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[PVF CAPITAL CORP. LOGO]
PRESS ANNOUNCEMENT
DATE: APRIL 13, 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 $1,313,000, or $0.19 basic earnings per share and $0.18
diluted earnings per share, for the quarter ended March 31, 2005 as compared to
earnings of $1,186,000, or $0.17 basic earnings per share and $0.16 diluted
earnings per share, for the prior year comparable period.
Earnings were $4,003,000, or $0.57 basic earnings per share and $0.56 diluted
earnings per share, for the nine-month period ended March 31, 2005 as compared
to $5,468,000, or $0.78 basic earnings per share and $0.76 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 nine-month period ended March 31, 2005 is largely attributable
to a decrease in non-interest income. Non-interest income decreased as a result
of mortgage banking activities, specifically a decrease in gains on the sale of
loans. 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 March 31, 2005, PVF Capital Corp. reported assets of $811.9 million, an
increase of $56.2 million or 7.4%, from the fiscal year ended June 30, 2004.
Total stockholders' equity of PVF Capital Corp. was $65.5 million at March 31,
2005. Annualized return on assets and return on equity were 0.68% and 8.29%,
respectively, for the nine months ended March 31, 2005.
On March 22, 2005, 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 May 2, 2005 to the
stockholders of record at the close of business on April 25, 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) MARCH 31, JUNE 30,
2005 2004
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ASSETS
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Cash and cash equivalents $ 8,826 $ 17,470
Investment securities 57,500 27,500
Loans and mortgage backed securities 691,800 659,331
Other assets 53,741 51,386
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Total Assets $811,867 $755,687
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LIABILITIES
- -----------
Deposits $542,331 $526,493
Borrowed money 173,016 147,526
Other liabilities 31,063 18,307
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Total Liabilities 746,410 692,326
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Total Stockholders' Equity 65,457 63,361
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Total Liabilities and Stockholders' Equity $811,867 $755,687
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CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in thousands except per share data) MARCH 31, MARCH 31,
----------------------------- --------------------------------
2005 2004 2005 2004
------------ ----------- --------------- -------------
Interest income $10,941 $9,576 $31,494 $29,464
Interest expense 5,103 4,097 14,264 12,485
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Net interest income 5,838 5,479 17,230 16,979
Provision for loan losses 75 140 211 432
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Net interest income after provision for loan losses 5,763 5,339 17,019 16,547
Total noninterest income 939 837 2,484 5,016
Total noninterest expense 4,786 4,425 13,688 13,324
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Income before federal income tax provision 1,916 1,751 5,815 8,239
Federal income tax provision 603 565 1,812 2,771
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Net income $ 1,313 $1,186 $ 4,003 $ 5,468
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BASIC EARNINGS PER SHARE $ 0.19 $ 0.17 $ 0.57 $ 0.78
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DILUTED EARNINGS PER SHARE $ 0.18 $ 0.16 $ 0.56 $ 0.76
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