-----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, JifvMAftybnz1Y7P9Hgce/mNQ7/UUiBNQgqv7WeqbFSwAgXkjufM2hUEpu8OXQcg cf24slG9dATqFyodF0Psug== 0000909654-07-001677.txt : 20070730 0000909654-07-001677.hdr.sgml : 20070730 20070730170329 ACCESSION NUMBER: 0000909654-07-001677 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070730 DATE AS OF CHANGE: 20070730 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: 071010171 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 pvf8kjuly26.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 25, 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 July 25, 2007, PVF Capital Corp. (the "Company") announced its unaudited financial results for the quarter and fiscal year ended June 30, 2007. For more information, reference is made to the Company's press release dated, July 25, 2007, a copy of which is attached to this Report as Exhibit 99 and is furnished herewith. ITEM 8.01 OTHER EVENTS ------------ On June 26, 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 August 15, 2007 to the stockholders of record at the close of business on August 8, 2007. For further information, see the Company's press release dated July 25, 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 July 25, 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. Dated: July 30, 2007 By: /s/ C. Keith Swaney ---------------------------------- C. Keith Swaney President, Chief Operating Officer and Treasurer (Duly Authorized Representative) EX-99.1 2 pvfexb99july26.txt 1 PRESS ANNOUNCEMENT DATE: JULY 25, 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 $357,000, or $0.05 basic earnings per share and $0.05 diluted earnings per share, for the quarter ended June 30, 2007 as compared to earnings of $1,197,000, or $0.16 basic earnings per share and $0.15 diluted earnings per share, for the prior year comparable period. Earnings were $4,234,000, or $0.55 basic earnings per share and $0.54 diluted earnings per share, for the fiscal year ended June 30, 2007 as compared to $4,843,000, or $0.63 basic earnings per share and $0.62 diluted earnings per share, for the fiscal year ended June 30, 2006. Chairman John R. Male commented that the changes to earnings for the quarter and fiscal year are primarily attributable to a decrease in net interest income and an increase in the provision for loan losses that resulted from an increase in both charge-offs and nonperforming loans. The decrease in net interest income is due to nonperforming loans along with an increase in the Company's cost of funds. Non-interest income increased as a result of service charges and other fees, mortgage banking activities, and income from bank-owned life insurance. The increase in non-interest expense is attributable to compensation and benefits, professional, legal, and advertising expense. As of June 30, 2007, PVF Capital Corp. reported assets of $900.8 million, a decrease of $5.3 million, or 0.6%, from the prior fiscal year ended June 30, 2006. Total stockholders' equity of PVF Capital Corp. was $71.5 million at June 30, 2007. Return on assets and return on equity were 0.47% and 6.01%, respectively, for the fiscal year ended June 30, 2007. On June 26, 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 August 15, 2007 to the stockholders of record at the close of business on August 8, 2007. 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, 2007 2006 --------- ---------- ASSETS Cash and cash equivalents $ 28,458 $ 19,738 Investment securities 58,000 58,000 Loans and mortgage backed securities 754,202 774,341 Other assets 60,156 54,002 --------- --------- Total Assets $900,816 $906,081 ========= ========= LIABILITIES Deposits $658,053 $656,864 Borrowed money 146,260 145,000 Other liabilities 25,016 35,244 --------- --------- Total Liabilities 829,329 837,108 --------- --------- Total Stockholders' Equity 71,487 68,973 --------- --------- Total Liabilities and Stockholders' Equity $900,816 $906,081 ========= ========= CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Twelve Months Ended ---------------------- ------------------------ (Dollars in thousands except per share data) June 30, June 30, 2007 2006 2007 2006 ---------------------- ------------------------ INTEREST INCOME $15,455 $15,086 $62,020 $55,651 INTEREST EXPENSE 9,461 8,292 36,705 28,408 -------- -------- -------- ------- NET INTEREST INCOME 5,994 6,794 25,315 27,243 Provision for loan losses 1,012 180 1,103 826 -------- -------- -------- ------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 4,982 6,614 24,212 26,417 TOTAL NONINTEREST INCOME 790 524 3,376 2,028 TOTAL NONINTEREST EXPENSE 5,376 5,435 21,634 21,549 -------- -------- -------- ------- INCOME BEFORE FEDERAL INCOME TAX PROVISION 396 1,703 5,954 6,896 Federal income tax provision 39 506 1,720 2,053 -------- -------- -------- ------- NET INCOME $ 357 $ 1,197 $ 4,234 $ 4,843 ======== ======== ======== ======== BASIC EARNINGS PER SHARE $ 0.05 $ 0.16 $ 0.55 $ 0.63 ======== ======== ======== ======== DILUTED EARNINGS PER SHARE $ 0.05 $ 0.15 $ 0.54 $ 0.62 ======== ======== ======== ========
-----END PRIVACY-ENHANCED MESSAGE-----