PVF Capital Corp. Announces Quarterly Earnings and Cash Dividend
January 12 2005 - 10:19AM
PR Newswire (US)
PVF Capital Corp. Announces Quarterly Earnings and Cash Dividend
SOLON, Ohio, Jan. 12 /PRNewswire-FirstCall/ -- PVF Capital Corp.
(NASDAQ:PVFC), the parent company of Park View Federal Savings
Bank, announced earnings of $1,422,000, or $0.20 basic earnings per
share and $0.20 diluted earnings per share, for the quarter ended
December 31, 2004 as compared to earnings of $1,350,000, or $0.19
basic earnings per share and $0.19 diluted earnings per share, for
the prior year comparable period. Earnings were $2,690,000, or
$0.38 basic earnings per share and $0.37 diluted earnings per
share, for the six-month period ended December 31, 2004 as compared
to $4,282,000, or $0.61 basic earnings per share and $0.60 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 six-month period ended December 31,
2004 is largely attributable to a decrease in non-interest income.
Non-interest income decreased primarily as a result of mortgage
banking activities, specifically a decrease in gains on the sale of
loans, and from a decline in the sale of real estate owned in the
current period. 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 December
31, 2004, PVF Capital Corp. reported assets of $802.4 million, an
increase of $46.7 million or 6.2% from the fiscal year ended June
30, 2004. Total stockholders' equity of PVF Capital Corp. was $64.8
million at December 31, 2004. Annualized return on assets and
return on equity were 0.69% and 8.40%, respectively, for the six
months ended December 31, 2004. On December 21, 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 January 28, 2005 to
the stockholders of record at the close of business on January 21,
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) December 31, June 30, 2004 2004
ASSETS Cash and cash equivalents $17,448 $17,470 Investment
securities 47,500 27,500 Loans and mortgage backed securities
685,263 659,331 Other assets 52,195 51,386 Total Assets $802,406
$755,687 LIABILITIES Deposits $549,230 $526,493 Borrowed money
164,473 147,526 Other liabilities 23,943 18,307 Total Liabilities
737,646 692,326 Total Stockholders' Equity 64,760 63,361 Total
Liabilities and Stockholders' Equity $802,406 $755,687 CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) Three Months Six Months Ended
Ended December 31, December 31, (Dollars in thousands except per
share data) 2004 2003 2004 2003 Interest income $10,519 $9,830
$20,553 $19,888 Interest expense 4,737 4,078 9,161 8,388 Net
interest income 5,782 5,752 11,392 11,500 Provision for loan losses
0 192 136 292 Net interest income after provision for loan losses
5,782 5,560 11,256 11,208 Total noninterest income 859 868 1,545
4,179 Total noninterest expense 4,577 4,362 8,901 8,900 Income
before federal income tax provision 2,064 2,066 3,900 6,487 Federal
income tax provision 642 716 1,210 2,205 Net income $1,422 $1,350
$2,690 $4,282 Basic earnings per share $0.20 $0.19 $0.38 $0.61
Diluted earnings per share $0.20 $0.19 $0.37 $0.60 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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