UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ------------------ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 16, 2003 PVF CAPITAL CORP. --------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Ohio 0-24948 34-1659805 - -------------------------------------------------------------------------------- (State or Other Jurisdiction) (Commission (IRS Employer of Incorporation) File Number) Identification No.) 30000 Aurora Road, Solon, Ohio 44139 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (440) 248-7171 Not Applicable ----------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits - --------------------------------------------------------------------------- (a) Not applicable (b) Not applicable (c) The following exhibit is filed herewith: Exhibit 99.1 Press Release dated July 16, 2003 Item 9. Regulation FD Disclosure - --------------------------------- On July 16, 2003, PVF Capital Corp. (the "Company") issued a press release announcing its unaudited financial results for the quarter and fiscal year ended June 30, 2003. A copy of the press release is attached to this Report as an exhibit and is incorporated herein by reference. The attached exhibit is furnished pursuant to Item 12 of Form 8-K. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PVF CAPITAL CORP. Date: July 17, 2003 By: /s/Jeffrey N. Male ------------------------------------------- Jeffrey N. Male Vice President and Secretary PRESS ANNOUNCEMENT Date: July 16, 2003 Contact: C. Keith Swaney (440) 248-7171 PVF Capital Corp. Announces Quarterly Earnings and Cash Dividend Solon, Ohio, July 16/PR Newswire - First Call/ -- PVF Capital Corp. (Nasdaq; PVFC), the parent company of Park View Federal Savings Bank, announced earnings of $2,058,000, or $0.36 basic earnings per share and $0.35 diluted earnings per share, for the quarter ended June 30, 2003 as compared to earnings of $1,897,000, or $0.32 basic earnings per share and $0.32 diluted earnings per share, for the prior year comparable period. Earnings were $8,096,000, or $1.40 basic earnings per share and $1.38 diluted earnings per share, for the fiscal year ended June 30, 2003 as compared to $7,173,000, or $1.24 basic earnings per share and $1.21 diluted earnings per share, for the fiscal year ended June 30, 2002. As of June 30, 2003, PVF Capital Corp. reported assets of $744.1 million, an increase of $64.4 million, or 9.5%, from the prior fiscal year ended June 30, 2002. Total stockholders' equity of PVF Capital Corp. was $58.6 million at June 30, 2003. Return on assets and return on equity were 1.15% and 14.62%, respectively, for the fiscal year ended June 30, 2003. On June 24, 2003, 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 4, 2003 to the stockholders of record at the close of business on July 25, 2003. Visit our web site at www.parkviewfederal.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. Exhibit 99.1 PVF CAPITAL CORP. Summary of Financial Highlights CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Dollars in thousands) June 30, June 30, 2003 2002 ----------- ------------- ASSETS - ------ Cash and cash equivalents $96,751 $14,314 Investment securities 33 55,121 Loans and mortgage backed securities 616,240 582,527 Other assets 31,044 27,658 -------- ------- Total Assets $744,068 $679,620 ========= ======== LIABILITIES - ----------- Deposits $526,429 $479,673 Borrowed money 120,123 129,028 Other liabilities 38,913 18,621 -------- ------- Total Liabilities 685,465 627,322 -------- ------- Total Stockholders' Equity 58,603 52,298 -------- ------- Total Liabilities and Stockholders' Equity $744,068 $679,620 ========= ======== CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Twelve Months Ended ------------------ -------------------- (Dollars in thousands except per June 30, June 30, share data) ------------------ -------------------- 2003 2002 2003 2002 Interest income $10,364 $11,599 $43,482 $48,815 Interest expense 4,764 5,940 20,646 27,061 ------ ------ ------ ------ Net interest income 5,600 5,659 22,836 21,754 Provision for loan losses 0 155 0 558 ------ ------ ------ ------ Net interest income after provision for loan losses 5,600 5,504 22,836 21,196 Total noninterest income 1,708 1,030 5,893 3,751 Total noninterest expense 4,181 3,700 16,509 14,139 ------ ------ ------ ------ Income before federal income tax provision 3,127 2,834 12,220 10,808 Federal income tax provision 1,069 937 4,124 3,635 ------ ------ ------ ------ Net income $2,058 $1,897 $8,096 $7,173 ======= ======= ======= ====== Basic earnings per share $0.36 $0.32 $1.40 $1.24 ====== ====== ====== ===== Diluted earnings per share $0.35 $0.32 $1.38 $1.21 ====== ====== ====== =====
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PVF Capital (PVFC) Inactive 8-KFinancial statements and exhibits
Filed: 17 Jul 03, 12:00am