-----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, Kib6fmXgCp/Rvga8SxVriGLOYySBMsIr5nqgh1HOHGabvF8hOxWin2rImXwIZNMW A72Udp2DP94Pfl/vc6Ej5Q== 0000909654-07-002463.txt : 20071025 0000909654-07-002463.hdr.sgml : 20071025 20071025114000 ACCESSION NUMBER: 0000909654-07-002463 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071025 DATE AS OF CHANGE: 20071025 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: 071190017 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 pvf8koct24.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): October 24, 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 October 24, 2007, PVF Capital Corp. (the "Company") announced its unaudited financial results for the quarter ended September 30, 2007. For more information, reference is made to the Company's press release dated, October 24, 2007, a copy of which is attached to this Report as Exhibit 99.1 and is furnished herewith. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS --------------------------------- (a) Not applicable. (b) Not applicable. (c) Not applicable (d) The following exhibit is furnished herewith: Exhibit 99.1 Press Release dated October 24, 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: October 24, 2007 By: /s/ John R. Male ----------------------------------- John R. Male Chairman of the Board and Chief Executive Officer (Duly Authorized Representative) EX-99.1 2 pvfexb99oct24.txt 1 EXHIBIT 99.1 PRESS ANNOUNCEMENT DATE: OCTOBER 24, 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 $698,000 or $0.09 basic earnings per share and $0.09 diluted earnings per share, for the quarter ended September 30, 2007 as compared to earnings of $1,563,000, or $0.20 basic earnings per share and $0.20 diluted earnings per share, for the prior year comparable period. Chairman John R. Male commented that the changes to earnings for the quarter 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-off's 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 decreased as a result of losses sustained on real estate owned properties and a decrease in income from mortgage banking activities. The decrease in non-interest expense is attributable to compensation and benefits and office occupancy and equipment. As of September 30, 2007, PVF Capital Corp. reported assets of $885.6 million, a decrease of $15.2 million, or 1.7%, from the prior fiscal year ended June 30, 2007. Total stockholders' equity of PVF Capital Corp. was $71.8 million at September 30, 2007. Return on assets and return on equity were 0.31% and 3.90%, respectively, for the quarter ended September 30, 2007. On September 25, 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 November 16, 2007 to the stockholders of record at the close of business on November 9, 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) SEPTEMBER 30, JUNE 30, 2007 2007 ------------- ------------- ASSETS - ------ Cash and cash equivalents $ 13,574 $ 28,458 Investment securities 58,000 58,000 Loans receivable 721,739 713,329 Loans receivable held for sale 7,843 14,993 Mortgage-backed securities 25,225 25,880 Other assets 59,222 60,156 -------- --------- Total Assets $885,603 $900,816 ======== ========= LIABILITIES Deposits $636,218 $658,053 Borrowed money 157,110 146,260 Other liabilities 20,441 25,014 -------- --------- Total Liabilities 813,769 829,327 -------- -------- Total Stockholders' Equity 71,834 71,489 -------- --------- Total Liabilities and Stockholders' Equity $885,603 $900,816 ========= ========= CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) THREE MONTHS ENDED (Dollars in thousands except per share data) SEPTEMBER 30, ------------------------------------ 2007 2006 ------- ------- Interest income $15,423 $15,559 Interest expense 9,435 8,917 ------- ------- Net interest income 5,988 6,642 Provision for loan losses 593 (160) ------- ------- Net interest income after provision for loan losses 5,395 6,802 Total noninterest income 798 946 Total noninterest expense 5,286 5,471 ------- ------- Income before federal income tax provision 907 2,277 Federal income tax provision 209 714 ------- ------- Net income $698 $1,563 ===== ======= BASIC EARNINGS PER SHARE $0.09 $0.20 ====== ====== DILUTED EARNINGS PER SHARE $0.09 $0.20 ====== ======
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