The provision for loan losses totaled $1.5 million for the current quarter compared with $2.0 million and $4.2 million for the quarters ended March 31, 2012 and June 30, 2011, respectively. Although credit costs remain somewhat elevated in this persistently difficult economic operating environment, the lower provision reflects the continued progress in improving overall asset quality and reducing the level of problem loans. The Company remains confident in its ability to continue its progress in addressing problem loans.The allowance for loan losses at June 30, 2012 was $16.1 million, or 2.9% of total loans. This compares with an allowance of $16.9 million, or 3.0% of total loans, at March 31, 2012, and $30.0 million, or 5.2% of total loans, at June 30, 2011. The decrease from June 30, 2011 resulted from charging off loans that were previously treated as specific valuation allowances. The allowance's coverage of nonperforming loans again improved during the quarter, increasing to 80.7% at June 30, 2012, compared with 71.8% at March 31, 2012, and 59.6% at June 30, 2011.
PVF Capital Corp. Announces Fiscal 2012 Fourth-Quarter Earnings And Full-Year Financial Results
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