PRESS ANNOUNCEMENT
Date: July 21, 2004
Contact: C. Keith Swaney (440)248-7171
PVF Capital Corp. announces quarterly earnings, cash and stock dividend, and
annual meeting.
PVF Capital Corp., the parent company of Park View Federal Savings Bank,
announced earnings of $1,442,000, or $0.21 basic earnings per share and $0.20
diluted earnings per share, for the quarter ended June 30, 2004 as compared to
earnings of $2,058,000, or $0.29 basic earnings per share and $0.29 diluted
earnings per share, for the prior year comparable period.
Earnings were $6,910,000, or $0.98 basic earnings per share and $0.96 diluted
earnings per share, for the fiscal year ended June 30, 2004 as compared to
$8,096,000, or $1.16 basic earnings per share and $1.14 diluted earnings per
share, for the fiscal year ended June 30, 2003.
Chairman John R. Male commented that the reduction in earnings for the quarter
and year ended June 30, 2004 is attributable to decreases in net interest
income, declining gains on the sale of loans, and increases in the provision for
loan losses and non-interest expense in the current periods. The increase in
non-interest expense is attributable to the opening of a new branch office,
growth in staff and an increase in compensation and benefits in the current
period.
As of June 30, 2004, PVF Capital Corp. reported assets of $755.7 million, an
increase of $12.3 million, or 1.7%, from the prior fiscal year ended June 30,
2003. Total stockholders' equity of PVF Capital Corp. was $63.4 million at June
30, 2004. Return on assets and return on equity were 0.95% and 11.25%,
respectively, for the fiscal year ended June 30, 2004.
On June 22, 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 August 11, 2004 to
the stockholders of record at the close of business on August 2, 2004.
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 22,
2004. This share dividend will be issued on the 31st day of August, 2004, to the
holders of shares of record at the close of business on August 16, 2004. The
reported earnings per share have been adjusted for this 10% stock dividend.
The 2004 Annual Meeting of Stockholders will be held on October 18, 2004 at
10:00 a.m. at PVF Capital Corp.'s Corporate Center, 30000 Aurora Road, Solon,
Ohio.
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.
PVF CAPITAL CORP.
Summary of Financial Highlights
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands) June 30, June 30,
2004 2003
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ASSETS
Cash and cash equivalents $ 17,469 $96,751
Investment securities 27,504 33
Loans and mortgage backed securities 659,331 613,520
Other assets 51,383 33,100
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Total Assets $ 755,687 $743,404
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LIABILITIES
Deposits $ 526,493 $526,429
Borrowed money 147,526 125,938
Other liabilities 18,307 32,434
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Total Liabilities 692,326 684,801
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Total Stockholders' Equity 63,361 58,603
--------- --------
Total Liabilities and Stockholders' Equity $ 755,687 $743,404
========= ========
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
---------------------------------- --------------------------------
(Dollars in thousands except per share data) June 30, June 30,
---------------------------------- --------------------------------
2004 2003 2004 2003
Interest income $9,646 $10,364 $39,110 $43,482
Interest expense 4,254 4,764 16,739 20,646
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Net interest income 5,392 5,600 22,371 22,836
Provision for loan losses 166 0 598 0
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Net interest income after provision for loan losses 5,226 5,600 21,773 22,836
Total noninterest income 1,114 1,708 6,130 5,893
Total noninterest expense 4,247 4,181 17,571 16,509
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Income before federal income tax provision 2,093 3,127 10,332 12,220
Federal income tax provision 651 1,069 3,422 4,124
------ ------- ------- -------
Net income $1,442 $ 2,058 $ 6,910 $ 8,096
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Basic earnings per share $ 0.21 $ 0.29 $ 0.98 $ 1.16
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Diluted earnings per share $ 0.20 $ 0.29 $ 0.96 $ 1.14
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