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PRESS ANNOUNCEMENT
DATE: JULY 25, 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 $357,000, or $0.05 basic earnings per share and $0.05
diluted earnings per share, for the quarter ended June 30, 2007 as compared to
earnings of $1,197,000, or $0.16 basic earnings per share and $0.15 diluted
earnings per share, for the prior year comparable period.
Earnings were $4,234,000, or $0.55 basic earnings per share and $0.54 diluted
earnings per share, for the fiscal year ended June 30, 2007 as compared to
$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.
Chairman John R. Male commented that the changes to earnings for the quarter and
fiscal year are primarily attributable to a decrease in net interest income and
an increase in the provision for loan losses that resulted from an increase in
both charge-offs and nonperforming loans. The decrease in net interest income is
due to nonperforming loans along with an increase in the Company's cost of
funds.
Non-interest income increased as a result of service charges and other fees,
mortgage banking activities, and income from bank-owned life insurance. The
increase in non-interest expense is attributable to compensation and benefits,
professional, legal, and advertising expense.
As of June 30, 2007, PVF Capital Corp. reported assets of $900.8 million, a
decrease of $5.3 million, or 0.6%, from the prior fiscal year ended June 30,
2006. Total stockholders' equity of PVF Capital Corp. was $71.5 million at June
30, 2007. Return on assets and return on equity were 0.47% and 6.01%,
respectively, for the fiscal year ended June 30, 2007.
On June 26, 2007, 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 15, 2007 to
the stockholders of record at the close of business on August 8, 2007.
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,
2007 2006
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ASSETS
Cash and cash equivalents $ 28,458 $ 19,738
Investment securities 58,000 58,000
Loans and mortgage backed securities 754,202 774,341
Other assets 60,156 54,002
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Total Assets $900,816 $906,081
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LIABILITIES
Deposits $658,053 $656,864
Borrowed money 146,260 145,000
Other liabilities 25,016 35,244
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Total Liabilities 829,329 837,108
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Total Stockholders' Equity 71,487 68,973
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Total Liabilities and Stockholders' Equity $900,816 $906,081
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CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
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(Dollars in thousands except per share data) June 30, June 30,
2007 2006 2007 2006
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INTEREST INCOME $15,455 $15,086 $62,020 $55,651
INTEREST EXPENSE 9,461 8,292 36,705 28,408
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NET INTEREST INCOME 5,994 6,794 25,315 27,243
Provision for loan losses 1,012 180 1,103 826
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 4,982 6,614 24,212 26,417
TOTAL NONINTEREST INCOME 790 524 3,376 2,028
TOTAL NONINTEREST EXPENSE 5,376 5,435 21,634 21,549
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INCOME BEFORE FEDERAL INCOME TAX PROVISION 396 1,703 5,954 6,896
Federal income tax provision 39 506 1,720 2,053
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NET INCOME $ 357 $ 1,197 $ 4,234 $ 4,843
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BASIC EARNINGS PER SHARE $ 0.05 $ 0.16 $ 0.55 $ 0.63
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DILUTED EARNINGS PER SHARE $ 0.05 $ 0.15 $ 0.54 $ 0.62
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