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PRESS ANNOUNCEMENT
DATE: JANUARY 12, 2005
CONTACT: C. KEITH SWANEY
(440) 248-7171
PVF CAPITAL CORP. ANNOUNCES QUARTERLY EARNINGS AND CASH DIVIDEND.
PVF Capital Corp., 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.
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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) DECEMBER 31, JUNE 30,
2004 2004
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ASSETS
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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
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Total Assets $802,406 $755,687
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LIABILITIES
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Deposits $549,230 $526,493
Borrowed money 164,473 147,526
Other liabilities 23,943 18,307
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Total Liabilities 737,646 692,326
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Total Stockholders' Equity 64,760 63,361
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Total Liabilities and Stockholders' Equity $802,406 $755,687
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CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED
(Dollars in thousands except per share data) DECEMBER 31, DECEMBER 31,
------------------------------------ -------------------------------
2004 2003 2004 2003
Interest income $10,519 $9,830 $20,553 $19,888
Interest expense 4,737 4,078 9,161 8,388
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Net interest income 5,782 5,752 11,392 11,500
Provision for loan losses 0 192 136 292
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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
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Income before federal income tax provision 2,064 2,066 3,900 6,487
Federal income tax provision 642 716 1,210 2,205
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Net income $ 1,422 $1,350 $ 2,690 $ 4,282
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BASIC EARNINGS PER SHARE $ 0.20 $ 0.19 $ 0.38 $ 0.61
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DILUTED EARNINGS PER SHARE $ 0.20 $ 0.19 $ 0.37 $ 0.60
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