PVF Capital Corp. Announces Fiscal 2012 Fourth-Quarter Earnings And Full-Year Financial Results
In comparison with the same period of the prior year, non-interest income increased $1.0 million, primarily due to higher mortgage banking revenues of $2.2 million in the current period. This increase was partially offset by a $1.2 million decrease in gains on the sale of mortgage-backed securities.
Regulatory Order Asset Quality Metrics Exceeded as Nonperforming Assets Continue to Decline
During the quarter, the Company met and now exceeds the asset quality requirements of its regulatory order as it has reduced its level of classified assets to core capital plus general valuation allowance ratio to 48.2% at June 30, 2012, and reduced its level of classified assets plus special mention assets to core capital plus general valuation allowance ratio to 55.0%. The regulatory order requires these specific ratios to be no greater than 50% and 65%, respectively. This significant milestone occurred as the Company registered its 11th consecutive quarter of progress in reducing its problem assets and marks yet another step with respect to its multi-year strategic plan to improve the Bank's balance sheet, reduce problem assets, and build the infrastructure and culture needed to transform itself into a relationship-based commercial bank. During the quarter, nonperforming loans decreased $3.6 million, or 15.5%, to $19.9 million, compared with the third quarter of fiscal 2012, while other real estate owned decreased $1.8 million to $7.7 million, resulting in total nonperforming assets of $27.6 million. This was a decrease of $5.5 million, or 16.5%, compared with total nonperforming assets of $33.1 million at March 31, 2012, and a decline of $32.3 million, or 53.9%, since June 30, 2011.
"We are proud of the hard work everyone on our team has done to achieve compliance with all of our regulatory targets during a very difficult macroeconomic period," King said. "We look forward to continuing our progress as we further improve our market position, asset quality and profitability."
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