##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
 FORM 10-K
 FOR ANNUAL AND TRANSITIONAL REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 (Mark One)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the
fiscal year ended June 30, 2005
    OR
 o
    
    TRANSITIONAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from to
 Commission File Number 0-24948
 PVF Capital Corp.
  Ohio(State or Other Jurisdiction
of Incorporation or Organization)
    
    34-1659805(I.R.S. Employer
Identification No.)
 30000 Aurora Road, Solon, Ohio(Address of Principal Executive Offices)
    
    44139(Zip Code)
 (440) 248-7171
 None
  Common Stock (par value $0.01 per share)
 þ o
 þ
 þ o
 o þ
 SM
  DOCUMENTS INCORPORATED BY REFERENCE




---



TABLE OF CONTENTS  PART IItem 1. BusinessItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Submission of Matters to a Vote of Security HoldersPART IIItem 5. Market for the Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of SecuritiesItem 6. Selected Financial DataItem 7. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 7A. Quantitative and Qualitative Disclosures About Market RiskItem 8. Financial Statements and Supplementary DataItem 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A. Controls and ProceduresItem 9B. Other InformationPART IIIItem 10. Directors and Executive Officers of the RegistrantItem 11. Executive CompensationItem 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13. Certain Relationships and Related TransactionsItem 14. Principal Accountant Fees and ServicesPART IVItem 15. Exhibits and Financial Statement SchedulesSIGNATURESEX-3.3 Bylaws, as Amended and RestatedEX-13 Annual ReportEX-21 Subsidiaries of the RegistrantEX-23.1 Consent of Crowe Chizek and Company LLCEX-31.1 302 Certification for CEOEX-31.2 302 Certification for CFOEX-32 906 Certification for CEO and CFO    Table of Contents  
 PART I
 
 Item 1. Business
 General
     Market Area
   1




---



##### Table of Contents



Lending Activities
 Loan Portfolio Composition
   At June 30,2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent(Dollars in thousands)Real estate loans receivable held for investment:One-to-four family residential
    
    $
    148,956
    
    
    
    22.55
    %
    
    $
    128,210
    
    
    
    20.99
    %
    
    $
    139,774
    
    
    
    24.22
    %
    
    $
    158,334
    
    
    
    28.24
    %
    
    $
    206,098
    
    
    
    36.14
    %Home equity line of credit
    
    
    97,692
    
    
    
    14.79
    
    
    
    83,505
    
    
    
    13.67
    
    
    
    67,822
    
    
    
    11.75
    
    
    
    53,349
    
    
    
    9.52
    
    
    
    37,597
    
    
    
    6.59Multifamily residential
    
    
    33,505
    
    
    
    5.07
    
    
    
    38,777
    
    
    
    6.35
    
    
    
    40,942
    
    
    
    7.10
    
    
    
    43,439
    
    
    
    7.75
    
    
    
    43,719
    
    
    
    7.67Commercial
    
    
    171,331
    
    
    
    25.94
    
    
    
    175,323
    
    
    
    28.71
    
    
    
    146,686
    
    
    
    25.42
    
    
    
    133,081
    
    
    
    23.74
    
    
    
    125,664
    
    
    
    22.04Commercial equity line of credit
    
    
    31,875
    
    
    
    4.83
    
    
    
    38,113
    
    
    
    6.24
    
    
    
    34,081
    
    
    
    5.91
    
    
    
    22,872
    
    
    
    4.08
    
    
    
    15,232
    
    
    
    2.67Land
    
    
    68,165
    
    
    
    10.32
    
    
    
    54,047
    
    
    
    8.85
    
    
    
    52,963
    
    
    
    9.18
    
    
    
    53,434
    
    
    
    9.53
    
    
    
    51,932
    
    
    
    9.11Construction  residential
    
    
    75,460
    
    
    
    11.42
    
    
    
    70,833
    
    
    
    11.60
    
    
    
    73,160
    
    
    
    12.68
    
    
    
    64,960
    
    
    
    11.59
    
    
    
    71,653
    
    
    
    12.57Construction  multi-family
    
    
    0
    
    
    
    0.00
    
    
    
    0
    
    
    
    0.00
    
    
    
    217
    
    
    
    0.04
    
    
    
    823
    
    
    
    0.15
    
    
    
    231
    
    
    
    0.04Construction  commercial
    
    
    24,355
    
    
    
    3.69
    
    
    
    15,679
    
    
    
    2.57
    
    
    
    16,496
    
    
    
    2.86
    
    
    
    28,520
    
    
    
    5.09
    
    
    
    18,171
    
    
    
    3.19Non-real estate
    
    
    17,300
    
    
    
    2.62
    
    
    
    13,951
    
    
    
    2.29
    
    
    
    11,761
    
    
    
    2.04
    
    
    
    8,460
    
    
    
    1.50
    
    
    
    5,773
    
    
    
    1.00668,639
    
    
    
    101.23
    
    
    
    618,438
    
    
    
    101.27
    
    
    
    583,902
    
    
    
    101.20
    
    
    
    567,272
    
    
    
    101.19
    
    
    
    576,070
    
    
    
    101.02Deferred loan fees
    
    
    (3,833
    )
    
    
    (0.58
    )
    
    
    (3,380
    )
    
    
    (0.55
    )
    
    
    (3,034
    )
    
    
    (0.53
    )
    
    
    (2,793
    )
    
    
    (0.50
    )
    
    
    (2,322
    )
    
    
    (0.40
    )Allowance for loan losses
    
    
    (4,312
    )
    
    
    (0.65
    )
    
    
    (4,377
    )
    
    
    (0.72
    )
    
    
    (3,883
    )
    
    
    (0.67
    )
    
    
    (3,902
    )
    
    
    (0.69
    )
    
    
    (3,520
    )
    
    
    (0.62
    )Total other items
    
    
    (8,145
    )
    
    
    (1.23
    )
    
    
    (7,757
    )
    
    
    (1.27
    )
    
    
    (6,917
    )
    
    
    (1.20
    )
    
    
    (6,695
    )
    
    
    (1.19
    )
    
    
    (5,842
    )
    
    
    (1.02
    )Total loans receivable, net
    
    $
    660,494
    
    
    
    100.00
    %
    
    $
    610,681
    
    
    
    100.00
    %
    
    $
    576,985
    
    
    
    100.00
    %
    
    $
    560,577
    
    
    
    100.00
    %
    
    $
    570,228
    
    
    
    100.00
    %Loans receivable held for sale, net
    
    $
    9,060
    
    
    
    
    
    
    $
    11,871
    
    
    
    
    
    
    $
    33,604
    
    
    
    
    
    
    $
    11,680
    
    
    
    
    
    
    $
    6,152
 2




---



##### Table of Contents



Due During
    
    
    Due Onethe Year
    
    
    Through Five
    
    
    Due Five YearsEnding
    
    
    Years After
    
    
    or More AfterJune 30,
    
    
    June 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2005(In thousands)Real estate construction loans
    
    
    99,815
    
    
    
    0
    
    
    
    0Non-real estate loans
    
    
    11,356
    
    
    
    3,431
    
    
    
    2,513Total
    
    $
    111,171
    
    
    $
    3,431
    
    
    $
    2,513
  Origination, Purchase and Sale of Loans
   Loan Underwriting Policies
  3




---



##### Table of Contents



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




---



##### Table of Contents



Construction Loans.
   Land Loans.
  Equity Line of Credit Loans.
 5




---



##### Table of Contents



Commercial Non Real Estate Business Loans.
 Mortgage Banking Activity
     Non-Performing Loans and Other Problem Assets
  6




---



##### Table of Contents



At June 30,2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001(Dollars in thousands)Non-accruing loans (1):Real estate
    
    $
    11,750
    
    
    $
    10,633
    
    
    $
    7,437
    
    
    $
    7,805
    
    
    $
    5,385Total
    
    $
    11,750
    
    
    $
    10,633
    
    
    $
    7,437
    
    
    $
    7,805
    
    
    $
    5,385Accruing loans which are contractually past due
90 days or more:Real estate
    
    $
    608
    
    
    $
    503
    
    
    $
    275
    
    
    $
    
    
    
    $
    20Total
    
    $
    608
    
    
    $
    503
    
    
    $
    275
    
    
    $
    
    
    
    $
    20Total nonaccrual and 90 days past due loans
    
    $
    12,358
    
    
    $
    11,136
    
    
    $
    7,712
    
    
    $
    7,805
    
    
    $
    5,405Ratio of non-performing loans to total loans
    
    
    1.85
    %
    
    
    1.80
    %
    
    
    1.32
    %
    
    
    1.38
    %
    
    
    0.94
    %Other non-performing assets (2)
    
    $
    1,319
    
    
    $
    70
    
    
    $
    449
    
    
    $
    564
    
    
    $
    547Total non-performing assets
    
    $
    13,677
    
    
    $
    11,206
    
    
    $
    8,161
    
    
    $
    8,369
    
    
    $
    5,952Total non-performing assets to total assets
    
    
    1.66
    %
    
    
    1.48
    %
    
    
    1.10
    %
    
    
    1.23
    %
    
    
    0.81
    %
 
 (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, loans to borrowers in bankruptcy, and all loans greater than 90-days
past due with a loan-to-value ratio greater than 65%. Payments received on a non-accrual loan
are either applied to the outstanding principal balance or recorded as interest income,
depending on an assessment of the collectibility of the principal balance of the loan.(2)
    
    Other non-performing assets represent property acquired by the Bank through foreclosure or
repossession.     Asset Classification and Allowance for Loan Losses.
 7




---



##### Table of Contents



Year Ended June 30,2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001(Dollars in thousands)Balance at beginning of year
    
    $
    4,377
    
    
    $
    3,883
    
    
    $
    3,902
    
    
    $
    3,520
    
    
    $
    3,388Charge-offs:Mortgage loans
    
    
    176
    
    
    
    113
    
    
    
    19
    
    
    
    204
    
    
    
    106Non-real estate (1)
    
    
    0
    
    
    
    19
    
    
    
    
    
    
    
    2
    
    
    
    7Total charge-offs
    
    
    176
    
    
    
    132
    
    
    
    19
    
    
    
    206
    
    
    
    113Recoveries:Mortgage loans
    
    
    0
    
    
    
    29
    
    
    
    
    
    
    
    30
    
    
    
    20Non-real estate (1)
    
    
    0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total recoveries
    
    
    0
    
    
    
    29
    
    
    
    
    
    
    
    30
    
    
    
    20Net charge-offs
    
    
    176
    
    
    
    103
    
    
    
    19
    
    
    
    176
    
    
    
    93Provision charged to income
    
    
    111
    
    
    
    597
    
    
    
    
    
    
    
    558
    
    
    
    225Balance at end of year
    
    $
    4,312
    
    
    $
    4,377
    
    
    $
    3,883
    
    
    $
    3,902
    
    
    $
    3,520Ratio of net charge-offs during
the year to average loans
outstanding during the year
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
 
 (1)
    
    Consists primarily of line of credit loans. 8




---



##### Table of Contents



At June 30,2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001% 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)
    
    $
    1,570
    
    
    
    47.84
    %
    
    $
    1,481
    
    
    
    45.68
    %
    
    $
    1,335
    
    
    
    48.09
    %
    
    $
    1,005
    
    
    
    48.77
    %
    
    $
    841
    
    
    
    54.74
    %Multi-family residential
    
    
    207
    
    
    
    5.07
    
    
    
    195
    
    
    
    6.27
    
    
    
    269
    
    
    
    7.05
    
    
    
    261
    
    
    
    7.80
    
    
    
    233
    
    
    
    7.63Commercial
    
    
    1,827
    
    
    
    34.15
    
    
    
    1,994
    
    
    
    37.05
    
    
    
    1,949
    
    
    
    33.78
    
    
    
    2,187
    
    
    
    32.52
    
    
    
    1,934
    
    
    
    27.61Land
    
    
    360
    
    
    
    10.32
    
    
    
    474
    
    
    
    8.74
    
    
    
    294
    
    
    
    9.07
    
    
    
    366
    
    
    
    9.42
    
    
    
    307
    
    
    
    9.01Unallocated
    
    
    164
    
    
    
    0.00
    
    
    
    
    
    
    
    0.00
    
    
    
    19
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    130
    
    
    
    Total mortgage loans
    
    
    4,128
    
    
    
    97.38
    %
    
    
    4,144
    
    
    
    97.74
    
    
    
    3,866
    
    
    
    97.99
    
    
    
    3,819
    
    
    
    98.51
    
    
    
    3,445
    
    
    
    98.99Non-real estate
    
    
    184
    
    
    
    2.62
    %
    
    
    233
    
    
    
    2.26
    
    
    
    17
    
    
    
    2.01
    
    
    
    83
    
    
    
    1.49
    
    
    
    75
    
    
    
    1.01Total allowance for
loan losses
    
    $
    4,312
    
    
    
    100.00
    %
    
    $
    4,377
    
    
    
    100.00
    %
    
    $
    3,883
    
    
    
    100.00
    %
    
    $
    3,902
    
    
    
    100.00
    %
    
    $
    3,520
    
    
    
    100.00
    %
 
 (1)
    
    Consists of one-to-four family residential and home equity line of credit. 9




---



##### Table of Contents



Investment Activities
     At June 30,2005
    
    
    2004
    
    
    2003(In thousands)Investment securities:Municipal securities
    
    $
    0
    
    
    $
    
    
    
    $
    33U. S. Government Sponsored Enterprise Securities
    
    
    57,500
    
    
    
    27,500
    
    
    
    Mortgage-backed securities
    
    
    31,720
    
    
    
    36,779
    
    
    
    2,931Total securities
    
    
    89,220
    
    
    
    64,279
    
    
    
    2,964FHLB of Cincinnati stock
    
    
    11,316
    
    
    
    10,819
    
    
    
    10,396Total investments
    
    $
    100,536
    
    
    $
    75,098
    
    
    $
    13,360
 10




---



##### Table of Contents



At June 30, 2005One 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 SponsoredEnterprise Securities
    
    $
    0
    
    
    
    0.00
    %
    
    $
    57,500
    
    
    
    3.60
    %
    
    $
    0
    
    
    
    0.00
    %
    
    $
    0
    
    
    
    0.00
    %
    
    $
    57,500
    
    
    $
    57,345
    
    
    
    3.60
    %Mortgage-backed securities
    
    
    0
    
    
    
    0.00
    
    
    
    0
    
    
    
    0.00
    
    
    
    0
    
    
    
    0.00
    
    
    
    31,720
    
    
    
    4.80
    
    
    
    31,720
    
    
    
    31,488
    
    
    
    4.80Total
    
    $
    0
    
    
    
    0.00
    %
    
    $
    57,500
    
    
    
    3.60
    %
    
    $
    0
    
    
    
    0.00
    %
    
    $
    31,720
    
    
    
    4.80
    %
    
    $
    89,220
    
    
    $
    88,833
    
    
    
    4.03
    %
 11




---



##### Table of Contents



Deposit Activity and Other Sources of Funds
 General.
 Deposits.
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    
    
    PercentageInterest
    
    
    
    
    Minimum
    
    
    Balance
    
    
    of TotalRate
    
    
    Category
    
    Balance
    
    
    (in thousands)
    
    
    Deposits0.89
    %
    
    NOW accounts
    
    $
    50
    
    
    $
    38,319
    
    
    
    6.48
    %0.50
    %
    
    Passbook statement accounts
    
    
    5
    
    
    
    43,415
    
    
    
    7.342.50
    %
    
    Money market accounts
    
    
    1,000
    
    
    
    22,952
    
    
    
    3.880.00
    %
    
    Non-interest-earning demand accounts
    
    
    50
    
    
    
    16,958
    
    
    
    2.87121,644
    
    
    
    20.57Certificates of Deposit3.22
    %
    
    3 months or less
    
    
    500
    
    
    
    141,706
    
    
    
    23.972.92
    %
    
    3 - 6 months
    
    
    500
    
    
    
    99,077
    
    
    
    16.763.36
    %
    
    6 - 12 months
    
    
    500
    
    
    
    130,463
    
    
    
    22.073.81
    %
    
    1 - 3 years
    
    
    500
    
    
    
    80,773
    
    
    
    13.664.13
    %
    
    More than three years
    
    
    500
    
    
    
    17,563
    
    
    
    2.973.33
    %
    
    Total certificates of deposit
    
    
    
    
    
    
    469,582
    
    
    
    79.432.84
    %
    
    Total deposits
    
    
    
    
    
    $
    591,226
    
    
    
    100.00
    %
 12




---



##### Table of Contents



For
the Year Ended June 30,2005
    
    

2004
    
    
    2003Interest-
    
    
    
    
    
    
    
    
    
    
    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
    
    $
    58,437
    
    
    $
    45,513
    
    
    $
    421,209
    
    
    $
    61,930
    
    
    $
    45,608
    
    
    $
    373,575
    
    
    $
    66,640
    
    
    $
    38,799
    
    
    $
    380,784Average rate paid
    
    
    1.03
    %
    
    
    0.50
    %
    
    
    2.92
    %
    
    
    0.45
    %
    
    
    0.50
    %
    
    
    2.90
    %
    
    
    1.35
    %
    
    
    1.21
    %
    
    
    3.62
    %
 13




---



##### Table of Contents



CertificatesMaturity Period
    
    of Deposit(In thousands)Three months or less
    
    $
    23,889Three through six months
    
    
    32,653Six through 12 months
    
    
    58,739Over 12 months
    
    
    31,521Total
    
    $
    146,802
 Borrowings.
  At June 30,2005
    
    
    2004
    
    
    2003(In thousands)Amounts outstanding at end of period
    
    $
    135,012
    
    
    $
    135,040
    
    
    $
    120,123Weighted average rate
    
    
    4.16
    %
    
    
    3.96
    %
    
    
    4.29
    %Maximum amount outstanding at any
month end
    
    $
    180,033
    
    
    $
    146,084
    
    
    $
    130,725Approximate average outstanding balance
    
    $
    161,492
    
    
    $
    127,020
    
    
    $
    122,034Weighted average rate
    
    
    3.77
    %
    
    
    4.12
    %
    
    
    4.27
    %
  14




---



##### Table of Contents



Subsidiary Activities
    PVF Service Corporation.
 Mid Pines Land Company.
 Competition
   Employees
  15




---



##### Table of Contents



Regulation of the Bank
 General.
 Regulatory Capital Requirements.
   16




---



##### Table of Contents



At June 30, 2005Percent ofAmount
    
    
    Assets (1)(Dollars in Thousands)Tangible Capital
    
    $
    72,744
    
    
    
    8.77
    %Tangible Capital Requirement
    
    
    12,447
    
    
    
    1.50Excess
    
    $
    60,297
    
    
    
    7.27
    %Tier 1/Core Capital
    
    $
    72,744
    
    
    
    8.77
    %Tier 1/Core Capital Requirement
    
    
    33,192
    
    
    
    4.00Excess
    
    $
    39,552
    
    
    
    4.77
    %Tier 1 Risk-Based Capital
    
    $
    72,744
    
    
    
    10.41
    %Tier 1 Risk-Based Capital Requirement
    
    
    27,951
    
    
    
    4.00Excess
    
    $
    44,793
    
    
    
    6.41
    %Risk-Based Capital
    
    $
    76,661
    
    
    
    10.97
    %Risk-Based Capital Requirement
    
    
    55,902
    
    
    
    8.00Excess
    
    $
    20,759
    
    
    
    2.97
    %
 
 (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.
 17




---



##### Table of Contents



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.
 18




---



##### Table of Contents



Qualified Thrift Lender Test.
  Uniform Lending Standards.
 i.e e.g.
  19




---



##### Table of Contents



Deposit Insurance.
   Dividend Limitations.
  20




---



##### Table of Contents



Federal Reserve System.
 Interstate and Interindustry Acquisitions.
   Loans-to-One-Borrower Limitations.
 21




---



##### Table of Contents



Enforcement .
 Transactions with Affiliates.
   22




---



##### Table of Contents



Regulation of the Company
 General.
 Activities Restrictions.
  Restrictions on Acquisitions.
 23




---



##### Table of Contents



Acquisition of the Company. A @ A @
 Sarbanes-Oxley Act of 2002.
   24




---



##### Table of Contents



USA Patriot Act.
 Taxation
 General.
 Federal Income Taxation.
   25




---



##### Table of Contents



State Income Taxation.
 Executive Officers of the Registrant
  Age as ofName
    
    September 3, 2005
    
    TitleJohn R. Male
    
    
    57
    
    
    Chairman of the Board and Chief Executive Officer
of the Company and the BankC. Keith Swaney
    
    
    62
    
    
    President and Chief Operating Officer of the
Company and the Bank, Treasurer of the Company
and Chief Financial Officer of the BankJeffrey N. Male
    
    
    56
    
    
    Vice President and Secretary of the Company and
Executive Vice President and Chief Lending
Officer of the Bank
 John R. Male.
 C. Keith Swaney.
 Jeffrey N. Male.
 26




---



##### Table of Contents



27




---



##### Table of Contents



Item 2. Properties
  Year
    
    
    
    
    
    Net Book
    
    
    Owned or
    
    ApproximateOpened/
    
    Total
    
    
    Value at
    
    
    Leased/
    
    SquareLocation
    
    Acquired
    
    Deposits
    
    
    June 30, 2005
    
    
    Expiration
    
    Footage(Dollars in thousands)Main Office:30000 Aurora Road
    
    2000
    
    $
    27,540
    
    
    $
    5,688
    
    
    Owned
    
    
    51,635Solon, OhioBranch Offices:2111 Richmond Road
    
    1967
    
    
    71,532
    
    
    
    20
    
    
    Lease
    
    
    2,750Beachwood, Ohio
    
    
    
    
    
    
    
    
    
    
    
    3/31/09413 Northfield Road
    
    2002
    
    
    43,483
    
    
    
    263
    
    
    Lease
    
    
    3,084Bedford, Ohio
    
    
    
    
    
    
    
    
    
    
    
    10/31/1211010 Clifton Boulevard
    
    1974
    
    
    28,216
    
    
    
    90
    
    
    Lease
    
    
    1,550Cleveland, Ohio
    
    
    
    
    
    
    
    
    
    
    
    8/1/0513901 Ridge Road
    
    1999
    
    
    55,603
    
    
    
    0
    
    
    Lease
    
    
    3,278North Royalton, Ohio
    
    
    
    
    
    
    
    
    
    
    
    8/31/096990 Heisley Road
    
    1994
    
    
    36,521
    
    
    
    22
    
    
    Lease
    
    
    2,400Mentor, Ohio
    
    
    
    
    
    
    
    
    
    
    
    10/25/081244 SOM Center Road
    
    2004
    
    
    36,003
    
    
    
    143
    
    
    Lease
    
    
    2,200Mayfield Heights, Ohio
    
    
    
    
    
    
    
    
    
    
    
    6/30/14497 East Aurora Road
    
    1994
    
    
    41,376
    
    
    
    13
    
    
    Lease
    
    
    2,400Macedonia, Ohio
    
    
    
    
    
    
    
    
    
    
    
    9/30/098500 Washington Street
    
    1995
    
    
    41,949
    
    
    
    621
    
    
    Owned
    
    
    2,700Chagrin Falls, Ohio408 Water Street
    
    1998
    
    
    25,274
    
    
    
    487
    
    
    Owned
    
    
    2,800Chardon, Ohio3613 Medina Road
    
    2000
    
    
    22,378
    
    
    
    0
    
    
    Lease
    
    
    2,440Medina, Ohio
    
    
    
    
    
    
    
    
    
    
    
    2/28/0834400 Aurora Road
    
    2000
    
    
    28,481
    
    
    
    51
    
    
    Lease
    
    
    3,000Solon, Ohio
    
    
    
    
    
    
    
    
    
    
    
    4/30/1016909 Chagrin Boulevard
    
    2000
    
    
    33,545
    
    
    
    89
    
    
    Lease
    
    
    2,904Shaker Heights, Ohio
    
    
    
    
    
    
    
    
    
    
    
    6/30/1036311 Detroit Road
    
    2002
    
    
    38,495
    
    
    
    212
    
    
    Lease
    
    
    3,375Avon, Ohio
    
    
    
    
    
    
    
    
    
    
    
    10/02/1217780 Pearl Road
    
    2002
    
    
    36,320
    
    
    
    136
    
    
    Lease
    
    
    3,500Strongsville, Ohio
    
    
    
    
    
    
    
    
    
    
    
    8/31/129305 Market Square Drive
    
    2003
    
    
    19,618
    
    
    
    1,037
    
    
    Owned
    
    
    3,700Streetsboro, Ohio215 West Garfield Road
    
    2005
    
    
    4,892
    
    
    
    80
    
    
    Lease
    
    
    4,700Aurora, Ohio
    
    
    
    
    
    
    
    
    
    
    
    8/31/10
 28




---



##### Table of Contents



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
   (d)(c)
    
    Maximum(a)
    
    
    
    
    
    Total Number of
    
    Number of SharesTotal
    
    (b)
    
    Shares Purchased
    
    That May Yet BeNumber of
    
    Average
    
    as Part of Publicly
    
    Purchased UnderShares
    
    Price Paid
    
    Announced Plans
    
    the Plans orPeriod
    
    Purchased
    
    per Share
    
    or Programs
    
    ProgramsApril 2005Beginning date: April 1
    
    
    1,320
    
    
    $
    11.89
    
    
    
    445,698
    
    
    
    292,629Ending date: April 30May 2005Beginning date: May 1Ending date: May 31
    
    
    5,390
    
    
    
    12.02
    
    
    
    451,088
    
    
    
    287,239June 2005Beginning date: June 1Ending date: June 30
    
    
    _
    
    
    
    _
    
    
    
    451,088
    
    
    
    287,239Total
    
    
    6,710
    
    
    $
    11.99
    
    
    
    451,088
    
    
    
    287,239
 29




---



##### Table of Contents



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
   Changes in Internal Control Over Financial Reporting
  
 Item 9B. Other Information
  30




---



##### Table of Contents



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.(d)
    
    The following table sets forth certain information with respect to the Companys equity
compensation plans as of June 30, 2005.
 (a)Number ofsecurities to be
    
    
    
    
    
    
    (c)issued upon
    
    
    
    
    
    
    Number of securities remainingexercise of
    
    
    (b)
    
    
    available for future issuanceoutstanding
    
    
    Weighted-average exercise
    
    
    under equity compensationoptions, warrants &
    
    
    price of outstanding
    
    
    plans (excluding securitiesrights(1)
    
    
    options, warrants and rights
    
    
    reflected in column (a))(1)Equity compensation plans
approved by security holders
    
    
    469,877
    
    
    $
    8.01
    
    
    
    285,178Equity compensation plans not
approved by security holders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    469,877
    
    
    $
    8.01
    
    
    
    285,178
 
 (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
  31




---



##### Table of Contents



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,
2005 and 2004(b)
    
    Consolidated Statements of Operations for the Years Ended June
30, 2005, 2004 and 2003(c)
    
    Consolidated Statements of Stockholders Equity for the Years
Ended June 30, 2005, 2004 and 2003(d)
    
    Consolidated Statements of Cash Flows for the Years Ended June
30, 2005, 2004 and 2003(e)
    
    Notes to Consolidated Financial Statements.2.
    
    
    All schedules
have been omitted as the required information is either inapplicable or
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 restated4
    
    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
    
    **10.5
    
    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, 200514
    
    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, 1998 (Commission File No. 0-24948). 32




---



##### Table of Contents



***
    
    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).
    
    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. 33




---



##### Table of Contents



SIGNATURES
  PVF CAPITAL CORP.September 9, 2005
    By:
    /s/ John R. MaleJohn R. MaleChairman of the Board of Directors

and Chief Executive Officer  /s/ John R. Male
    
    September 9, 2005John R. MaleChairman of the Board of Directors andChief Executive Officer(Principal Executive Officer)/s/ C. Keith Swaney
    
    September 9, 2005C. Keith SwaneyPresident, Chief Operating Officer andTreasurer(Principal Financial and Accounting Officer)/s/ Robert K. Healey
    
    September 9, 2005Robert K. HealeyDirector/s/ Stanley T. Jaros
    
    September 9, 2005Stanley T. JarosDirector/s/ Stuart D. Neidus
    
    September 9, 2005Stuart D. NeidusDirector/s/ Gerald A. Fallon
    
    September 9, 2005Gerald A. FallonDirector/s/ Raymond J. Negrelli
    
    September 9, 2005Raymond J. NegrelliDirector/s/ Ronald D. Holman, II
    
    September 9, 2005Ronald D. Holman, IIDirector