PVF Capital Corp. Announces Quarterly Earnings, Cash Dividend, and Annual Meeting
July 19 2006 - 12:25PM
PR Newswire (US)
SOLON, Ohio, July 19 /PRNewswire-FirstCall/ -- PVF Capital Corp.
(NASDAQ:PVFC), the parent company of Park View Federal Savings
Bank, announced earnings of $1,197,000, or $0.16 basic earnings per
share and $0.15 diluted earnings per share, for the quarter ended
June 30, 2006 as compared to earnings of $1,581,000, or $0.20 basic
earnings per share and $0.20 diluted earnings per share, for the
prior year comparable period. Earnings were $4,843,000, or $0.63
basic earnings per share and $0.62 diluted earnings per share, for
the fiscal year ended June 30, 2006 as compared to $5,584,000, or
$0.72 basic earnings per share and $0.71 diluted earnings per
share, for the fiscal year ended June 30, 2005. Chairman John R.
Male commented that the changes to earnings for the quarter and
fiscal year are attributable to an increase in net interest income
and an increase in the required provision for loan losses that
resulted from an increase in classified assets. In addition,
non-interest income decreased primarily as a result of declining
gains on the sale of loans. The increase in non-interest expense is
attributable to an increase in compensation and benefits along with
an increase in office occupancy and equipment. As of June 30, 2006,
PVF Capital Corp. reported assets of $906.1 million, an increase of
$82.2 million, or 9.97%, from the prior fiscal year ended June 30,
2005. Total stockholders' equity of PVF Capital Corp. was $69.0
million at June 30, 2006. Return on assets and return on equity
were 0.56% and 7.15%, respectively, for the fiscal year ended June
30, 2006. On June 27, 2006, 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 August 11, 2006 to the stockholders
of record at the close of business on July 28, 2006. The 2006
Annual Meeting of Stockholders will be held on October 23, 2006 at
10:00 a.m. at PVF Capital Corp.'s Corporate Center, 30000 Aurora
Road, Solon, Ohio. Visit our web site at http://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. Summary of Financial
Highlights CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) (Dollars in thousands) June 30, June 30, 2006 2005
ASSETS Cash and cash equivalents $19,738 $11,090 Investment
securities 58,000 57,500 Loans and mortgage backed securities
774,341 701,274 Other assets 54,002 54,035 Total Assets $906,081
$823,899 LIABILITIES Deposits $656,864 $591,226 Borrowed money
145,000 135,012 Other liabilities 35,244 31,208 Total Liabilities
837,108 757,446 Total Stockholders' Equity 68,973 66,453 Total
Liabilities and Stockholders' Equity $906,081 $823,899 CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) Three Months Twelve Months
Ended Ended June 30, June 30, (Dollars in thousands except per
share data) 2006 2005 2006 2005 Interest income $14,985 $12,101
$55,179 $43,595 Interest expense 8,292 5,537 28,408 19,801 Net
interest income 6,693 6,564 26,771 23,794 Provision for loan losses
180 (100) 826 111 Net interest income after provision for loan
losses 6,513 6,664 25,945 23,683 Total noninterest income 625 890
2,500 3,374 Total noninterest expense 5,435 5,254 21,549 18,942
Income before federal income tax provision 1,703 2,300 6,896 8,115
Federal income tax provision 506 719 2,053 2,531 Net income $1,197
$1,581 $4,843 $5,584 Basic earnings per share $0.16 $0.20 $0.63
$0.72 Diluted earnings per share $0.15 $0.20 $0.62 $0.71
DATASOURCE: PVF Capital Corp. CONTACT: C. Keith Swaney of PVF
Capital Corp., +1-440-248-7171 Web site: http://www.pvfsb.com/
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