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EXHIBIT 99.1
PRESS ANNOUNCEMENT
DATE: JANUARY 17, 2007
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 $1,137,000, or $0.15 basic earnings per share and $0.15
diluted earnings per share, for the quarter ended December 31, 2006 as compared
to earnings of $1,027,000, or $0.13 basic earnings per share and $0.13 diluted
earnings per share, for the prior year comparable period.
Earnings were $2,700,000, or $0.35 basic earnings per share and $0.35 diluted
earnings per share, for the six-month period ended December 31, 2006 as compared
to $2,379,000, or $0.31 basic earnings per share and $0.30 diluted earnings per
share, for the prior year comparable period.
Earnings for the current three and six-month periods were impacted by a decline
in net interest income that was attributable to a soft local real estate market.
This was offset by gains on the sale of real estate owned, an increase to core
savings account fee income, and a recovery to the mortgage-banking provision.
Additionally, there was a significant decline in the provision for loan losses
in the current six-month period.
As of December 31, 2006, PVF Capital Corp. reported assets of $915.6 million, an
increase of $9.5 million or 1.1% from the fiscal year ended June 30, 2006. Total
stockholders' equity of PVF Capital Corp. was $70.7 million at December 31,
2006. Annualized return on assets and return on equity were 0.61% and 7.89%,
respectively, for the six months ended December 31, 2006.
On December 19, 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 February 9, 2007
to the stockholders of record at the close of business on January 29, 2007.
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, Ohio 44139
440-248-7171
Summary of Financial Highlights
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(Dollars in thousands) DECEMBER 31, JUNE 30,
2006 2006
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ASSETS
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Cash and cash equivalents $ 28,585 $ 19,738
Investment securities 58,000 58,000
Loans receivable 730,126 736,065
Loans receivable held for sale 12,940 10,698
Mortgage-backed securities 27,468 27,578
Other assets 58,502 54,002
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Total Assets $915,621 $906,081
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LIABILITIES
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Deposits $674,334 $656,864
Borrowed money 144,000 156,773
Other liabilities 26,614 23,471
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Total Liabilities 844,948 837,108
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Total Stockholders' Equity 70,673 68,973
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Total Liabilities and Stockholders' Equity $915,621 $906,081
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CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED
(Dollars in thousands except per share data) DECEMBER 31, DECEMBER 31,
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2006 2005 2006 2005
Interest income $15,554 $13,282 $31,112 $25,865
Interest expense 9,227 6,676 18,143 12,724
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Net interest income 6,327 6,606 12,969 13,141
Provision for loan losses 252 257 92 294
Net interest income after provision for loan losses 6,075 6,349 12,877 12,847
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Total noninterest income 1,043 562 1,989 1,341
Total noninterest expense 5,484 5,443 10,955 10,817
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Income before federal income tax provision 1,634 1,468 3,911 3,371
Federal income tax provision 497 441 1,211 992
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Net income $ 1,137 $ 1,027 $ 2,700 $ 2,379
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BASIC EARNINGS PER SHARE $0.15 $0.13 $0.35 $0.31
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DILUTED EARNINGS PER SHARE $0.15 $0.13 $0.35 $0.30
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