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 Earnings For Fiscal 2013 Third Quarter

  • Net income of $1.8 million, aided by mortgage banking and SBA lending results
  • Announced merger with F.N.B. Corporation proceeding
  • Non-interest expense includes $0.3 million of merger-related expenses
  • Continued improved asset quality and net charge-off ratio of 0.15%
  • Capital ratios remain strong

SOLON, Ohio, April 23, 2013 (GLOBE NEWSWIRE) -- PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, announced net income of $1.8 million, or $0.07 basic and diluted earnings per share, for the fiscal 2013 third quarter ended March 31, 2013. These results compare with net income of $0.2 million, or $0.01 basic and diluted earnings per share, for the prior-year quarter and 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. Fiscal 2013 third quarter results included $0.3 million of merger-related expenses.

Robert J. King, Jr., President and Chief Executive Officer, commented, "I am pleased we have continued our progress in improving asset quality and sustaining consistent profitability as we continue to work toward the upcoming merger with F.N.B. Corporation."

Net Interest Income

Net interest income totaled $5.6 million for the quarter ended March 31, 2013, which was an increase of $0.1 million, or 2.4% over the quarter ended March 31, 2012, and a decrease of $0.2 million, or 2.7% from the fiscal 2013 second quarter ended December 31, 2012. Despite a smaller balance sheet for the period ended March 31, 2013, the Company has maintained a relatively stable level of net interest income which is attributable to the on-going strategic improvement in the mix of average earning assets which resulted in a relatively stable earning asset yield, while the Company has been able to continue to lower its funding costs in this low interest rate environment. This has resulted in a smaller but more efficient balance sheet which improved the Company's net interest margin to 3.21% for the quarter ended March 31, 2013, compared with 3.16% and 2.99% for the quarters ended December 31, 2012 and March 31, 2012, respectively.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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 17,691.88 -26.66 -0.15%
S&P 500 2,058.81 -2.24 -0.11%
NASDAQ 4,866.6760 -9.8430 -0.20%

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