated Statements of Operations for
              the three and nine months ended March 31,
              1998 and 1997 (unaudited).                           2
             
              Consolidated Statements of Cash Flows for
              the nine months ended March 31, 1998 and
              1997 (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                                   12
             
Part II       Other Information                                   12

</TABLE>

<PAGE>

PART I   FINANCIAL INFORMATION
ITEM 1


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

<TABLE>
<CAPTION>

                                                                   MARCH 31,             JUNE 30,
                             ASSETS                                  1998                  1997
                                                                 ------------          ------------
<S>                                                              <C>                   <C>
Cash and cash equivalents:
   Cash and amounts due from depository institutions               $7,444,750            $7,760,029
   Interest bearing deposits                                          366,003               445,401
   Federal funds sold                                              14,375,000             1,375,000
                                                                 ------------          ------------

Total cash and cash equivalents                                    22,185,753             9,580,430
Investment securities held to maturity, at cost                    13,000,000            13,995,350
Loans receivable, net                                             368,102,695           341,402,566
Loans receivable held for sale, net                                 1,509,945               709,604
Mortgage-backed securities held to maturity, net                    3,250,439               511,530
Office properties and equipment, net                                2,356,181             1,882,390
Real estate owned, net                                                874,637                     0
Real estate in development                                            938,071               909,758
Investment required by law
   Stock in the Federal Home Loan Bank of Cincinnati                3,445,634             2,762,314
Prepaid expenses and other assets                                   3,264,569             1,327,358
                                                                 ------------          ------------

Total Assets                                                     $418,927,924          $373,081,300
                                                                 ------------          ------------
                                                                 ------------          ------------


              LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
   Deposits                                                      $331,806,117          $288,269,674
   Advances from the Federal Home Loan Bank of Cincinnati          46,345,158            47,405,424
   Notes payable                                                    1,560,000             2,310,000
   Advances from borrowers for taxes and insurance                  2,794,798             4,511,595
   Accrued expenses and other liabilities                           6,247,254             4,311,191
                                                                 ------------          ------------

Total Liabilities                                                 388,753,327           346,807,884

Stockholders' Equity
   Serial preferred stock, none issued                                      0                     0
   Common stock                                                        26,598                25,556
   Paid in capital                                                 14,527,945            14,522,275
   Retained earnings-substantially restricted                      15,620,054            11,725,585
                                                                 ------------          ------------

Total Stockholders' Equity                                         30,174,597            26,273,416
                                                                 ------------          ------------

Total Liabilities and Stockholders' Equity                       $418,927,924          $373,081,300
                                                                 ------------          ------------
                                                                 ------------          ------------

</TABLE>

See accompanying notes to consolidated financial statements

                                    PAGE 1

<PAGE>

PART I   FINANCIAL INFORMATION
ITEM 1


                              PVF CAPITAL CORP.
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (UNAUDITED)

<TABLE>
<CAPTION>

                                                                     THREE MONTHS ENDED            NINE MONTHS ENDED
                                                                           MARCH 31,                   MARCH 31,
                                                                ----------------------------  ----------------------------
                                                                    1998           1997           1998           1997
<S>                                                             <C>            <C>            <C>            <C>
Interest income
   Loans                                                         $8,280,263     $7,412,874    $24,382,174    $21,715,444
   Mortgage-backed securities                                        52,476          9,837        105,905        275,304
   Cash and investment securities                                   380,368        310,403        990,292        941,006

                                                                 ----------     ----------    -----------    -----------
      Total interest income                                       8,713,107      7,733,114     25,478,371     22,931,754
                                                                 ----------     ----------    -----------    -----------

Interest expense
   Deposits                                                       4,167,891      3,472,768     12,513,402     10,458,590
   Borrowings                                                       692,790        660,824      1,812,711      1,790,062
                                                                 ----------     ----------    -----------    -----------

      Total interest expense                                      4,860,681      4,133,592     14,326,113     12,248,652
                                                                 ----------     ----------    -----------    -----------

      Net interest income                                         3,852,426      3,599,522     11,152,258     10,683,102

Provisions for loan losses                                          106,000        107,000        201,000        107,000

                                                                 ----------     ----------    -----------    -----------
      Net interest income after provision for loan losses         3,746,426      3,492,522     10,951,258     10,576,102
                                                                 ----------     ----------    -----------    -----------

Noninterest income, net
   Service and other fees                                           150,361        114,441        414,909        356,033
   Mortgage banking activities, net                                 283,071        313,666        670,327        501,979
   Other, net                                                        27,189         36,138        167,846        135,078

                                                                 ----------     ----------    -----------    -----------
      Total noninterest income, net                                 460,621        464,245      1,253,082        993,090
                                                                 ----------     ----------    -----------    -----------

Noninterest expense
   Compensation and benefits                                      1,165,832      1,119,916      3,418,264      3,286,005
   Office, occupancy, and equipment                                 412,234        411,508      1,199,779      1,202,793
   Federal deposit insurance special assessment                           0              0              0      1,707,867
   Other                                                            595,542        565,524      1,665,253      1,723,369

                                                                 ----------     ----------    -----------    -----------
      Total noninterest expense                                   2,173,608      2,096,948      6,283,296      7,920,034
                                                                 ----------     ----------    -----------    -----------

      Income before federal income tax provision                  2,033,439      1,859,819      5,921,044      3,649,158

Federal income tax provision                                        699,745        637,949      2,024,745      1,256,949

                                                                 ----------     ----------    -----------    -----------
      Net income                                                 $1,333,694     $1,221,870     $3,896,299     $2,392,209

Basic earnings per share                                              $0.50          $0.48          $1.49          $0.94
                                                                      -----          -----          -----          -----
                                                                      -----          -----          -----          -----

Diluted earnings per share                                            $0.48          $0.45          $1.43          $0.88
                                                                      -----          -----          -----          -----
                                                                      -----          -----          -----          -----

</TABLE>

See accompanying notes to consolidated financial statements

                                    PAGE 2

<PAGE>

PART I   FINANCIAL INFORMATION
ITEM 1


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

<TABLE>
<CAPTION>

                                                                                                        NINE MONTHS ENDED
                                                                                                           MARCH 31ST,
                                                                                                 --------------------------------
                                                                                                     1998                1997
                                                                                                     ----                ----
<S>                                                                                              <C>                 <C>
OPERATING ACTIVITIES
   Net Income                                                                                     $3,896,299          $2,392,209
   Adjustments to reconcile net income to net cash provided by operating activities
      Accretion of discount on securities                                                             (4,650)               (937)
      Depreciation and amortization                                                                  361,091             353,947
      Provision for losses on loans                                                                  201,000             107,000
      Provision for lower of cost or market adjustment on loans held for sale                              0              81,930
      Accretion of unearned discount and deferred loan origination fees, net                        (925,914)         (1,111,012)
      Change in loans receivable held for sale, net                                                 (421,289)          9,997,799
      Gain on sale of loans, net                                                                    (379,052)           (347,241)
      Loss on mortgage-backed securities available for sale, net                                           0              65,086
      Gain on disposal of real estate owned, net                                                     (17,841)                  0
      Change in accrued interest on investments, loans, and borrowings, net                          (66,190)           (235,753)
      Change in other assets and other liabilities, net                                           (2,184,470)         (2,242,551)

                                                                                                 -----------         -----------
               Net cash provided by operating activities                                             458,984           9,060,477
                                                                                                 -----------         -----------

INVESTING ACTIVITIES
      Loan and mortgage-backed securities repayments and originations, net                       (26,502,364)        (54,030,566)
      Proceeds from mortgage-backed securities available for sale                                          0          12,738,470
      Mortgage-backed securities held to maturity purchases, net                                  (3,017,178)                  0
      Investment securities held to maturity purchases                                           (13,000,000)                  0
      Investment securities maturities                                                            14,000,000             100,000
      Disposal of real estate owned properties                                                       484,366                   0
      FHLB stock purchases dividends, net                                                           (683,320)           (603,790)
      Office properties and equipment (purchases) sales, net                                        (834,882)            275,070
      Change in real estate in development, net                                                      (28,313)            (49,894)

                                                                                                 -----------         -----------
               Net cash used in investing activities                                             (29,581,691)        (41,570,710)
                                                                                                 -----------         -----------

FINANCING ACTIVITIES
      Net increase (decrease) in demand deposits, NOW, and passbook savings                        2,229,338          (1,183,665)
      Net increase in time deposits                                                               41,304,076           3,673,996
      Net increase (decrease) in FHLB advances                                                    (1,060,266)         21,443,263
      Repayment of notes payable                                                                    (750,000)           (300,000)
      Proceeds from exercise of stock options                                                          7,023                   0
      Cash paid in lieu of fractional shares                                                          (2,141)             (1,349)

                                                                                                 -----------         -----------
               Net cash provided by financing activities                                          41,728,030          23,632,245
                                                                                                 -----------         -----------


Net increase (decrease) in cash and cash equivalents                                              12,605,323          (8,877,988)

Cash and cash equivalents at beginning of period                                                   9,580,430          13,790,216
                                                                                                 -----------         -----------
Cash and cash equivalents at end of period                                                       $22,185,753          $4,912,228
                                                                                                 -----------         -----------
                                                                                                 -----------         -----------

</TABLE>

See accompanying notes to consolidated financial statements

                                    PAGE 3

<PAGE>

Part I   Financial Information
Item 1


                              PVF CAPITAL CORP.

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                           MARCH 31, 1998 AND 1997
                                 (UNAUDITED)

1.   The accompanying consolidated interim financial statements were prepared in
accordance with regulations of the Securities and Exchange Commission for Form
10-Q.  All information in the consolidated interim financial statements is
unaudited except for the June 30, 1997 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 nine months ended March 31, 1998 are not necessarily
indicative of the results to be expected for the entire year ending June 30,
1998.  The results of operations for PVF Capital Corp. ("PVF" or the "Company")
for the periods being reported have been derived primarily from the results of
operation of Park View Federal Savings Bank (the "Bank").  PVF Capital Corp.'s
common stock is traded on the NASDAQ SMALL-CAP ISSUES under the symbol PVFC.

2.   Legislation was signed into law on September 30, 1996 to recapitalize the
Savings Association Insurance Fund ("SAIF") that required SAIF-insured savings
institutions to pay a one-time special assessment of 65.7 cents for every $100
of deposits.  This assessment was charged against earnings for the quarter ended
September 30, 1996 and resulted in a pre-tax charge to the Company of
approximately $1,708,000 and is reflected in the Statement of Operation for the
nine-month period ended March 31, 1997.

3.   PVF Holdings Inc., a newly formed subsidiary of PVF Capital Corp., made a
$301,000 investment in two companies that will combine to provide professional
financial planning and investment services to both individuals and small
businesses throughout the Park View Federal branch system.

4.   Recently Issued Accounting Standards

SFAS No. 130, "Reporting Comprehensive Income" was issued in June, 1997 and is
effective for fiscal years beginning after December 15, 1997.  The Statement
requires additional reporting of items that affect comprehensive income but not
net income.  Examples of these items relevant to the Company include unrealized
gains and losses on securities.  At this time, the Company does not have other
comprehensive income to be reported.

                                    PAGE 4

<PAGE>

Part I   Financial Information
Item 1


SFAS No. 131, "Disclosures about Segments of an Enterprise and Related
Information" was issued in June, 1997 and is effective for fiscal years
beginning after December 15, 1997.  The statement requires financial disclosure
and descriptive information about reportable operating segments.  Upon its
adoption, this statement will result in additional financial statement
disclosures.

5.   In February 1997, the FASB issued SFAS No. 128, Earnings per Share which
supersedes Accounting Principles Board (APB) No. 15, Earnings per Share and
replaces the presentation of primary and fully diluted earnings per share with
basic and diluted earnings per share.  SFAS No. 128 was issued to simplify the
computation of earnings per share and make the U.S. standard more compatible
with the earnings per share standards of other countries and that of the
International Accounting Standards Committee (IASC).  SFAS No. 128 is effective
for financial statements for both interim and annual periods ending after
December 15, 1997.  The following table discloses EPS pursuant to SFAS No. 128
for the three and nine months ended March 31, 1998 and March 31, 1997.

<TABLE>
<CAPTION>

                                                                   Three months ended March 31,
                                                           1998                                      1997
                                        ----------------------------------------     ----------------------------------------
                                           Income       Shares         Per-Share        Income       Shares         Per-Share
                                        (Numerator)  (Denominator)       Amount      (Numerator)  (Denominator)       Amount 
                                        -----------  -------------     ---------     -----------  -------------     ---------
<S>                                     <C>          <C>               <C>           <C>          <C>               <C>
BASIC EPS
 Income available to
  common stockholders                   $1,333,694      2,659,640         $ 0.50     $1,221,870      2,555,562         $ 0.48

EFFECT OF DILUTIVE SECURITIES
 Stock options                                            101,331           0.02                       176,279           0.03

DILUTED EPS
 Income available to
  common stockholders                   $1,333,694      2,760,971         $ 0.48     $1,221,870      2,731,841         $ 0.45


<CAPTION>
                                                                    Nine months ended March 31,
                                                           1998                                      1997
                                        ----------------------------------------     ----------------------------------------
                                           Income       Shares         Per-Share        Income       Shares         Per-share
                                        (Numerator)  (Denominator)       Amount      (Numerator)  (Denominator)       Amount 
                                        -----------  -------------     ---------     -----------  -------------     ---------
<S>                                     <C>          <C>               <C>           <C>          <C>               <C>
BASIC EPS
 Income available to
  common stockholders                   $3,896,299      2,615,239         $ 1.49     $2,392,209      2,555,562         $ 0.94

EFFECT OF DILUTIVE SECURITIES
 Stock options                                            101,331           0.06                       176,279           0.06

DILUTED EPS
 Income available to
  common stockholders                   $3,896,299      2,716,570         $ 1.43     $2,392,209      2,731,841         $ 0.88

</TABLE>

                                    PAGE 5

<PAGE>

Part I   Financial Information
Item 2


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

The following analysis discusses changes in financial condition and results of
operations at and for the three-month and nine-month periods ended March 31,
1998 for PVF Capital Corp. ("PVF" or the "Company") and Park View Federal
Savings Bank (the "Bank"), its principal and wholly-owned subsidiary.

FORWARD-LOOKING STATEMENTS

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

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

FINANCIAL CONDITION

Consolidated assets of PVF were $418.9 million as of March 31, 1998, an increase
of approximately $45.8 million or 12.3% as compared to June 30, 1997.  The Bank
remained in regulatory capital compliance for tangible, core, and risk-based
capital on a fully phased-in basis with capital levels of 7.21%, 7.21% and
10.68% respectively at March 31, 1998.

During the nine months ended March 31, 1998, the Company's cash and cash
equivalents, which consist of cash, interest-bearing deposits and federal funds
sold, increased $12.6 million or 131.6% as compared to June 30, 1997.  The
change in the Company's cash and cash equivalents consisted of a decrease in
cash and interest-bearing deposits of $0.4 million and an increase in federal
funds sold of $13.0 million.


                                    PAGE 6

<PAGE>

Part I   Financial Information
Item 2


FINANCIAL CONDITION CONTINUED

The net $30.2 million, or 8.8%, increase in loans receivable and 
mortgage-backed securities during the nine months ended March 31, 1998, 
resulted from an increase in loans receivable of $27.5 million and an 
increase in mortgage-backed securities of $2.7 million.  The increase of 
$27.5 million in loans receivable included increases of $15.6 million in 
single-family mortgage loans, $10.0 million in commercial real estate loans, 
$2.3 million in construction loans, $1.3 million in home equity loans, $0.3 
million in land loans, $0.2 million in installment loans, and a decrease of 
$2.2 million in multi-family mortgage loans.  The increase in mortgage-backed 
securities of $2.7 million was the result of the purchase of a $3.0 million 
security less payments received of $0.3 million.  The growth of the loan 
portfolio was as anticipated and resulted in no material change to the 
composition of the portfolio.

The increase in office properties and equipment of $0.5 million 
was primarily the result of the opening of a new branch office in Chardon, Ohio.
The increase in Federal Home Loan Bank of Cincinnati stock of $0.7 million is
the result of the purchase of $0.5 million in additional stock and stock
dividend payments received of $0.2 million.   The increase in prepaid expenses
and other assets of $1.9 million is primarily the result of the Bank's
commitment to invest $1.3 million in a low-income affordable housing partnership
on an installment basis through the year 2005 along with an increase in prepaid
maintenance agreements of $0.3 million.  The increase of $0.9 million in real
estate owned ("REO") is the result of the foreclosure on two loans made to one
borrower and the subsequent acquisition into REO of the fully developed building
lots securing these loans.

During the nine months ended March 31, 1998, the opening of a new branch office
along with management's decision to compete aggressively with market savings
rates for additional deposits resulted in an increase of $43.5 million, or
15.1%, in deposits.  The decrease in notes payable resulted from management's
decision to prepay $0.7 million, or 32.5%, in notes held by the Company.

The decrease in advances from borrowers for taxes and insurance of $1.7 million,
or 38.0%, is due to timing differences between the collection and payment of
escrow funds.  The increase of $1.9 million in accrued expenses and other
liabilities is primarily the result of the Bank's obligation to make future
installment payments on its investment in the low-income affordable housing
limited partnership.  

The increase in savings deposits of $43.5 million was used to fund the increase
in loans receivable of $27.5 million, purchase a mortgage-backed security of
$3.0 million, repay $1.0 million in Federal Home Loan Bank advances, and support
the increase in cash and cash equivalents of $12.6 million.


                                    PAGE 7

<PAGE>

Part I   Financial Information
Item 2


RESULTS OF OPERATIONS    Three months ended March 31, 1998
                         Compared to the three months ended
                         March 31, 1997.

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

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

The Company's net income for the three months ended March 31, 1998 was
$1,333,694.  This represents a 9.1% increase when compared with the prior year
comparable period.  

Net interest income for the three months ended March 31, 1998 increased by 
$252,900, or 7.0%, as compared to the prior year comparable period, primarily 
due to an increase of $980,000, or 12.7%, in interest income that resulted 
from an increase of $42.0 million in the average balance of the loan and 
mortgage-backed securities portfolios and an increase in the average balance 
of the investment portfolio of $5.3 million.  This increased balance was 
partially offset by a 10 basis point decrease in the return on 
interest-earning assets from the prior year comparable period.  The average 
balance on deposits and advances increased by $46.2 million from the prior 
year comparable period.  This increased balance in addition to a 16 basis 
point increase in the average cost of funds for the current period resulted 
in an overall increase in interest expense of $727,100, or 17.6%.  The 
Company's net interest income increased despite a decrease of 26 basis points 
in the Company's interest-rate spread during the current period as compared 
to the prior year comparable period because of balance sheet growth in both 
interest-earning assets and interest-bearing liabilities.

For the three months ended March 31, 1998 and 1997, provisions for loan losses
of $106,000 and $107,000, respectively, were recorded.  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 


                                    PAGE 8

<PAGE>

Part I   Financial Information
Item 2

RESULTS OF OPERATIONS CONTINUED

portfolio.  After reviewing current economic conditions, changes to the size 
and composition of the loan portfolio, changes in delinquency status, levels 
of non-accruing loans, non-performing assets, impaired loans, and actual loan 
losses incurred by the Company, management establishes an appropriate reserve 
percentage applicable to each category of loans, and a provision for loan 
losses is recorded when necessary to bring the allowance to a level 
consistent with this analysis. Management believes it uses the best 
information available to make a determination as to the adequacy of the 
allowance for loan losses.

During the three months ended March 31, 1998, the Company experienced 
decreases in the levels of impaired loans and classified assets of $0.7 
million and $0.5 million, respectively. Despite these decreases, growth in 
the loan portfolio of $4.1 million and net charge-offs of $105,000 made it 
necessary to record a provision for loan losses of $106,000 in the current 
period.   For the three months ended March 31, 1997, the Company experienced 
increases in the levels of impaired loans and classified assets of $1.3 
million and $0.6 million, respectively.  The increase in impaired loans and 
classified assets along with growth in the loan portfolio of $9.4 million and 
net charge-offs of $38,000 made it necessary to record a provision for loan 
losses of $107,000 in the period.  At March 31, 1998, the allowance for loan 
losses was $2.7 million, which represented 130.2% of nonperforming loans and 
0.7% of net loans.

For the three months ended March 31, 1998, noninterest income decreased $3,600,
or 0.8%, from the prior year comparable period.  This resulted from a decrease
of $30,600, or 9.8%, in income from mortgage-banking activities that resulted
from a decrease in net servicing income of $32,100 in the current period
attributable to the amortization of the servicing asset.  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.  Loan and other fees increased by $35,900, or
31.4%, from the prior year comparable period, primarily due to increases in NOW
account fee income.  Other noninterest income, net, decreased by $8,900, or
24.8%, from the previous year's comparable period, primarily due to a gain
recognized on the sale of real estate in the prior period.

Noninterest expense for the three months ended March 31, 1998 increased by 
$76,700, or 3.7%, from the prior year comparable period.  This was primarily 
the result of a $45,900, or 4.1%, increase in compensation and benefits 
attributable to increased staffing, employee 401K benefits, incentive bonuses 
paid, and salary and wage adjustments.  In addition, other noninterest 
expense increased by $30,000, or 5.3%, primarily attributable to increased 
advertising expenses in the current period.


                                    PAGE 9

<PAGE>

Part I   Financial Information
Item 2

RESULTS OF OPERATIONS CONTINUED

The federal income tax provision for the three month period ended March 31, 1998
increased to an effective rate of 34.4% for the current period from an effective
rate of 34.3% for the prior year comparable period.

RESULTS OF OPERATIONS    Nine months ended March 31, 1998
                         Compared to the nine months ended
                         March 31, 1997.

The Company's net income for the nine months ended March 31, 1998 was 
$3,896,300.  This represents a 62.9% increase when compared with the prior 
year comparable period.  The increase for the current period is primarily due 
to a one-time charge of approximately $1,708,000, or $1,127,000 after tax, 
representing a special assessment of 65.7 basis points on the Bank's deposits 
held as of March 31, 1995, as a result of the legislation enacted to 
recapitalize the Savings Association Insurance Fund.  The Company's operating 
income excluding this assessment for the nine-month period ended March 31, 
1997 was $3,519,200.  Comparing this amount to earnings from operations for 
the nine-month period ended March 31, 1998 resulted in an increase of 
$377,100, or 10.7%, for the current year comparable period.

Net interest income for the nine months ended March 31, 1998 increased by
$469,100, or 4.4%, resulting from an increase of $2,546,600, or 11.1%, in
interest income that resulted from an increase of $43.7 million in the average
balance of the loan and mortgage-backed securities portfolios along with an
increase in the average balance of the investment portfolio of $1.7 million. 
This increased balance was partially offset by a 20 basis point decrease in the
return on interest-earning assets from the prior year comparable period.  The
average balance on deposits and advances increased by $42.2 million from the
prior year comparable period.  This increased balance, in addition to a 17 basis
point increase in the average cost of funds for the current period, resulted in
an overall increase in interest expense of $2,077,500, or 17.0%.  Despite a
decrease of 37 basis points in the Bank's interest-rate spread during the
current period, as compared to the prior year comparable period, the Bank's net
interest income increased due to balance sheet growth in both interest-earning
assets and interest-bearing liabilities.

For the nine months ended March 31, 1998 and 1997, provisions for loan losses of
$201,000 and $107,000, respectively, were recorded.  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 


                                    PAGE 10

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Part I   Financial Information
Item 2

RESULTS OF OPERATIONS CONTINUED

delinquency status, levels of non-accruing loans, non-performing assets, 
impaired loans, and actual loan losses incurred by the Company, management 
establishes an appropriate reserve percentage applicable to each category of 
loans, and a provision for loan losses is recorded when necessary to bring 
the allowance to a level consistent with this analysis. Management believes 
it uses the best information available to make a determination as to the 
adequacy of the allowance for loan losses.

During the nine months ended March 31, 1998, the Company experienced 
decreases in the levels of impaired loans and classified assets of $2.2 
million and $0.9 million, respectively. Despite these decreases, growth in 
the loan portfolio of $27.5 million and net charge-offs of $115,000 made it 
necessary to record a provision for loan losses of $201,000 in the current 
period.   For the nine months ended March 31, 1997, the Company experienced 
an increase in the level of impaired loans of $0.8 million, while classified 
assets remained approximately the same.  The increase in impaired loans along 
with growth in the loan portfolio of $40.7 million and net charge-offs of 
$43,000 made it necessary to record a provision for loan losses of $107,000 
in the period.  At March 31, 1998, the allowance for loan losses was $2.7 
million, which represented 130.2% of nonperforming loans and 0.7% of net 
loans.

For the nine months ended March 31, 1998, noninterest income increased 
$260,000, or 26.2%, from the prior year comparable period.  This was 
primarily attributable to an increase of $168,300, or 33.5%, in income from 
mortgage-banking activities that resulted from an increase in gains on the 
sale of loans available for sale and mortgage-backed securities available for 
sale of $178,800 from the prior year comparable period, and a decrease in net 
servicing income of $10,500 in the current period attributable to the 
amortization of the servicing asset.  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.  Loan and other fees increased by $58,900, or 16.5%, 
from the prior year comparable period primarily due to increases in NOW 
account fee income.  Other noninterest income, net, increased by $32,800, or 
24.3%, from the previous year's comparable period, primarily due to an 
increase in rental income in the current period.

Noninterest expense for the nine months ended March 31, 1998 decreased by $1.6
million, or 20.7%, from the prior year comparable period.  This was primarily
the result of the previously noted federal deposit insurance special assessment
of $1,708,000.  In addition, a $132,200, or 4.0%, increase in compensation and
benefits was attributable to increased staffing, employee 401K benefits,
incentive bonuses paid, and salary and wage adjustments.


                                    PAGE 11

<PAGE>

Part I   Financial Information
Item 2

RESULTS OF OPERATIONS CONTINUED

The federal income tax provision for the nine-month period ended March 31, 1998
decreased to an effective rate of 34.2% for the current period from an effective
rate of 34.4% for the prior year comparable period.

LIQUIDITY AND CAPITAL RESOURCES

The Bank is required by federal regulations to maintain specific levels of
"liquid" assets consisting of cash and other eligible investments.  The current
level of liquidity required by the Office of Thrift Supervision is 4% of the sum
of net withdrawable savings and borrowings due within one year.  The Bank's
liquidity at March 31, 1998 was 9.6%.  Management believes the Bank has
sufficient liquidity to meet its operational needs.


Part I   Financial Information
Item 3

          QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no significant changes to the Company's interest rate risk
position or any changes to how the Company manages its Asset/Liability position
since June 30, 1997.


Part II.  Other Information

Item 6.   Exhibits and Reports on Form 8-K

     (a)  PVF did not file any reports on Form 8-K
          during the quarter ended March 31, 1998.  


                                    PAGE 12

<PAGE>

                                  SIGNATURE

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

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


Date:  May 12, 1998                     /s/ C. Keith Swaney 
      ---------------                  -------------------------------
                                       C. Keith Swaney
                                       Vice President and Treasurer