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PVF Capital Corp. Announces Increased Earnings For Fiscal 2013 Second Quarter

Stocks in this article: PVFC

  • Net income of $2.7 million for the quarter, boosted by strong mortgage banking results and improved mix of earning assets
  • Momentum building in commercial loan growth
  • Core operating results continue to improve and reflect the impact of the ongoing business transformation
  • Capital ratios remain strong
  • Fiscal 2012 and First Quarter Fiscal 2013 results revised for correction deemed immaterial

SOLON, Ohio, Jan. 23, 2013 (GLOBE NEWSWIRE) -- PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, announced net income of $2.7 million, or $0.10 basic and diluted earnings per share, for the fiscal 2013 second quarter ended December 31, 2012. These results compare favorably with a net loss of $1.9 million, or $0.07 basic and diluted loss per share, for the prior-year quarter and net income of $1.4 million, or $0.05 basic and diluted earnings per share, for the fiscal 2013 first quarter ended September 30, 2012.

Robert J. King, Jr., President and Chief Executive Officer, commented, "We are pleased with our continued progress in all areas, including mortgage originations and refinancing, commercial lending, and relationship banking. As a result of our strategic transformation, we are generating solid revenue growth and strengthening our balance sheet, which has led to strong momentum and improved operating performance for Park View."

Net Interest Income

Net interest income for the quarter ended December 31, 2012 totaled $5.8 million, an increase of $0.5 million, or 9.5%, from the fiscal 2012 second quarter ended December 31, 2011. This improvement over the prior-year linked quarter is attributable to the continued improvement in the mix of average earning assets which resulted in a relatively stable earning asset yield, as part of the Company's multi-year strategic plan to strengthen and diversify its balance sheet and improve its risk profile, combined with the Company's ability to continue to lower its funding costs in this low interest rate environment. Compared with the quarter ended September 30, 2012, net interest income for the December quarter increased $0.1 million, or 2.0%, as the Company improved the mix of earning assets and continued to lower its funding costs. During the quarter, the Company's loans receivable balance increased $10.4 million, or 1.9% since September 30, 2012, and 7.4% on an annualized basis.

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