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
TheStreet Open House

PVF Capital Corp. Announces Fiscal 2012 Fourth-Quarter Earnings And Full-Year Financial Results

Stocks in this article: PVFC

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.

Non-interest Expense Managed

Non-interest expense totaled $6.6 million for the current quarter, compared with $6.5 million for the fiscal 2012 third quarter and $6.3 million for the year-ago quarter. The Company continues to successfully manage its expense level while executing its turnaround and investing in the infrastructure and personnel necessary to expand the targeted business lines as part of its transformation.

Pre-tax, Pre-credit Provision Income Improves Sequentially

One metric that management believes is useful in analyzing performance is pre-tax, pre-credit provision income, which adjusts earnings to exclude loan loss provision expense, credit-related charges involving the valuation and disposition of other real estate owned, and securities gains or losses. In addition, earnings are adjusted for items identified by management to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their outsized impact is believed by management at the time to be infrequent or short-term in nature, which management believes may distort the Company's underlying performance trends. The quarterly pre-tax, pre-credit provision income at June 30, 2012 was $2.8 million, compared with $3.0 million for the quarter ended March 31, 2012, and $0.5 million for the prior-year quarter.

4 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

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