EXHIBIT 99.1
PRESS ANNOUNCEMENT
DATE: OCTOBER 15, 2003
CONTACT: C. KEITH SWANEY
(440) 248-7171
PVF CAPITAL CORP. ANNOUNCES QUARTERLY EARNINGS AND A 10% INCREASE IN ITS
QUARTERLY CASH DIVIDEND.
PVF Capital Corp., the parent company of Park View Federal Savings Bank,
announced earnings of $2,932,000 or $0.46 basic earnings per share and $0.45
diluted earnings per share for the quarter ended September 30, 2003 as compared
to earnings of $1,687,000 or $0.26 basic earnings per share and $0.26 diluted
earnings per share for the prior year comparable period.
Commenting on the results, Chairman John R. Male stated, "The increase in
earnings is largely attributable to an increase in non-interest income.
Non-interest income increased primarily as a result of mortgage banking
activities, including an increase in gains on the sale of loans and servicing
market valuation recoveries, and from a gain on the sale of real estate owned.
The results of mortgage banking activity are attributable to historically low
market interest rates and refinancing activity. We do not expect to report
increasing gains for the remainder of the fiscal year," concluded Mr. Male.
As of September 30, 2003, PVF Capital Corp. reported assets of $687.1 million, a
decrease of $56.3 million or 7.6% from the fiscal year ended June 30, 2003.
Total stockholders' equity of PVF Capital Corp. was $61.1 million at September
30, 2003. Annualized return on assets and return on equity were 1.64% and
19.59%, respectively, for the three months ended September 30, 2003.
On September 23, 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 and will be payable on
November 7, 2003 to the stockholders of record at the close of business on
October 24, 2003. This cash dividend represents a 10.00% increase over the prior
quarter.
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) September 30, June 30,
2003 2003
ASSETS
- ------
Cash and cash equivalents $ 22,313 $ 96,751
Investment securities 0 33
Loans and mortgage backed securities 631,991 616,240
Other assets 32,771 30,380
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Total Assets $687,075 $743,404
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LIABILITIES
- -----------
Deposits $479,146 $526,429
Borrowed money 120,113 125,938
Other liabilities 26,708 32,434
-------- --------
Total Liabilities 625,967 684,801
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Total Stockholders' Equity 61,108 58,603
-------- --------
Total Liabilities and Stockholders' Equity $687,075 $743,404
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CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
(Dollars in thousands except per share data) SEPTEMBER 30,
2003 2002
Interest income $ 10,058 $ 11,404
Interest expense 4,311 5,825
-------- --------
Net interest income 5,747 5,579
Provision for loan losses 100 0
-------- --------
Net interest income after provision for loan losses 5,647 5,579
Total noninterest income 3,311 750
Total noninterest expense 4,538 3,801
-------- --------
Income before federal income tax provision 4,420 2,528
Federal income tax provision 1,488 841
-------- --------
Net income $ 2,932 $ 1,687
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BASIC EARNINGS PER SHARE $0.46 $0.26
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DILUTED EARNINGS PER SHARE $0.45 $0.26
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