-----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, LwfYqqplwc5aGCEU6JeXzBKg2P5LdyxTSWZbP0sO3RArwsPot8R/1aFQVYYPTCh7 M7B+xMnPLq37I5geFVLEqQ== 0000909654-07-000908.txt : 20070419 0000909654-07-000908.hdr.sgml : 20070419 20070419162120 ACCESSION NUMBER: 0000909654-07-000908 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070418 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070419 DATE AS OF CHANGE: 20070419 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: 07776331 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 pvf8kapril19.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): April 18, 2007 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 April 18, 2007, PVF Capital Corp. (the "Company") announced its unaudited financial results for the quarter and nine months ended March 31, 2007. For more information, reference is made to the Company's press release dated, April 18, 2007, a copy of which is attached to this Report as Exhibit 99 and is furnished herewith. ITEM 8.01 OTHER EVENTS On March 27, 2007, 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 May 7, 2007 to the stockholders of record at the close of business on April 30, 2007. For further information, see the Company's press release dated April 18, 2007, 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) Not applicable (d) The following exhibit is filed herewith: Exhibit 99 Press Release dated April 18, 2007 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: April 19, 2007 EX-99.1 2 pvfexb99april119.txt 1 PRESS ANNOUNCEMENT DATE: APRIL 18, 2007 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 $1,177,000, or $0.15 basic earnings per share and $0.15 diluted earnings per share, for the quarter ended March 31, 2007 as compared to earnings of $1,267,000, or $0.16 basic earnings per share and $0.16 diluted earnings per share, for the prior year comparable period. Earnings were $3,877,000, or $0.50 basic earnings per share and $0.49 diluted earnings per share, for the nine-month period ended March 31, 2007 as compared to $3,646,000, or $0.47 basic earnings per share and $0.46 diluted earnings per share, for the prior year comparable period. Earnings for the current three- and nine-month periods were impacted by a decline in net interest income that was attributable to margin compression and a soft local real estate market. This decline was offset by a decrease in the provision for loan losses and an increase in noninterest income. The decline in the provision for loan losses is attributable to a change in asset classification methodology implemented pursuant to the release of the Interagency Policy Statement on the Allowance for Loan and Lease Losses. This resulted in increased allocation to specific valuation allowance and a decreased allocation to the general valuation allowance for criticized loans. The increase in noninterest income for the three month period is attributable to an improvement in net gains on the sales of mortgage loans, which represented an increase of $166,000 over the prior year comparable period and improved earnings on bank-owned life insurance, which represented an increase of $117,000 over the prior period. The increase in noninterest income for the nine month period is attributable to a change in fair value of mortgage banking derivatives that represented a $463,000 increase over the prior period, the reversal of a market adjustment for loans held for sale which represented an increase of $187,000, and an increase in gains on the sale of real estate owned, which represented an increase of $272,000 over the prior period. As of March 31, 2007, PVF Capital Corp. reported assets of $907.6 million, an increase of $1.5 million or 0.2% from the fiscal year ended June 30, 2006. Total stockholders' equity of PVF Capital Corp. was $71.3 million at March 31, 2007. Annualized return on assets and return on equity were 0.57% and 7.36%, respectively, for the nine months ended March 31, 2007. On March 27, 2007, 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 7, 2007 to the stockholders of record at the close of business on April 30, 2007. 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 2 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. 3
Summary of Financial Highlights CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Dollars in thousands) MARCH 31, JUNE 30, 2007 2006 ----------- ----------- ASSETS - ------ Cash and cash equivalents $ 25,735 $ 19,738 Investment securities 58,000 58,000 Loans receivable 729,746 736,065 Loans receivable held for sale 9,387 10,698 Mortgage-backed securities 26,670 27,578 Other assets 58,015 54,002 --------- --------- Total Assets $ 907,553 $ 906,081 ========= ========= LIABILITIES - ----------- Deposits $667,025 $ 656,864 Borrowed money 147,000 156,773 Other liabilities 22,205 23,471 --------- --------- Total Liabilities 836,230 837,108 --------- --------- Total Stockholders' Equity 71,323 68,973 Total Liabilities and Stockholders' Equity $ 907,553 $ 906,081 ========= =========
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED NINE MONTHS ENDED (Dollars in thousands except per share data) MARCH 31, MARCH 31, ----------------------- ----------------------- 2007 2006 2007 2006 Interest income $15,065 $14,328 $46,177 $40,193 Interest expense 9,101 7,391 27,244 20,115 ------- ------- ------- ------- Net interest income 5,964 6,937 18,933 20,078 Provision for loan losses (1) 352 91 646 ------- ------- ------- ------- Net interest income after provision for loan losses 5,965 6,585 18,842 19,432 Total noninterest income 984 534 2,974 1,875 Total noninterest expense 5,302 5,297 16,258 16,114 ------ ------ ------- ------- Income before federal income tax provision 1,647 1,822 5,558 5,193 Federal income tax provision 470 555 1,681 1,547 ------- ------- ------- ------- Net income $ 1,177 $ 1,267 $ 3,877 $ 3,646 ======= ======= ======= ======= BASIC EARNINGS PER SHARE $ 0.15 $ 0.16 $ 0.50 $ 0.47 ======= ======= ======= ======= DILUTED EARNINGS PER SHARE $ 0.15 $ 0.16 $ 0.49 $ 0.46 ======= ======= ======= =======
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