PVFC Pvf Capital Corp. (MM)

PVF Capital Corp. Announces Quarterly Earnings, Cash and Stock Dividend, and Annual Meeting SOLON, Ohio, July 21 /PRNewswire-FirstCall/ -- PVF Capital Corp., (NASDAQ:PVFC) the parent company of Park View Federal Savings Bank, announced earnings of $1,442,000, or $0.21 basic earnings per share and $0.20 diluted earnings per share, for the quarter ended June 30, 2004 as compared to earnings of $2,058,000, or $0.29 basic earnings per share and $0.29 diluted earnings per share, for the prior year comparable period. Earnings were $6,910,000, or $0.98 basic earnings per share and $0.96 diluted earnings per share, for the fiscal year ended June 30, 2004 as compared to $8,096,000, or $1.16 basic earnings per share and $1.14 diluted earnings per share, for the fiscal year ended June 30, 2003. Chairman John R. Male commented that the reduction in earnings for the quarter and year ended June 30, 2004 is attributable to decreases in net interest income, declining gains on the sale of loans, and increases in the provision for loan losses and non-interest expense in the current periods. The increase in non-interest expense is attributable to the opening of a new branch office, growth in staff and an increase in compensation and benefits in the current period. As of June 30, 2004, PVF Capital Corp. reported assets of $755.7 million, an increase of $12.3 million, or 1.7%, from the prior fiscal year ended June 30, 2003. Total stockholders' equity of PVF Capital Corp. was $63.4 million at June 30, 2004. Return on assets and return on equity were 0.95% and 11.25%, respectively, for the fiscal year ended June 30, 2004. On June 22, 2004, 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, 2004 to the stockholders of record at the close of business on August 2, 2004. Chairman John R. Male announced that the Board of Directors of PVF Capital Corp. declared a dividend of 10% of the common shares of PVF Capital Corp. on June 22, 2004. This share dividend will be issued on the 31st day of August, 2004, to the holders of shares of record at the close of business on August 16, 2004. The reported earnings per share have been adjusted for this 10% stock dividend. The 2004 Annual Meeting of Stockholders will be held on October 18, 2004 at 10:00 a.m. at PVF Capital Corp.'s Corporate Center, 30000 Aurora Road, Solon, Ohio. Visit our web site at http://www.parkviewfederal.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, 2004 June 30, 2003 ASSETS Cash and cash equivalents $17,469 $96,751 Investment securities 27,504 33 Loans and mortgage backed securities 659,331 613,520 Other assets 51,383 33,100 Total Assets $755,687 $743,404 LIABILITIES Deposits $526,493 $526,429 Borrowed money 147,526 125,938 Other liabilities 18,307 32,434 Total Liabilities 692,326 684,801 Total Stockholders' Equity 63,361 58,603 Total Liabilities and Stockholders' Equity $755,687 $743,404 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Twelve Months Ended Ended June 30, June 30, (Dollars in thousands except per 2004 2003 2004 2003 share data) Interest income $9,646 $10,364 $39,110 $43,482 Interest expense 4,254 4,764 16,739 20,646 Net interest income 5,392 5,600 22,371 22,836 Provision for loan losses 166 0 598 0 Net interest income after provision for loan losses 5,226 5,600 21,773 22,836 Total noninterest income 1,114 1,708 6,130 5,893 Total noninterest expense 4,247 4,181 17,571 16,509 Income before federal income tax provision 2,093 3,127 10,332 12,220 Federal income tax provision 651 1,069 3,422 4,124 Net income $1,442 $2,058 $6,910 $8,096 Basic earnings per share $0.21 $0.29 $0.98 $1.16 Diluted earnings per share $0.20 $0.29 $0.96 $1.14 DATASOURCE: PVF Capital Corp. CONTACT: C. Keith Swaney of PVF Capital Corp., +1-440-248-7171 Web site: http://www.parkviewfederal.com/

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