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PRESS ANNOUNCEMENT
Date: January 23, 2008
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 $732,000, or $0.09 basic earnings per share and $0.09
diluted earnings per share, for the quarter ended December 31, 2007 as compared
to earnings of $1,137,000, or $0.15 basic earnings per share and $0.15 diluted
earnings per share, for the prior year comparable period.
Earnings were $1,343,000, or $0.17 basic earnings per share and $0.17 diluted
earnings per share, for the six-month period ended December 31, 2007 as compared
to $2,700,000, or $0.35 basic earnings per share and $0.35 diluted earnings per
share, for the prior year comparable period.
Chairman John R. Male commented that the changes to earnings for the current
three- and six-month periods were primarily attributable to a decrease in net
interest income that resulted from an increase in nonperforming loans along with
an increase in the Company's cost of funds. In addition, there was a significant
increase in the provision for loan losses in the current six-month period.
Lastly, non-interest income for the current three- and six-month periods
declined primarily because a gain on the disposition of real estate was reported
in the prior year that did not reoccur in the current year. These declines were
partially offset by a decline in non-interest expense that resulted from a
decrease in compensation and benefits in the current periods.
As of December 31, 2007, PVF Capital Corp. reported assets of $875.6 million, a
decrease of $25.3 million or 2.8% from the fiscal year ended June 30, 2007.
Total stockholders' equity of PVF Capital Corp. was $72.0 million at December
31, 2007. Annualized return on assets and return on equity were 0.30% and 3.74%,
respectively, for the six months ended December 31, 2007.
On December 18, 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 February 15, 2008
to the stockholders of record at the close of business on February 8, 2008.
We invite all shareholders to attend the Annual Meeting of Stockholders of PVF
Capital Corp. on Tuesday February 5, 2008 at 10:00 a.m., at the Cleveland
Marriott East, 26300 Harvard Road, Beachwood, Ohio.
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) DECEMBER 31, JUNE 30,
2007 2007
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ASSETS
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Cash and cash equivalents $ 31,525 $ 28,458
Investment securities 39,099 58,000
Loans receivable 708,968 713,329
Loans receivable held for sale 10,002 14,993
Mortgage-backed securities 24,731 25,880
Other assets 61,239 60,156
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Total Assets $875,564 $900,816
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LIABILITIES
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Deposits $678,320 $658,053
Borrowed money 103,215 146,260
Other liabilities 22,047 25,014
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Total Liabilities 803,582 829,327
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Total Stockholders' Equity 71,982 71,489
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Total Liabilities and Stockholders' Equity $875,564 $900,816
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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,
---------------------- -------------------------
2007 2006 2007 2006
Interest income $14,467 $15,659 $29,759 $31,369
Interest expense 9,201 9,227 18,636 18,143
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Net interest income 5,266 6,432 11,123 13,226
Provision for loan losses 82 252 675 92
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Net interest income after provision for loan losses 5,184 6,180 10,448 13,134
Total noninterest income 834 938 1,632 1,732
Total noninterest expense 5,025 5,484 10,311 10,955
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Income before federal income tax provision 993 1,634 1,769 3,911
Federal income tax provision 261 497 426 1,211
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Net income $ 732 $ 1,137 $ 1,343 $ 2,700
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BASIC EARNINGS PER SHARE $0.09 $0.15 $0.17 $0.35
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DILUTED EARNINGS PER SHARE $0.09 $0.15 $0.17 $0.35
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