PVFC Pvf Capital Corp. (MM)

PVF Capital Corp. Announces Quarterly Earnings, Cash and Stock Dividends, and Annual Meeting SOLON, Ohio, July 20 /PRNewswire-FirstCall/ -- PVF Capital Corp. (NASDAQ:PVFC), the parent company of Park View Federal Savings Bank, announced earnings of $1,581,000, or $0.20 basic earnings per share and $0.20 diluted earnings per share, for the quarter ended June 30, 2005 as compared to earnings of $1,442,000, or $0.19 basic earnings per share and $0.18 diluted earnings per share, for the prior year comparable period. Earnings were $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 as compared to $6,910,000, or $0.89 basic earnings per share and $0.87 diluted earnings per share, for the fiscal year ended June 30, 2004. 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 a decrease in the required provision for loan losses that resulted from a decline 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 growth in staff and an increase in compensation and benefits along with an increase in office occupancy and equipment. As of June 30, 2005, PVF Capital Corp. reported assets of $823.9 million, an increase of $68.2 million, or 9.03%, from the prior fiscal year ended June 30, 2004. Total stockholders' equity of PVF Capital Corp. was $66.5 million at June 30, 2005. Return on assets and return on equity were 0.70% and 8.62%, respectively, for the fiscal year ended June 30, 2005. On June 28, 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 August 12, 2005 to the stockholders of record at the close of business on August 2, 2005. 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 28, 2005. This share dividend will be issued on the 31st day of August, 2005, to the holders of shares of record at the close of business on August 15, 2005. The reported earnings per share have been adjusted for this 10% stock dividend. The 2005 Annual Meeting of Stockholders will be held on October 17, 2005 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, 2005 2004 ASSETS Cash and cash equivalents $11,090 $17,469 Investment securities 57,500 27,500 Loans and mortgage backed securities 701,274 659,331 Other assets 54,035 51,387 Total Assets $823,899 $755,687 LIABILITIES Deposits $591,226 $526,493 Borrowed money 135,012 147,526 Other liabilities 31,208 18,307 Total Liabilities 757,446 692,326 Total Stockholders' Equity 66,453 63,361 Total Liabilities and Stockholders' Equity $823,899 $755,687 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Twelve Months Ended Ended (Dollars in thousands except per June 30, June 30, share data) 2005 2004 2005 2004 Interest income $12,101 $9,646 $43,595 $39,110 Interest expense 5,537 4,254 19,801 16,739 Net interest income 6,564 5,392 23,794 22,371 Provision for loan losses (100) 166 111 598 Net interest income after provision for loan losses 6,664 5,226 23,683 21,773 Total noninterest income 890 1,114 3,374 6,130 Total noninterest expense 5,254 4,247 18,942 17,571 Income before federal income tax provision 2,300 2,093 8,115 10,332 Federal income tax provision 719 651 2,531 3,422 Net income $1,581 $1,442 $5,584 $6,910 Basic earnings per share $0.20 $0.19 $0.72 $0.89 Diluted earnings per share $0.20 $0.18 $0.71 $0.87 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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