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PRESS ANNOUNCEMENT
DATE: OCTOBER 18, 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 $1,563,000 or $0.20 basic earnings per share and $0.20
diluted earnings per share for the quarter ended September 30, 2006 as compared
to earnings of $1,352,000 or $0.18 basic earnings per share and $0.17 diluted
earnings per share for the prior year comparable period.
As of September 30, 2006, PVF Capital Corp. reported assets of $912.4 million,
an increase of $6.3 million or 0.7% from the fiscal year ended June 30, 2006.
Total stockholders' equity of PVF Capital Corp. was $70.0 million at September
30, 2006. Annualized return on assets and return on equity were 0.69% and 9.00%,
respectively, for the three months ended September 30, 2006.
On September 26, 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 and will be payable on
November 6, 2006 to the stockholders of record at the close of business on
October 23, 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.
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) SEPTEMBER 30, JUNE 30,
2006 2006
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ASSETS
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Cash and cash equivalents $ 23,560 $ 19,738
Investment securities 58,000 58,000
Loans receivable 738,930 736,065
Loans receivable held for sale 11,099 10,698
Mortgage-backed securities 26,749 27,578
Other assets 54,041 54,002
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Total Assets $912,379 $906,081
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LIABILITIES
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Deposits $666,792 $656,864
Borrowed money 154,000 156,773
Other liabilities 21,592 23,471
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Total Liabilities 842,384 837,108
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Total Stockholders' Equity 69,995 68,973
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Total Liabilities and Stockholders' Equity $912,379 $906,081
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CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
(Dollars in thousands except per share data) SEPTEMBER 30,
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2006 2005
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Interest income $ 15,559 $ 12,583
Interest expense 8,917 6,048
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Net interest income 6,642 6,535
Provision for loan losses (160) 37
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Net interest income after provision for loan losses 6,802 6,498
Total noninterest income 946 779
Total noninterest expense 5,471 5,374
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Income before federal income tax provision 2,277 1,903
Federal income tax provision 714 551
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Net income $ 1,563 $ 1,352
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BASIC EARNINGS PER SHARE $ 0.20 $ 0.18
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DILUTED EARNINGS PER SHARE $ 0.20 $ 0.17
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