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PVF Capital Corp. Announces Fiscal 2013 Fourth Quarter Earnings And Full-Year Financial Results

Stocks in this article: PVFC

  • Net income for the fiscal 2013 fourth quarter of $3.2 million, bringing fiscal 2013 net income to $9.1 million
  • Continued asset quality improvement. 22% reduction in non-performing loans during the quarter
  • Capital ratios remain strong
  • Reversal of valuation allowance against net deferred tax asset resulting in a tax benefit of $1.2 million
  • Announced merger with F.N.B. Corporation has received regulatory approvals and is proceeding
  • Results include merger related expenses of $0.4 million for the fiscal 2013 fourth quarter and $0.7 million for fiscal 2013

SOLON, Ohio, July 30, 2013 (GLOBE NEWSWIRE) -- PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, announced net income of $3.2 million, or $0.12 basic and diluted earnings per share, for the fiscal 2013 fourth quarter ended June 30, 2013. These results compare with net income of $0.6 million, or $0.02 basic and diluted earnings per share, for the prior-year quarter and 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. Fiscal 2013 fourth quarter results included $0.4 million of merger-related expenses. For the 2013 full fiscal year, the Company reported net income of $9.1 million, or $0.35 basic earnings per share and $0.34 diluted earnings per share, compared with a net loss for the prior year of $1.9 million, or $0.08 basic and diluted loss per share.

Robert J. King, Jr., President and Chief Executive Officer, commented, "I am extremely pleased with our results for fiscal 2013. We exceeded our targets for net income as well as asset quality improvement. We finished our fiscal year with solid momentum and look forward to consummating the upcoming merger with F.N.B. Corporation."

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