PVF Capital Corp. Announces Quarterly Earnings and Cash Dividend
April 18 2007 - 12:18PM
PR Newswire (US)
SOLON, Ohio, April 18 /PRNewswire-FirstCall/ -- PVF Capital Corp.,
the parent company of Park View Federal Savings Bank, announced
earnings of $1,177,000, or $0.15 basic earnings per share and $0.15
diluted earnings per share, for the quarter ended March 31, 2007 as
compared to earnings of $1,267,000, or $0.16 basic earnings per
share and $0.16 diluted earnings per share, for the prior year
comparable period. Earnings were $3,877,000, or $0.50 basic
earnings per share and $0.49 diluted earnings per share, for the
nine-month period ended March 31, 2007 as compared to $3,646,000,
or $0.47 basic earnings per share and $0.46 diluted earnings per
share, for the prior year comparable period. Earnings for the
current three- and nine-month periods were impacted by a decline in
net interest income that was attributable to margin compression and
a soft local real estate market. This decline was offset by a
decrease in the provision for loan losses and an increase in
noninterest income. The decline in the provision for loan losses is
attributable to a change in asset classification methodology
implemented pursuant to the release of the Interagency Policy
Statement on the Allowance for Loan and Lease Losses. This resulted
in increased allocation to specific valuation allowance and a
decreased allocation to the general valuation allowance for
criticized loans. The increase in noninterest income for the three
month period is attributable to an improvement in net gains on the
sales of mortgage loans, which represented an increase of $166,000
over the prior year comparable period and improved earnings on
bank-owned life insurance, which represented an increase of
$117,000 over the prior period. The increase in noninterest income
for the nine month period is attributable to a change in fair value
of mortgage banking derivatives that represented a $463,000
increase over the prior period, the reversal of a market adjustment
for loans held for sale which represented an increase of $187,000,
and an increase in gains on the sale of real estate owned, which
represented an increase of $272,000 over the prior period. As of
March 31, 2007, PVF Capital Corp. reported assets of $907.6
million, an increase of $1.5 million or 0.2% from the fiscal year
ended June 30, 2006. Total stockholders' equity of PVF Capital
Corp. was $71.3 million at March 31, 2007. Annualized return on
assets and return on equity were 0.57% and 7.36%, respectively, for
the nine months ended March 31, 2007. On March 27, 2007, 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
7, 2007 to the stockholders of record at the close of business on
April 30, 2007. 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, 2007 2006
ASSETS Cash and cash equivalents $25,735 $19,738 Investment
securities 58,000 58,000 Loans receivable 729,746 736,065 Loans
receivable held for sale 9,387 10,698 Mortgage-backed securities
26,670 27,578 Other assets 58,015 54,002 Total Assets $907,553
$906,081 LIABILITIES Deposits $667,025 $656,864 Borrowed money
147,000 156,773 Other liabilities 22,205 23,471 Total Liabilities
836,230 837,108 Total Stockholders' Equity 71,323 68,973 Total
Liabilities and Stockholders' Equity $907,553 $906,081 CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) Three Months Nine Months Ended
Ended (Dollars in thousands except per share data) March 31, March
31, 2007 2006 2007 2006 Interest income $15,065 $14,328 $46,177
$40,193 Interest expense 9,101 7,391 27,244 20,115 Net interest
income 5,964 6,937 18,933 20,078 Provision for loan losses (1) 352
91 646 Net interest income after provision for loan losses 5,965
6,585 18,842 19,432 Total noninterest income 984 534 2,974 1,875
Total noninterest expense 5,302 5,297 16,258 16,114 Income before
federal income tax provision 1,647 1,822 5,558 5,193 Federal income
tax provision 470 555 1,681 1,547 Net income $1,177 $1,267 $3,877
$3,646 Basic earnings per share $0.15 $0.16 $0.50 $0.47 Diluted
earnings per share $0.15 $0.16 $0.49 $0.46 DATASOURCE: PVF Capital
Corp. CONTACT: C. Keith Swaney, +1-440-248-7171 Web site:
http://www.pvfsb.com/
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