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

Cautionary Note on Forward-Looking Statements

This press release contains statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectation regarding important risk factors including, but not limited to, interest rate changes, real estate values, continued softening in the economy, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Company's business, competitive pressures, changes in accounting, tax or regulatory practices or requirements and those risk factors detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved. This press release contains time-sensitive information that reflects management's best analysis only as of the date of this document. The Company does not undertake an obligation to publicly update or revise any forward-looking statements to reflect new events, information or circumstances, or otherwise. Further information concerning issues that could materially affect financial performance related to forward-looking statements can be found in the Company's periodic filings with the Securities and Exchange Commission.

PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
     
  June 30, June 30,
  2012 2011
     
     
ASSETS    
Cash and amounts due from financial institutions  $ 5,840,608  $ 19,138,325
Interest-bearing deposits  114,269,532  130,153,080
Total cash and cash equivalents  120,110,140  149,291,405
Securities available for sale  23,271,082  8,946,674
Mortgage-backed securities available for sale  15,386,962  4,972,121
Loans receivable held for sale, net  25,062,786  9,392,389
Loans receivable, net of allowance of $16,052,865 and $29,996,893, respectively  541,627,515  547,282,037
Office properties and equipment, net  7,237,165  7,556,764
Real estate owned, net  7,733,578  7,972,753
Federal Home Loan Bank stock  12,811,100  12,811,100
Bank-owned life insurance  23,648,663  23,420,089
Prepaid expenses and other assets  14,560,882  15,409,502
Total assets  $ 791,449,873  $ 787,054,834
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Liabilities    
Non-interest-bearing deposits  $ 51,786,588  $ 32,133,869
Interest-bearing deposits  604,192,552  620,437,966
Total deposits  655,979,140  652,571,835
Note payable  1,046,111  1,152,778
Long-term advances from the Federal Home Loan Bank  35,000,000  35,000,000
Advances from borrowers for taxes and insurance  4,469,292  11,212,923
Accrued expenses and other liabilities  24,224,709  15,835,317
Total liabilities  720,719,252  715,772,853
     
Stockholders' equity    
Serial preferred stock, none issued  --  --
Common stock, $.01 par value, 65,000,000 shares authorized; 26,217,796 and 26,142,443 shares issued  262,178  261,424
Additional paid-in capital  100,897,560  100,543,717
Retained earnings (accumulated deficit)  (26,119,854)  (24,788,778)
Accumulated other comprehensive income (loss)  (472,116)  (897,235)
Treasury stock at cost, 472,725 shares  (3,837,147)  (3,837,147)
Total stockholders' equity  70,730,621  71,281,981
Total liabilities and stockholders' equity  $ 791,449,873  $ 787,054,834
 
PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
         
         
  Three Months Ended Twelve Months Ended
  June 30, June 30,
  2012 2011 2012 2011
Interest and dividends income        
Loans  $ 7,015,317  $ 7,098,127  $ 28,382,546  $ 30,214,747
Mortgage-backed securities  78,913  401,955  289,690  1,749,216
Federal Home Loan Bank stock dividends  135,375  142,151  537,608  560,354
Securities  131,382  57,283  316,180  241,238
Federal funds sold and interest-bearing deposits  67,303  62,817  321,889  216,221
Total interest and dividends income  7,428,290  7,762,333  29,847,913  32,981,776
         
Interest expense        
Deposits  1,469,123  2,062,707  6,793,493  9,247,128
Long-term borrowings  268,011  269,729  1,080,898  2,913,075
Total interest expense  1,737,134  2,332,436  7,874,391  12,160,203
         
Net interest income  5,691,156  5,429,897  21,973,522  20,821,573
Provision for loan losses  1,500,000  4,150,000  6,982,000  13,540,000
Net interest income after provision for loan losses  4,191,156  1,279,897  14,991,522  7,281,573
         
Non-interest income        
Service charges and other fees  215,252  202,600  838,333  694,547
Mortgage banking activities, net  2,987,630  836,917  9,137,364  6,615,079
Gain on sale of SBA loans  234,775  114,453  455,993  114,453
Increase in cash surrender value of bank-owned life insurance  54,658  66,661  228,573  276,056
Gain on sale of mortgage-backed securities  --   1,232,112  --   1,232,112
Gain (loss) on real estate owned  (220,181)  (216,305)  (673,950)  (498,995)
Provision for real estate owned losses  (452,394)  (298,684)  (1,728,797)  (1,303,154)
Other, net  223,133  65,508  857,705  807,689
Total non-interest income  3,042,873  2,003,262  9,115,221  7,937,787
         
Non-interest expense        
Compensation and benefits  2,980,425  2,957,015  11,461,869  10,710,612
Office occupancy and equipment  580,459  454,548  2,351,359  2,471,196
FDIC insurance  431,895  423,783  1,727,508  2,131,524
Professional and legal  105,000  90,595  410,000  416,077
Outside services  897,428  663,096  2,746,530  2,159,777
Maintenance contracts  203,054  175,051  843,736  618,375
Franchise tax  206,138  225,428  881,994  818,726
Real estate owned and collection expense  563,551  739,232  2,534,228  2,945,405
Other  633,487  540,548  2,699,595  2,516,949
Total non-interest expense  6,601,437  6,269,296  25,656,819  24,788,641
         
Income (loss) before federal income taxes  632,592  (2,986,137)  (1,550,076)  (9,569,281)
Federal income tax provision (benefit)  (193,821)  (416,893)  (218,999)  121,839
Net income (loss)  $ 826,413  $ (2,569,244)  $ (1,331,077)  $ (9,691,120)
         
Basic earnings (loss) per share  $ 0.03  $ (0.10)  $ (0.05)  $ (0.38)
Diluted earnings (loss) per share  $ 0.03  $ (0.10)  $ (0.05)  $ (0.38)
 
FINANCIAL HIGHLIGHTS
           
  At or for the three months ended
(dollars in thousands except per share data) June 30, March 31, December 31, September 30, June 30,
Balance Sheet Data: 2012 2012 2011 2011 2011
Total assets  $ 791,450  $ 806,472  $ 794,823  $ 780,013  $ 787,055
Loans receivable  557,680  563,557  564,036  567,812  577,279
Allowance for loan losses  16,053  16,914  17,515  29,553  29,997
Loans receivable held for sale, net  25,063  16,386  8,221  12,857  9,392
Mortgage-backed securities available for sale  15,387  16,690  17,578  4,820  4,972
Cash and cash equivalents  120,110  134,496  151,850  150,272  149,291
Securities available for sale  23,271  24,218  5,017  2,985  8,947
Deposits  655,979  667,198  658,632  648,522  652,572
Borrowings  36,046  36,073  36,099  36,126  36,153
Stockholders' equity  70,731  69,768  68,949  70,571  71,282
Nonperforming loans  19,900  23,542  30,313  47,972  50,347
Other nonperforming assets  7,734  9,552  9,995  7,925  7,973
Tangible common equity ratio 8.94% 8.65% 8.67% 9.05% 9.06%
Book value per share $2.74 $2.70 $2.69 $2.75 $2.78
Common shares outstanding at period end  25,820,424  25,820,424  25,669,718  25,669,718  25,669,718
           
           
Operating Data:          
Interest income  $ 7,428  $ 7,540  $ 7,481  $ 7,399  $ 7,762
Interest expense  1,737  1,861  2,055  2,222  2,332
           
Net interest income before provision for loan losses  5,691  5,679  5,426  5,177  5,430
Provision for loan losses  1,500  2,016  1,966  1,500  4,150
           
Net interest income after provision for loan losses  4,191  3,663  3,460  3,677  1,280
Non-interest income  3,043  3,275  1,126  1,671  2,003
Non-interest expense  6,602  6,518  6,343  6,194  6,269
           
Income (loss) before federal income taxes  633  420  (1,757)  (846)  (2,986)
Federal income tax expense (benefit)  (194)  --  --  (25)  (417)
           
Net income (loss)  $ 826  $ 420  $ (1,757)  $ (821)  $ (2,569)
           
Basic earnings (loss) per share  $ 0.03  $ 0.02  $ (0.07)  $ (0.03)  $ (0.10)
Diluted earnings (loss) per share  $ 0.03  $ 0.02  $ (0.07)  $ (0.03)  $ (0.10)
           
Performance Ratios:          
Return on average assets 0.41% 0.21% (0.89%) (0.42%) (1.31%)
Return on average equity 4.71% 2.42% (10.07%) (4.63%) (14.10%)
Net interest margin 3.07% 3.10% 2.97% 2.80% 2.95%
Interest rate spread 2.99% 3.04% 2.90% 2.70% 2.86%
Efficiency ratio 70.69% 68.14% 82.10% 83.62% 93.82%
Stockholders' equity to total assets (all tangible) 8.94% 8.65% 8.67% 9.05% 9.06%
           
Asset Quality Ratios:          
Nonperforming assets to total assets 3.49% 4.10% 5.07% 7.17% 7.41%
Nonperforming loans to total loans 3.57% 4.18% 5.37% 8.45% 8.72%
Allowance for loan losses to total loans 2.88% 3.00% 3.11% 5.20% 5.20%
Allowance for loan losses to nonperforming loans 80.67% 71.85% 57.78% 61.60% 59.58%
Net charge-offs to average loans, annualized 1.64% 1.86% 9.90% 1.33% 2.73%
           
Park View Federal Regulatory Capital Ratios:          
Ratio of tangible capital to adjusted total assets 8.74% 8.55% 8.23% 8.62% 8.63%
Ratio of tier one (core) capital to adjusted total assets 8.74% 8.55% 8.23% 8.62% 8.63%
Ratio of tier one risk-based capital to risk-weighted assets 11.83% 11.66% 11.25% 11.68% 11.60%
Ratio of total risk-based capital to risk-weighted assets 13.10% 12.93% 12.52% 12.95% 12.87%
CONTACT: James H. Nicholson
         Chief Financial Officer
         440-248-7171

Stock quotes in this article: PVFC 

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