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PRESS ANNOUNCEMENT
Date: July 25, 2008
Contact: C. Keith Swaney (440) 248-7171
PVF CAPITAL CORP. INCREASES LOAN LOSS RESERVE; REDUCES CASH DIVIDEND;
REPORTS FOURTH QUARTER AND YEAR-END RESULTS
SOLON, Ohio, July 25, 2008 -- PVF Capital Corp. (Nasdaq: PVFC), the parent
company of Park View Federal Savings Bank, today announced an additional
increase in its loan loss reserve by $4 million in the fiscal fourth quarter
ended June 30, 2008. This increase will be a non-cash charge against fourth
quarter and year-end earnings and will in no way affect the bank's
well-capitalized status, with capital ratios well in excess of regulatory
requirements.
Chairman John R. Male said, "We believe increasing the provision for loan loss
reserves to be a prudent measure to protect the bank given the weak housing
market and slowing economy that continues to adversely affect the region."
He continued, "With non-performing assets as our primary challenge, we continue
to work with those borrowers to return these assets to performing status.
Additionally, our staff is focused on executing the business plan to provide our
customers with products and services that will increase shareholder value as we
rebuild our net interest margin in this difficult operating environment."
To further strengthen the Company's capital position, the Board of Directors
reduced the quarterly cash dividend on common stock to $0.01 per share from
$0.074 per share, payable August 22, 2008 to stockholders of record at the close
of business on August 15, 2008.
After increasing the loan loss provision, PVF Capital Corp. reported a net loss
of $2,460,000, or $0.32 basic earnings per share and $0.32 diluted earnings per
share, for the fiscal fourth quarter. In the year-earlier quarter, the Company
reported earnings of $357,000, or $0.05 basic earnings per share and $0.05
diluted earnings per share.
For fiscal 2008, the Company announced a net loss of $816,000, or $0.10 basic
earnings per share and $0.10 diluted earnings per share, compared with earnings
of $4,234,000, or $0.55 basic earnings per share and $0.54 diluted earnings per
share, for fiscal 2007.
Male said shrinking interest margins and expenses related to the terminated
merger agreement with United Community Financial Corp. also adversely affected
results for the quarter and fiscal year.
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Net charge-offs for the fiscal 2008 fourth quarter and year were $0.6 million
and $1.2 million, respectively, compared with $0.9 million and $1.2 million,
respectively, in the year-ago periods. For fiscal 2008, the increase to the loan
loss reserve, net of charge offs, brings the reserve to $9.7 million from $4.6
million a year ago.
Non-interest income for the quarter and fiscal year decreased as a result of net
losses incurred from the sale of real estate owned and lower income from an
investment in bank-owned life insurance. The decreases in non-interest income
were partially offset by a reduction in non-interest expenses, including
compensation and benefits, office occupancy and equipment, and advertising.
PVF Capital Corp.'s assets at June 30, 2008, were $867.6 million, a decrease of
$33.2 million, or 3.7 percent from fiscal 2007 year end. Total stockholders'
equity was $69.2 million at June 30, 2008. Return on assets and return on equity
were (0.09%) and (1.15%), respectively, for fiscal 2008.
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 Capital 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)
<Table>
<Caption>
(Dollars in thousands) June 30, June 30,
2008 2007
-------- ---------
ASSETS
- ------
Cash and cash equivalents $ 17,804 $ 28,458
Investment securities 9,470 58,000
Loans and mortgage backed securities 777,474 754,202
Other assets 62,890 60,156
-------- ---------
Total Assets $867,638 $900,816
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LIABILITIES
- -----------
Deposits $659,386 $658,053
Borrowed money 114,950 146,260
Other liabilities 24,071 25,013
-------- ---------
Total Liabilities 798,407 829,326
-------- ---------
Total Stockholders' Equity 69,231 71,490
-------- ---------
Total Liabilities and Stockholders' Equity $867,638 $900,816
======== =========
</Table>
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<Table>
<Caption>
Three Months Ended Twelve Months Ended
(Dollars in thousands except per share data) June 30, June 30,
2008 2007 2008 2007
-------- ------- -------- --------
INTEREST INCOME $13,154 $15,455 $56,485 $62,020
INTEREST EXPENSE 7,257 9,461 34,275 36,705
-------- ------- -------- --------
NET INTEREST INCOME 5,897 5,994 22,210 25,315
Provision for loan losses 4,731 1,012 6,225 1,103
-------- ------- -------- --------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,166 4,982 15,985 24,212
TOTAL NONINTEREST INCOME 210 790 3,056 3,376
TOTAL NONINTEREST EXPENSE 5,302 5,376 20,805 21,634
-------- ------- -------- --------
INCOME BEFORE FEDERAL INCOME TAX PROVISION (3,926) 396 (1,764) 5,954
Federal income tax provision (1,466) 39 (948) 1,720
-------- ------- -------- --------
NET INCOME ($2,460) $357 ($816) $4,234
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BASIC EARNINGS PER SHARE ($0.32) $0.05 ($0.10) $0.55
======== ======= ======== ========
DILUTED EARNINGS PER SHARE ($0.32) $0.05 ($0.10) $0.54
======== ======= ======== ========
</Table>