-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OZpcQ181rXRHfF//WXMbqO7xezfeyCLInMf4CatVxbpw23toADaZzXtAP2NWDyrH zAh+bXnJDrFY8y+Ufic54w== 0000904280-04-000116.txt : 20040423 0000904280-04-000116.hdr.sgml : 20040423 20040423111758 ACCESSION NUMBER: 0000904280-04-000116 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040421 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PVF CAPITAL CORP CENTRAL INDEX KEY: 0000928592 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 341659805 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24948 FILM NUMBER: 04749752 BUSINESS ADDRESS: STREET 1: 30000 AURORA ROAD CITY: SOLON STATE: OH ZIP: 44139 BUSINESS PHONE: 4402487171 MAIL ADDRESS: STREET 1: 30000 AURORA ROAD CITY: SOLON STATE: OH ZIP: 44139 8-K 1 pvf8k04.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 21, 2004 -------------- PVF CAPITAL CORP. ----------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Ohio 0-24948 34-1659805 - -------------------------------------------------------------------------------- (State or Other Jurisdiction) (Commission (IRS Employer of Incorporation) File Number) Identification No.) 30000 Aurora Road, Solon, Ohio 44139 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (440) 248-7171 -------------- Not Applicable - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS - --------------------------------------------------------------------------- (a) Not applicable (b) Not applicable (c) The following exhibit is filed herewith: Exhibit 99.1 Press Release dated April 21, 2004 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION - ------------------------------------------------------- On April 21, 2004, the Company announced its unaudited financial results for the fiscal quarter and nine months ended March 31, 2004. For more information, reference is made to the Company's press release dated April 21, 2004, a copy of which is attached to this Report as Exhibit 99.1 and furnished herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PVF CAPITAL CORP. Date: April 22, 2004 By: /s/ John R. Male ------------------------------------------ John R. Male Chairman of the Board and Chief Executive Officer EX-99 3 pvf8k0499.txt PRESS ANNOUNCEMENT Date: April 21, 2004 Contact: C. Keith Swaney (440) 248-7171 PVF Capital Corp. announces quarterly earnings and cash dividend. PVF Capital Corp., the parent company of Park View Federal Savings Bank, announced earnings of $1,186,000, or $0.19 basic earnings per share and $0.18 diluted earnings per share, for the quarter ended March 31, 2004 as compared to earnings of $2,095,000, or $0.33 basic earnings per share and $0.32 diluted earnings per share, for the prior year comparable period. Chairman John R. Male commented that the reduction in earnings for the quarter is attributable to an increase in the provision for loan losses, a decrease in non-interest income and an increase in non-interest expense. Non-interest income decreased by $760,000 primarily as a result of declining gains on the sale of loans in the current period. Management does not expect to report significant gains on the sale of loans for the remainder of the fiscal year due to a slow down in refinancing activity. The increase of $312,000 in non-interest expense is attributable to the opening of a new branch office, growth in staff and an increase in compensation and benefits for the current period. Earnings were $5,468,000, or $0.86 basic earnings per share and $0.84 diluted earnings per share, for the nine-month period ended March 31, 2004 as compared to $6,039,000, or $0.95 basic earnings per share and $0.93 diluted earnings per share, for the prior year comparable period. Chairman John R. Male commented that the reduction in earnings for the nine months ended March 31, 2004 is the result of an increase in the provision for loan losses, an increase in non-interest income and an increase in non-interest expense. Non-interest income increased by $831,000 primarily as a result of gains recorded on the sale of loans and real estate owned property in the first quarter of our fiscal year. Gains recorded on the sale of loans have declined during the last two quarters of our fiscal year. The increase of $996,000 in non-interest expense is attributable to the opening of a new branch office, the investment in new technology, growth in staff and an increase in compensation and benefits for the nine-months ended March 31, 2004. As of March 31, 2004, PVF Capital Corp. reported assets of $741.6 million, a decrease of $1.8 million or 0.2% from the fiscal year ended June 30, 2003. Total stockholders' equity of PVF Capital Corp. was $62.3 million at March 31, 2004. Annualized return on assets and return on equity were 1.02% and 11.97%, respectively, for the nine months ended March 31, 2004. On March 23, 2004, the Board of Directors of PVF Capital Corp. declared a quarterly cash dividend on the Company's outstanding common stock. The cash dividend will be in the amount of $0.074 per share payable on May 10, 2004 to the stockholders of record at the close of business on May 3, 2004. 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, real estate values and the impact of interest rates on financing. 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. PVF Capital Corp.'s common stock trades on the NASDAQ Small-Cap market under the symbol PVFC. PVF CAPITAL CORP. 30000 Aurora Road Solon, OH 44139 (440) 248-7171 Summary of Financial Highlights CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(Dollars in thousands) March 31, June 30, 2004 2003 ------------------ ----------------- ASSETS Cash and cash equivalents $ 33,912 $ 96,751 Investment securities 10,002 33 Loans and mortgage backed securities 649,850 616,240 Other assets 47,824 30,380 --------- --------- Total Assets $ 741,588 $ 743,404 ========= ========= LIABILITIES Deposits $536,720 $526,429 Borrowed money 122,552 125,938 Other liabilities 20,035 32,434 --------- --------- Total Liabilities 679,307 684,801 --------- --------- Total Stockholders' Equity 62,281 58,603 --------- --------- Total Liabilities and Stockholders' Equity $ 741,588 $ 743,404 ========= =========
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended (Dollars in thousands except per share data) March 31, March 31, -------------------------------- ------------------------------ 2004 2003 2004 2003 Interest income $9,576 $10,415 $29,464 $33,119 Interest expense 4,097 4,740 12,485 15,882 ------ ------- ------- ------- Net interest income 5,479 5,675 16,979 17,237 Provision for loan losses 140 0 432 0 ------ ------- ------- ------- Net interest income after provision for loan losses 5,339 5,675 16,547 17,237 Total noninterest income 837 1,597 5,016 4,185 Total noninterest expense 4,425 4,113 13,324 12,328 ------ ------- ------- ------- Income before federal income tax provision 1,751 3,159 8,239 9,094 Federal income tax provision 565 1,064 2,771 3,055 ------ ------- ------- ------- Net income $1,186 $ 2,095 $ 5,468 $ 6,039 ====== ======= ======= ======= Basic earnings per share $0.19 $0.33 $0.86 $0.95 ===== ===== ===== ===== Diluted earnings per share $0.18 $0.32 $0.84 $0.93 ===== ===== ===== =====
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