EXHIBIT 99.1
PRESS ANNOUNCEMENT
DATE: APRIL 16, 2003
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 $2,095,000, or $0.36 basic earnings per share and $0.35
diluted earnings per share, for the quarter ended March 31, 2003 as compared to
earnings of $1,763,000, or $0.30 basic earnings per share and $0.30 diluted
earnings per share, for the prior year comparable period.
Earnings were $6,039,000, or $1.04 basic earnings per share and $1.03 diluted
earnings per share, for the nine-month period ended March 31, 2003 as compared
to $5,277,000, or $0.91 basic earnings per share and $0.90 diluted earnings per
share, for the prior year comparable period.
As of March 31, 2003, PVF Capital Corp. reported assets of $695.9 million, an
increase of $16.3 million or 2.4% from the fiscal year ended June 30, 2002.
Total stockholders' equity of PVF Capital Corp. was $57.0 million at March 31,
2003. Annualized return on assets and return on equity were 1.16% and 14.76%,
respectively, for the nine months ended March 31, 2003.
On March 25, 2003, 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 May 2, 2003 to the
stockholders of record at the close of business on April 25, 2003.
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.
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) MARCH 31, JUNE 30,
2003 2002
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ASSETS
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Cash and cash equivalents $ 13,102 $ 14,314
Investment securities 30,050 55,121
Loans and mortgage backed securities 622,156 582,528
Other assets 30,593 27,657
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Total Assets $695,901 $679,620
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LIABILITIES
- -----------
Deposits $488,263 $479,672
Borrowed money 126,617 129,028
Other liabilities 24,052 18,621
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Total Liabilities 638,932 627,321
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Total Stockholders' Equity 56,969 52,299
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Total Liabilities and Stockholders' Equity $695,901 $679,620
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CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in thousands except per share data) MARCH 31, MARCH 31,
----------------- -----------------
2003 2002 2003 2002
Interest income $10,415 $11,611 $33,119 $37,216
Interest expense 4,740 6,231 15,882 21,121
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Net interest income 5,675 5,380 17,237 16,095
Provision for loan losses 0 50 0 403
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Net interest income after provision for loan losses 5,675 5,330 17,237 15,692
Total noninterest income 1,597 870 4,185 2,722
Total noninterest expense 4,113 3,548 12,328 10,439
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Income before federal income tax provision 3,159 2,652 9,094 7,975
Federal income tax provision 1,064 889 3,055 2,698
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Net income $ 2,095 $ 1,763 $ 6,039 $ 5,277
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BASIC EARNINGS PER SHARE $ 0.36 $ 0.30 $ 1.04 $ 0.91
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DILUTED EARNINGS PER SHARE $ 0.35 $ 0.30 $ 1.03 $ 0.90
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