##### 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended June 30, 2006
 OR
 o
    
    TRANSITIONAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 0-24948
 PVF Capital Corp.
 
  Ohio
    
    34-1659805(State or Other Jurisdiction 
of Incorporation or Organization)
    
    (I.R.S. Employer
Identification No.)
 30000 Aurora Road, Solon, Ohio
    
    44139(Address of Principal Executive Offices)
    
    (Zip Code)
 (440) 248-7171
  Title of each classCommon Stock (par value $.01 per share)
    
    Name of each exchange on which registeredNASDAQ Capital Market
 None
 o þ
 o þ
 þ o
 þ
 o þ o
 o þ
 SM
  DOCUMENTS INCORPORATED BY REFERENCE




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##### 



PART I
 Item 1. Business
 General
     Market Area
   1




---



##### 



Lending Activities
 Loan Portfolio Composition
   At June 30,2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent(Dollars in thousands)Real estate loans receivable held for investment:One-to-four family residential
    
    $
    174,575
    
    
    
    23.72
    %
    
    $
    148,956
    
    
    
    22.55
    %
    
    $
    128,210
    
    
    
    20.99
    %
    
    $
    139,774
    
    
    
    24.22
    %
    
    $
    158,334
    
    
    
    28.24
    %Home equity line of credit
    
    
    94,450
    
    
    
    12.83
    
    
    
    97,692
    
    
    
    14.79
    
    
    
    83,505
    
    
    
    13.67
    
    
    
    67,822
    
    
    
    11.75
    
    
    
    53,349
    
    
    
    9.52Multifamily residential
    
    
    45,716
    
    
    
    6.21
    
    
    
    33,505
    
    
    
    5.07
    
    
    
    38,777
    
    
    
    6.35
    
    
    
    40,942
    
    
    
    7.10
    
    
    
    43,439
    
    
    
    7.75Commercial
    
    
    170,392
    
    
    
    23.15
    
    
    
    171,331
    
    
    
    25.94
    
    
    
    175,323
    
    
    
    28.71
    
    
    
    146,686
    
    
    
    25.42
    
    
    
    133,081
    
    
    
    23.74Commercial equity line of credit
    
    
    34,064
    
    
    
    4.63
    
    
    
    31,875
    
    
    
    4.83
    
    
    
    38,113
    
    
    
    6.24
    
    
    
    34,081
    
    
    
    5.91
    
    
    
    22,872
    
    
    
    4.08Land
    
    
    77,242
    
    
    
    10.49
    
    
    
    68,165
    
    
    
    10.32
    
    
    
    54,047
    
    
    
    8.85
    
    
    
    52,963
    
    
    
    9.18
    
    
    
    53,434
    
    
    
    9.53Construction  residential
    
    
    84,146
    
    
    
    11.43
    
    
    
    75,460
    
    
    
    11.42
    
    
    
    70,833
    
    
    
    11.60
    
    
    
    73,160
    
    
    
    12.68
    
    
    
    64,960
    
    
    
    11.59Construction  multi-family
    
    
    7,955
    
    
    
    1.08
    
    
    
    0
    
    
    
    0.00
    
    
    
    0
    
    
    
    0.00
    
    
    
    217
    
    
    
    0.04
    
    
    
    823
    
    
    
    0.15Construction  commercial
    
    
    33,757
    
    
    
    4.59
    
    
    
    24,355
    
    
    
    3.69
    
    
    
    15,679
    
    
    
    2.57
    
    
    
    16,496
    
    
    
    2.86
    
    
    
    28,520
    
    
    
    5.09Non-real estate
    
    
    21,824
    
    
    
    2.96
    
    
    
    17,300
    
    
    
    2.62
    
    
    
    13,951
    
    
    
    2.29
    
    
    
    11,761
    
    
    
    2.04
    
    
    
    8,460
    
    
    
    1.50744,121
    
    
    
    101.09
    
    
    
    668,639
    
    
    
    101.23
    
    
    
    618,438
    
    
    
    101.27
    
    
    
    583,902
    
    
    
    101.20
    
    
    
    567,272
    
    
    
    101.19Deferred loan fees
    
    
    (3,381
    )
    
    
    (0.46
    )
    
    
    (3,833
    )
    
    
    (0.58
    )
    
    
    (3,380
    )
    
    
    (0.55
    )
    
    
    (3,034
    )
    
    
    (0.53
    )
    
    
    (2,793
    )
    
    
    (0.50
    )Allowance for loan losses
    
    
    (4,675
    )
    
    
    (0.63
    )
    
    
    (4,312
    )
    
    
    (0.65
    )
    
    
    (4,377
    )
    
    
    (0.72
    )
    
    
    (3,883
    )
    
    
    (0.67
    )
    
    
    (3,902
    )
    
    
    (0.69
    )Total other items
    
    
    (8,056
    )
    
    
    (1.09
    )
    
    
    (8,145
    )
    
    
    (1.23
    )
    
    
    (7,757
    )
    
    
    (1.27
    )
    
    
    (6,917
    )
    
    
    (1.20
    )
    
    
    (6,695
    )
    
    
    (1.19
    )Total loans receivable, net
    
    $
    736,065
    
    
    
    100.00
    %
    
    $
    660,494
    
    
    
    100.00
    %
    
    $
    610,681
    
    
    
    100.00
    %
    
    $
    576,985
    
    
    
    100.00
    %
    
    $
    560,577
    
    
    
    100.00
    %Loans receivable held for sale, net
    
    $
    10,698
    
    
    
    
    
    
    $
    9,060
    
    
    
    
    
    
    $
    11,871
    
    
    
    
    
    
    $
    33,604
    
    
    
    
    
    
    $
    11,680
 2




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##### 



Due During
    
    
    Due After Onethe Year
    
    
    Through Five
    
    
    Due Five YearsEnding
    
    
    Years After
    
    
    or More AfterJune 30,
    
    
    June 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2006(In thousands)Real estate construction loans
    
    
    125,858
    
    
    
    0
    
    
    
    0Non-real estate loans
    
    
    13,290
    
    
    
    6,053
    
    
    
    2,481Total
    
    $
    139,148
    
    
    $
    6,053
    
    
    $
    2,481
  Origination, Purchase and Sale of Loans
   Loan Underwriting Policies
  3




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##### 



Residential Real Estate Lending.
  Commercial and Multi-Family Residential Real Estate Lending.
  4




---



##### 



Construction Loans.
   Land Loans.
  Equity Line of Credit Loans.
 Commercial Non Real Estate Business Loans.
 5




---



##### 



Mortgage Banking Activity
     Non-Performing Loans and Other Problem Assets
  6




---



##### 



At June 30,2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002(Dollars in thousands)Non-accruing loans (1):Real estate
    
    $
    15,456
    
    
    $
    11,750
    
    
    $
    10,633
    
    
    $
    7,437
    
    
    $
    7,805Total
    
    $
    15,456
    
    
    $
    11,750
    
    
    $
    10,633
    
    
    $
    7,437
    
    
    $
    7,805Accruing loans which are contractually past due
90 days or more:Real estate
    
    $
    
    
    
    $
    608
    
    
    $
    503
    
    
    $
    275
    
    
    $
    Total
    
    $
    
    
    
    $
    608
    
    
    $
    503
    
    
    $
    275
    
    
    $
    Total nonaccrual and 90 days past due loans
    
    $
    15,456
    
    
    $
    12,358
    
    
    $
    11,136
    
    
    $
    7,712
    
    
    $
    7,805Ratio of non-performing loans to total loans
    
    
    2.08
    %
    
    
    1.85
    %
    
    
    1.80
    %
    
    
    1.32
    %
    
    
    1.38
    %Other non-performing assets (2)
    
    $
    817
    
    
    $
    1,319
    
    
    $
    70
    
    
    $
    449$
    
    
    
    564Total non-performing assets
    
    $
    16,273
    
    
    $
    13,677
    
    
    $
    11,206
    
    
    $
    8,161
    
    
    $
    8,369Total non-performing assets to total assets
    
    
    1.80
    %
    
    
    1.66
    %
    
    
    1.48
    %
    
    
    1.10
    %
    
    
    1.23
    %
 
 (1)
    
    Non-accrual status denotes loans on which, in the opinion of management, the collection of
additional interest is unlikely, or loans that meet the non-accrual criteria established by
regulatory authorities. Non-accrual loans include all loans classified as doubtful or loss,
loans in foreclosure, and all loans greater than 90-days past due with a loan-to-value ratio
greater than 65%.(2)
    
    Other non-performing assets represent property acquired by the Bank through foreclosure or
repossession.  At June 30,2006
    
    
    
    
    
    
    2005(Dollars in thousands)90 days
    
    
    91 to
    
    
    More than
    
    
    
    
    
    
    
    
    
    
    90 days
    
    
    91 to
    
    
    More thanor less
    
    
    365 days
    
    
    365 days
    
    
    Total
    
    
    
    
    
    
    or less
    
    
    365 days
    
    
    365 days
    
    
    TotalOne-to-four- residential
    
    
    
    
    
    
    2,639
    
    
    
    2,295
    
    
    
    4,934
    
    
    
    
    
    
    
    2,409
    
    
    
    1,688
    
    
    
    1,595
    
    
    
    5,69Home equity line of credit
    
    
    22
    
    
    
    1,560
    
    
    
    1,071
    
    
    
    2,653
    
    
    
    
    
    
    
    124
    
    
    
    
    
    
    
    1,644
    
    
    
    1,768Multi-family residential
    
    
    
    
    
    
    
    
    
    
    21
    
    
    
    21
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21
    
    
    
    21Commercial real estate
    
    
    
    
    
    
    1,289
    
    
    
    1,684
    
    
    
    2,973
    
    
    
    
    
    
    
    332
    
    
    
    1,454
    
    
    
    1,732
    
    
    
    3,518Land
    
    
    
    
    
    
    1,137
    
    
    
    52
    
    
    
    1,189
    
    
    
    
    
    
    
    58
    
    
    
    
    
    
    
    277
    
    
    
    335Residential construction
    
    
    
    
    
    
    3,687
    
    
    
    
    
    
    
    3,687
    
    
    
    
    
    
    
    
    
    
    
    256
    
    
    
    160
    
    
    
    41622
    
    
    
    10,311
    
    
    
    5,123
    
    
    
    15,456
    
    
    
    
    
    
    
    2,923
    
    
    
    3,398
    
    
    
    5,429
    
    
    
    11,750
   7




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##### 



8




---



##### 



Asset Classification and Allowance for Loan Losses.
    9




---



##### 



Year Ended June 30,2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002(Dollars in thousands)Balance at beginning of year
    
    $
    4,312
    
    
    $
    4,377
    
    
    $
    3,883
    
    
    $
    3,902
    
    
    $
    3,520Charge-offs:Mortgage loans
    
    
    462
    
    
    
    176
    
    
    
    113
    
    
    
    19
    
    
    
    204Non-real estate (1)
    
    
    1
    
    
    
    0
    
    
    
    19
    
    
    
    
    
    
    
    2Total charge-offs
    
    
    463
    
    
    
    176
    
    
    
    132
    
    
    
    19
    
    
    
    206Recoveries:Mortgage loans
    
    
    0
    
    
    
    0
    
    
    
    29
    
    
    
    
    
    
    
    30Non-real estate (1)
    
    
    0
    
    
    
    0
    
    
    
    
    
    
    
    
    
    
    
    Total recoveries
    
    
    0
    
    
    
    0
    
    
    
    29
    
    
    
    
    
    
    
    30Net charge-offs
    
    
    463
    
    
    
    176
    
    
    
    103
    
    
    
    19
    
    
    
    176Provision charged to income
    
    
    826
    
    
    
    111
    
    
    
    597
    
    
    
    
    
    
    
    558Balance at end of year
    
    $
    4,675
    
    
    $
    4,312
    
    
    $
    4,377
    
    
    $
    3,883
    
    
    $
    3,902Ratio of net charge-offs during
the year to average loans
outstanding during the year
    
    
    0.1
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
 
 (1)
    
    Consists primarily of line of credit loans. 10




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##### 



At June 30,2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002% of Loans in
    
    
    
    
    
    
    % of Loans in
    
    
    
    
    
    
    % of Loans in
    
    
    
    
    
    
    % of Loans in
    
    
    
    
    
    
    % of Loans inCategory to
    
    
    
    
    
    
    Category to
    
    
    
    
    
    
    Category to
    
    
    
    
    
    
    Category to
    
    
    
    
    
    
    Category toTotal Loans
    
    
    
    
    
    
    Total Loans
    
    
    
    
    
    
    Total Loans
    
    
    
    
    
    
    Total Loans
    
    
    
    
    
    
    Total LoansAmount
    
    
    Outstanding
    
    
    Amount
    
    
    Outstanding
    
    
    Amount
    
    
    Outstanding
    
    
    Amount
    
    
    Outstanding
    
    
    Amount
    
    
    Outstanding(Dollars in thousands)Mortgage Loans:One-to-four family residential (1)
    
    $
    2,005
    
    
    
    47.25
    %
    
    $
    1,570
    
    
    
    47.84
    %
    
    $
    1,481
    
    
    
    45.68
    %
    
    $
    1,335
    
    
    
    48.09
    %
    
    $
    1,005
    
    
    
    48.77
    %Multi-family residential
    
    
    271
    
    
    
    7.22
    
    
    
    207
    
    
    
    5.07
    
    
    
    195
    
    
    
    6.27
    
    
    
    269
    
    
    
    7.05
    
    
    
    261
    
    
    
    7.80Commercial
    
    
    1,892
    
    
    
    32.07
    
    
    
    1,827
    
    
    
    34.15
    
    
    
    1,994
    
    
    
    37.05
    
    
    
    1,949
    
    
    
    33.78
    
    
    
    2,187
    
    
    
    32.52Land
    
    
    436
    
    
    
    10.50
    
    
    
    360
    
    
    
    10.32
    
    
    
    474
    
    
    
    8.74
    
    
    
    294
    
    
    
    9.07
    
    
    
    366
    
    
    
    9.42Unallocated
    
    
    
    
    
    
    0.00
    
    
    
    164
    
    
    
    0.00
    
    
    
    
    
    
    
    0.00
    
    
    
    19
    
    
    
    
    
    
    
    
    
    
    
    Total mortgage loans
    
    
    4,604
    
    
    
    97.04
    %
    
    
    4,128
    
    
    
    97.38
    %
    
    
    4,144
    
    
    
    97.74
    
    
    
    3,866
    
    
    
    97.99
    
    
    
    3,819
    
    
    
    98.51Non-real estate
    
    
    71
    
    
    
    2.96
    %
    
    
    184
    
    
    
    2.62
    %
    
    
    233
    
    
    
    2.26
    
    
    
    17
    
    
    
    2.01
    
    
    
    83
    
    
    
    1.49Total allowance for
loan losses
    
    $
    4,675
    
    
    
    100.00
    %
    
    $
    4,312
    
    
    
    100.00
    %
    
    $
    4,377
    
    
    
    100.00
    %
    
    $
    3,883
    
    
    
    100.00
    %
    
    $
    3,902
    
    
    
    100.00
    %
 
 (1)
    
    Consists of one-to-four family residential and home equity line of credit.(2)
    
    Construction loans are included with their respective property type. 11




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##### 



Investment Activities
     At June 30,2006
    
    
    2005
    
    
    2004(In thousands)Investment securities:U. S. Government Sponsored Enterprise Securities
    
    
    58,000
    
    
    
    57,500
    
    
    
    27,500Mortgage-backed securities
    
    
    27,578
    
    
    
    31,720
    
    
    
    36,779Total securities
    
    
    85,578
    
    
    
    89,220
    
    
    
    64,279FHLB of Cincinnati stock
    
    
    11,955
    
    
    
    11,316
    
    
    
    10,819Total investments
    
    
    97,533
    
    
    $
    100,536
    
    
    $
    75,098
 12




---



##### 



At June 30, 2006One Year
    
    
    One to Five
    
    
    Five to Ten
    
    
    More thanor Less
    
    
    Years
    
    
    Years
    
    
    Ten Years
    
    
    Total SecuritiesCarrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Market
    
    
    AverageValue
    
    
    Yield
    
    
    Value
    
    
    Yield
    
    
    Value
    
    
    Yield
    
    
    Value
    
    
    Yield
    
    
    Value
    
    
    Value
    
    
    Yield(Dollars in thousands)U.S. Government Sponsored
Enterprise Securities
    
    $
    0
    
    
    
    0.00
    %
    
    $
    58,000
    
    
    
    4.03
    %
    
    $
    0
    
    
    
    0.00
    %
    
    $
    0
    
    
    
    0.00
    %
    
    $
    58,000
    
    
    $
    57,257
    
    
    
    4.03
    %Mortgage-backed securities
    
    
    554
    
    
    
    6.00
    %
    
    
    0
    
    
    
    0.00
    %
    
    
    0
    
    
    
    0.00
    %
    
    
    27,024
    
    
    
    4.80
    %
    
    
    27,578
    
    
    
    25,762
    
    
    
    4.82
    %Total
    
    $
    554
    
    
    
    6.00
    %
    
    $
    58,000
    
    
    
    4.03
    %
    
    $
    0
    
    
    
    0.00
    %
    
    $
    27,024
    
    
    
    4.80
    %
    
    $
    85,578
    
    
    $
    83.019
    
    
    
    4.29
    %
 13




---



##### 



Deposit Activity and Other Sources of Funds
 General.
 Deposits.
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    
    PercentageInterest
    
    
    
    Minimum
    
    Balance
    
    of TotalRate
    
    Category
    
    Balance
    
    (in thousands)
    
    Deposits2.25%
    
    NOW accounts
    
    $
    50
    
    
    $
    39,565
    
    
    
    6.02
    %0.55%
    
    Passbook statement accounts
    
    
    5
    
    
    
    35,194
    
    
    
    5.364.55%
    
    Money market accounts
    
    
    1,000
    
    
    
    60,900
    
    
    
    9.270.00%
    
    Non-interest-earning demand accounts
    
    
    50
    
    
    
    17,069
    
    
    
    2.60$
    152,728
    
    
    
    23.25Certificates of Deposit4.59%
    
    3 months or less
    
    
    500
    
    
    $
    239,180
    
    
    
    36.414.41%
    
    3 - 6 months
    
    
    500
    
    
    
    78,965
    
    
    
    12.024.74%
    
    6 - 12 months
    
    
    500
    
    
    
    123,580
    
    
    
    18.814.30%
    
    1 - 3 years
    
    
    500
    
    
    
    46,934
    
    
    
    7.154.48%
    
    More than three years
    
    
    500
    
    
    
    15,477
    
    
    
    2.364.57%
    
    Total certificates of deposit
    
    
    
    
    
    $
    504,136
    
    
    
    76.754.09%
    
    Total deposits
    
    
    
    
    
    $
    656,864
    
    
    
    100.00
    %
 14




---



##### 



For the Year Ended June 30,2006
    
    
    2005
    
    
    2004Interest-
    
    
    
    
    
    
    
    
    
    
    Interest-
    
    
    
    
    
    
    
    
    
    
    Interest-Bearing
    
    
    
    
    
    
    
    
    
    
    Bearing
    
    
    
    
    
    
    
    
    
    
    BearingDemand
    
    
    Savings
    
    
    Time
    
    
    Demand
    
    
    Savings
    
    
    Time
    
    
    Demand
    
    
    Savings
    
    
    TimeDeposits
    
    
    Deposits
    
    
    Deposits
    
    
    Deposits
    
    
    Deposits
    
    
    Deposits
    
    
    Deposits
    
    
    Deposits
    
    
    Deposits(Dollars in thousands)Average balance
    
    $
    71,791
    
    
    $
    39,857
    
    
    $
    485,755
    
    
    $
    58,437
    
    
    $
    45,513
    
    
    $
    421,209
    
    
    $
    61,930
    
    
    $
    45,608
    
    
    $
    373,575Average rate paid
    
    
    2.94
    %
    
    
    0.51
    %
    
    
    3.80
    %
    
    
    1.03
    %
    
    
    0.50
    %
    
    
    2.92
    %
    
    
    0.45
    %
    
    
    0.50
    %
    
    
    2.90
    %
 15




---



##### 



CertificatesMaturity Period
    
    of Deposit(In thousands)Three months or less
    
    $
    38,761Three through six months
    
    
    36,791Six through 12 months
    
    
    64,759Over 12 months
    
    
    24,134Total
    
    $
    164,445
 Borrowings.
  At June 30,2006
    
    
    2005
    
    
    2004(In thousands)Amounts outstanding at end of period
    
    $
    95,000
    
    
    $
    135,012
    
    
    $
    135,040Weighted average rate
    
    
    4.95
    %
    
    
    4.16
    %
    
    
    3.96
    %Maximum amount outstanding at any
month end
    
    $
    170,001
    
    
    $
    180,033
    
    
    $
    146,084Approximate average outstanding balance
    
    $
    154,215
    
    
    $
    161,492
    
    
    $
    127,020Weighted average rate
    
    
    4.45
    %
    
    
    3.77
    %
    
    
    4.12
    %
  16




---



##### 



Subsidiary Activities
    PVF Service Corporation.
 Mid Pines Land Company.
 Competition
   Employees
  17




---



##### 



Regulation of the Bank
 General.
 Regulatory Capital Requirements.
   18




---



##### 



At June 30, 2006Percent ofAmount
    
    
    Assets (1)(Dollars in Thousands)Tangible Capital
    
    $
    75,827
    
    
    
    8.33
    %Tangible Capital Requirement
    
    
    13,662
    
    
    
    1.50Excess
    
    
    62,165
    
    
    
    6.83
    %Tier 1/Core Capital
    
    $
    75,827
    
    
    
    8.33
    %Tier 1/Core Capital Requirement
    
    
    36,431
    
    
    
    4.00Excess
    
    
    39,396
    
    
    
    4.33
    %Tier 1 Risk-Based Capital
    
    $
    75,827
    
    
    
    9.72
    %Tier 1 Risk-Based Capital Requirement
    
    
    31,208
    
    
    
    4.00Excess
    
    
    44,619
    
    
    
    5.72
    %Risk-Based Capital
    
    $
    80,241
    
    
    
    10.28
    %Risk-Based Capital Requirement
    
    
    62,416
    
    
    
    8.00Excess
    
    
    17,825
    
    
    
    2.28
    %
 
 (1)
    
    Based upon adjusted total assets for
purposes of the tangible, core and Tier 1 capital
requirements, and risk-weighted assets for purposes of the
Tier 1 risk-based and risk-based capital requirements.  Prompt Corrective Regulatory Action.
 19




---



##### 



Adequately
    
    
    
    SignificantlyWell Capitalized
    
    Capitalized
    
    Undercapitalized
    
    UndercapitalizedTotal risk-based
capital ratio
    
    10.0% or more
    
    8.0% or more
    
    Less than 8.0%
    
    Less than 6.0%Tier 1 risk-based
capital ratio
    
    6.0% or more
    
    4.0% or more
    
    Less than 4.0%
    
    Less than 3.0%Leverage ratio
    
    5.0% or more
    
    4.0% or more*
    
    Less than 4.0%*
    
    Less than 3.0%
 
 *
    
    3.0% if the institution has the highest examination rating.  Safety and Soundness Standards.
 Federal Home Loan Bank System.
 20




---



##### 



Qualified Thrift Lender Test.
  Uniform Lending Standards.
 i.e e.g.
  21




---



##### 



Insurance of Deposit Accounts.
    Federal Deposit Insurance Reform Act of 2005.
    22




---



##### 



Dividend Limitations.
    Federal Reserve System.
 Interstate and Interindustry Acquisitions.
 23




---



##### 



Loans-to-One-Borrower Limitations.
 Enforcement .
 Transactions with Affiliates.
 24




---



##### 



Regulation of the Company
 General.
 Activities Restrictions.
  25




---



##### 



Restrictions on Acquisitions.
  Acquisition of the Company.
 Sarbanes-Oxley Act of 2002.
 26




---



##### 



USA Patriot Act.
 Taxation
 General.
 27




---



##### 



Federal Income Taxation.
     State Income Taxation.
 Executive Officers of the Registrant
  Age as ofName
    
    September 3, 2006
    
    TitleJohn R. Male
    
    
    58
    
    
    Chairman of the Board and Chief Executive Officer
of the Company and the BankC. Keith Swaney
    
    
    63
    
    
    President and Chief Operating Officer of the
Company and the Bank, Treasurer of the Company
and Chief Financial Officer of the BankJeffrey N. Male
    
    
    57
    
    
    Vice President and Secretary of the Company and
Executive Vice President and Chief Lending
Officer of the Bank
 John R. Male.
 28




---



##### 



C. Keith Swaney.
 Jeffrey N. Male.
 29




---



##### 



Item 1A. Risk Factors
 Certain interest rate movements may hurt earnings and asset value.
   Strong competition within the Banks market area could hurt profits and slow growth.
  The Company and the Bank operate in a highly regulated environment and may be adversely
affected by changes in laws and regulations.
  30




---



##### 



Our emphasis on construction and commercial real estate lending and land loans may expose us
to increased lending risks.
  The Companys financial condition and results of operations are dependant on the economy in
the Banks market area.
  Provisions in the Companys certificate of incorporation and bylaws and statutory provisions
could discourage a hostile acquisition of control.
    31




---



##### 



Item 1B. Unresolved Staff Comments
  Item 2. Properties
  Year
    
    
    
    
    
    Net Book
    
    Owned or
    
    ApproximateOpened/
    
    Total
    
    Value at
    
    Leased/
    
    SquareLocation
    
    Acquired
    
    Deposits
    
    June 30, 2006
    
    Expiration
    
    Footage(Dollars in thousands)Main Office:30000 Aurora Road
    
    2000
    
    $
    31,533
    
    
    $
    5,517
    
    
    Owned
    
    
    51,635Solon, OhioBranch Offices:2111 Richmond Road
    
    1967
    
    
    78,811
    
    
    
    6
    
    
    Lease
    
    
    2,750Beachwood, Ohio
    
    
    
    
    
    
    
    
    
    
    
    3/31/09413 Northfield Road
    
    2002
    
    
    47,714
    
    
    
    227
    
    
    Lease
    
    
    3,084Bedford, Ohio
    
    
    
    
    
    
    
    
    
    
    
    10/31/1211010 Clifton Boulevard
    
    1974
    
    
    26,324
    
    
    
    37
    
    
    Lease
    
    
    1,550Cleveland, Ohio
    
    
    
    
    
    
    
    
    
    
    
    8/1/0513901 Ridge Road
    
    1999
    
    
    61,931
    
    
    
    0
    
    
    Lease
    
    
    3,278North Royalton, Ohio
    
    
    
    
    
    
    
    
    
    
    
    8/31/096990 Heisley Road
    
    1994
    
    
    44,200
    
    
    
    14
    
    
    Lease
    
    
    2,400Mentor, Ohio
    
    
    
    
    
    
    
    
    
    
    
    10/25/081244 SOM Center Road
    
    2004
    
    
    44,960
    
    
    
    123
    
    
    Lease
    
    
    2,200Mayfield Heights, Ohio
    
    
    
    
    
    
    
    
    
    
    
    6/30/14497 East Aurora Road
    
    1994
    
    
    46,374
    
    
    
    10
    
    
    Lease
    
    
    2,400Macedonia, Ohio
    
    
    
    
    
    
    
    
    
    
    
    9/30/098500 Washington Street
    
    1995
    
    
    43,386
    
    
    
    623
    
    
    Owned
    
    
    2,700Chagrin Falls, Ohio408 Water Street
    
    1998
    
    
    29,541
    
    
    
    489
    
    
    Owned
    
    
    2,800Chardon, Ohio3613 Medina Road
    
    2000
    
    
    26,522
    
    
    
    0
    
    
    Lease
    
    
    2,440Medina, Ohio
    
    
    
    
    
    
    
    
    
    
    
    2/28/0834400 Aurora Road
    
    2000
    
    
    30,398
    
    
    
    41
    
    
    Lease
    
    
    3,000Solon, Ohio
    
    
    
    
    
    
    
    
    
    
    
    4/30/1016909 Chagrin Boulevard
    
    2000
    
    
    32,906
    
    
    
    71
    
    
    Lease
    
    
    2,904Shaker Heights, Ohio
    
    
    
    
    
    
    
    
    
    
    
    6/30/1036311 Detroit Road
    
    2002
    
    
    43,298
    
    
    
    182
    
    
    Lease
    
    
    3,375Avon, Ohio
    
    
    
    
    
    
    
    
    
    
    
    10/02/12
 32




---



##### 



17780 Pearl Road
    
    2002
    
    
    38,467
    
    
    
    116
    
    
    Lease
    
    
    3,500Strongsville, Ohio
    
    
    
    
    
    
    
    
    
    
    
    8/31/129305 Market Square Drive
    
    2003
    
    
    17,751
    
    
    
    1,039
    
    
    Owned
    
    
    3,700Streetsboro, Ohio215 West Garfield Road
    
    2005
    
    
    12,748
    
    
    
    63
    
    
    Lease
    
    
    4,700Aurora, Ohio
    
    
    
    
    
    
    
    
    
    
    
    8/31/10
 33




---



##### 



Item 3. Legal Proceedings
  Item 4. Submission of Matters to a Vote of Security Holders
  PART II
 Item 5. Market for the Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Securities
   (c)
    
    (d)Total Number of
    
    Maximum(a)
    
    
    
    Shares Purchased
    
    Number of SharesTotal
    
    (b)
    
    as Part of
    
    That May Yet BeNumber of
    
    Average
    
    Publicly
    
    Purchased UnderShares
    
    Price Paid
    
    Announced Plans
    
    the Plans orPeriod
    
    Purchased
    
    per Share
    
    or Programs
    
    ProgramsApril 2006Beginning date: April 1
    
    
    
    
    
    
    472,725
    
    
    
    265,602Ending date: April 30May 2006Beginning date: May 1
    
    
    
    
    
    
    472,725
    
    
    
    265,602Ending date: May 31June 2006Beginning date: June 1
    
    
    
    
    
    
    472,725
    
    
    
    265,602Ending date: June 30Total
    
    
    
    
    
    
    472,725
    
    
    
    265,602
  34




---



##### 



Item 6. Selected Financial Data
  Item 7. Managements Discussion and Analysis of Financial Condition and Results of
Operations
  Item 7A. Quantitative and Qualitative Disclosures About Market Risk
  Item 8. Financial Statements and Supplementary Data
  Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
  Item 9A. Controls and Procedures
 Disclosure Controls and Procedures
  Managements Annual Report on Internal Control Over Financial Reporting
  35




---



##### 



/s/ John R. Male
Chairman of the Board
and Chief Executive Officer
    
    /s/ C. Keith Swaney
President, Chief Operating
Officer and Treasurer
 Changes in Internal Control Over Financial Reporting
  Item 9B. Other Information
  PART III
 Item 10. Directors and Executive Officers of the Registrant
   Item 11. Executive Compensation
  Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
 (a) and (b)
    
    The information required by this item is incorporated herein by reference to the
sections captioned Proposal I  Election of Directors and Voting Securities and Principal
Holders Thereof of the Proxy Statement.(c)
    
    Management knows of no arrangements, including any pledge by any person of securities of the
Bank, the operation of which may at a subsequent date result in a change in control of the
registrant.
 36




---



##### 



(d)
    
    The following table sets forth certain information with respect to the Companys equity
compensation plans as of June 30, 2006.
 (a)
    
    (b)
    
    (c)Number of securities remainingNumber of securities to
    
    
    
    
    
    available for future issuancebe issued upon exercise
    
    Weighted-average exercise
    
    under equity compensationof outstanding options,
    
    price of outstanding
    
    plans (excluding securitieswarrants & rights(1)
    
    options, warrants and rights
    
    reflected in column (a))(1)Equity compensation plans 
  approved by security holders
    
    
    558,474
    
    
    
    8.77
    
    
    
    183,228Equity compensation plans not 
  approved by security holders
    
    
    
    
    
    
    
    
    
    Total
    
    
    558,474
    
    
    
    8.77
    
    
    
    183,228
 
 (1)
    
    Adjusted for a 10% stock dividend paid on the Common Stock on September 1, 1997, a 50%
stock dividend paid on the Common Stock on August 17, 1998, a 10% stock dividend paid on the
Common Stock on September 7, 1999, a 10% stock dividend paid on the Companys Common Stock on
September 1, 2000, a 10% stock dividend paid on the Common Stock on August 31, 2001, a 10%
stock dividend paid on the Common Stock on August 30, 2002, a 10% dividend paid on the Common
Stock on August 29, 2003, a 10% dividend paid on the Common Stock on August 31, 2004 and a 10%
dividend paid on the Common Stock on August 31, 2005. Item 13. Certain Relationships and Related Transactions
  Item 14. Principal Accountant Fees and Services
  PART IV
 Item 15. Exhibits and Financial Statement Schedules
 (a)
    
    
    1.
    
    
    Report of Independent Registered Public Accounting Firm (incorporated by reference to the Annual Report)Consolidated Financial Statements (incorporated by reference to the Annual Report)(a)
    
    Consolidated Statements of Financial Condition, at June 30, 2006 and 2005(b)
    
    Consolidated Statements of Operations for the Years Ended June 30, 2006, 2005 and 2004(c)
    
    Consolidated Statements of Stockholders Equity for the Years Ended June 30, 2006, 2005 and 2004(d)
    
    Consolidated Statements of Cash Flows for the Years Ended June 30, 2006, 2005 and 2004(e)
    
    Notes to Consolidated Financial Statements.
 37




---



##### 



2.
    
    
    All schedules have been omitted as the required information is either inapplicable or included in
the Notes to Consolidated Financial Statements.3.
    
    
    Exhibits and Index to ExhibitsThe following exhibits are either attached to or incorporated by reference in this Annual Report on Form 10-K.
 No.
    
    Description3.1
    
    Articles of Incorporation, as amended and restated
    
    **3.2
    
    Code of Regulations, as amended and restated
    
    *3.3
    
    Bylaws, as amended and restated
    
    ****4
    
    Specimen Common Stock Certificate
    
    *10.1
    
    Park View Federal Savings Bank Conversion Stock Option Plan 
    
    *10.2
    
    PVF Capital Corp. 1996 Incentive Stock Option Plan 
    
    *10.3
    
    Form of Severance Agreement between PVF Capital Corporation and
each of John R. Male, C. Keith Swaney and Jeffrey N. Male 
    
    **10.4
    
    Park View Federal Savings Bank Supplemental Executive Retirement Plan as
amended and restated10.5
    
    PVF Capital Corp. 2000 Incentive Stock Option Plan and Deferred Compensation
Plan
    
    ***13
    
    PVF Capital Corp. Annual Report to Stockholders for the year ended June 30, 200614
    
    Code of Ethics
    
    ****21
    
    Subsidiaries of the Registrant23.1
    
    Consent of Crowe Chizek and Company LLC31.1
    
    Rule 13a-14(a) Certification of Chief Executive Officer31.2
    
    Rule 13a-14(a) Certification of Chief Financial Officer32
    
    Section 1350 Certifications
 
 *
    
    Incorporated by reference to the Registrants Annual Report on Form 10-K for the year ended
June 30, 1996 (Commission File No. 0-24948).**
    
    Incorporated by reference to the Registrants Annual Report on Form 10-K for the year ended
June 30, 2002 (Commission File No. 0-24948).***
    
    Incorporated by reference to the Registrants Annual Report on Form 10-K for the year ended
June 30, 2003 (Commission File No. 0-24948).***
    
    Incorporated by reference to the Registrants Annual Report on Form 10-K for the year
ended June 30, 2004 (Commission File No. 0-24948).****
    
    Incorporated by reference to the Registrants Annual Report on Form 10-K for the year
ended June 30, 2005 (Commission File No. 0-24948).
    
    Management contract or compensory plan or arrangement.(b)
    
    Exhibits.The exhibits required by Item 601 of Regulation S-K are either filed as
part of this Annual Report on Form 10-K or incorporated herein by reference.(c)
    
    Financial Statements and Schedules Excluded from Annual Report.There are no other
financial statements and financial statement schedules which were excluded from the Annual
Report to Stockholders pursuant to Rule 14a-3(b) which are required to be included herein. 38




---



##### 



SIGNATURES
  PVF CAPITAL CORP.September 8, 2006
    
    By:
    
    /s/ John R. MaleJohn R. Male
Chairman of the Board of Directors
and Chief Executive Officer
  /s/ John R. Male
    
    September 8, 2006John R. Male
Chairman of the Board of Directors and
Chief Executive Officer
(Principal Executive Officer)/s/ C. Keith Swaney
    
    September 8, 2006C. Keith Swaney
President, Chief Operating Officer and
Treasurer
(Principal Financial and Accounting Officer)/s/ Robert K. Healey
    
    September 8, 2006Robert K. Healey
Director/s/ Stanley T. Jaros
    
    September 8, 2006Stanley T. Jaros
Director/s/ Stuart D. Neidus
    
    September 8, 2006Stuart D. Neidus
Director/s/ Gerald A. Fallon
    
    September 8, 2006Gerald A. Fallon
Director/s/ Raymond J. Negrelli
    
    September 8, 2006Raymond J. Negrelli
Director/s/ Ronald D. Holman
    
    September 8, 2006Ronald D. Holman, II
Director