<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 2005

                                       OR

              [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


                        Commission File Number 000-51209
                                               ---------

                               OC FINANCIAL, INC.
        (Exact name of small business issuer as specified in its charter)

              Maryland                                        20-2111183
(State or other jurisdiction of                           (I.R.S. Employer
 incorporation or organization)                         Identification Number)

6033 Perimeter Drive
Dublin, Ohio                                                    43017
(Address of principal executive offices)                      (Zip Code)

Issuer's telephone number, including area code (800) 678-6228.

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 [ ]

State the number of shares outstanding of each of the issuer's classes of common
stock, as of the last practicable date.

               Class                            Outstanding at June 30, 2005
   Common Stock,  $.01 Par Value                           560,198

          Transitional Small Business Disclosure Format YES [ ] NO [X]

<PAGE>

                               OC FINANCIAL, INC.

                          Form 10-QSB Quarterly Report

                                Table of Contents


                          PART I. FINANCIAL INFORMATION

                                                                     Page Number

Item 1.         Financial Statements ......................................    1
Item 2.         Management's Discussion and Analysis of Financial
                  Condition and Results of Operations......................   10
Item 3.         Controls and Procedures....................................   20

                           PART II. OTHER INFORMATION

Item 1.         Legal Proceedings..........................................   21
Item 2.         Unregistered Sales of Equity Securities and
                  Use of Proceeds..........................................   21
Item 3.         Defaults Upon Senior Securities............................   21
Item 4.         Submission of Matters to a Vote of Security Holders........   21
Item 5.         Other Information..........................................   21
Item 6.         Exhibits...................................................   21

Signature Page     ........................................................   22

<PAGE>
<TABLE>
<CAPTION>

                                        PART I: FINANCIAL INFORMATION; Item 1

                                                 OC FINANCIAL, INC.
                                             CONSOLIDATED BALANCE SHEETS
                                        June 30, 2005 and September 30, 2004


                                                                                    June 30,        September 30,
                                                                                      2005               2004
                                                                                      ----               ----
                                                                                  (UNAUDITED)
<S>                                                                             <C>                <C>
ASSETS

Cash and due from financial institutions                                        $     1,198,550    $        665,049
Federal funds sold                                                                    2,108,000           3,820,000
                                                                                ---------------    ----------------
     Total cash and cash equivalents                                                  3,306,550           4,485,049
Investment in mutual funds                                                                                   58,196
Certificates of deposit in other financial institutions                                  99,000              99,000
Securities held to maturity (fair value:  6/30/05 - $26,178,231;
9/30/04 - $22,961,177)                                                               26,294,356          22,970,895
Securities available for sale                                                                 0                   0
Federal Home Loan Bank stock                                                            712,400             688,900
Loans, net of allowance of $203,328 at June 30, 2005 and
   $230,585 at September 30, 2004                                                    28,245,921          26,104,278
Loans held for sale                                                                           0              92,296
Premises and equipment, net                                                             684,895             732,892
Accrued interest receivable                                                             212,207             181,177
Prepaid expenses                                                                         83,390              70,627
Other assets                                                                            132,034              84,072
                                                                                ---------------    ----------------

     Total assets                                                               $    59,770,753    $     55,567,382
                                                                                ===============    ================

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits
     Savings deposits                                                           $    13,273,951    $     13,687,434
     Demand deposits                                                                  6,270,159           6,838,187
     Money market deposits                                                            2,536,510           3,007,420
     Time deposits                                                                   10,591,407           8,727,589
                                                                                ---------------    ----------------
         Total deposits                                                              32,672,027          32,260,630
Federal Home Loan Bank advances                                                      16,450,000          16,450,000
Payments collected on loans sold                                                      2,245,816           1,946,878
Accrued interest payable                                                                 68,115              67,342
Drafts in process                                                                       668,431             798,860
Other liabilities                                                                       239,189             289,242
                                                                                ---------------    ----------------
     Total liabilities                                                               52,343,578          51,812,952

Commitments and contingent liabilities

Preferred stock, $0.01 par value; 5,000,000 shares authorized,
    0 shares issued and outstanding                                                           0                   0
Common stock, $0.01 par value; 2005 - 15,000,000 shares authorized,
    560,198 shares issued and outstanding; 2004 - 1,000 shares
    authorized, issued and outstanding                                                    5,602                  10
Additional paid-in capital                                                            4,949,797             274,990
Unearned ESOP shares                                                                   (448,150)                  0
Retained earnings                                                                     2,919,926           3,479,430
Accumulated other comprehensive income (loss)                                                 0                   0
                                                                                ---------------    ----------------
     Total shareholders' equity                                                       7,427,175           3,754,430
                                                                                ---------------    ----------------

     Total liabilities and shareholders' equity                                 $    59,770,753    $     55,567,382
                                                                                ===============    ================


                            See accompanying notes to consolidated financial statements.
</TABLE>

                                                          1
<PAGE>
<TABLE>
<CAPTION>

                                                 OC FINANCIAL, INC.
                                          CONSOLIDATED STATEMENTS OF INCOME
                                  For the Three Months Ended June 30, 2005 and 2004
                                                     (Unaudited)


                                                                                  For the three      For the three
                                                                                   months ended       months ended
                                                                                     June 30,           June 30,
                                                                                       2005               2004
                                                                                       ----               ----
<S>                                                                               <C>               <C>
INTEREST INCOME
     Loans, including fees                                                        $      370,373    $       394,301
     Securities and other investments                                                    338,684            268,950
     Federal funds sold and other                                                         18,312              7,568
                                                                                  --------------    ---------------
                                                                                         727,369            670,819

INTEREST EXPENSE
     Deposits                                                                            147,454            124,328
     Federal Home Loan Bank advances                                                     218,463            196,550
                                                                                  --------------    ---------------
                                                                                         365,917            320,878
                                                                                  --------------    ---------------

NET INTEREST INCOME                                                                      361,452            349,941
Provision for loan losses                                                                 12,000              5,000
                                                                                  --------------    ---------------
NET INTEREST INCOME AFTER PROVISION FOR
  LOAN LOSSES                                                                            349,452            344,941

NONINTEREST INCOME
     Service charges and other deposit fees                                               88,175            104,703
     Gain (loss) on loan sales                                                            (3,878)            48,217
     Gain on sale of securities                                                            4,632                  0
     Income from servicing of loans                                                       55,303             34,262
     Visa and ATM interchange income                                                      12,909             17,469
     Other                                                                                12,039              5,209
                                                                                  --------------    ---------------
                                                                                         169,180            209,860

NONINTEREST EXPENSE
     Compensation and benefits                                                           282,117            270,882
     Occupancy and equipment                                                              30,031             27,701
     Depreciation and amortization                                                        29,718             28,080
     Computer processing expense                                                          23,428             22,109
     VISA and ATM expense                                                                 24,329             27,779
     Bank service charges                                                                 19,871             20,643
     Collection and loan expense                                                           7,251              8,035
     Advertising and promotion                                                            32,371             51,896
     Other insurance premiums                                                              4,896              7,858
     Professional and supervisory fees                                                    30,311             12,700
     State franchise tax expense                                                          10,725             11,375
     Other                                                                                55,981             62,017
                                                                                  --------------    ---------------
                                                                                         551,029            551,075
                                                                                  --------------    ---------------

INCOME (LOSS) BEFORE INCOME TAXES                                                        (32,397)             3,726

Income tax expense (benefit)                                                             (11,092)             1,344
                                                                                  ---------------   ---------------

NET INCOME (LOSS)                                                                 $      (21,305)   $         2,382
                                                                                  ===============   ===============

Basic earnings (loss) per share since conversion                                  $        (0.04)
                                                                                  ===============
Diluted earnings (loss) per share since conversion                                $        (0.04)
                                                                                  ===============


                           See accompanying notes to consolidated financial statements.
</TABLE>

                                                          2
<PAGE>
<TABLE>
<CAPTION>

                                                 OC FINANCIAL, INC.
                                          CONSOLIDATED STATEMENTS OF INCOME
                                  For the Nine Months Ended June 30, 2005 and 2004
                                                     (Unaudited)


                                                                                   For the nine      For the nine
                                                                                   months ended      months ended
                                                                                     June 30,          June 30,
                                                                                       2005              2004
                                                                                       ----              ----
<S>                                                                               <C>               <C>
INTEREST INCOME
     Loans, including fees                                                        $    1,071,713    $     1,212,818
     Securities and other investments                                                    935,562            787,314
     Federal funds sold and other                                                         33,881             14,091
                                                                                  --------------    ---------------
                                                                                       2,046,156          2,014,223

INTEREST EXPENSE
     Deposits                                                                            427,596            374,369
     Federal Home Loan Bank advances                                                     631,304            582,307
                                                                                  --------------    ---------------
                                                                                       1,058,900            956,676

NET INTEREST INCOME                                                                      987,256          1,057,547
Provision for loan losses                                                                 12,000             35,000
                                                                                  --------------    ---------------

NET INTEREST INCOME AFTER PROVISION FOR
  LOAN LOSSES                                                                            975,256          1,022,547

NONINTEREST INCOME
     Service charges and other deposit fees                                              267,616            301,703
     Gain on loan sales                                                                  106,855            266,062
     Gain on sale of securities                                                            4,632                  0
     Income from servicing of loans                                                      119,624            100,941
     Visa and ATM interchange income                                                      48,319             48,624
     Other                                                                                54,223             23,243
                                                                                  --------------    ---------------
                                                                                         601,269            740,573
NONINTEREST EXPENSE
     Compensation and benefits                                                           839,408            847,363
     Occupancy and equipment                                                              86,672             87,656
     Depreciation and amortization                                                        88,666             83,271
     Computer processing expense                                                          65,253             72,173
     VISA and ATM expense                                                                 78,050             69,049
     Bank service charges                                                                 59,013             56,308
     Collection and loan expense                                                          23,267             26,132
     Advertising and promotion                                                           101,482            150,834
     Other insurance premiums                                                             14,357             25,455
     Professional and supervisory fees                                                    89,511             38,706
     State franchise tax expense                                                          33,150             31,703
     Other                                                                               162,118            189,728
                                                                                  --------------    ---------------
                                                                                       1,640,947          1,678,378
                                                                                  --------------    ---------------

INCOME (LOSS) BEFORE INCOME TAXES                                                        (64,422)            84,742

Income tax expense (benefit)                                                             (21,919)            29,920
                                                                                  ---------------   ---------------

NET INCOME (LOSS)                                                                 $      (42,503)   $        54,822
                                                                                  ===============   ===============

Basic earnings (loss) per share since conversion                                  $        (0.04)
                                                                                  ===============
Diluted earnings (loss) per share since conversion                                $        (0.04)
                                                                                  ===============


                            See accompanying notes to consolidated financial statements.
</TABLE>

                                                          3
<PAGE>
<TABLE>
<CAPTION>

                                                         OC FINANCIAL, INC.
                                           CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
                                              Three Months ended June 30, 2005 and 2004
                                                             (unaudited)


                                                                                                      Accumulated
                                                          Additoinal                                      Other            Total
                                            Common         Paid in         Retained      Unearned     Comprehensive    Shareholders'
                                             Stock         Capital         Earnings        ESOP       Income (Loss)        Equity
<S>                                       <C>           <C>             <C>             <C>            <C>            <C>
BALANCE AT MARCH 31, 2004                 $       10    $    274,990    $  3,507,159    $        0     $        0     $  3,782,159

Net income for the three months
    ended June 30, 2004                                                        2,382                                         2,382
                                          ----------    ------------    ------------    ----------     ----------     ------------

BALANCE AT JUNE 30, 2004                  $       10    $    274,990    $  3,509,541    $        0     $        0     $  3,784,541
                                          ==========    ============    ============    ==========     ==========     ============

BALANCE AT MARCH 31, 2005                 $    5,602    $  5,017,310    $  2,941,231    $ (448,150)    $  (21,896)    $  7,494,097

Capital transfer for conversion costs              0         (67,512)              0             0              0          (67,512)
Interest paid to OCF on ESOP loan                  0               0               0             0              0                0
Unearned ESOP shares                               0               0               0             0              0                0
Accumulated other comprehensive
    income (loss)                                  0               0               0             0         21,896           21,896
Net income (loss) for the three
    months ended June 30, 2005                                               (21,305)                                      (21,305)
                                          ----------    ------------    ------------    ----------     ----------     ------------

BALANCE AT JUNE 30, 2005                  $    5,602    $  4,949,797    $  2,919,926    $ (448,150)    $        0     $  7,427,176
                                          ==========    ============    ============    ==========     ==========     ============


                                    See accompanying notes to consolidated financial statements.
</TABLE>

                                                                  4
<PAGE>
<TABLE>
<CAPTION>

                                                         OC FINANCIAL, INC.
                                           CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
                                              Nine Months ended June 30, 2005 and 2004
                                                             (unaudited)


                                                                                                      Accumulated
                                                          Additoinal                                      Other            Total
                                            Common         Paid in         Retained      Unearned     Comprehensive    Shareholders'
                                             Stock         Capital         Earnings        ESOP       Income (Loss)        Equity
<S>                                       <C>           <C>             <C>             <C>            <C>            <C>
BALANCE AT SEPTEMBER 30, 2003             $       10    $    274,990    $  3,454,719    $        0     $        0     $  3,729,719

Net income for the nine months
     ended June 30, 2004                                      54,822                                                        54,822
                                          ----------    ------------    ------------    ----------     ----------     ------------

BALANCE AT JUNE 30, 2004                  $       10    $    274,990    $  3,509,541    $              $              $  3,784,541
                                          ==========    ============    ============    ==========     ==========     ============

BALANCE AT SEPTEMBER 30, 2004             $       10    $    274,990    $  3,479,430    $        0     $        0     $  3,754,430

Redemption of stock from Third
     Federal Savings MHC                         (10)       (274,990)       (517,000)            0              0         (792,000)
Issuance of common stock, net of
     offering costs                            5,602       5,017,310               0             0              0        5,022,912
Unearned ESOP shares                               0               0               0      (448,150)             0         (448,150)
Capital transfer for conversion
     costs                                         0         (67,512)              0                                       (67,512)
Accumulated other comprehensive
     income (loss)                                 0               0               0             0              0                0
Net income (loss) for the nine
     months ended June 30, 2005                                              (42,503)                                      (42,504)
                                          ----------    ------------    ------------    ----------     ----------     ------------

BALANCE AT JUNE 30, 2005                  $    5,602    $  4,949,797    $  2,919,926    $ (448,150)    $        0     $  7,427,176
                                          ==========    ============    ============    ==========     ==========     ============


                                    See accompanying notes to consolidated financial statements.
</TABLE>

                                                                  5
<PAGE>
<TABLE>
<CAPTION>

                                                                   OC FINANCIAL, INC.
                                                    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                                              Three months ended June 30
                                                    ------------------------------------------------

                                                           2005                         2004
                                                           ----                         ----
<S>                                                  <C>                          <C>
Net income                                           $         (21,305)           $          2,382

Other comprehensive income (loss):
     Unrealized gains/losses on securities, net                      0                           0
                                                     -----------------            ----------------

Comprehensive income (loss)                          $         (21,305)           $          2,382
                                                     =================            ================




                                                                   OC FINANCIAL, INC.
                                                    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                                                    Nine months ended June 30
                                                    ------------------------------------------------

                                                           2005                         2004
                                                           ----                         ----

Net income (loss)                                    $         (42,503)           $         54,822

Other comprehensive income (loss):
     Unrealized gains/losses on securities, net                      0                           0
                                                     -----------------            ----------------

Comprehensive income (loss)                          $         (42,503)           $         54,822
                                                     =================            ================


                     See accompanying notes to consolidated financial statements.
</TABLE>

                                                  6
<PAGE>
<TABLE>
<CAPTION>

                                                  OC FINANCIAL, INC.
                                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   For the Nine Months Ended June 30, 2005 and 2004
                                                     (Unaudited)


                                                                                   For the nine      For the nine
                                                                                   months ended      months ended
                                                                                     6/30/2005         6/30/2004
<S>                                                                               <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income (loss)                                                            $      (42,503)   $        54,822
     Adjustments to reconcile net income (loss) to net cash
       from operating activities
         Depreciation and amortization                                                    76,221             70,827
         Provision for loan losses                                                        12,000             35,000
         Deferred fee/costs amortization                                                   5,127              7,200
         Federal Home Loan Bank stock dividends                                          (23,500)           (19,900)
         Net amortization/(accretion) on investment securities                             2,509              5,193
         Purchases of mutual funds                                                             0            (11,500)
         Gain on mutual funds                                                             (2,261)            (3,934)
         Gain on sale of securities                                                       (4,632)                 0
         Loans originated for sale                                                    (2,150,907)       (24,571,613)
         Proceeds from sale of loans                                                   2,122,063         24,459,269
         Net gains on sales of loans                                                    (106,855)          (266,062)
         Changes in other assets and other liabilities                                   502,220         (4,314,437)
                                                                                  --------------    ---------------
              Net cash from operating activities                                         447,678         (4,305,459)
                                                                                  --------------    ---------------

CASH FLOWS FROM INVESTING ACTIVITIES
     Securities held to maturity
         Purchases                                                                    (6,511,787)        (7,774,769)
         Maturities, calls and principal payments                                      7,351,705          3,465,717
     Securities available for sale
         Purchases                                                                    (4,118,221)                 0
         Maturities, calls and principal payments                                              0                  0
     Federal Home Loan Bank Stock Purchase                                                                    3,200
     Net (increase)/decrease in loans                                                 (2,049,348)         3,589,462
     Net change in certificates of deposit in other financial institutions                     0            500,000
     Premises and equipment expenditures                                                  47,997             (6,604)
                                                                                  --------------    ---------------
              Net cash from investing activities                                      (5,279,653)          (222,994)
                                                                                  --------------    ---------------

CASH FLOWS FROM FINANCING ACTIVITIES
     Net change in deposits                                                                7,696          1,919,537
     Proceeds from Federal Home Loan Bank advances                                     3,545,000          6,046,000
     Repayment of Federal Home Loan Bank advances                                     (3,545,000)        (2,046,000)
     Redemption of stock from Third Federal Savings MHC                                 (792,000)                 0
     Proceeds from issuance of common stock, net of offering costs                     5,022,912                  0
     Cash provided to ESOP for purchase of shares                                       (448,150)                 0
                                                                                  --------------    ---------------
              Net cash from financing activities                                       3,790,458          5,919,537
                                                                                  --------------    ---------------

Net change in cash and cash equivalents                                                 (432,586)         1,141,408

Cash and cash equivalents at beginning of quarter                                      4,485,049          1,878,351
                                                                                  --------------    ---------------

CASH AND CASH EQUIVALENTS AT END OF QUARTER                                       $    4,052,463    $     3,019,759
                                                                                  ==============    ===============

Supplemental disclosures of cash flow information
     Cash paid during the quarter for:
         Interest                                                                 $      692,893    $       635,557
         Income taxes                                                                          0             85,893
Noncash - transfer of credit card portfolio to held for sale                             624,389                  0


                             See accompanying notes to consolidated financial statements
</TABLE>

                                                          7

<PAGE>

                               OC FINANCIAL, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2005
                                   (Unaudited)


Note 1 - Basis of Presentation

OC Financial, Inc. (or the "Company") was formed to serve as the stock holding
company for Ohio Central Savings (or the "Bank") as part of the Bank's
conversion and reorganization from a mutual holding company structure. On March
31, 2005, the Bank completed its conversion and reorganization, and the Company
issued stock to complete its offering. For a further discussion of the Company's
formation and operations, see the Company's Registration Statement on Form SB-2,
as amended, declared effective on February 11, 2005 (File Number 333-121411).
Based upon the foregoing, the Unaudited Interim Financial Statements for periods
ending prior to June 30, 2005 filed as part of this quarterly report are those
of the Bank and its wholly owned subsidiary, AutoARM(R), LLC ("AutoARM(R)"). All
significant inter-company balances and transactions have been eliminated in
consolidation.

The unaudited consolidated financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
for interim financial information and with instructions for Form 10-QSB.
Accordingly, they do not include all of the information and footnotes required
by accounting principles generally accepted in the United States of America for
complete financial statements. In the opinion of management, all adjustments
(all of which are normal and recurring in nature) considered necessary for a
fair presentation have been included. Operating results for the three-month and
nine-month periods ending June 30, 2005 are not necessarily indicative of the
results that may be expected for the year ending September 30, 2005. The Bank's
consolidated financial statements, as presented in the Company's Form SB-2, as
amended, declared effective on February 11, 2005, should be read in conjunction
with these statements. The Company operates in one business segment, banking.

Note 2 - Adoption of Plan of Conversion and Reorganization

On December 14, 2004, the Board of Directors of the Bank adopted a plan of
conversion and reorganization pursuant to which the Bank would reorganize from a
mutual holding company structure and become a wholly-owned subsidiary of the
Company which would sell its common stock to eligible depositors of the Bank in
a subscription offering and, if necessary, to the general public if a syndicated
community offering is held.

Effective February 11, 2005, the Company received approval from both the
Securities and Exchange Commission (File No. 333-121411) and the Office of
Thrift Supervision to proceed with its planned stock offering equal to the pro
forma market value of the Company and its subsidiaries, after giving effect to
the offering. The offering closed on March 31, 2005 with gross proceeds of $5.6
million received on the sale of 560,198 common shares. At March 31, 2005,
$579,000 of costs for professional fees, printing and mailing expenses,
commissions, and related expenses had been incurred and deducted from the gross
proceeds of the stock offering. Such costs were paid to third parties
unaffiliated with the Company. The net proceeds were used for general corporate
purposes, including the purchase of mortgage-backed securities and funding of
loans. The Company also provided $448,000 to the newly-established employee
stock ownership plan, as discussed in Note 4.


                                       8
<PAGE>

Note 3 - Use of Estimates

The preparation of consolidated financial statements, in conformity with
accounting principles generally acceptable in the United States of America,
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the consolidated financial statements, and the
reported amounts of income and expenses during the reported periods. Actual
results could differ from current estimates. Estimates associated with the
allowance for loan losses and the fair values of securities are particularly
susceptible to change in the near term.

Note 4 - Employee Stock Ownership Plan

In connection with the stock offering, the Company established an Employee Stock
Ownership Plan ("ESOP") for the benefit of its employees. The Company issued
44,815 shares of common stock to the ESOP in exchange for a 20-year note in the
amount of $448,150. The interest rate is Prime floating, with annual principal
and interest payments due on the last business day of December starting in 2005
and ending in 2024.The loan for the ESOP purchase was obtained from the Company.

Shares issued to the ESOP are allocated to ESOP participants based on principal
and interest payments made by the ESOP on the loan from the Company. The loan is
secured by shares purchased with the loan proceeds and will be repaid by the
ESOP with funds from the Bank's contributions to the ESOP and earnings on ESOP
assets.

As shares are released from collateral, the Company will report compensation
expense equal to the current market price of the shares and the shares will
become outstanding for earnings-per-share (EPS) computations. Dividends on
allocated ESOP shares reduce retained earnings; dividends on unearned ESOP
shares reduce accrued interest.

Note 5 - Earnings Per Share

Earnings (loss) per share is calculated for the period after the offering was
closed and the stock issued on March 31, 2005 and only includes earnings (loss)
for the three month period ending June 30, 2005. The loss per share for the
three months ending June 30, 2005 was $(0.04). Common shares outstanding for
purposes of the earnings per share calculation were as follows:

         Average shares outstanding                             560,198
         Average unearned ESOP shares                           (44,815)
                                                            -----------
         Weighted average common shares outstanding,
           basic and diluted                                    515,383
                                                            ===========

The Company currently has no potentially dilutive securities, although a stock
option plan and a recognition and retention plan may be adopted in the future
and may issue such securities.


                                       9
<PAGE>

                               OC FINANCIAL, INC.


ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operations

FORWARD-LOOKING STATEMENTS

        When used in this filing and in future filings by OC Financial, Inc.
with the Securities and Exchange Commission, in the Company's press releases or
other public or shareholder communications, or in oral statements made with the
approval of an authorized executive officer, the words or phrases, "anticipate,"
"would be," "will allow," "intends to," "will likely result," "are expected to,"
"will continue," "is anticipated," "estimated," "projected," or similar
expressions are intended to identify, "forward looking statements." Such
statements are subject to risks and uncertainties, including but not limited to
changes in economic conditions in OC Financial, Inc.'s market area, changes in
policies by regulatory agencies, fluctuations in interest rates, demand for
loans in OC Financial, Inc.'s market area, changes in the position of banking
regulators on the adequacy of our allowance for loan losses, and competition,
all or some of which could cause actual results to differ materially from
historical earnings and those presently anticipated or projected.

        OC Financial, Inc. wishes to caution readers not to place undue reliance
on any such forward-looking statements, which speak only as of the date made,
and advise readers that various factors, including regional and national
economic conditions, substantial changes in levels of market interest rates,
credit and other risks of lending and investing activities, and competitive and
regulatory factors, could affect OC Financial, Inc.'s financial performance and
could cause OC Financial, Inc.'s actual results for future periods to differ
materially from those anticipated or projected.

        OC Financial, Inc. does not undertake, and specifically disclaims any
obligation, to update any forward-looking statements to reflect occurrences or
unanticipated events or circumstances after the date of such statements.

GENERAL

        On March 31, 2005, Ohio Central Savings became the wholly owned
subsidiary of OC Financial, Inc. after completing a conversion and
reorganization from the mutual form of organization and a divestiture from Third
Federal Savings and Loan Association of Cleveland, MHC ("Third Federal").

        The Company's principal business has historically consisted of
attracting deposits from the general public and the business community and
making loans secured by various types of collateral, including vehicles, real
estate and general business assets. The Company is significantly affected by
prevailing economic conditions as well as government policies and regulations
concerning, among other things, monetary and fiscal affairs, housing and
financial institutions. Deposit flows are influenced by a number of factors,
including interest rates paid on competing investments, account maturities, fee
structures, and level of personal income and savings. Lending activities are
influenced by the demand for funds, the number and quality of lenders, and
regional economic cycles. Sources of funds for lending activities of the Company
include deposits, borrowings, payments on loans, maturities of securities and
income provided from operations. The Company's earnings are primarily dependent
upon the Company's net interest income, which is the difference between interest
income and interest expense.


                                       10
<PAGE>

        Interest income is a function of the balances of loans and investments
outstanding during a given period and the yield earned on such loans and
investments. Interest expense is a function of the amount of deposits and
borrowings outstanding during the same period and interest rates paid on such
deposits and borrowings. The Company's earnings are also affected by the
Company's provision for loan losses, service charges, gains from sales of loans,
interchange fees, other income, operating expenses and income taxes.

CRITICAL ACCOUNTING POLICIES

        Certain of our accounting policies are important to the portrayal of our
financial condition, since they require management to make difficult, complex or
subjective judgments, some of which may relate to matters that are inherently
uncertain. Estimates associated with these policies are susceptible to material
changes as a result of changes in facts and circumstances. Facts and
circumstances which could affect these judgments include, but without
limitation, changes in interest rates, changes in the performance of the economy
or in the financial condition of borrowers. Management believes that its
critical accounting policy is the determination of the allowance for loan
losses. OC Financial, Inc.'s and Ohio Central Savings' accounting policies are
discussed in detail in Note 1 of the "Notes to the Consolidated Financial
Statements" contained in its September 30, 2004 consolidated financial
statements included in the registration statement on Form SB-2, as amended.

        The allowance for loan losses represents management's estimate of
probable losses inherent in the loan portfolio. Determining the amount of the
allowance is considered a critical accounting estimate because it requires
significant judgment about the collectibility of loans and the factors that
deserve consideration in estimating probable credit losses. The allowance for
loan losses is a valuation allowance for probable incurred credit losses,
increased by the provision for loan losses and decreased by charge-offs less
recoveries. Management estimates the allowance balance required using the past
loan loss experience, the nature and volume of the portfolio, information about
specific borrower situations and estimated collateral values, economic
conditions and other factors. Allocations of the allowance may be made for
specific loans, but the entire allowance is available for any loan that, in
management's judgment, should be charged-off. Loan losses are charged against
the allowance when management believes the uncollectibility of a loan balance is
confirmed. Management evaluates the adequacy of the allowance at least
quarterly. This evaluation is inherently subjective as it requires material
estimates that may be susceptible to significant change.

        The allowance consists of specific and general components. The specific
component relates to loans that are individually classified as impaired or loans
otherwise classified as special mention, substandard, or doubtful. The general
component covers non-classified loans and is based on historical loss experience
adjusted for current factors. Management relies on observable data from internal
and external sources to evaluate each of these factors, adjust assumptions and
recognize changing conditions to reduce differences between estimated and actual
observed losses from period to period. The evaluation of the allowance also
takes into consideration the inherent imprecision of loss estimation models and
techniques and includes general reserves for probable but undetected losses in
categories of loans. While the Company continually refines and enhances the loss
estimation models and techniques it uses to determine the appropriateness of the
allowance for loan losses, there have been no material substantive changes to
such models and techniques compared to prior periods. The portfolio consists
primarily of smaller balance homogeneous loans, therefore,


                                       11
<PAGE>

impaired loans are analyzed primarily on a pooled basis for purposes of
establishing the allowance for loan losses.

        The allowance for loan losses and related provision expense can also be
susceptible to material change as a result of significant changes in individual
borrower circumstances on larger dollar loans. Given that the Company's
portfolio consists primarily of automobile loans, the variability in the
allowance and provision for loan losses would normally be the result of economic
and other trends in its lending market area, changes in the quality of its
lending staff, collection practices and loan administration. Adverse changes in
these areas could result in increases in non-performing loans and loan
charge-offs, requiring increases to the provision and allowance for loan losses.

BUSINESS STRATEGY

        Prior to our three and one-half year affiliation with Third Federal
Savings and Loan Association of Cleveland ("Third Federal"), Ohio Central
Savings was a full service community-based savings institution generating a wide
variety of loans for our customers. As a result of our affiliation, and as part
of our strategic plan, our potential mortgage loan customers were referred to
Third Federal. We also increased our automobile lending program as part of the
alliance through marketing efforts with Third Federal. During our affiliation
with Third Federal we originated $117.0 million in automobile loans, 80% of
which were sold to Third Federal. Also during our three-year affiliation our
mortgage portfolio declined by $11.3 million or about 63.1% from $17.9 million
to $6.6 million. We have reinitiated our mortgage lending activity within our
market areas following our separation from Third Federal and retained automobile
loans in our portfolio. During the quarter ended June 30, 2005, $2.1 million of
one-to four-family mortgages were funded, with another $500,000 in the pipeline.
We anticipate the increased lending activity will result in higher levels of
earnings, but there can be no guarantee that we will be able to accomplish this
objective. We plan to retain these loans in our portfolio, subject to our
interest rate risk and liquidity management needs, in order to improve our
earnings.

        We will also pursue growth in other loan products and deposit accounts
within our market areas. We also plan to market home equity loans and referrals
for the origination of credit card accounts to an out sourced provider. We will
seek deposit accounts in a blend of certificate of deposits, NOW accounts and
money market accounts to provide funds for lending activities. Due to the limits
of our capital base prior to completing out stock conversion, our ability to
increase interest-earning assets had been constrained even though we otherwise
had the resources to increase our lending operations. Our profitability was
marginal in the last fiscal year. We believe our increased capital levels will
allow us to improve our profitability by increasing INTEREST-EARNING assets such
as loans and to reduce substantially our reliance on income from securities in
our investment portfolio. We do not anticipate the need to hire any new
employees, however, in connection with the completion of the conversion and
reorganization.

        We will also continue to pursue our automobile loan origination and
servicing business offered to other financial institutions through our
AutoARM(R) subsidiary. This subsidiary was formed in August 2003 and is a third
party originator and servicer of direct automobile loans for other financial
institutions. AutoARM(R) is a program designed by Ohio Central Savings to offer
these services to other financial institutions in a manner similar to the method
that was developed to be used with Third Federal. Loans originated and funded by
AutoARM(R) will not generate a gain on sale to the other institutions but will
generate servicing income. We had not actively marketed AutoARM's(R) services
until late 2004, as we were building the operational systems to


                                       12
<PAGE>

support its operations. As a result, AutoARM(R) had not contracted with any
financial institutions as of December 31, 2004. During the quarter ended June
30, 2005, AutoARM(R) generated $37,000 in revenue. During the quarter we entered
into two new agreements with AutoARM partners to originate and service auto
loans, bringing the total number of institutions to five

COMPARISON OF RESULTS OF OPERATION FOR THE THREE MONTHS ENDED JUNE 30, 2005 AND
2004

        GENERAL. Our loss for the three months ended June 30, 2005 was $21,000
compared to $2,400 in income for the three months ended June 30, 2004.

        A number of factors contributed to the decrease in income, including
flat interest income, increased interest expense, decreased fee income, and
decreased loan sale gains, partially offset by reduced operating expenses.
During the quarter ended June 30, 2005, we made our first auto loan sales to
AutoARM partners These sales were very limited in scope during this initial
roll-out of the program. Within our own portfolio, we continued replacement of
higher interest rate automobile loans with new, lower interest rate loans and
replaced the lack of mortgage loan originations with lower yielding
mortgage-backed securities also had a negative effect on income.

        INTEREST INCOME. Interest income increased to $727,000 for the three
months ended June 30, 2005 from $671,000 for the three months ended June 30,
2004. The primary reason for the increase in interest income was an increase of
$11,000 in income on Fed Funds sold and an increase of $70,000 in investment
income, offset by a $24,000 decrease in loan income. The decrease in loan income
was primarily due to declining yields in the portfolio as older, higher rate
loans were repaid and replaced by loans at lower rates. The weighted average
yield on loans decreased from 5.96% for the three months ended June 30, 2004 to
5.42% for the three months ended June 30, 2005. This decrease was due to
decreases in market interest rates and the short-term nature of the majority of
our loan portfolio. The weighted average yield on securities increased from
4.47% for the three months ended June 30, 2004 to 4.56% for the three months
ended June 30, 2005. Total average interest earning assets increased $5.6
million from the three months ended June 30, 2004 to the three months ended June
30, 2005, and the weighted average yield on interest earning assets declined 9
basis points from 4.95% to 4.86%. As we intend to increase our emphasis on
residential mortgage lending, this trend of increasing interest-earning assets
may continue.

        INTEREST EXPENSE. Interest expense increased $45,000 to $366,000 for the
three months ended June 30, 2005 from $321,000 for the three months ended June
30, 2004. The increase in interest expense was partly due to an increase in
average Federal Home Loan Bank advances of $1.5 million. Interest expense on
Federal Home Loan Bank advances increased $22,000 to $218,000 for the three
months ended June 30, 2005 from $197,000 for the three months ended June 30,
2004. Federal Home Loan Bank advances were at $16.45 million at June 30, 2005
and at June 30, 2004. The increase in interest expense was also due to an
increase in the cost of deposits attributable to the increase in short-term
market interest rates during 2004 and early 2005. Interest expense on deposits
increased $23,000 to $147,000 for the quarter ending June 30, 2005 from $124,000
for the quarter ending June 30, 2004. Average deposits increased by $865,000 and
the average cost increased 22 basis points to 1.79% for the quarter ending June
30, 2005 from 1.57% for the quarter ending June 30, 2004.

        As interest rates stabilize or increase, we expect interest expense will
increase as our cost of interest bearing liabilities increase through higher
rates on existing deposits


                                       13
<PAGE>

and on new deposits. Our average weighted cost of funds was 2.88% for the three
months ended June 30, 2005 compared to 2.67% for the three months ended June 30,
2004.

        NET INTEREST INCOME. Net interest income increased $11,000 to $361,000
for the three months ended June 30, 2005 from $350,000 for the three months
ended June 30, 2004. The decrease in net interest income is primarily the result
of increasing interest rates for deposits and a continuing shift to loans from
investments as described above. Our net interest margin was 2.42% for the three
months ended June 30, 2005 compared to 2.58% for the three months ended June 30,
2004.

        PROVISION FOR LOAN LOSSES. The Company establishes provisions for loan
losses, which are charged to operations, at a level required to reflect probable
and estimable credit losses in the loan portfolio. In evaluating the level of
the allowance for loan losses, management considers historical loss experience,
the types of loans and the amount of loans in the loan portfolio, adverse
situations that may affect borrowers' ability to repay, estimated value of any
underlying collateral, and prevailing economic conditions. Large groups of
smaller balance homogeneous loans, such as automobile loans, residential real
estate and other consumer loans, are evaluated in the aggregate using historical
loss factors adjusted for current economic conditions and other relevant data.
Larger non-homogeneous loans such as commercial loans for which management has
concerns about the borrowers' ability to repay are evaluated individually, and
specific allowances are provided for such loans when necessary.

        Based on management's evaluation of the above factors, a provision was
made for the three months ended June 30, 2005 in the amount of $12,000 compared
to $5,000 made for the three months ended June 30, 2004. The increase in
provision for loan losses is primarily attributable to increased loan levels as
discussed above. The amount of general allowance allocations made for smaller
balance homogeneous loans decreased during the three months ended June 30, 2005
primarily resulting from the performance of the portfolio, actual losses and
recoveries. Loan charge-offs were $2,000, for the three months ended June 30,
2005, down from $20,000 for the three months ended June 30, 2004. Recoveries
were $700 for the three months ended June 30, 2005, compared to $5,000 for the
three month period ended June 30, 2004.

        While management uses available information to recognize losses on
loans, future loan loss provisions may be necessary based on changes in economic
conditions. In addition, various regulatory agencies, as an integral part of
their examination process, periodically review the allowance for loan losses and
may require us to recognize additional provisions based on their judgment of
information available to them at the time of their examination. The allowance
for loan losses as of June 30, 2005 was maintained at a level that represents
management's best estimate of probable incurred losses in the loan portfolio. In
addition, management evaluated THE LIKELIHOOD OF LOSSES AND THE COVERAGE OF
POTENTIAL INHERENT LOSSES IN THE PORTFOLIO TO MAKE THE ADDITIONAL PROVISION.

        NON-INTEREST INCOME. Non-interest income decreased $41,000 to $169,000
for the three months ended June 30, 2005 from $210,000 for the three months
ended June 30, 2004. The overall decrease in non-interest income was primarily
due to lower fee income and lower automobile loan sales as a result of decreased
loan sales.

        NON-INTEREST EXPENSE. Non-interest expenses of $551,000 for the quarter
ended June 30, 2005 were relatively unchanged from the quarter ended June 30,
2004.


                                       14
<PAGE>

        INCOME TAX EXPENSE. Income tax benefit for the three months ended June
30, 2005 was $11,000, down from an expense of $1,000 for the three months ended
June 30, 2004. The Company's effective federal income tax rate was 34% and 36%
for the periods ending June 30, 2005 and 2004 respectively.

COMPARISON OF RESULTS OF OPERATION FOR THE NINE MONTHS ENDED JUNE 30, 2005 AND
2004

        GENERAL. Our loss for the nine months ended June 30, 2005 was $43,000
compared to $55,000 in income for the nine months ended June 30, 2004.

        Our loss resulted primarily from the change in the volume of loans sold
to Third Federal, decreasing to $2.3 million for the nine months ended June 30,
2005 from $20.4 million for the nine months ended June 30, 2004. This represents
a reduction in auto loans sold of $18.1 million. During the quarter ended March
31, 2005, the sale of the Visa credit card portfolio to a third party was
negotiated and completed. A pre-tax gain of $92,000 was recognized for this
one-time event. Pre-tax gain from loan sales was $107,000 for the nine months
ended June 30, 2005, compared to $266,000 for the nine months ended June 30,
2004, a decrease of $159,000. In addition, continued replacement of higher
interest rate automobile loans with new, lower interest rate loans and replacing
the lack of mortgage loan originations with lower yielding mortgage-backed
securities also had a negative effect on income. In the quarter ending June 30,
2005 we sold our portfolio of available for sale securities and paid off a
Federal Home Loan Bank advance that we had used to fund in part the purchase of
securities. The securities were sold for a modest gain and were liquidated based
on management's evaluation of the return on the investment compared to the
interest rate risk contained given the current interest rate environment.

        INTEREST INCOME. Interest income increased $32,000 for the nine months
ended June 30, 2005 but remained at about the same $2.0 million level for the
nine months ended June 30, 2004. A $148,000 increase in investment income and
$25,000 increase in other interest income to $39,000 from $49,000 for the nine
months ended June 30, 2005 and June 30, 2004, respectively, more than offset the
decrease in loan interest income. The decrease in loan income was primarily due
to declining yields in the portfolio as older, higher rate loans were repaid and
replaced by loans at lower rates. The weighted average yield on loans decreased
from 9.35% for the nine months ended June 30, 2004 to 8.06% for the nine months
ended June 30, 2005. The weighted average yield on securities decreased from
6.63% to 6.44% for the nine month periods ended June 30, 2004 and June 30, 2005,
respectively. Total average interest earning assets increased $3.1 million from
the nine months ended June 30, 2004 to the nine months ended June 30, 2005, and
the weighted average yield on interest earning assets declined 64 basis points
from 7.66% to 7.02%. As we intend to increase our emphasis on residential
mortgage lending, this trend of increasing interest- earning assets may
continue.

        INTEREST EXPENSE. Interest expense increased $102,000 to $1.1 million
for the nine months ended June 30, 2005 from $1.0 million for the nine months
ended June 30, 2004. The increase in interest expense was primarily due to an
increase in Federal Home Loan Bank advances of $3.0 million for a brief period
during the nine months ended June 30, 2005. Interest expense on Federal Home
Loan Bank advances increased $49,000 to $631,000 for the nine months ended June
30, 2005 from $582,000 for the nine months ended June 30, 2004. Federal Home
Loan Bank advance balances were $16.5 million at June 30, 2005 and June 30,
2004.


                                       15
<PAGE>

        As interest rates stabilize or increase, we expect interest expense will
increase as our cost of interest bearing liabilities increase through higher
rates on existing deposits and on new deposits. Our average weighted cost of
funds was 4.14% for the nine months ended June 30, 2005 compared to 4.12% for
the nine months ended June 30, 2004. Interest expense on deposits increased
$54,000 to $428,000 for the nine months ended June 30, 2005 from $374,000 for
the nine months ended June 30, 2004. Our weighted average cost of deposits was
2.60% for the nine months ended June 30, 2005 compared to 2.47% for the nine
months ended June 30, 2004. The increase in interest expense was attributable to
increases in interest rates paid on deposit accounts and borrowings along with
an increase in average interest bearing liabilities of $4.3 million for the nine
months June 30, 2005 compared to the nine months ended June 30, 2004.

        NET INTEREST INCOME. Net interest income decreased $70,000 to $1.0
million for the nine months ended June 30, 2005 from $1.1 million for the nine
months ended June 30, 2004. The decrease in net interest income is primarily the
result of declining interest rates and a continuing shift from loans to
investments as described above. Our net interest margin was 3.39% for the nine
months ended June 30, 2005 compared to 4.02% for the nine months ended June 30,
2004.

        PROVISION FOR LOAN LOSSES. As discussed above, we establish provisions
for loan losses, which are charged to operations, at a level required to reflect
probable and estimable credit losses in the loan portfolio. Based on
management's evaluation of these factors, a $12,000 provision was made for the
nine months ended June 30, 2005 compared to $35,000 made for the nine months
ended June 30, 2004. The decrease in provision for loan losses is primarily
attributable to decreased loan levels as discussed above. The amount of general
allowance allocations made for smaller balance homogeneous loans decreased
during the nine months ended June 30, 2005 primarily resulting from the
performance of the portfolio, actual losses and recoveries. Loan charge-offs
were $65,000, including $23,000 in Visa fraud losses charged off in connection
with the Visa portfolio sale described earlier, for the nine months ended June
30, 2005, up from $39,000 for the nine months ended June 30, 2004. Recoveries
were $3,000 during the nine months period ended June 30, 2005, compared to
$20,000 recovered during the nine months period ended June 30, 2004.

        While management uses available information to recognize losses on
loans, future loan loss provisions may be necessary based on changes in economic
conditions specific to the portfolio. In addition, various regulatory agencies,
as an integral part of their examination process, periodically review the
allowance for loan losses and may require us to recognize additional provisions
based on their judgment of information available to them at the time of their
examination. The allowance for loan losses as of June 30, 2005 was maintained at
a level that represents management's best estimate of probable incurred losses
in the loan portfolio. As noted above, the sale of the Visa portfolio was
completed during the nine months ended June 30, 2005 with accumulated fraud
losses charged off due to all recovery alternatives being exhausted. These
probable incurred losses were already incorporated into previous provision
decisions made by management. Thus, the sale of the Visa portfolio removed this
source of further probable incurred losses from the provision analysis for the
period ended March 31, 2005. In addition, management evaluated the increase in
non-performing loans and ascertained that given the borrowers' situations and
collateral that no additional provision was necessary during the period.

        NON-INTEREST INCOME. Non-interest income decreased $140,000 to $601,000
for the nine months ended June 30, 2005 from $741,000 for the nine months ended
June 30, 2004. The overall decrease in non-interest income was primarily due to
lower auto loan sales to Third Federal, partially offset by the sale of the Visa
loan portfolio as discussed above.


                                       16
<PAGE>

        NON-INTEREST EXPENSE. Non-interest expense decreased $37,000 to $1.6
million for the nine months ended June 30, 2005 compared to the nine months
ended June 30, 2004. With the reduction in loan volume, all categories of
operating expense other than compensation and audit decreased compared to the
prior period. The increases in audit and compensation expense were the result of
our proposed separation from Third Federal. The proposed transaction required an
audit of Ohio Central Savings separate from the audit of Third Federal.
Increased compensation expenses are being incurred due to the termination of
Third Federal benefit plans for our employees.

        INCOME TAX EXPENSE. Income tax benefit for the nine months ended June
30, 2005 was $22,000. For the nine months ended June 30, 2004, income tax
expense was $30,000. Ohio Central Savings' effective federal income tax rate
would have been 35% or was 35% for the periods ending June 30, 2005 and 2004,
respectively.

CHANGES IN FINANCIAL CONDITION FROM SEPTEMBER 30, 2004 TO JUNE 30, 2005.

        GENERAL. Total assets increased by $4.2 million, or 7.6%, to $59.8
million at June 30, 2005 from $55.6 million at September 30, 2004. The increase
was primarily the result of an increase in investments held to maturity of $3.3
million and first mortgage loans of $2.6 million, partially offset by a decrease
in federal funds sold of $1.7 million. The increase in total assets was funded
by an increase in customer deposits of $411,000 and a net increase in
shareholders' equity of $3.67 million.

        ASSETS. Our loan portfolio increased $2.1 million from $26.1 million at
September 30, 2004 to $28.2 million at June 30, 2005. Within the loan category,
a $600,000 decrease is attributable to the sale of our Visa loan portfolio,
while mortgage loans increased $2.4 million and all other categories increased
$274,000. Our lending strategy changed significantly during the three year
affiliation with Third Federal, emphasizing the origination of auto loans and
decreasing originations of mortgage loans. With the divestiture from Third
Federal, we have resumed our mortgage lending activity. As a result, one- to
four-family first mortgage loans were increased $2.6 million from $6.6 million
at September 30, 2004 to $9.2 million at June 30, 2005.

        The allowance for loan losses was $203,000 at June 30, 2005 or 0.72% of
loans, compared to $231,000, or 0.87% of loans at September 30, 2004. The
allowance for loan losses consists of general allowance allocations made for
pools of homogeneous loans and specific allowances on individual loans for which
management has significant concerns regarding the borrowers' ability to repay
the loans in accordance with the terms of the loans. Non-performing loans
totaled $53,000 at June 30, 2005 and $39,000 at September 30, 2004,
respectively. In determining the amount of allowance for loan loss allocations
needed for non-performing loans, management has considered expected future
borrower cash flows and the fair value of underlying collateral. The amount of
allowance for loan losses allocated to individual loan relationships at June 30,
2005, decreased to $42,000 from $77,000 at September 30, 2004.

        DEPOSITS. Total deposits increased by $411,000, or 1.3%, to $32.7
million at June 30, 2005 from $32.3 million at September 30, 2004. Checking
accounts decreased $568,000 while time deposits increased $1.9 million, savings
deposits decreased $413,000, and money market accounts decreased $471,000. The
increase in deposits was a result of our efforts to expand our customer base in
existing markets through improved products and marketing. The number of deposit
accounts has declined in recent years as we have focused on attracting larger
depositors, and we have implemented fee programs that discourage accounts with
very low balances. We plan to continue this strategy.


                                       17
<PAGE>

        BORROWINGS. Federal Home Loan Bank advance balances were $16.5 million
at June 30, 2005 and September 30, 2004. Additional Federal Home Loan Bank
advances were used to fund investment portfolio growth to improve net interest
income, and were repaid during the three months ending June 30, 2005. We expect
that Federal Home Loan Bank advances will continue to provide the Company with a
significant additional funding source to meet the needs of its lending
activities.

        SHAREHOLDERS' EQUITY. Total consolidated shareholders' equity for OC
Financial, Inc. increased $3.6 million, or 97.8%, to $7.4 million at June 30,
2005 from $3.8 million at September 30, 2004. The increase in equity was the
result of the completion of the stock offering for OC Financial, Inc. as part of
the conversion and reorganization of Ohio Central Savings. Gross proceeds from
the offering were $5.6 million. Offering expenses paid by Ohio Central Savings
of $579,000 through June 30, 2005 were subtracted from the offering proceeds,
along with $448,000 in unearned ESOP shares excluded from equity until the
shares are earned.

        CAPITAL RESOURCES. At June 30, 2005, capital at Ohio Central Savings
totaled $6.9 million. Management monitors the capital levels of Ohio Central
Savings to provide for current and future business opportunities and to meet
regulatory guidelines for "well-capitalized" institutions.

        Ohio Central Savings is required by the Office of Thrift Supervision to
meet minimum capital adequacy requirements. Ohio Central Savings' actual and
required levels of capital as reported to the Office of Thrift Supervision at
June 30, 2005 are as follows:

<TABLE>
<CAPTION>
                                                                                            TO BE WELL
                                                                                        CAPITALIZED UNDER
                                                                   FOR CAPITAL          PROMPT CORRECTIVE
                                            ACTUAL              ADEQUACY PURPOSES       ACTION PROVISIONS
                                    ----------------------   ----------------------   ----------------------
                                      AMOUNT       RATIO       AMOUNT       RATIO       AMOUNT       RATIO
                                    ----------   ---------   ----------   ---------   ----------   ---------
                                                             (DOLLARS IN THOUSANDS)
As of June 30, 2005
-------------------
<S>                                   <C>          <C>         <C>          <C>         <C>          <C>
Total capital (to risk weighted
assets).........................      $7,106       24.04%      $2,365       8.0%        $2,956       10.0%
Tier 1 (core) capital (to risk
weighted assets)................      $6,903       23.35%      $1,183       4.0%        $1,774        6.0%
Tier 1 (core) capital (to
adjusted total assets)..........      $6,903       11.55%      $2,391       4.0%        $2,989        5.0%
</TABLE>

LIQUIDITY

        Management maintains a liquidity position that it believes will
adequately provide funding for loan demand and deposit run-off that may occur in
the normal course of business. The Company relies on a number of different
sources in order to meet its potential liquidity demands. The primary sources
are increases in deposit accounts and cash flows from loan payments and the
securities portfolio.

        In addition to these primary sources of funds, management has several
secondary sources available to meet potential funding requirements. At June 30,
2005, Ohio Central Savings had additional borrowing capacity of $11.0 million
with the Federal Home Loan Bank of Cincinnati. Additionally, Ohio Central
Savings has access to the Federal Reserve Bank of Cleveland discount window for
borrowing. The available line at the discount window is $14.2 million.


                                       18
<PAGE>

        Our stock offering provided significant additional liquidity and capital
resources. As our liquidity positions have historically been maintained to
provide for loan demand and deposit run-off, the stock offering proceeds may
provide excess liquidity in the near term. The additional liquidity and capital
resources from the stock offering will help provide for the future growth of the
Company.

ITEM 3 - Controls and Procedures

        An evaluation was performed under the supervision and with the
participation of the Company's management, including the Chief Executive and
Chief Financial Officer, of the effectiveness of the design and operation of the
Company's disclosure controls and procedures (as defined in Rule 13a-15(e) or
15d-15(e) promulgated under the Securities and Exchange Act of 1934, as amended)
as of June 30, 2005. Based on such evaluation, our Chief Executive and Chief
Financial Officer, have concluded that our disclosure controls and procedures
are designed to ensure that information required to be disclosed by us in the
reports that we file or submit under the Securities Act of 1934 is recorded,
processed, summarized and reported within the time periods specified in the
SEC's rules and regulations and are operating in an effective manner.

        No change in our internal controls over financial reporting (as defined
in Rules 13a-15(f) or 15(d)-15(f) under the Securities Exchange Act of 1934)
occurred during the most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, our internal control over financial
reporting.


                                       19
<PAGE>

                               OC FINANCIAL, INC.

                                   FORM 10-QSB

                                  June 30, 2005

                           PART II - OTHER INFORMATION

Item 1.    LEGAL PROCEEDINGS

        There are no material pending legal proceedings to which the Company or
its subsidiaries is a party other than ordinary routine litigation incidental to
their respective businesses.

Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

        See Note 2 of Item 1 regarding the Company's sale of common stock that
was completed on March 31, 2005.

Item 3.    DEFAULTS UPON SENIOR SECURITIES

        None

Item 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

        None

Item 5.    OTHER INFORMATION

        None

Item 6.    EXHIBITS

        a.      Exhibits

                31.1    Certification of Chief Executive Officer Pursuant to
                        Rule 13a-14(a)/15d-14(a)

                31.2    Certification of Chief Financial Officer Pursuant to
                        Rule 13a-14(a)/15d-14(a)

                32.1    Certification of Chief Executive Officer and Chief
                        Financial Officer Pursuant to 18 U.S.C. Section 1350, as
                        Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                        Act of 2002.


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<PAGE>

                               OC FINANCIAL, INC.

                                   FORM 10-QSB

                                  June 30, 2005

                           PART II - OTHER INFORMATION

                                   Signatures




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



                                        OC FINANCIAL, INC.
                                        (Registrant)




Date: August 15, 2005                   /s/ Robert W. Hughes
                                        ----------------------------------------
                                        Robert W. Hughes - Chairman, President
                                        and Chief Executive Officer and Chief
                                        Financial Officer


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