The Company recognized an adjustment in the current quarter to correct the amount of interest income recognized in the month of origination on residential loans originated and sold in the secondary market. In conjunction therewith, the Company revised its fiscal 2012 financial results which reduced capital at June 30, 2012 by $0.6 million, increased other liabilities by $0.6 million and reduced quarterly net income and net interest income by $0.1 million, $0.1 million, $0.2 million and $0.2 million for the first through fourth quarters of fiscal 2012, respectively. Additionally, the Company revised its fiscal 2013 first quarter results to reduce net interest income and net income by $153,000 and correspondingly reduced retained earnings and increased other liabilities by such amount. The Company has concluded that such adjustments to the periods discussed did not have a material impact on its financial statements.In this low interest rate environment, the Company has improved its net interest margin to 3.16% for the period ended December 31, 2012, compared with 3.12% and 2.89% for the quarters ended September 30, 2012 and December 31, 2011, respectively. The Company's balance sheet strategy of improving the mix of earning assets is driving the improving margin.
PVF Capital Corp. Announces Increased Earnings For Fiscal 2013 Second Quarter
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