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[PVF CAPITAL CORP. LETTERHEAD]
PRESS ANNOUNCEMENT
DATE: APRIL 19, 2006
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 $1,267,000, or $0.16 basic earnings per share and $0.16
diluted earnings per share, for the quarter ended March 31, 2006 as compared to
earnings of $1,313,000, or $0.17 basic earnings per share and $0.17 diluted
earnings per share, for the prior year comparable period.
Earnings were $3,646,000, or $0.47 basic earnings per share and $0.46 diluted
earnings per share, for the nine-month period ended March 31, 2006 as compared
to $4,003,000, or $0.52 basic earnings per share and $0.51 diluted earnings per
share, for the prior year comparable period.
The decrease in earnings for the three and nine-month periods ended March 31,
2006 is attributable to an increase in the provision for loan losses, a decrease
in non-interest income, and an increase in non-interest expense that were
substantially offset by an increase in net interest income. Non-interest income
decreased as a result of declines in mortgage banking activities, gains on the
sale of real estate owned and profit on real estate activity. Non-interest
expense increased primarily as a result of increases to compensation and
benefits and office occupancy and equipment. The increase to net interest income
in the current periods was attributable to balance sheet growth in both
interest-earning assets and interest-bearing liabilities in addition to an
increase in the Company's interest rate spread.
As of March 31, 2006, PVF Capital Corp. reported assets of $892.6 million, an
increase of $68.7 million or 8.3%, from the fiscal year ended June 30, 2005.
Total stockholders' equity of PVF Capital Corp. was $68.3 million at March 31,
2006. Annualized return on assets and return on equity were 0.56% and 7.21%,
respectively, for the nine months ended March 31, 2006.
On March 28, 2006, 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 5, 2006 to the
stockholders of record at the close of business on April 28, 2006.
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,
2006 2005
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ASSETS
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Cash and cash equivalents $ 19,830 $ 11,090
Investment securities 58,000 57,500
Loans receivable 725,797 660,494
Loans receivable held for sale 6,462 9,060
Mortgage-backed securities 27,549 31,720
Other assets 54,926 54,035
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Total Assets $892,564 $823,899
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LIABILITIES
- -----------
Deposits $627,843 $591,227
Borrowed money 175,058 146,413
Other liabilities 21,345 19,806
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Total Liabilities 824,246 757,446
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Total Stockholders' Equity 68,318 66,453
Total Liabilities and Stockholders' Equity $892,564 $823,899
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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,
2006 2005 2006 2005
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Interest income $14,328 $10,941 $40,193 $31,494
Interest expense 7,391 5,103 20,115 14,264
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Net interest income 6,937 5,838 20,078 17,230
Provision for loan losses 352 75 646 211
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Net interest income after provision for loan losses 6,585 5,763 19,432 17,019
Total noninterest income 534 939 1,875 2,484
Total noninterest expense 5,297 4,786 16,114 13,688
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Income before federal income tax provision 1,822 1,916 5,193 5,815
Federal income tax provision 555 603 1,547 1,812
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Net income $ 1,267 $1,313 $3,646 $4,003
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BASIC EARNINGS PER SHARE $0.16 $0.17 $0.47 $0.52
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DILUTED EARNINGS PER SHARE $0.16 $0.17 $0.46 $0.51
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