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

Stocks in this article: PVFC

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)
     
   December 31, 2012 June 30, 2012 (Revised)
     
ASSETS    
Cash and amounts due from financial institutions  $ 18,244,640  $ 5,840,608
Interest-bearing deposits  76,213,244  114,269,532
Total cash and cash equivalents  94,457,884  120,110,140
Securities available for sale  39,761,108  38,658,044
Loans receivable held for sale, net  30,088,784  25,062,786
Loans receivable, net of allowance of $15,140,258 and $16,052,865, respectively  554,575,556  541,627,515
Office properties and equipment, net  7,257,530  7,237,165
Real estate owned, net  7,743,837  7,733,578
Federal Home Loan Bank stock  12,811,100  12,811,100
Bank-owned life insurance  23,733,554  23,648,663
Prepaid expenses and other assets  11,368,976  14,560,882
Total assets  $ 781,798,329  $ 791,449,873
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Liabilities    
Non-interest-bearing deposits  $ 57,769,225  $ 51,786,588
Interest-bearing deposits  576,543,453  604,192,552
Total deposits  634,312,679  655,979,140
Note payable  992,778  1,046,111
Long-term advances from the Federal Home Loan Bank  35,000,000  35,000,000
Advances from borrowers for taxes and insurance  14,258,286  4,469,292
Accrued expenses and other liabilities  22,136,354  24,824,455
Total liabilities  706,700,096  721,318,997
     
Stockholders' equity    
Serial preferred stock, $.01 par value, 1,000,000 shares authorized; none issued  --   --
Common stock, $.01 par value, 65,000,000 shares authorized; 26,399,939 and 26,217,796 shares issued  263,999  262,178
Additional paid-in capital  101,401,786  100,897,560
Retained earnings (accumulated deficit)  (22,656,234)  (26,719,600)
Accumulated other comprehensive income (loss)  (74,172)  (472,116)
Treasury stock at cost, 472,725 shares, respectively  (3,837,147)  (3,837,147)
Total stockholders' equity  75,098,233  70,130,876
Total liabilities and stockholders' equity  $ 781,798,329  $ 791,449,873
 
PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
         
  Three Months Ended December 31, Six Months Ended December 31,
  2012 2011 2012 2011
    Revised   Revised
Interest and dividends income        
Loans  $ 6,821,542  $ 7,031,785  $ 13,654,494  $ 14,099,808
Mortgage-backed securities  49,515  65,918  129,746  115,639
Federal Home Loan Bank stock dividends  152,963  129,164  288,337  256,924
Securities  125,172  14,125  266,410  38,342
Federal funds sold and interest-bearing deposits  64,628  88,388  132,923  180,886
Total interest and dividends income  7,213,819  7,329,380  14,471,910  14,691,599
         
Interest expense        
Deposits  1,170,418  1,783,133  2,496,146  3,732,180
Long-term borrowings  270,444  272,180  541,150  544,620
Total interest expense  1,440,862  2,055,313  3,037,296  4,276,800
         
Net interest income  5,772,957  5,274,067  11,434,614  10,414,799
Provision for loan losses  1,000,000  1,966,000  2,050,000  3,466,000
Net interest income after provision for loan losses  4,772,957  3,308,067  9,384,614  6,948,799
         
Non-interest income        
Service charges and other fees  470,763  205,860  651,155  384,678
Gain on sale of mortgage loans  4,424,678  2,129,178  8,455,799  3,956,613
Income (loss) from mortgage servicing fees  (660,081)  (322,156)  (1,564,955)  (1,139,426)
Gain on sale of SBA loans  --   --   (3,686)  221,218
Increase in cash surrender value of bank-owned life insurance  37,426  56,288  84,892  118,987
Gain on sale of mortgage-backed securities  --   --   --   -- 
Gain (loss) on real estate owned  (99,160)  (384,069)  (117,041)  (243,957)
Provision for real estate owned losses  (219,742)  (805,423)  (453,462)  (874,823)
Other, net  251,738  246,463  443,938  373,970
Total non-interest income  4,205,622  1,126,141  7,496,641  2,797,260
         
Non-interest expense        
Compensation and benefits  3,246,259  2,732,389  6,356,018  5,627,087
Office occupancy and equipment  568,368  564,384  1,137,957  1,163,294
FDIC insurance  202,238  426,732  634,477  855,431
Professional and legal  240,893  130,000  360,893  245,000
Outside services  594,046  617,404  1,368,891  1,113,071
Maintenance contracts  175,313  222,523  350,153  418,857
Franchise tax  196,707  225,427  393,414  450,855
Real estate owned and collection expense  463,130  783,512  848,634  1,397,371
Other  568,863  640,958  1,310,453  1,266,233
Total non-interest expense  6,255,817  6,343,329  12,760,890  12,537,199
         
Income (loss) before federal income taxes  2,722,762  (1,909,121)  4,120,364  (2,791,140)
Federal income tax provision (benefit)  57,000  --   57,000  (25,178)
Net income (loss)  $ 2,665,762  $ (1,909,121)  $ 4,063,364  $ (2,765,962)
         
Basic earnings (loss) per share  $ 0.10  $ (0.07)  $ 0.16  $ (0.11)
Diluted earnings (loss) per share  $ 0.10  $ (0.07)  $ 0.15  $ (0.11)
 
FINANCIAL HIGHLIGHTS
           
  At or for the three months ended
           
  (dollars in thousands except per share data) December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011
    Revised Revised Revised Revised
Balance Sheet Data:          
Total assets  $ 781,798  $ 779,123  $ 791,450  $ 806,472  $ 794,823
Loans receivable  569,716  559,322  557,680  563,557  564,036
Allowance for loan losses  15,140  16,136  16,053  16,914  17,515
Loans receivable held for sale, net  30,089  19,766  25,063  16,386  8,221
Cash and cash equivalents  94,458  114,575  120,110  134,496  151,850
Securities available for sale  39,761  38,281  38,658  40,908  22,595
Deposits  634,313  646,150  655,979  667,198  658,632
Borrowings  35,993  36,019  36,046  36,073  36,099
Stockholders' equity  75,098  72,077  70,131  69,385  68,761
Nonperforming loans  18,361  17,864  19,900  23,542  30,313
Other nonperforming assets  7,744  7,232  7,734  9,552  9,995
Tangible common equity ratio 9.61% 9.25% 8.86% 8.60% 8.65%
Book value per share $2.90 $2.78 $2.72 $2.69 $2.68
Common shares outstanding at period end  25,927,214  25,919,470  25,820,424  25,820,424  25,669,718
           
Operating Data:          
Interest income  $ 7,214  $ 7,258  $ 7,212  $ 7,345  $ 7,329
Interest expense  1,441  1,596  1,737  1,861  2,055
           
Net interest income before provision for loan losses  5,773  5,662  5,475  5,484  5,274
Provision for loan losses  1,000  1,050  1,500  2,016  1,966
           
Net interest income (loss) after provision for loan losses  4,773  4,612  3,975  3,468  3,308
Non-interest income  4,206  3,291  3,043  3,275  1,126
Non-interest expense  6,256  6,505  6,602  6,518  6,343
           
Income (loss) before federal income taxes  2,723  1,398  415  225  (1,909)
Federal income tax expense (benefit)  57  --   (194)  --  --
           
Net income (loss)  $ 2,666  $ 1,398  $ 609  $ 225  $ (1,909)
           
Basic earnings (loss) per share  $ 0.10  $ 0.05  $ 0.02  $ 0.01  $ (0.07)
Diluted earnings (loss) per share  $ 0.10  $ 0.05  $ 0.02  $ 0.01  $ (0.07)
           
Performance Ratios:          
Return on average assets 1.37% 0.70% 0.30% 0.11% (0.97%)
Return on average equity 14.49% 7.98% 4.71% 2.42% (10.07%)
Net interest margin 3.16% 3.12% 2.94% 2.99% 2.89%
Interest rate spread 3.13% 3.07% 2.88% 2.91% 2.82%
Efficiency ratio 61.09% 69.21% 72.38% 69.55% 83.75%
Stockholders' equity to total assets (all tangible) 9.61% 9.25% 8.86% 8.60% 8.65%
           
Asset Quality Ratios:          
Nonperforming assets to total assets 3.34% 3.22% 3.49% 4.10% 5.07%
Nonperforming loans to total loans 3.22% 3.19% 3.57% 4.18% 5.37%
Allowance for loan losses to total loans 2.66% 2.88% 2.88% 3.00% 3.11%
Allowance for loan losses to nonperforming loans 82.46% 90.32% 80.67% 71.85% 57.78%
Net charge-offs to average loans, annualized 1.37% 0.67% 1.64% 1.86% 9.90%
           
Park View Federal Regulatory Capital Ratios:        
Ratio of tangible capital to adjusted total assets 9.36% 9.06% 8.66% 8.50% 8.24%
Ratio of tier one (core) capital to adjusted total assets 9.36% 9.06% 8.66% 8.50% 8.24%
Ratio of tier one risk-based capital to risk-weighted assets 11.66% 11.94% 11.73% 11.60% 11.37%
Ratio of total risk-based capital to risk-weighted assets 12.93% 13.20% 13.00% 12.87% 12.64%
CONTACT: James H. Nicholson
         Chief Financial Officer
         440-248-7171

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