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PRESS ANNOUNCEMENT
Date: October 22, 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 a loss of $901,000, or $0.12 basic earnings per share and $0.12
diluted earnings per share, for the quarter ended September 30, 2008 as compared
to earnings of $611,000, or $0.08 basic earnings per share and $0.08 diluted
earnings per share, for the prior year comparable period.
Chairman John R. Male commented that the loss for the quarter was primarily
attributable to the recording of a non-cash, other than temporary impairment
charge of approximately $1,739,000 from the markdown in value of preferred stock
issued by the Federal Home Loan Mortgage Corporation ("FHLMC") and the Federal
National Mortgage Association ("FNMA"). The after tax loss resulting from this
impairment charge was approximately $1,148,000. Non-performing assets continue
to be our primary challenge as we work with borrowers to return these assets to
performing status.
Net interest income decreased by $554,000 and provision for loan losses
increased by $98,000 as the result of increases in both nonperforming loans and
charge-off's. In addition to the markdown of the FHLMC and FNMA preferred stock,
non-interest income decreased as a result of net losses incurred on the disposal
of real estate owned and a decline in income from bank-owned life insurance. The
decrease in non-interest expense is primarily attributable to reductions in
compensation and benefits, office occupancy and equipment, and advertising
expense.
As of September 30, 2008, PVF Capital Corp. reported assets of $905.2 million,
an increase of $37.6 million, or 4.3%, from the prior fiscal year ended June 30,
2008. The increase was primarily the result of a $25 million broker deposit made
at the end of the period. Total stockholders' equity of PVF Capital Corp. was
$68.0 million at September 30, 2008.
On September 30, 2008, 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 $0.01 per share payable on November 17, 2008
to the stockholders of record at the close of business on November 10, 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 Small-Cap market under the
symbol PVFC.
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SUMMARY OF FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands) September 30, June 30,
2008 2008
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ASSETS
Cash and cash equivalents $ 55,611 $ 17,804
Investment securities 7,731 9,470
Loans receivable 716,703 714,492
Loans receivable held for sale 3,392 7,831
Mortgage-backed securities 56,996 55,151
Other assets 64,799 62,890
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Total Assets $905,232 $867,638
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LIABILITIES
Deposits $709,720 $659,386
Borrowed money 106,375 114,950
Other liabilities 21,092 24,071
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Total Liabilities 837,187 798,407
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Total Stockholders' Equity 68,045 69,231
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Total Liabilities and Stockholders' Equity $905,232 $867,638
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CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
(Dollars in thousands except per share data) September 30,
2008 2007
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Interest income $12,491 $15,292
Interest expense 7,188 9,435
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Net interest income 5,303 5,857
Provision for loan losses 691 593
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Net interest income after provision for loan losses 4,612 5,264
Total noninterest income (1,041) 798
Total noninterest expense 4,936 5,286
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Income before federal income tax provision (1,365) 776
Federal income tax provision (464) 165
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Net income ($901) $611
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BASIC EARNINGS PER SHARE ($0.12) $0.08
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DILUTED EARNINGS PER SHARE ($0.12) $0.08
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