PVFC Pvf Capital Corp. (MM)

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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