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PRESS ANNOUNCEMENT
DATE: JULY 20, 2005
CONTACT: C. KEITH SWANEY (440)248-7171
PVF CAPITAL CORP. ANNOUNCES QUARTERLY EARNINGS, CASH AND STOCK DIVIDENDS, AND
ANNUAL MEETING.
PVF Capital Corp., the parent company of Park View Federal Savings Bank,
announced earnings of $1,581,000, or $0.20 basic earnings per share and $0.20
diluted earnings per share, for the quarter ended June 30, 2005 as compared
to earnings of $1,442,000, or $0.19 basic earnings per share and $0.18
diluted earnings per share, for the prior year comparable period.
Earnings were $5,584,000, or $0.72 basic earnings per share and $0.71 diluted
earnings per share, for the fiscal year ended June 30, 2005 as compared to
$6,910,000, or $0.89 basic earnings per share and $0.87 diluted earnings per
share, for the fiscal year ended June 30, 2004.
Chairman John R. Male commented that the changes to earnings for the quarter
and fiscal year are attributable to an increase in net interest income and a
decrease in the required provision for loan losses that resulted from a
decline in classified assets. In addition, non-interest income decreased
primarily as a result of declining gains on the sale of loans. The increase
in non-interest expense is attributable to growth in staff and an increase in
compensation and benefits along with an increase in office occupancy and
equipment.
As of June 30, 2005, PVF Capital Corp. reported assets of $823.9 million, an
increase of $68.2 million, or 9.03%, from the prior fiscal year ended June
30, 2004. Total stockholders' equity of PVF Capital Corp. was $66.5 million
at June 30, 2005. Return on assets and return on equity were 0.70% and 8.62%,
respectively, for the fiscal year ended June 30, 2005.
On June 28, 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 August 12, 2005
to the stockholders of record at the close of business on August 2, 2005.
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 28, 2005. This share dividend will be issued on the 31st day of August,
2005, to the holders of shares of record at the close of business on August
15, 2005. The reported earnings per share have been adjusted for this 10%
stock dividend.
The 2005 Annual Meeting of Stockholders will be held on October 17, 2005 at
10:00 a.m. at PVF Capital Corp.'s Corporate Center, 30000 Aurora Road, Solon,
Ohio.
Visit our web site at www.pvfsb.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.
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PVF CAPITAL CORP.
30000 Aurora Road
Solon, OH 44139
(440) 248-7171
Summary of Financial Highlights
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(Unaudited)
(Dollars in thousands) June 30, June 30,
2005 2004
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ASSETS
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Cash and cash equivalents $ 11,090 $ 17,469
Investment securities 57,500 27,500
Loans and mortgage backed securities 701,274 659,331
Other assets 54,035 51,387
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Total Assets $823,899 $755,687
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LIABILITIES
Deposits $591,226 $526,493
Borrowed money 135,012 147,526
Other liabilities 31,208 18,307
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Total Liabilities 757,446 692,326
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Total Stockholders' Equity 66,453 63,361
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Total Liabilities and Stockholders' $823,899 $755,687
Equity ======== ========
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited)
Three Months End Twelve Months Ended
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(Dollars in thousands except per share data) June 30, June 30,
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2005 2004 2005 2004
INTEREST INCOME $12,101 $9,646 $43,595 $39,110
INTEREST EXPENSE 5,537 4,254 19,801 16,739
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NET INTEREST INCOME 6,564 5,392 23,794 22,371
Provision for loan losses (100) 166 111 598
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 6,664 5,226 23,683 21,773
TOTAL NONINTEREST INCOME 890 1,114 3,374 6,130
TOTAL NONINTEREST EXPENSE 5,254 4,247 18,942 17,571
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INCOME BEFORE FEDERAL INCOME TAX PROVISION 2,300 2,093 8,115 10,332
Federal income tax provision 719 651 2,531 3,422
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NET INCOME $ 1,581 $1,442 $ 5,584 $ 6,910
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BASIC EARNINGS PER SHARE $0.20 $0.19 $0.72 $0.89
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DILUTED EARNINGS PER SHARE $0.20 $0.18 $0.71 $0.87
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