PVF Capital Corp. Announces Quarterly Earnings

Apr 10, 2001, 01:00 ET from PVF Capital Corp.

    SOLON, Ohio, April 10 /PRNewswire/ -- PVF Capital Corp. (Nasdaq: PVFC),
 the parent company of Park View Federal Savings Bank, announced earnings of
 $1,509,000, or $0.32 basic earnings per share and $0.31 diluted earnings per
 share, for the quarter ended March 31, 2001 as compared to earnings of
 $1,413,000, or $0.30 basic earnings per share and $0.29 diluted earnings per
 share, for the prior year comparable period.
     Earnings were $4,778,000, or $1.01 basic earnings per share and $0.97
 diluted earnings per share, for the nine-month period ended March 31, 2001 as
 compared to $4,599,000, or $0.96 basic earnings per share and $0.92 diluted
 earnings per share, for the prior year comparable period.
     As of March 31, 2001, PVF Capital Corp. reported assets of $680.1 million,
 an increase of $67.1 million or 10.9% from the fiscal year ended June 30,
 2001.  Total stockholders' equity of PVF Capital Corp. was $46.6 million at
 March 31, 2001.  Annualized return on assets and return on equity were 0.98%
 and 14.24%, respectively, for the nine-months ended March 31, 2001.
     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,
                                                     2001              2000
       ASSETS
          Cash and cash equivalents                  $8,707            $5,672
          Investment securities                      65,125            65,259
          Loans and mortgage backed
           securities                               586,397           525,623
          Other assets                               19,875            16,432
 
             Total Assets                          $680,104          $612,986
 
       LIABILITIES
          Deposits                                 $480,412          $440,982
          Borrowed money                            140,171           115,974
          Other liabilities                          12,964            13,130
 
             Total Liabilities                      633,547           570,086
 
             Total Stockholders' Equity              46,557            42,900
 
             Total Liabilities and
              Stockholders' Equity                 $680,104          $612,986
 
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
 
                                       Three Months Ended  Nine Months Ended
        (Dollars in thousands
         except per share data)              March 31,          March 31,
                                          2001      2000     2001     2000
 
       Interest income                   $13,266  $10,840  $40,323   $29,882
 
       Interest expense                    8,256    6,421   25,551    16,757
 
       Net interest income                 5,010    4,419   14,772    13,125
 
              Provision for loan losses       75        0       75       450
 
       Net interest income after
        provision for loan losses          4,935    4,419   14,697    12,675
 
       Total noninterest income              566      327    1,596     2,000
 
       Total noninterest expense           3,221    2,631    9,106     7,780
 
       Income before federal income tax
        provision                          2,280    2,115    7,187     6,895
 
               Federal income tax
                provision                    771      702    2,409     2,296
 
       Net income                         $1,509   $1,413   $4,778    $4,599
 
       Basic earnings per share            $0.32    $0.30    $1.01     $0.96
 
       Diluted earnings per share          $0.31    $0.29    $0.97     $0.92
 
 

SOURCE PVF Capital Corp.
    SOLON, Ohio, April 10 /PRNewswire/ -- PVF Capital Corp. (Nasdaq: PVFC),
 the parent company of Park View Federal Savings Bank, announced earnings of
 $1,509,000, or $0.32 basic earnings per share and $0.31 diluted earnings per
 share, for the quarter ended March 31, 2001 as compared to earnings of
 $1,413,000, or $0.30 basic earnings per share and $0.29 diluted earnings per
 share, for the prior year comparable period.
     Earnings were $4,778,000, or $1.01 basic earnings per share and $0.97
 diluted earnings per share, for the nine-month period ended March 31, 2001 as
 compared to $4,599,000, or $0.96 basic earnings per share and $0.92 diluted
 earnings per share, for the prior year comparable period.
     As of March 31, 2001, PVF Capital Corp. reported assets of $680.1 million,
 an increase of $67.1 million or 10.9% from the fiscal year ended June 30,
 2001.  Total stockholders' equity of PVF Capital Corp. was $46.6 million at
 March 31, 2001.  Annualized return on assets and return on equity were 0.98%
 and 14.24%, respectively, for the nine-months ended March 31, 2001.
     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,
                                                     2001              2000
       ASSETS
          Cash and cash equivalents                  $8,707            $5,672
          Investment securities                      65,125            65,259
          Loans and mortgage backed
           securities                               586,397           525,623
          Other assets                               19,875            16,432
 
             Total Assets                          $680,104          $612,986
 
       LIABILITIES
          Deposits                                 $480,412          $440,982
          Borrowed money                            140,171           115,974
          Other liabilities                          12,964            13,130
 
             Total Liabilities                      633,547           570,086
 
             Total Stockholders' Equity              46,557            42,900
 
             Total Liabilities and
              Stockholders' Equity                 $680,104          $612,986
 
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
 
                                       Three Months Ended  Nine Months Ended
        (Dollars in thousands
         except per share data)              March 31,          March 31,
                                          2001      2000     2001     2000
 
       Interest income                   $13,266  $10,840  $40,323   $29,882
 
       Interest expense                    8,256    6,421   25,551    16,757
 
       Net interest income                 5,010    4,419   14,772    13,125
 
              Provision for loan losses       75        0       75       450
 
       Net interest income after
        provision for loan losses          4,935    4,419   14,697    12,675
 
       Total noninterest income              566      327    1,596     2,000
 
       Total noninterest expense           3,221    2,631    9,106     7,780
 
       Income before federal income tax
        provision                          2,280    2,115    7,187     6,895
 
               Federal income tax
                provision                    771      702    2,409     2,296
 
       Net income                         $1,509   $1,413   $4,778    $4,599
 
       Basic earnings per share            $0.32    $0.30    $1.01     $0.96
 
       Diluted earnings per share          $0.31    $0.29    $0.97     $0.92
 
 SOURCE  PVF Capital Corp.