PVFC Pvf Capital Corp. (MM)

PVF Capital Corp. Announces Quarterly Earnings and Cash Dividend SOLON, Ohio, April 13 /PRNewswire-FirstCall/ -- PVF Capital Corp. (NASDAQ:PVFC), the parent company of Park View Federal Savings Bank, announced earnings of $1,313,000, or $0.19 basic earnings per share and $0.18 diluted earnings per share, for the quarter ended March 31, 2005 as compared to earnings of $1,186,000, or $0.17 basic earnings per share and $0.16 diluted earnings per share, for the prior year comparable period. Earnings were $4,003,000, or $0.57 basic earnings per share and $0.56 diluted earnings per share, for the nine-month period ended March 31, 2005 as compared to $5,468,000, or $0.78 basic earnings per share and $0.76 diluted earnings per share, for the prior year comparable period. Commenting on the results Chairman John R. Male stated, "The decrease in earnings for the nine-month period ended March 31, 2005 is largely attributable to a decrease in non-interest income. Non-interest income decreased as a result of mortgage banking activities, specifically a decrease in gains on the sale of loans. The results of mortgage banking activity in the prior period were attributable to historically low market interest rates and refinancing activity," concluded Mr. Male. As of March 31, 2005, PVF Capital Corp. reported assets of $811.9 million, an increase of $56.2 million or 7.4%, from the fiscal year ended June 30, 2004. Total stockholders' equity of PVF Capital Corp. was $65.5 million at March 31, 2005. Annualized return on assets and return on equity were 0.68% and 8.29%, respectively, for the nine months ended March 31, 2005. On March 22, 2005, 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, 2005 to the stockholders of record at the close of business on April 25, 2005. 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. Summary of Financial Highlights CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Dollars in thousands) March 31, June 30, 2005 2004 ASSETS Cash and cash equivalents $8,826 $17,470 Investment securities 57,500 27,500 Loans and mortgage backed securities 691,800 659,331 Other assets 53,741 51,386 Total Assets $811,867 $755,687 LIABILITIES Deposits $542,331 $526,493 Borrowed money 173,016 147,526 Other liabilities 31,063 18,307 Total Liabilities 746,410 692,326 Total Stockholders' Equity 65,457 63,361 Total Liabilities and Stockholders' Equity $811,867 $755,687 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands except Three Months Nine Months per share data) Ended Ended March 31, March 31, 2005 2004 2005 2004 Interest income $10,941 $9,576 $31,494 $29,464 Interest expense 5,103 4,097 14,264 12,485 Net interest income 5,838 5,479 17,230 16,979 Provision for loan losses 75 140 211 432 Net interest income after provision for loan losses 5,763 5,339 17,019 16,547 Total noninterest income 939 837 2,484 5,016 Total noninterest expense 4,786 4,425 13,688 13,324 Income before federal income tax provision 1,916 1,751 5,815 8,239 Federal income tax provision 603 565 1,812 2,771 Net income $1,313 $1,186 $4,003 $5,468 Basic earnings per share $0.19 $0.17 $0.57 $0.78 Diluted earnings per share $0.18 $0.16 $0.56 $0.76 DATASOURCE: PVF Capital Corp. CONTACT: C. Keith Swaney of PVF Capital Corp., +1-440-248-7171 Web site: http://www.parkviewfederal.com/

Copyright