UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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.
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(Exact Name of Registrant as Specified in its Charter)
Ohio 0-24948 34-1659805
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(State or Other Jurisdiction) (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
30000 Aurora Road, Solon, Ohio 44139
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (440) 248-7171
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(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
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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
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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
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ASSETS
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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
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Total Assets $744,068 $679,620
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LIABILITIES
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Deposits $526,429 $479,673
Borrowed money 120,123 129,028
Other liabilities 38,913 18,621
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Total Liabilities 685,465 627,322
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Total Stockholders' Equity 58,603 52,298
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Total Liabilities and Stockholders' Equity $744,068 $679,620
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CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
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(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
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Net interest income 5,600 5,659 22,836 21,754
Provision for loan losses 0 155 0 558
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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
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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
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Net income $2,058 $1,897 $8,096 $7,173
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Basic earnings per share $0.36 $0.32 $1.40 $1.24
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Diluted earnings per share $0.35 $0.32 $1.38 $1.21
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