<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20552
FORM 10-Q
[X]Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended December 31, 1996.
[ ]Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the transition period from to
--------------- ---------------
Commission File Number 0-24948
-------------------------------------------
PVF Capital Corp.
- -----------------------------------------------------------------
( Exact name of registrant as specified in its charter)
United States 34-1659805
- -----------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
25350 Rockside Road, Bedford Heights, Ohio 44146
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(216) 439-2200
- -----------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report.)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
---- ----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock, $0.01 Par Value 2,323,338
- ------------------------------ --------------------------------
(Class) (Outstanding at January 31, 1997)
<PAGE>
PVF CAPITAL CORP.
INDEX
Page
Part I Financial Information
Item 1 Financial Statements
Consolidated Statements of Financial
Condition, December 31, 1996 (unaudited)
and June 30, 1996. 1
Consolidated Statements of Operations for
the three and six months ended December 31,
1996 and 1995 (unaudited). 2
Consolidated Statements of Cash Flows for
the six months ended December 31, 1996 and
1995 (unaudited). 3
Notes to Consolidated Financial
Statements (unaudited). 4
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of
Operations 5
Part II Other Information 10
<PAGE>
PART I FINANCIAL INFORMATION
ITEM 1
PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
DECEMBER 31, JUNE 30,
ASSETS 1996 1996
------------ --------
(UNAUDITED)
<S> <C> <C>
Cash and amounts due from depository institutions $3,311,103 $6,670,604
Interest bearing deposits 758,547 244,612
Federal funds sold 1,875,000 6,875,000
Investment securities, at cost 13,994,725 14,094,100
Loans receivable, net 319,136,278 278,318,945
Loans receivable available for sale, net 1,680,311 11,203,705
Mortgage-backed securities held to maturity, net 540,918 637,022
Mortgage-backed securities available for sale, net 0 7,613,365
Office properties and equipment, net 2,015,336 2,571,566
Real estate in development 889,442 854,891
Investment required by law
Stock in the Federal Home Loan Bank of Cincinnati 2,141,121 1,880,000
Prepaid expenses and other assets 1,234,198 670,271
------------ ------------
Total Assets $347,576,979 $331,634,081
------------ ------------
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits $278,156,158 $271,045,085
Advances from the Federal Home Loan Bank of Cincinnati 34,944,113 27,481,651
Notes payable 2,510,000 2,710,000
Advances from borrowers for taxes and insurance 4,431,262 4,205,151
Accrued expenses and other liabilities 3,738,530 3,718,536
------------ ------------
Total Liabilities 323,780,063 309,160,423
Stockholders' Equity
Serial preferred stock, none issued 0 0
Common stock 23,233 23,233
Paid in capital 9,995,918 9,995,918
Retained earnings-substantially restricted 13,777,765 12,608,775
Unrealized market adjustment on available for sale securities 0 (154,268)
------------ ------------
Total Stockholders' Equity 23,796,916 22,473,658
------------ ------------
Total Liabilities and Stockholders' Equity $347,576,979 $331,634,081
------------ ------------
------------ ------------
</TABLE>
See accompanying notes to consolidated financial statements
PAGE 1
<PAGE>
PART I FINANCIAL INFORMATION
ITEM 1
PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
DECEMBER 31, DECEMBER 31,
----------------------- -------------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Interest income
Loans $7,272,036 $6,350,547 $14,302,570 $12,347,909
Mortgage-backed securities 85,084 46,313 265,467 115,710
Cash and investment securities 305,281 515,231 630,603 1,310,378
---------- ---------- ----------- -----------
Total interest income 7,662,401 6,912,091 15,198,640 13,773,997
---------- ---------- ----------- -----------
Interest expense
Deposits 3,529,625 3,896,143 6,985,822 7,810,359
Borrowings 569,867 74,620 1,129,238 289,489
---------- ---------- ----------- -----------
Total interest expense 4,099,492 3,970,763 8,115,060 8,099,848
---------- ---------- ----------- -----------
Net interest income 3,562,909 2,941,328 7,083,580 5,674,149
Provisions for loan losses 0 374,000 0 394,000
---------- ---------- ----------- -----------
Net interest income after provision for loan losses 3,562,909 2,567,328 7,083,580 5,280,149
---------- ---------- ----------- -----------
Noninterest income, net
Service and other fees 119,879 116,696 241,592 224,004
Mortgage banking activities, net 151,931 355,215 188,313 483,027
Other, net 23,042 112,919 98,940 197,278
---------- ---------- ----------- -----------
Total noninterest income, net 294,852 584,830 528,845 904,309
---------- ---------- ----------- -----------
Noninterest expense
Compensation and benefits 1,081,052 928,807 2,166,089 1,907,770
Office, occupancy, and equipment 414,010 350,057 791,285 713,535
Federal deposit insurance special assessment 0 0 1,707,867 0
Other 572,504 534,512 1,157,845 1,156,816
---------- ---------- ----------- ----------
Total noninterest expense 2,067,566 1,813,376 5,823,086 3,778,121
---------- ---------- ----------- ----------
Income before federal income tax provision 1,790,195 1,338,782 1,789,339 2,406,337
Federal income tax provision 609,000 420,000 619,000 735,600
---------- ---------- ----------- ----------
Net income $1,181,195 $918,782 $1,170,339 $1,670,737
Net income per share $0.48 $0.37 $0.47 $0.67
----- ----- ----- -----
----- ----- ----- -----
</TABLE>
See accompanying notes to consolidated financial statements
PAGE 2
<PAGE>
PART I FINANCIAL INFORMATION
ITEM 1
PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
DECEMBER 31ST
----------------------------
1996 1995
----------------------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $1,170,339 $1,670,737
Adjustments to reconcile net income to net cash provided by operating activities
Accretion of discount on marketable securities (625) (25,163)
Depreciation and amortization 237,230 244,144
Provision for losses on loans, net 0 394,000
Provision for lower of cost or market adjustment loans available for sale 81,930 0
Accretion of unearned discount and deferred loan origination fees, net (726,397) (515,675)
Gain on loans available for sale, net (152,748) (239,121)
Loss on mortgage-backed securities available for sale, net 65,086 23,582
Gain on investment securities available for sale, net 0 (74,721)
Change in accrued interest on investments, loans, and borrowings, net (216,931) (60,905)
Change in other assets and other liabilities, net (317,822) (112,430)
Change in loans receivable available for sale, net 9,594,212 1,644,440
---------- -----------
Net cash provided by operating activities 9,734,274 2,948,888
---------- -----------
INVESTING ACTIVITIES
Loan and mortgage-backed securities repayments and originations, net (44,753,626) (19,369,802)
Proceeds from mortgage-backed securities available for sale 12,738,470 855,477
Purchase of investment securities 0 (10,305,000)
Investment securities maturities 100,000 33,086,314
Sale of investment securities available for sale 0 10,007,188
FHLB stock purchases dividends, net (261,121) (57,890)
Office properties and equipment (purchases) sales, net 319,000 (251,307)
Additions to real estate in development, net (34,551) (15,132)
------------- ------------
Net cash provided by (used in) investing activities (31,891,828) 13,949,848
------------- ------------
FINANCING ACTIVITIES
Net increase in demand deposits, NOW, and passbook savings 488,286 2,007,353
Net increase in time deposits 6,562,589 6,963,519
Net increase (decrease) FHLB advances 7,462,462 (15,000,000)
Proceeds from (payments on) note payable (200,000) 1,200,000
Stock options exercised 0 25,000
Cash paid in lieu of fractional shares (1,349) (1,098)
------------ -------------
Net cash provided by (used in) financing activities 14,311,988 (4,805,226)
------------ -------------
Net increase (decrease) in cash and cash equivalents (7,845,566) 12,093,510
Cash and cash equivalents at beginning of period 13,790,216 12,618,580
----------- -----------
Cash and cash equivalents at end of period $5,944,650 $24,712,090
----------- -----------
----------- -----------
</TABLE>
See accompanying notes to consolidated financial statements
PAGE 3
<PAGE>
Part I Financial Information
Item 1
PVF CAPITAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 1996 AND 1995
(UNAUDITED)
1. The accompanying consolidated interim financial statements were prepared
in accordance with regulations of the Securities and Exchange Commission for
Form 10-Q. All information in the consolidated interim financial statements
is unaudited except for the June 30, 1996 consolidated statement of financial
condition which was derived from the Corporation's audited financial
statements. Certain information required for a complete presentation in
accordance with generally accepted accounting principles has been condensed
or omitted. However, in the opinion of management, these interim financial
statements contain all adjustments, consisting only of normal recurring
accruals, necessary to fairly present the interim financial information. The
results of operations for the three and six months ended December 31, 1996
are not necessarily indicative of the results to be expected for the entire
year ending June 30, 1997. The results of operations for PVF Capital Corp.
("PVF" or the "Company") for the periods being reported have been derived
primarily from the results of operation of Park View Federal Savings Bank
(the "Bank"). PVF Capital Corp.'s common stock is traded on the NASDAQ
SMALL-CAP ISSUES under the symbol PVFC.
2. Legislation was signed into law on September 30, 1996 to recapitalize
the Savings Association Insurance Fund ("SAIF") that required SAIF-insured
savings institutions to pay a one-time special assessment of 65.7 cents for
every $100 of deposits. This assessment was charged against earnings for the
quarter ended September 30, 1996 and resulted in a pre-tax charge to the
Company of approximately $1,708,000 and is reflected in the Statement of
Operation for the six-month period ended December 31, 1996. This assessment
was paid on November 27, 1996. The FICO SAIF assessment beginning January 1,
1997 is expected to be 6.48 basis points annually.
3. Cash and cash equivalents consist of the following:
December 31, 1996 June 30, 1996
----------------- -------------
Cash and amounts due from depository
institutions $ 3,311,103 $ 6,670,604
Interest-bearing deposits 758,547 244,612
Federal funds sold 1,875,000 6,875,000
----------- -----------
$ 5,944,650 $13,790,216
----------- -----------
----------- -----------
4. Net income per share is based on the weighted-average number of common
shares outstanding of 2,323,338 and 220,523 in outstanding stock options.
Page 4
<PAGE>
Part I Financial Information
Item 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following analysis discusses changes in financial condition and results
of operations at and for the three-month and six-month periods ended December
31, 1996 for PVF Capital Corp ("PVF" or the "Company") and Park View Federal
Savings Bank (the "Bank"), its principal and wholly-owned subsidiary.
FINANCIAL CONDITION
Consolidated assets of PVF were $347.6 million as of December 31, 1996, an
increase of approximately $15.9 million or 4.8% as compared to June 30, 1996.
The Bank remained in regulatory capital compliance for tangible, core, and
risk-based capital on a fully phased-in basis with capital levels of 7.19%,
7.19% and 10.30% respectively at December 31, 1996.
During the six months ended December 31, 1996, the Company's cash and cash
equivalents, which consist of cash, interest-bearing deposits and federal
funds sold, decreased $7.9 million or 56.9% as compared to June 30, 1996.
The change in the Company's cash and cash equivalents consisted of an
increase in interest-bearing deposits of $0.5 million, a decrease in cash of
$3.4 million and a decrease in federal funds sold of $5.0 million.
The net $23.6 million or 7.9% increase in loans receivable and
mortgage-backed securities, during the six months ended December 31, 1996,
resulted from an increase in loans receivable of $31.3 million and a decrease
in mortgage-backed securities of $7.7 million. The increase of $31.3 million
in loans receivable included increases of $9.1 million in construction loans,
$6.1 million in land loans, $10.9 million in commercial loans, $4.0 million
in home equity loans, $0.8 million in installment loans, and a net increase
of $0.4 million in all other mortgage loans. The decrease in mortgage-backed
securities of $7.7 million was the result of a net decrease of $7.6 million
in mortgage-backed securities available for sale resulting from the Bank
swapping $5.4 million in loans with the Federal Home Loan Mortgage
Corporation ("FHLMC") for mortgage-backed securities and the sale and
repayment of $12.8 million and $0.2 million in mortgage-backed securities
available for sale, respectively, along with the repayment of $0.1 million in
mortgage-backed securities held to maturity.
The decrease in office properties and equipment of $0.6 million was the
result of the sale and leaseback of one of our branch offices. The increase
in prepaid expenses and other assets of $0.6 million is the result of a
reduction in the credit balance for Federal Reserve Bank adjustments on NOW
accounts.
Page 5
<PAGE>
Part I Financial Information
Item 2
FINANCIAL CONDITION CONTINUED
During the six months ended December 31, 1996, management decided to compete
with market savings rates for additional deposits and also utilize attractive
borrowing rates from the Federal Home Loan Bank of Cincinnati ("FHLB"). This
strategy resulted in an increase to both savings deposits and FHLB advances
of $7.1 million and $7.5 million, respectively.
The increase in savings deposits and FHLB advances of $14.6 million along
with the reduction in cash and cash equivalents of $7.9 million and
mortgage-backed securities of $7.7 million and the increase of $1.3 million
in stockholders' equity were used to fund the increase of $31.3 million in
loans receivable.
RESULTS OF OPERATIONS Three months ended December 31, 1996,
compared to three months ended
December 31, 1995.
PVF's net income is dependent primarily on its net interest income, which is
the difference between interest earned on its loans and investments and
interest paid on interest-bearing liabilities. Net interest income also
includes amortization of loan origination fees, net of origination costs.
PVF's net income is also affected by the generation of non-interest income,
which primarily consists of loan servicing income, service fees on deposit
accounts, and gains on the sale of loans and mortgage-backed securities
available for sale. Net interest income is determined by (i) the difference
between yields earned on interest-earning assets and rates paid on
interest-bearing liabilities ("interest-rate spread") and (ii) the relative
amounts of interest-earning assets and interest-bearing liabilities. The
Company's interest-rate spread is affected by regulatory, economic and
competitive factors that influence interest rates, loan demand and deposit
flows. In addition, net income is affected by the level of operating
expenses and loan loss provisions.
The Company's net income for the three months ended December 31, 1996 was
$1,181,000. This represents a 28.6% increase when compared with the prior
year comparable period.
Net interest income for the three months ended December 31, 1996 increased by
$621,600 or 21.1%, as compared to the prior year comparable period, primarily
due to an increase of $750,300 or 10.9% in interest income that resulted from
an increase of $48.0 million in the average balance of the loan and
mortgage-backed
Page 6
<PAGE>
Part I Financial Information
Item 2
RESULTS OF OPERATION CONTINUED
securities portfolios. This was partially offset by a decrease in the
average balance of the investment portfolio of $14.6 million and resulted in
a similar return on interest-earning assets from the prior year comparable
period. The average balance on deposits and advances increased by $29.6
million from the prior year comparable period. This increased balance,
offset by a 33 basis point decrease in the average cost of funds for the
current period, resulted in an overall increase in interest expense of
$128,700 or 3.2%. The Company's net interest income increased due to an
increase of 33 basis points in the Company's interest-rate spread during the
current period as compared to the prior year comparable period, along with
balance sheet growth in both interest-earning assets and interest-bearing
liabilities.
For the three months ended December 31, 1995, a provision for loan losses of
$374,000 was recorded, while no provision was necessary for the three months
ended December 31, 1996. Provisions are based on management's analysis of
the various factors which affect the loan portfolio and management's desire
to maintain the allowance for loan losses at a level considered adequate to
provide for probable future loan losses. During the three months ended
December 31, 1995, management increased its unallocated reserves for loan
losses, based primarily on growth of the loan portfolio, along with
prevailing economic conditions and other factors deemed relevant. At
December 31, 1996, the allowance for loan losses was $2.5 million, which
represented 95.5% of nonperforming loans and 0.8% of net loans.
For the three months ended December 31, 1996, noninterest income decreased
$290,000 or 49.6% from the prior year comparable period. This was primarily
attributable to a decrease of $203,300 or 57.2% in income from
mortgage-banking activities that resulted from a decline in gains on the sale
of loans available for sale and mortgage-backed securities available for sale
of $170,300 from the prior year comparable period, along with a decrease in
net servicing income in the current period attributable to the amortization
of the servicing asset resulting from the application of FASB 122, Accounting
for Mortgage Servicing Rights. During these periods, PVF pursued a strategy
of originating long-term, fixed-rate loans pursuant to Federal Home Loan
Mortgage Corporation ("FHLMC") and Federal National Mortgage Association
("FNMA") guidelines and selling such loans to the FHLMC or the FNMA, while
retaining the servicing. Other noninterest income, net, decreased by $89,900
or 79.6% from the previous year's comparable period, primarily due to net
gains realized on the sale of investment securities available for sale during
the prior year comparable period.
Noninterest expense for the three months ended December 31, 1996 increased by
$254,200 or 14.0% from the prior year comparable
Page 7
<PAGE>
Part I Financial Information
Item 2
RESULTS OF OPERATIONS CONTINUED
period. This was primarily the result of a $152,200, or 16.4% increase in
compensation and benefits attributable to increased staffing, employee 401K
benefits, incentive bonuses paid, and salary and wage adjustments. In
addition, a $64,000 or 18.3% increase in office occupancy was primarily
attributable to the costs associated with the sale and leaseback of one of
our branch office locations.
The federal income tax provision for the three month period ended December
31, 1996 increased to an effective rate of 34.0% for the current period from
an effective rate of 31.4% for the prior year comparable period. This
increase is due to the absence of tax statutory bad debt deductions in the
current year versus the prior year comparable period.
RESULTS OF OPERATIONS Six months ended December 31, 1996,
compared to six months ended
December 31, 1995.
PVF's net income is dependent primarily on its net interest income, which is
the difference between interest earned on its loans and investments and
interest paid on interest-bearing liabilities. Net interest income also
includes amortization of loan origination fees, net of origination costs.
PVF's net income is also affected by the generation of non-interest income,
which primarily consists of loan servicing income, service fees on deposit
accounts, and gains on the sale of loans and mortgage-backed securities
available for sale. Net interest income is determined by (i) the difference
between yields earned on interest-earning assets and rates paid on
interest-bearing liabilities ("interest-rate spread") and (ii) the relative
amounts of interest-earning assets and interest-bearing liabilities. The
Company's interest-rate spread is affected by regulatory, economic and
competitive factors that influence interest rates, loan demand and deposit
flows. In addition, net income is affected by the level of operating
expenses and loan loss provisions.
The Company's net income for the six months ended December 31, 1996 was
$1,170,000. This represents a 30.0% decrease when compared with the prior
year comparable period. The decrease for the quarter is due to a one-time
charge of approximately $1,708,000 or $1,127,000 after tax, representing a
special assessment of 65.7 basis points on the Bank's deposits held as of
March 31, 1995, as a result of the recently enacted legislation to
recapitalize the Savings Association Insurance Fund. The Company's income
excluding this assessment for the six-month period ended December 31, 1996
was $2,297,000. This represents a 37.5% increase when compared with the prior
year comparable period.
Page 8
<PAGE>
Part I Financial Information
Item 2
RESULTS OF OPERATION CONTINUED
Net interest income for the six months ended December 31, 1996 increased by
$1,409,400 or 24.8%, primarily due to an increase of $1,424,600 or 10.3% in
interest income that resulted from an increase of $48.2 million in the
average balance of the loan and mortgage-backed securities portfolios. This
was partially offset by a decrease in the average balance of the investment
portfolio of $22.8 million and resulted in an 18 basis point increase in the
average return on interest-earning assets from the prior year comparable
period. The average balance on deposits and advances increased by $21.6
million from the prior year comparable period. This increased balance along
with a 36 basis point decrease in the average cost of funds for the current
period resulted in an overall increase in interest expense of $15,200 or
0.2%. In addition to an increase of 54 basis points in the Bank's
interest-rate spread during the current period, as compared to the prior year
comparable period, the Bank's net interest income increased due to balance
sheet growth in both interest-earning assets and interest-bearing liabilities.
For the six months ended December 31, 1995, a provision for loan losses of
$394,000 was recorded, while no provision was necessasry for the six months
ended December 31, 1996. Provisions are based on management's analysis of
the various factors which affect the loan portfolio and management's desire
to maintain the allowance for loan losses at a level considered adequate to
provide for probable future loan losses. During the six months ended
December 31, 1995, management increased its unallocated reserves for loan
losses based primarily on growth of the loan portfolio, along with prevailing
economic conditions and other factors deemed relevant. At December 31, 1996,
the allowance for loan losses was $2.5 million, which represented 95.5% of
nonperforming loans and 0.8% of net loans.
For the six months ended December 31, 1996 noninterest income decreased
$375,000 or 41.5% from the prior year comparable period. This was primarily
attributable to a decrease of $294,700 or 61.0% in income from
mortgage-banking activities that resulted from a decline in gains on the sale
of loans available for sale and mortgage-backed securities available for sale
of $210,200 from the prior year comparable period, along with a decrease in
net servicing income in the current period attributable to the amortization
of the servicing asset resulting from the application of FASB 122, Accounting
for Mortgage Servicing Rights. During these periods, PVF pursued a strategy
of originating long-term, fixed-rate loans pursuant to Federal Home Loan
Mortgage Corporation ("FHLMC") and Federal National Mortgage Association
("FNMA") guidelines and selling such loans to the FHLMC or the FNMA, while
retaining the servicing. Other noninterest income, net, decreased by $98,300
or 49.8% from the previous year's comparable period, primarily due to net
gains
Page 9
<PAGE>
Part I Financial Information
Item 2
RESULTS OF OPERATIONS CONTINUED
realized on the sale of investment securities available for sale during the
prior period.
Noninterest expense for the six months ended December 31, 1996 increased by
$2.0 million or 54.1% from the prior year comparable period. This was
primarily the result of the previously noted federal deposit insurance
special assessment of $1,708,000. In addition, a $258,300 or 13.5% increase
in compensation and benefits was attributable to increased staffing, employee
401K benefits, incentive bonuses paid, and salary and wage adjustments. A
$77,700 or 10.9% increase in office occupancy was primarily attributable to
the costs associated with the sale and leaseback of one of our branch offices.
The federal income tax provision for the six-month period ended December 31,
1996 increased to an effective rate of 34.6% for the current period from an
effective rate of 30.6% for the prior year comparable period. This increase
is due to the absence of tax statutory bad debt deductions in the current
year versus the prior year comparable period.
LIQUIDITY AND CAPITAL RESOURCES
The Bank is required by federal regulations to maintain specific levels of
"liquid" assets consisting of cash and other eligible investments. The
current level of liquidity required by the Office of Thrift Supervision is 5%
of the sum of net withdrawable savings and borrowings due within one year.
The Bank's liquidity at December 31, 1996 was 7.2%. Management believes the
Bank has sufficient liquidity to meet its operational needs.
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) PVF did not file any reports on Form 8-K
during the quarter ended December 31, 1996.
Page 10
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant had duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PVF Capital Corp.
-----------------
(Registrant)
Date: February 7, 1997 /s/ C. Keith Swaney
------------------ ---------------------------------
C. Keith Swaney
Vice President and Treasurer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Condition and the Statement of Operation for the period ended
December 31, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 3,311
<INT-BEARING-DEPOSITS> 759
<FED-FUNDS-SOLD> 1,875
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 13,994
<INVESTMENTS-MARKET> 13,909
<LOANS> 320,817
<ALLOWANCE> 2,517
<TOTAL-ASSETS> 347,577
<DEPOSITS> 278,156
<SHORT-TERM> 13,500
<LIABILITIES-OTHER> 8,170
<LONG-TERM> 23,954
0
0
<COMMON> 23
<OTHER-SE> 23,774
<TOTAL-LIABILITIES-AND-EQUITY> 347,577
<INTEREST-LOAN> 14,303
<INTEREST-INVEST> 895
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 15,198
<INTEREST-DEPOSIT> 6,986
<INTEREST-EXPENSE> 8,114
<INTEREST-INCOME-NET> 7,084
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 5,824
<INCOME-PRETAX> 1,789
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,170
<EPS-PRIMARY> $0.470
<EPS-DILUTED> $0.470
<YIELD-ACTUAL> 3.890
<LOANS-NON> 1,836
<LOANS-PAST> 800
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 255
<ALLOWANCE-OPEN> 2,515
<CHARGE-OFFS> 0
<RECOVERIES> 10
<ALLOWANCE-CLOSE> 2,525
<ALLOWANCE-DOMESTIC> 2,525
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 2,433
</TABLE>
