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Net income for the fiscal 2012 fourth quarter of $0.8 million, fueled by strong mortgage banking revenue
Company achieves its 11th consecutive quarterly improvement in key regulatory asset quality ratios and meets asset quality targets established by the regulatory order
Nonperforming assets decline $5.5 million or 16.5%
Capital ratios remain strong and exceed prescribed regulatory levels
SOLON, Ohio, Aug. 22, 2012 (GLOBE NEWSWIRE) -- PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, announced net income of $0.8 million, or $0.03 basic and diluted earnings per share, for the quarter ended June 30, 2012. These results compare with a net loss of $2.6 million, or $0.10 basic and diluted loss per share, for the prior-year quarter, and net income of $0.4 million, or $0.02 basic and diluted earnings per share, for the quarter ended March 31, 2012. For the full-year fiscal 2012, the Company reported a net loss of $1.3 million, or $0.05 basic and diluted loss per share, compared with a net loss for the prior year of $9.7 million, or $0.38 basic and diluted loss per share.
Robert J. King, Jr., President and Chief Executive Officer, commented, "Our diligent efforts to improve the quality of our assets, strengthen our balance sheet and transform our business have allowed us to turn the corner in becoming a bank that is positioned for long-term growth and profitability. Strong mortgage banking activity and reduced costs have driven steady improvement in earnings, and the fourth quarter was our second profitable quarter in a row. It also marks our 11th consecutive quarterly improvement in asset quality ratios. We will continue to focus on our transformation strategy to deliver sustained profitability improvement by strengthening our commercial banking, small business lending and consumer service capabilities."