-----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, F0OKAlDOfYSwA6kqWRwgDGortZUIfN4lJ3sdrNN2kpDLAn22CljaF18NHg5nrLfB EBCrBUcloQyDOVko3MlPKA== 0000909654-06-000136.txt : 20060119 0000909654-06-000136.hdr.sgml : 20060119 20060119163544 ACCESSION NUMBER: 0000909654-06-000136 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060118 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060119 DATE AS OF CHANGE: 20060119 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: 06538583 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 pvf8kjan19-06.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): January 18, 2006 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)) ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION --------------------------------------------- On January 18, 2006, PVF Capital Corp. (the "Company") announced its unaudited financial results for the quarter and six months ended December 31, 2005. For more information, reference is made to the Company's press release dated January 18, 2006, a copy of which is attached to this Report as Exhibit 99 and is furnished herewith. ITEM 8.01 OTHER EVENTS ------------ On December 20, 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 February 1, 2006 to the stockholders of record at the close of business on January 25, 2006. For further information on the cash dividend, see the Company's press release dated January 18, 2006, which is incorporated herein by reference and is filed herewith as Exhibit 99. 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 January 18, 2006 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: January 19, 2006 EX-99 2 pvf8kjan19-06ex99.txt [PVF CAPITAL CORP. LOGO] PRESS ANNOUNCEMENT DATE: JANUARY 18, 2006 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 $1,027,000, or $0.13 basic earnings per share and $0.13 diluted earnings per share, for the quarter ended December 31, 2005 as compared to earnings of $1,422,000, or $0.18 basic earnings per share and $0.18 diluted earnings per share, for the prior year comparable period. The decrease of $395,000 in earnings for the quarter ended December 31, 2005 was attributable to the following activity. Net interest income increased as the result of growth in both interest-earning assets and interest-bearing liabilities in addition to an increase in the Company's interest rate spread from the prior period. This increase was partially offset by an increase in the provision for loan losses that resulted from an increase in loans receivable along with increases in classified assets. In addition, Non-interest income declined primarily because of a decrease in income from mortgage banking activities. Operating expenses increased due to increases in compensation and benefits, including the effect of a newly adopted accounting standard that provides for the expensing of stock options. In addition, expenses for office properties and equipment, outside services, and professional and legal costs increased during the current period. Earnings were $2,379,000, or $0.31 basic earnings per share and $0.30 diluted earnings per share, for the six-month period ended December 31, 2005 as compared to $2,690,000, or $0.35 basic earnings per share and $0.34 diluted earnings per share, for the prior year comparable period. As of December 31, 2005, PVF Capital Corp. reported assets of $876.8 million, an increase of $52.9 million or 6.4% from the fiscal year ended June 30, 2005. Total stockholders' equity of PVF Capital Corp. was $67.6 million at December 31, 2005. Annualized return on assets and return on equity were 0.56% and 7.09%, respectively, for the six months ended December 31, 2005. On December 20, 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 February 1, 2006 to the stockholders of record at the close of business on January 25, 2006. 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) DECEMBER 31, JUNE 30, 2005 2005 ------------------ ------------------ ASSETS - ------ Cash and cash equivalents $ 24,486 $ 11,090 Investment securities 57,500 57,500 Loans receivable 700,928 660,494 Loans receivable held for sale 10,855 9,060 Mortgage-backed securities 28,443 31,720 Other assets 54,557 54,035 -------- -------- Total Assets $876,769 $823,899 ======== ======== LIABILITIES - ----------- Deposits $605,193 $591,227 Borrowed money 177,962 146,413 Other liabilities 25,970 19,806 -------- -------- Total Liabilities 809,125 757,446 -------- -------- Total Stockholders' Equity 67,644 66,453 -------- -------- Total Liabilities and Stockholders' Equity $876,769 $823,899 ======== ========
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED (Dollars in thousands except per share data) DECEMBER 31, DECEMBER 31, --------------------------------- ----------------------------------- 2005 2004 2005 2004 Interest income $13,282 $10,519 $25,865 $20,553 Interest expense 6,676 4,737 12,724 9,161 ------- ------- ------- ------- Net interest income 6,606 5,782 13,141 11,392 Provision for loan losses 257 0 294 136 ------- ------- ------- ------- Net interest income after provision for loan losses 6,349 5,782 12,847 11,256 Total noninterest income 562 859 1,341 1,545 Total noninterest expense 5,443 4,577 10,817 8,901 ------- ------- ------- ------- Income before federal income tax provision 1,468 2,064 3,371 3,900 Federal income tax provision 441 642 992 1,210 ------- ------- ------- ------- Net income $ 1,027 $ 1,422 $ 2,379 $ 2,690 ======= ======= ======= ======= BASIC EARNINGS PER SHARE $ 0.13 $ 0.18 $ 0.31 $ 0.35 ======= ======= ======= ======= DILUTED EARNINGS PER SHARE $ 0.13 $ 0.18 $ 0.30 $ 0.34 ======= ======= ======= =======
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