This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PVF Capital Corp. Announces Fiscal Second Quarter Results

  • Significant progress in problem asset resolution. Nonperforming assets decline $11.0 million, or 14.12%, to $67.0 million.
  • Delinquent loans under 90 days past due decline $3.6 million and improve to 1.14% of loans outstanding from 1.81%.
  • Strong mortgage banking activities resulting in mortgage banking income of $2.6 million, including $719,000 recovery of mortgage servicing asset valuation allowance.
  • Credit costs remain elevated with provision for loan losses of $4.5 million and loss on real estate owned of $536,000.
  • Deferred tax asset valuation allowance of $1.9 million recognized in period.
  • Continued progress towards achieving regulatory targeted adversely classified assets ratio.
  • Bank capital ratios remain strong.

SOLON, Ohio, Jan. 26, 2011 (GLOBE NEWSWIRE) -- PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, announced a net loss of $3,709,928, or $0.14 basic and diluted loss per share for the quarter ended December 31, 2010.

The Company continued to experience an elevated level of mortgage lending activity during the quarter, as borrowers took advantage of the low mortgage interest rates during much of the period. This mortgage volume resulted in mortgage loan sale income of $2.5 million, which was a decrease of $1.2 million from the linked quarter of September 30, 2010, and an increase of $1.2 million over the prior year quarter. Offsetting the revenues associated with the elevated levels of refinance activity was an increase in the amortization of the mortgage servicing asset, resulting in a net servicing loss of $677,000 for the period, compared with a net servicing loss of $150,000 for the linked quarter and servicing income of $107,000 for the prior year quarter. The back-up in mortgage rates during the second half of the quarter resulted in a slow down of refinancing activities and corresponding prepayment speeds from the prior quarter and resulted in a partial recovery in the estimated fair value of certain tranches of the Company's mortgage servicing rights, which had a valuation allowance of $1.2 million. The Company recognized a recovery of $719,000 during the period, leaving a valuation allowance of $465,000. The estimated value of the Company's mortgage servicing rights portfolio, as a whole, continues to exceed its carrying value.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs