Pvf Capital (NASDAQ:PVFC)
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PVF Capital Corp. Announces Quarterly Earnings, Cash and Stock
Dividends, and Annual Meeting
SOLON, Ohio, July 20 /PRNewswire-FirstCall/ -- PVF Capital Corp.
(NASDAQ:PVFC), the parent company of Park View Federal Savings Bank, announced
earnings of $1,581,000, or $0.20 basic earnings per share and $0.20 diluted
earnings per share, for the quarter ended June 30, 2005 as compared to earnings
of $1,442,000, or $0.19 basic earnings per share and $0.18 diluted earnings per
share, for the prior year comparable period.
Earnings were $5,584,000, or $0.72 basic earnings per share and $0.71 diluted
earnings per share, for the fiscal year ended June 30, 2005 as compared to
$6,910,000, or $0.89 basic earnings per share and $0.87 diluted earnings per
share, for the fiscal year ended June 30, 2004.
Chairman John R. Male commented that the changes to earnings for the quarter
and fiscal year are attributable to an increase in net interest income and a
decrease in the required provision for loan losses that resulted from a decline
in classified assets. In addition, non-interest income decreased primarily as a
result of declining gains on the sale of loans. The increase in non-interest
expense is attributable to growth in staff and an increase in compensation and
benefits along with an increase in office occupancy and equipment.
As of June 30, 2005, PVF Capital Corp. reported assets of $823.9 million, an
increase of $68.2 million, or 9.03%, from the prior fiscal year ended June 30,
2004. Total stockholders' equity of PVF Capital Corp. was $66.5 million at June
30, 2005. Return on assets and return on equity were 0.70% and 8.62%,
respectively, for the fiscal year ended June 30, 2005.
On June 28, 2005, the Board of Directors of PVF Capital Corp. declared a
quarterly cash dividend on the Company's outstanding common stock. The cash
dividend will be in the amount of $0.074 per share payable on August 12, 2005
to the stockholders of record at the close of business on August 2, 2005.
Chairman John R. Male announced that the Board of Directors of PVF Capital
Corp. declared a dividend of 10% of the common shares of PVF Capital Corp. on
June 28, 2005. This share dividend will be issued on the 31st day of August,
2005, to the holders of shares of record at the close of business on August 15,
2005. The reported earnings per share have been adjusted for this 10% stock
dividend.
The 2005 Annual Meeting of Stockholders will be held on October 17, 2005 at
10:00 a.m. at PVF Capital Corp.'s Corporate Center, 30000 Aurora Road, Solon,
Ohio.
Visit our web site at http://www.pvfsb.com/.
This press release contains statements that are forward-looking, as that term
is defined by the Private Securities Litigation Act of 1995 or the Securities
and Exchange Commission in its rules, regulations and releases. The Company
intends that such forward-looking statements be subject to the safe harbors
created thereby. All forward-looking statements are based on current
expectation regarding important risk factors including, but not limited to,
real estate values and the impact of interest rates on financing. Accordingly,
actual results may differ from those expressed in the forward- looking
statements, and the making of such statements should not be regarded as a
representation by the Company or any other person that results expressed
therein will be achieved.
PVF Capital Corp.'s common stock trades on the NASDAQ Small-Cap market under
the symbol PVFC.
Summary of Financial Highlights
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands) June 30, June 30,
2005 2004
ASSETS
Cash and cash equivalents $11,090 $17,469
Investment securities 57,500 27,500
Loans and mortgage backed
securities 701,274 659,331
Other assets 54,035 51,387
Total Assets $823,899 $755,687
LIABILITIES
Deposits $591,226 $526,493
Borrowed money 135,012 147,526
Other liabilities 31,208 18,307
Total Liabilities 757,446 692,326
Total Stockholders' Equity 66,453 63,361
Total Liabilities and
Stockholders' Equity $823,899 $755,687
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Twelve Months
Ended Ended
(Dollars in thousands except per June 30, June 30,
share data) 2005 2004 2005 2004
Interest income $12,101 $9,646 $43,595 $39,110
Interest expense 5,537 4,254 19,801 16,739
Net interest income 6,564 5,392 23,794 22,371
Provision for loan losses (100) 166 111 598
Net interest income after provision
for loan losses 6,664 5,226 23,683 21,773
Total noninterest income 890 1,114 3,374 6,130
Total noninterest expense 5,254 4,247 18,942 17,571
Income before federal income tax
provision 2,300 2,093 8,115 10,332
Federal income tax provision 719 651 2,531 3,422
Net income $1,581 $1,442 $5,584 $6,910
Basic earnings per share $0.20 $0.19 $0.72 $0.89
Diluted earnings per share $0.20 $0.18 $0.71 $0.87
DATASOURCE: PVF Capital Corp.
CONTACT: C. Keith Swaney of PVF Capital Corp., +1-440-248-7171
Web site: http://www.pvfsb.com/