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EXHIBIT 99
PRESS ANNOUNCEMENT
DATE: JULY 19, 2006
CONTACT: C. KEITH SWANEY (440)248-7171
PVF CAPITAL CORP. ANNOUNCES QUARTERLY EARNINGS, CASH DIVIDEND, AND ANNUAL
MEETING.
PVF Capital Corp., the parent company of Park View Federal Savings Bank,
announced earnings of $1,197,000, or $0.16 basic earnings per share and $0.15
diluted earnings per share, for the quarter ended June 30, 2006 as compared to
earnings of $1,581,000, or $0.20 basic earnings per share and $0.20 diluted
earnings per share, for the prior year comparable period.
Earnings were $4,843,000, or $0.63 basic earnings per share and $0.62 diluted
earnings per share, for the fiscal year ended June 30, 2006 as compared to
$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.
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 an
increase in the required provision for loan losses that resulted from an
increase 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 an increase in compensation and benefits
along with an increase in office occupancy and equipment.
As of June 30, 2006, PVF Capital Corp. reported assets of $906.1 million, an
increase of $82.2 million, or 9.97%, from the prior fiscal year ended June 30,
2005. Total stockholders' equity of PVF Capital Corp. was $69.0 million at June
30, 2006. Return on assets and return on equity were 0.56% and 7.15%,
respectively, for the fiscal year ended June 30, 2006.
On June 27, 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 August 11, 2006 to
the stockholders of record at the close of business on July 28, 2006.
The 2006 Annual Meeting of Stockholders will be held on October 23, 2006 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
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(Dollars in thousands) JUNE 30, JUNE 30,
2006 2005
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ASSETS
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Cash and cash equivalents $ 19,738 $ 11,090
Investment securities 58,000 57,500
Loans and mortgage backed securities 774,341 701,274
Other assets 54,002 54,035
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Total Assets $906,081 $823,899
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LIABILITIES
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Deposits $656,864 $591,226
Borrowed money 145,000 135,012
Other liabilities 35,244 31,208
Total Liabilities 837,108 757,446
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Total Stockholders' Equity 68,973 66,453
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Total Liabilities and Stockholders' Equity $906,081 $823,899
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CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED TWELVE MONTHS ENDED
(Dollars in thousands except per share data) JUNE 30, JUNE 30,
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2006 2005 2006 2005
INTEREST INCOME $14,985 $12,101 $55,179 $43,595
INTEREST EXPENSE 8,292 5,537 28,408 19,801
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NET INTEREST INCOME 6,693 6,564 26,771 23,794
Provision for loan losses 180 (100) 826 111
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 6,513 6,664 25,945 23,683
TOTAL NONINTEREST INCOME 625 890 2,500 3,374
TOTAL NONINTEREST EXPENSE 5,435 5,254 21,549 18,942
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INCOME BEFORE FEDERAL INCOME TAX PROVISION 1,703 2,300 6,896 8,115
Federal income tax provision 506 719 2,053 2,531
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NET INCOME $ 1,197 $ 1,581 $ 4,843 $ 5,584
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BASIC EARNINGS PER SHARE $0.16 $0.20 $0.63 $0.72
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DILUTED EARNINGS PER SHARE $0.15 $0.20 $0.62 $0.71
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