EXHIBIT 99.1
PRESS ANNOUNCEMENT
DATE: JANUARY 15, 2004
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 $1,350,000, or $0.21 basic earnings per share and $0.21
diluted earnings per share, for the quarter ended December 31, 2003 as compared
to earnings of $2,257,000, or $0.35 basic earnings per share and $0.35 diluted
earnings per share, for the prior year comparable period.
Earnings were $4,282,000, or $0.67 basic earnings per share and $0.66 diluted
earnings per share, for the six-month period ended December 31, 2003 as compared
to $3,944,000, or $0.62 basic earnings per share and $0.61 diluted earnings per
share, for the prior year comparable period.
As of December 31, 2003, PVF Capital Corp. reported assets of $687.4 million, a
decrease of $56.0 million or 7.5% from the fiscal year ended June 30, 2003.
Total stockholders' equity of PVF Capital Corp. was $61.5 million at December
31, 2003. Annualized return on assets and return on equity were 1.21% and
14.21%, respectively, for the six months ended December 31, 2003.
Commenting on the results, Chairman John R. Male stated that, "The reduction in
earnings for the quarter is largely attributable to a decline in gains from loan
sales, included in non-interest income, which is the direct result of a slowdown
in refinancing activities. Those gains are expected to remain soft for at least
the rest of the fiscal year."
On December 22, 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 January 30, 2004
to the stockholders of record at the close of business on January 23, 2004.
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) DECEMBER 31, JUNE 30,
2003 2003
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ASSETS
- ------
Cash and cash equivalents $ 7,701 $ 96,751
Investment securities 0 33
Loans and mortgage backed securities 647,475 616,240
Other assets 32,226 30,380
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Total Assets $687,402 $743,404
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LIABILITIES
- -----------
Deposits $475,259 $526,429
Borrowed money 122,102 125,938
Other liabilities 28,502 32,434
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Total Liabilities 625,863 684,801
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Total Stockholders' Equity 61,539 58,603
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Total Liabilities and Stockholders' Equity $687,402 $743,404
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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,
----------------- ------------------
2003 2002 2003 2002
Interest income $ 9,830 $11,299 $19,888 $22,704
Interest expense 4,078 5,317 8,388 11,142
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Net interest income 5,752 5,982 11,500 11,562
Provision for loan losses 192 0 292 0
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Net interest income after provision for loan losses 5,560 5,982 11,208 11,562
Total noninterest income 868 1,838 4,179 2,588
Total noninterest expense 4,362 4,412 8,900 8,214
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Income before federal income tax provision 2,066 3,408 6,487 5,936
Federal income tax provision 716 1,151 2,205 1,992
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Net income $ 1,350 $ 2,257 $ 4,282 $ 3,944
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BASIC EARNINGS PER SHARE $ 0.21 $ 0.35 $ 0.67 $ 0.62
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DILUTED EARNINGS PER SHARE $ 0.21 $ 0.35 $ 0.66 $ 0.61
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