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PRESS ANNOUNCEMENT
DATE: OCTOBER 20, 2004
CONTACT: C. KEITH SWANEY
(440)248-7171
PVF CAPITAL CORP. ANNOUNCES QUARTERLY EARNINGS AND A 10% INCREASE IN ITS
QUARTERLY CASH DIVIDEND.
PVF Capital Corp., the parent company of Park View Federal Savings Bank,
announced earnings of $1,268,000 or $0.18 basic earnings per share and $0.18
diluted earnings per share for the quarter ended September 30, 2004 as compared
to earnings of $2,932,000 or $0.42 basic earnings per share and $0.41 diluted
earnings per share for the prior year comparable period.
Commenting on the results, Chairman John R. Male stated "the decrease in
earnings 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 September 30, 2004, PVF Capital Corp. reported assets of $774.1 million,
an increase of $18.4 million or 2.4% from the fiscal year ended June 30, 2004.
Total stockholders' equity of PVF Capital Corp. was $63.9 million at September
30, 2004. Annualized return on assets and return on equity were 0.66% and 7.97%,
respectively, for the three months ended September 30, 2004.
On September 28, 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 and will be payable on
November 8, 2004 to the stockholders of record at the close of business on
October 25, 2004. This cash dividend represents a 10.00% increase over the prior
quarter.
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.
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PVF CAPITAL CORP.
30000 Aurora Road
Solon, OH 44139
(440) 248-7171
Summary of Financial Highlights
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(Dollars in thousands) SEPTEMBER 30, JUNE 30,
2004 2004
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ASSETS
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Cash and cash equivalents $ 18,112 $ 17,470
Investment securities 27,500 27,500
Loans and mortgage backed securities 676,183 659,331
Other assets 52,314 51,386
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Total Assets $774,109 $755,687
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LIABILITIES
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Deposits $512,419 $526,493
Borrowed money 176,999 147,526
Other liabilities 20,764 18,307
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Total Liabilities 710,182 692,326
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Total Stockholders' Equity 63,927 63,361
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Total Liabilities and Stockholders' Equity $774,109 $755,687
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CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
(Dollars in thousands except per share data) SEPTEMBER 30,
---------------------------------
2004 2003
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Interest income $10,034 $10,058
Interest expense 4,424 4,311
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Net interest income 5,610 5,747
Provision for loan losses 136 100
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Net interest income after provision
for loan losses 5,474 5,647
Total noninterest income 686 3,311
Total noninterest expense 4,324 4,538
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Income before federal income tax provision 1,836 4,420
Federal income tax provision 568 1,488
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Net income $1,268 $2,932
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BASIC EARNINGS PER SHARE $0.18 $0.42
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DILUTED EARNINGS PER SHARE $0.18 $0.41
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