PVF Capital Corp. Announces Quarterly And Full Year Operating Results
- Linked quarter decline in non-performing assets of $3.7 million.
- Full year net income of $1.4 million.
- Net loss for the fourth quarter of fiscal 2010 of $2.7 million, primarily driven by credit costs.
- Provision for loan losses of $3.9 million during the quarter resulting in an allowance for loan losses of $31.5 million or 5.09% of loans.
- Stable net interest margin of 2.55%.
SOLON, Ohio, Aug. 24, 2010 (GLOBE NEWSWIRE) -- PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, reported financial results for the fourth quarter and full year ended June 30, 2010. Operating results for the fiscal fourth quarter was a net loss of $2.7 million, or $0.11 basic and diluted loss per share. This compares to a loss of $7.9 million, or $1.02 basic and diluted loss per share, for the prior year comparable period. The net loss for the quarter was primarily due to credit related costs resulting in a provision for loan losses of $3.9 million and $1.3 million associated with the loss and write-down on the disposal of other real estate owned. For the fiscal year 2010, the Company reported net income of $1.4 million, or $0.11 per diluted common share, which included a pretax gain on the cancellation of debt of $17.7 million. Total assets at June 30, 2010 were $859.6 million compared with $912.2 million at June 30, 2009, representing a decrease of 5.77%.
Robert J. King, Jr., President and Chief Executive Officer, commented, "We continue to execute our turnaround plan and move in a positive direction. We are taking decisive steps and work each day to position the Company's infrastructure to support growth and generate profitability."
Fourth Quarter ReviewNet Interest Margin Net interest income was $5.3 million for the quarter ended June 30, 2010, an increase of $68,000, or 1.3%, compared to $5.2 million for the same period of 2009, and was also $138,000, or 2.7%, higher than the quarter ended March 31, 2010. Although the increase in net interest income compared with the prior year period was modest, the improvement was reflective of a smaller but more profitable balance sheet. Net interest margin improved 17 basis points for the quarter to 2.55% compared with 2.38% for the prior year comparable period. The linked quarter margin was unchanged. The improvement in net interest margin compared with the prior year period was fueled by a 94 basis point decline in deposit and funding costs while interest earning asset yields declined only 73 basis points, despite a significantly strengthened liquidity position and a shift in the mix of earning assets to lower yielding overnight funds and investments.
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