-----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, AbSMB1LA0vuS6EkJHsmoaeFC1aUmWnFi9OUPsv0mpCMSqA569mP8ol3JlsN6wMkc n+ncT4Z4QKDj3iWL6BL3Kw== 0000909654-04-001913.txt : 20040722 0000909654-04-001913.hdr.sgml : 20040722 20040722101448 ACCESSION NUMBER: 0000909654-04-001913 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040721 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040722 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: 04925704 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 pvf8kjuly.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): July 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 July 21, 2004 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION - ------------------------------------------------------- On July 21, 2004, the Company announced its unaudited financial results for the fiscal quarter and year ended June 30, 2004. For more information, reference is made to the Company's press release dated July 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: July 21, 2004 By:/s/ John R. Male ------------------------------------ John R. Male Chairman of the Board and Chief Executive Officer EX-99 2 pvf8kjulye991.txt PRESS ANNOUNCEMENT Date: July 21, 2004 Contact: C. Keith Swaney (440)248-7171 PVF Capital Corp. announces quarterly earnings, cash and stock dividend, and annual meeting. PVF Capital Corp., the parent company of Park View Federal Savings Bank, announced earnings of $1,442,000, or $0.21 basic earnings per share and $0.20 diluted earnings per share, for the quarter ended June 30, 2004 as compared to earnings of $2,058,000, or $0.29 basic earnings per share and $0.29 diluted earnings per share, for the prior year comparable period. Earnings were $6,910,000, or $0.98 basic earnings per share and $0.96 diluted earnings per share, for the fiscal year ended June 30, 2004 as compared to $8,096,000, or $1.16 basic earnings per share and $1.14 diluted earnings per share, for the fiscal year ended June 30, 2003. Chairman John R. Male commented that the reduction in earnings for the quarter and year ended June 30, 2004 is attributable to decreases in net interest income, declining gains on the sale of loans, and increases in the provision for loan losses and non-interest expense in the current periods. The increase in non-interest expense is attributable to the opening of a new branch office, growth in staff and an increase in compensation and benefits in the current period. As of June 30, 2004, PVF Capital Corp. reported assets of $755.7 million, an increase of $12.3 million, or 1.7%, from the prior fiscal year ended June 30, 2003. Total stockholders' equity of PVF Capital Corp. was $63.4 million at June 30, 2004. Return on assets and return on equity were 0.95% and 11.25%, respectively, for the fiscal year ended June 30, 2004. On June 22, 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 August 11, 2004 to the stockholders of record at the close of business on August 2, 2004. Chairman John R. Male announced that the Board of Directors of PVF Capital Corp. declared a dividend of 10% of the common shares of PVF Capital Corp. on June 22, 2004. This share dividend will be issued on the 31st day of August, 2004, to the holders of shares of record at the close of business on August 16, 2004. The reported earnings per share have been adjusted for this 10% stock dividend. The 2004 Annual Meeting of Stockholders will be held on October 18, 2004 at 10:00 a.m. at PVF Capital Corp.'s Corporate Center, 30000 Aurora Road, Solon, Ohio. Visit our web site at www.parkviewfederal.com. 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. Summary of Financial Highlights CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(Dollars in thousands) June 30, June 30, 2004 2003 ------------------- -------------- ASSETS Cash and cash equivalents $ 17,469 $96,751 Investment securities 27,504 33 Loans and mortgage backed securities 659,331 613,520 Other assets 51,383 33,100 --------- -------- Total Assets $ 755,687 $743,404 ========= ======== LIABILITIES Deposits $ 526,493 $526,429 Borrowed money 147,526 125,938 Other liabilities 18,307 32,434 --------- -------- Total Liabilities 692,326 684,801 --------- -------- Total Stockholders' Equity 63,361 58,603 --------- -------- Total Liabilities and Stockholders' Equity $ 755,687 $743,404 ========= ========
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Twelve Months Ended ---------------------------------- -------------------------------- (Dollars in thousands except per share data) June 30, June 30, ---------------------------------- -------------------------------- 2004 2003 2004 2003 Interest income $9,646 $10,364 $39,110 $43,482 Interest expense 4,254 4,764 16,739 20,646 ------ ------- ------- ------- Net interest income 5,392 5,600 22,371 22,836 Provision for loan losses 166 0 598 0 ------ ------- ------- ------- Net interest income after provision for loan losses 5,226 5,600 21,773 22,836 Total noninterest income 1,114 1,708 6,130 5,893 Total noninterest expense 4,247 4,181 17,571 16,509 ------ ------- ------- ------- Income before federal income tax provision 2,093 3,127 10,332 12,220 Federal income tax provision 651 1,069 3,422 4,124 ------ ------- ------- ------- Net income $1,442 $ 2,058 $ 6,910 $ 8,096 ====== ======= ======= ======= Basic earnings per share $ 0.21 $ 0.29 $ 0.98 $ 1.16 ====== ======= ======= ======= Diluted earnings per share $ 0.20 $ 0.29 $ 0.96 $ 1.14 ====== ======= ======= =======
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