Pvf Capital (NASDAQ:PVFC)
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PVF Capital Corp. Announces Quarterly Earnings and Cash Dividend
SOLON, Ohio, Jan. 12 /PRNewswire-FirstCall/ -- PVF Capital Corp.
(NASDAQ:PVFC), the parent company of Park View Federal Savings Bank, announced
earnings of $1,422,000, or $0.20 basic earnings per share and $0.20 diluted
earnings per share, for the quarter ended December 31, 2004 as compared to
earnings of $1,350,000, or $0.19 basic earnings per share and $0.19 diluted
earnings per share, for the prior year comparable period.
Earnings were $2,690,000, or $0.38 basic earnings per share and $0.37 diluted
earnings per share, for the six-month period ended December 31, 2004 as
compared to $4,282,000, or $0.61 basic earnings per share and $0.60 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 six-month period ended December 31, 2004 is largely
attributable to a decrease in non-interest income. Non-interest income
decreased primarily as a result of mortgage banking activities, specifically a
decrease in gains on the sale of loans, and from a decline in the sale of real
estate owned in the current period. 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 December 31, 2004, PVF Capital Corp. reported assets of $802.4 million,
an increase of $46.7 million or 6.2% from the fiscal year ended June 30, 2004.
Total stockholders' equity of PVF Capital Corp. was $64.8 million at December
31, 2004. Annualized return on assets and return on equity were 0.69% and
8.40%, respectively, for the six months ended December 31, 2004.
On December 21, 2004, 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 January 28, 2005
to the stockholders of record at the close of business on January 21, 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) December 31, June 30,
2004 2004
ASSETS
Cash and cash equivalents $17,448 $17,470
Investment securities 47,500 27,500
Loans and mortgage backed
securities 685,263 659,331
Other assets 52,195 51,386
Total Assets $802,406 $755,687
LIABILITIES
Deposits $549,230 $526,493
Borrowed money 164,473 147,526
Other liabilities 23,943 18,307
Total Liabilities 737,646 692,326
Total Stockholders' Equity 64,760 63,361
Total Liabilities and
Stockholders' Equity $802,406 $755,687
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Six Months
Ended Ended
December 31, December 31,
(Dollars in thousands except per
share data) 2004 2003 2004 2003
Interest income $10,519 $9,830 $20,553 $19,888
Interest expense 4,737 4,078 9,161 8,388
Net interest income 5,782 5,752 11,392 11,500
Provision for loan losses 0 192 136 292
Net interest income after provision
for loan losses 5,782 5,560 11,256 11,208
Total noninterest income 859 868 1,545 4,179
Total noninterest expense 4,577 4,362 8,901 8,900
Income before federal income tax
provision 2,064 2,066 3,900 6,487
Federal income tax provision 642 716 1,210 2,205
Net income $1,422 $1,350 $2,690 $4,282
Basic earnings per share $0.20 $0.19 $0.38 $0.61
Diluted earnings per share $0.20 $0.19 $0.37 $0.60
DATASOURCE: PVF Capital Corp.
CONTACT: C. Keith Swaney of PVF Capital Corp., +1-440-248-7171
Web site: http://www.parkviewfederal.com/