-----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, OH1Cu8tSGF846/7XQdCDcR5qoH/6IOJ18YuREzaJhmvQaM0sXfA4JA3BUjKWfnj0 RGx1nejNYquAoTY86mDetQ== 0000909654-09-000477.txt : 20090511 0000909654-09-000477.hdr.sgml : 20090511 20090511152622 ACCESSION NUMBER: 0000909654-09-000477 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090511 DATE AS OF CHANGE: 20090511 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: 09814605 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 pvf8kmay11-09.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): May 8, 2009 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 May 8, 2009, PVF Capital Corp. (the "Company") announced its unaudited financial results for the three and nine months ended March 31, 2009. For more information, reference is made to the Company's press release dated May 8, 2009, 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 May 8, 2009 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: May 11, 2009 By: /s/ Marty E. Adams ----------------------------------------- Marty E. Adams Interim Chief Executive Officer (Duly Authorized Representative) EX-99.1 2 pvf8kmay11-09ex99.txt [PVF CAPITAL CORP. LOGO APPEARS HERE] PRESS ANNOUNCEMENT Date: May 8, 2009 Contact: Edward B. Debevec (440) 248-7171 PVF Capital Corp. announces quarterly operating results. PVF Capital Corp., the parent company of Park View Federal Savings Bank, announced a loss of $8,580,000, or $1.10 basic earnings per share and diluted earnings per share for the quarter ended March 31, 2009 as compared to earnings of $301,000, or $0.04 basic earnings per share and diluted earnings per share for the prior year comparable period. For the nine-month period ended March 31, 2009, the Company reported a loss of $12,204,000, or $1.57 basic earnings per share and diluted earnings per share, as compared to earnings of $1,644,000, or $0.21 basic earnings per share and diluted earnings per share, for the prior year period. The loss was primarily driven by an addition to loan loss reserves that resulted from a comprehensive review of Park View Federal's loan portfolio. Chief Executive Officer Marty Adams commented that, "Although we are disappointed to report a loss, Park View Federal continues to be well-capitalized in every respect. Deposit flows are good and the Bank continues to attract new depositors. Notwithstanding the weak economy and the decline in home values, Park View remains committed to financing the needs of families in northeast Ohio and filling the role of community banker that is so vitally needed in these challenging times." Looking ahead Mr. Adams added that, "Our home lending activity continues to be very good and we are optimistic about the opportunities that lie ahead." Mr. Adams concluded by saying, "Despite these results, Park View Federal Savings Bank ended the quarter with capital ratios of 7.86% on a Tier 1 leverage basis and 11.39% on a total risk-based capital basis, both well in excess of regulatory capital requirements." The decline in earnings for the current three- and nine-month periods was primarily attributable to the provision for loan losses recorded in order to reflect current economic conditions. During the current period, the Company performed a thorough review of its loan portfolio. This review involved analyzing all large borrowing relationships, delinquency trends, and loan collateral valuation in order to identify impaired loans, as well as deteriorating loans and loan relationships. As a result of this review detailed action plans were developed to either return the loans to performing or dispose of the loans and end the borrowing relationships. This review resulted in the Bank establishing a provision for loan losses of $15.7 million during the quarter, bringing the total provision for the nine-month period to $20.0 million. At March 31, 2009, the total allowance for loan losses was $25.8 million. The decrease in net interest income resulted from increases to nonperforming loans as well as interest charged off during the periods. Non-interest income for the current three- and nine-month periods was impacted positively by increases in mortgage-banking activity resulting from high refinance activity and gains posted on the sale of loans in addition to gains recorded on the sale of securities. The increase of $3.0 million and $3.2 million in mortgage banking activities for the three- and nine-month periods ended March 31, 2009 is the result of increased lending activity along with the adoption of SFAS No. 159 which changed the accounting for loans held for sale effective for the interim period ended March 31, 2009, and the adoption July 1, 2008 of SEC Staff Accounting Bulletin No. 109 which changed the accounting for the Company's mortgage banking derivatives. These gains were negatively impacted in the current nine-month period by the impairment of the FHLMC and FNMA preferred stock of $1.8 million. In addition, the Company experienced losses and expenses resulting from the acquisition, maintenance, and disposal of real estate of $1.4 million and $2.5 million for the three- and nine-month periods ended March 31, 2009. Lastly, non-interest expense was negatively affected by increases in the cost of FDIC insurance due to higher assessment rates charged on deposits for the three- and nine-month periods of $0.2 million and $0.5 million, respectively. As of March 31, 2009, PVF Capital Corp. reported assets of $897.7 million, an increase of $30.3 million, or 3.5%, from the prior fiscal year ended June 30, 2008. Total stockholders' equity of PVF Capital Corp. was $57.9 million at March 31, 2009. 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 Capital 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) MARCH 31, JUNE 30, 2009 2008 ----------- ------------ ASSETS Cash and cash equivalents $ 41,517 $ 17,804 Investment securities 48 9,470 Loans receivable 697,498 714,492 Loans receivable held for sale 16,163 7,831 Mortgage-backed securities 67,259 55,151 Other assets 75,202 62,654 -------- -------- Total Assets $897,687 $867,402 ======== ======== LIABILITIES Deposits $706,996 $659,386 Borrowed money 106,375 114,950 Other liabilities 26,408 23,991 -------- -------- Total Liabilities 839,779 798,327 -------- -------- Total Stockholders' Equity 57,908 69,075 -------- -------- Total Liabilities and Stockholders' Equity $897,687 $867,402 ======== ========
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED NINE MONTHS ENDED (Dollars in thousands except per share data) MARCH 31, MARCH 31, ---------------------- ------------------------ 2009 2008 2009 2008 Loans $ 9,972 $ 12,467 $ 32,313 $ 39,579 Mortgage-backed securities 797 384 2,185 1,017 Investments 168 722 893 2,736 -------- -------- -------- -------- Interest income 10,937 13,573 35,391 43,332 Deposits 5,370 7,112 17,563 21,838 Borrowings 1,210 1,270 3,714 5,180 -------- -------- -------- -------- Interest expense 6,580 8,382 21,277 27,018 Net interest income 4,357 5,191 14,114 16,314 Provision for loan losses 15,691 819 20,023 1,494 -------- -------- -------- -------- Net interest income after provision for loan losses (11,334) 4,372 (5,909) 14,820 Mortgage-banking activities 3,657 659 4,535 1,385 Impairment of securities (1) 0 (1,842) 0 Gain on sale of securities 558 0 1,224 0 Gain (loss) on real estate owned (875) 32 (1,197) (162) Other, net 448 523 1,205 1,624 -------- -------- -------- -------- Total noninterest income 3,787 1,214 3,925 2,847 Compensation and benefits 2,386 2,522 7,960 8,117 Office occupancy and equipment 691 753 2,097 2,368 Federal deposit insurance premium 234 19 566 58 Real estate owned expense 539 314 1,266 665 Other 1,579 1,585 4,491 4,297 -------- -------- -------- -------- Total noninterest expense 5,429 5,193 16,380 15,505 -------- -------- -------- -------- Income before federal income tax provision (benefit) (12,976) 393 (18,364) 2,162 Federal income tax provision (benefit) (4,396) 92 (6,160) 518 -------- -------- -------- -------- Net income (loss) ($8,580) $ 301 ($12,204) $ 1,644 ========= ======== ======== ======== BASIC EARNINGS (LOSS) PER SHARE ($1.10) $ 0.04 ($1.57) $ 0.21 ======== ======== ======== ======== DILUTED EARNINGS (LOSS) PER SHARE ($1.10) $ 0.04 ($1.57) $ 0.21 ======== ======== ======== ========
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