-----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, A/4a6xqa+fjnjVJDEj0lY0Qp9Itiaqbne0gEhiNeXTx1XCpdyFS/p5Rp/s+5ihT5 6alWTe6rtghSr/Bxr+W/gg== 0000909654-05-001530.txt : 20050722 0000909654-05-001530.hdr.sgml : 20050722 20050722113516 ACCESSION NUMBER: 0000909654-05-001530 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050720 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050722 DATE AS OF CHANGE: 20050722 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: 05967896 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 pvf8kjuly21.txt 1 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 20, 2005 PVF Capital Corp. ------------------------------------------------------------------ (Exact Name of Registrant as Specified in Charter) Ohio 0-24948 34-1659805 - ---------------------------- --------------------- ------------------- (State or Other Jurisdiction Commission File Number (I.R.S. Employer of Incorporation) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 2 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION --------------------------------------------- On July 20, 2005, PVF Capital Corp. (the "Company") announced its unaudited financial results for the quarter and fiscal year ended June 30, 2005. For more information, reference is made to the Company's press release dated, July 20, 2005, a copy of which is attached to this Report as Exhibit 99 and is furnished herewith. ITEM 8.01 OTHER EVENTS ------------ On June 28, 2005, the Board of Directors of the Company 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 12, 2005 to the stockholders of record at the close of business on August 2, 2005. For further information on the cash dividend, see the Company's press release dated July 20, 2005, which is incorporated herein by reference and is filed herewith as Exhibit 99. Also on June 28, 2005, the Board of Directors of the Company declared a dividend of 10% of the Company's common shares. This share dividend will be issued on August 31, 2005, to the holders of shares of record at the close of business on August 15, 2005. The reported earnings per share have been adjusted for this 10% stock dividend. For further information on the stock dividend, see the Company's press release dated July 20, 2005, which is incorporated herein by reference and is filed herewith as Exhibit 99. On July 20, 2005, the Company also announced that its Annual Meeting of Stockholders will be held on October 17, 2005 at 10:00 a.m. at the Company's Corporate Center, 30000 Aurora Road, Solon, Ohio. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS --------------------------------- (a) Not applicable. (b) Not applicable. (c) The following exhibit is filed herewith: Exhibit 99 Press Release dated July 20, 2005 3 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. By: /s/ Jeffrey N. Male ------------------------------------ Jeffrey N. Male Vice President and Secretary (Duly Authorized Representative) Dated: July 21, 2005 EX-99.1 2 pvfexb99july21.txt 1 PRESS ANNOUNCEMENT DATE: JULY 20, 2005 CONTACT: C. KEITH SWANEY (440)248-7171 PVF CAPITAL CORP. ANNOUNCES QUARTERLY EARNINGS, CASH AND STOCK DIVIDENDS, AND ANNUAL MEETING. PVF Capital Corp., the parent company of Park View Federal Savings Bank, announced earnings of $1,581,000, or $0.20 basic earnings per share and $0.20 diluted earnings per share, for the quarter ended June 30, 2005 as compared to earnings of $1,442,000, or $0.19 basic earnings per share and $0.18 diluted earnings per share, for the prior year comparable period. Earnings were $5,584,000, or $0.72 basic earnings per share and $0.71 diluted earnings per share, for the fiscal year ended June 30, 2005 as compared to $6,910,000, or $0.89 basic earnings per share and $0.87 diluted earnings per share, for the fiscal year ended June 30, 2004. Chairman John R. Male commented that the changes to earnings for the quarter and fiscal year are attributable to an increase in net interest income and a decrease in the required provision for loan losses that resulted from a decline in classified assets. In addition, non-interest income decreased primarily as a result of declining gains on the sale of loans. The increase in non-interest expense is attributable to growth in staff and an increase in compensation and benefits along with an increase in office occupancy and equipment. As of June 30, 2005, PVF Capital Corp. reported assets of $823.9 million, an increase of $68.2 million, or 9.03%, from the prior fiscal year ended June 30, 2004. Total stockholders' equity of PVF Capital Corp. was $66.5 million at June 30, 2005. Return on assets and return on equity were 0.70% and 8.62%, respectively, for the fiscal year ended June 30, 2005. On June 28, 2005, 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 12, 2005 to the stockholders of record at the close of business on August 2, 2005. 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 28, 2005. This share dividend will be issued on the 31st day of August, 2005, to the holders of shares of record at the close of business on August 15, 2005. The reported earnings per share have been adjusted for this 10% stock dividend. The 2005 Annual Meeting of Stockholders will be held on October 17, 2005 at 10:00 a.m. at PVF Capital Corp.'s Corporate Center, 30000 Aurora Road, Solon, Ohio. Visit our web site at www.pvfsb.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. 2 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) June 30, June 30, 2005 2004 ------------- ----------------- ASSETS - ------ Cash and cash equivalents $ 11,090 $ 17,469 Investment securities 57,500 27,500 Loans and mortgage backed securities 701,274 659,331 Other assets 54,035 51,387 -------- -------- Total Assets $823,899 $755,687 ======== ======== LIABILITIES Deposits $591,226 $526,493 Borrowed money 135,012 147,526 Other liabilities 31,208 18,307 -------- -------- Total Liabilities 757,446 692,326 -------- -------- Total Stockholders' Equity 66,453 63,361 -------- -------- Total Liabilities and Stockholders' $823,899 $755,687 Equity ======== ========
- -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF OPERATIONS - -------------------------------------------------------------------------------- (Unaudited) Three Months End Twelve Months Ended --------------------- --------------------- (Dollars in thousands except per share data) June 30, June 30, --------------------- --------------------- 2005 2004 2005 2004 INTEREST INCOME $12,101 $9,646 $43,595 $39,110 INTEREST EXPENSE 5,537 4,254 19,801 16,739 ------- ------ ------- ------- NET INTEREST INCOME 6,564 5,392 23,794 22,371 Provision for loan losses (100) 166 111 598 ------- ------ ------- ------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 6,664 5,226 23,683 21,773 TOTAL NONINTEREST INCOME 890 1,114 3,374 6,130 TOTAL NONINTEREST EXPENSE 5,254 4,247 18,942 17,571 ------- ------ ------- ------- INCOME BEFORE FEDERAL INCOME TAX PROVISION 2,300 2,093 8,115 10,332 Federal income tax provision 719 651 2,531 3,422 ------- ------ ------- ------- NET INCOME $ 1,581 $1,442 $ 5,584 $ 6,910 ======= ====== ======= ======= BASIC EARNINGS PER SHARE $0.20 $0.19 $0.72 $0.89 ===== ===== ===== ===== DILUTED EARNINGS PER SHARE $0.20 $0.18 $0.71 $0.87 ===== ===== ===== =====
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