PRESS ANNOUNCEMENT
DATE: OCTOBER 19, 2005
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 $1,352,000 or $0.18 basic earnings per share and $0.17
diluted earnings per share for the quarter ended September 30, 2005 as compared
to earnings of $1,268,000 or $0.16 basic earnings per share and $0.16 diluted
earnings per share for the prior year comparable period.
As of September 30, 2005, PVF Capital Corp. reported assets of $851.3 million,
an increase of $27.4 million or 3.3% from the fiscal year ended June 30, 2005.
Total stockholders' equity of PVF Capital Corp. was $67.1 million at September
30, 2005. Annualized return on assets and return on equity were 0.65% and 8.09%,
respectively, for the three months ended September 30, 2005.
On September 27, 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 and will be payable on
November 7, 2005 to the stockholders of record at the close of business on
October 24, 2005. 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.
PVF CAPITAL CORP.
30000 Aurora Road
Solon, OH 44139
SUMMARY OF FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands) SEPT. 30, JUNE 30,
2005 2005
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ASSETS
- ------
Cash and cash equivalents $ 19,558 $ 11,090
Investment securities 57,500 57,500
Loans and mortgage backed securities 720,138 701,274
Other assets 54,133 54,035
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Total Assets $851,329 $823,899
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LIABILITIES
- -----------
Deposits $599,814 $591,227
Borrowed money 150,008 135,012
Other liabilities 34,360 31,207
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Total Liabilities 784,182 757,446
Total Stockholders' Equity 67,147 66,453
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Total Liabilities and Stockholders' Equity $851,329 $823,899
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CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED
(Dollars in thousands except per share data) SEPTEMBER 30,
---------------------------------------------------
2005 2004
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Interest income $12,583 $10,034
Interest expense 6,048 4,424
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Net interest income 6,535 5,610
Provision for loan losses 37 136
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Net interest income after provision for loan losses 6,498 5,474
Total noninterest income 779 686
Total noninterest expense 5,374 4,324
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Income before federal income tax provision 1,903 1,836
Federal income tax provision 551 568
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Net income $ 1,352 $ 1,268
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Basic earnings per share $ 0.18 $ 0.16
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Diluted earnings per share $ 0.17 $ 0.16
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