Pvf Capital (NASDAQ:PVFC)
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PVF Capital Corp. Announces Quarterly Earnings and Cash Dividend
SOLON, Ohio, April 13 /PRNewswire-FirstCall/ -- PVF Capital Corp.
(NASDAQ:PVFC), the parent company of Park View Federal Savings Bank, announced
earnings of $1,313,000, or $0.19 basic earnings per share and $0.18 diluted
earnings per share, for the quarter ended March 31, 2005 as compared to
earnings of $1,186,000, or $0.17 basic earnings per share and $0.16 diluted
earnings per share, for the prior year comparable period.
Earnings were $4,003,000, or $0.57 basic earnings per share and $0.56 diluted
earnings per share, for the nine-month period ended March 31, 2005 as compared
to $5,468,000, or $0.78 basic earnings per share and $0.76 diluted earnings per
share, for the prior year comparable period.
Commenting on the results Chairman John R. Male stated, "The decrease in
earnings for the nine-month period ended March 31, 2005 is largely attributable
to a decrease in non-interest income. Non-interest income decreased as a result
of mortgage banking activities, specifically a decrease in gains on the sale of
loans. The results of mortgage banking activity in the prior period were
attributable to historically low market interest rates and refinancing
activity," concluded Mr. Male.
As of March 31, 2005, PVF Capital Corp. reported assets of $811.9 million, an
increase of $56.2 million or 7.4%, from the fiscal year ended June 30, 2004.
Total stockholders' equity of PVF Capital Corp. was $65.5 million at March 31,
2005. Annualized return on assets and return on equity were 0.68% and 8.29%,
respectively, for the nine months ended March 31, 2005.
On March 22, 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 May 2, 2005 to
the stockholders of record at the close of business on April 25, 2005.
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) March 31, June 30,
2005 2004
ASSETS
Cash and cash equivalents $8,826 $17,470
Investment securities 57,500 27,500
Loans and mortgage backed
securities 691,800 659,331
Other assets 53,741 51,386
Total Assets $811,867 $755,687
LIABILITIES
Deposits $542,331 $526,493
Borrowed money 173,016 147,526
Other liabilities 31,063 18,307
Total Liabilities 746,410 692,326
Total Stockholders' Equity 65,457 63,361
Total Liabilities and
Stockholders' Equity $811,867 $755,687
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands except Three Months Nine Months
per share data) Ended Ended
March 31, March 31,
2005 2004 2005 2004
Interest income $10,941 $9,576 $31,494 $29,464
Interest expense 5,103 4,097 14,264 12,485
Net interest income 5,838 5,479 17,230 16,979
Provision for loan losses 75 140 211 432
Net interest income after provision
for loan losses 5,763 5,339 17,019 16,547
Total noninterest income 939 837 2,484 5,016
Total noninterest expense 4,786 4,425 13,688 13,324
Income before federal income tax
provision 1,916 1,751 5,815 8,239
Federal income tax provision 603 565 1,812 2,771
Net income $1,313 $1,186 $4,003 $5,468
Basic earnings per share $0.19 $0.17 $0.57 $0.78
Diluted earnings per share $0.18 $0.16 $0.56 $0.76
DATASOURCE: PVF Capital Corp.
CONTACT: C. Keith Swaney of PVF Capital Corp., +1-440-248-7171
Web site: http://www.parkviewfederal.com/