-----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, S2MxyOSfECm80kyUENn86oXKbU9E5u7veMbV2Yygc4D4OwqY6/m4TZn7QgDjAOoa EDHVAuXrTwyvuLMJ0CXYgQ== 0000912057-96-001858.txt : 19960603 0000912057-96-001858.hdr.sgml : 19960603 ACCESSION NUMBER: 0000912057-96-001858 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960209 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: PVF CAPITAL CORP CENTRAL INDEX KEY: 0000928592 STANDARD INDUSTRIAL CLASSIFICATION: 6035 IRS NUMBER: 341659805 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24948 FILM NUMBER: 96514234 BUSINESS ADDRESS: STREET 1: 2618 N MORELAND BLVD CITY: CLEVELAND HEIGHTS STATE: OH ZIP: 44120 BUSINESS PHONE: 2164396790 MAIL ADDRESS: STREET 1: 25350 ROCKSIDE ROAD CITY: BEDFORD HEIGHTS STATE: OH ZIP: 44146 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20552 FORM 10-Q [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 1995. [ ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to --------------- ----------------------------- Commission File Number 0-24948 -------------------------------------------------------- PVF Capital Corp. - - ------------------------------------------------------------------------------- ( Exact name of registrant as specified in its charter) United States 34-1659805 - - ------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 25350 Rockside Road, Bedford Heights, Ohio 44146 - - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (216) 439-2200 - - ------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Not Applicable - - ------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, $0.01 Par Value 1,548,957 - - ----------------------------- ----------------------------------------------- (Class) (Outstanding at January 31, 1996) PVF CAPITAL CORP. INDEX Page Part I Financial Information Item 1 Financial Statements Consolidated Statements of Financial Condition, December 31, 1995 (unaudited) and June 30, 1995. 1 Consolidated Statements of Operations for the three and six months ended December 31, 1995 and 1994 (unaudited). 2 Consolidated Statements of Cash Flows for the six months ended December 31, 1995 and 1994 (unaudited). 3 Notes to Consolidated Financial Statements (unaudited). 4 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 5 Part II Other Information 10 PART I FINANCIAL INFORMATION ITEM 1 PVF CAPITAL CORP. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, JUNE 30, ASSETS 1995 1995 ------ ----------- ----------- (UNAUDITED) Cash and amounts due from depository institutions $6,898,834 $6,643,369 Interest bearing deposits 538,256 650,211 Federal funds sold 17,275,000 5,325,000 Investment securities, at cost 8,505,276 41,193,894 Loans receivable held for long-term investment, net 268,119,104 246,480,233 Loans receivable available for sale, net 3,045,837 4,451,156 Mortgage-backed securities held for investment, net 775,687 3,764,087 Office properties and equipment, net 2,733,740 2,726,577 Real estate in development 900,882 885,750 Investment required by law Stock in the Federal Home Loan Bank of Cincinnati 1,814,025 1,756,135 Prepaid expenses and other assets 1,859,201 1,555,367 ------------ ------------ Total Assets $312,465,842 $315,431,779 ------------ ------------ ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------- Liabilities Deposits $281,238,462 $272,290,442 Advances from the Federal Home Loan Bank of Cincinn 0 15,000,000 Notes payable 3,000,000 1,800,000 Advances from borrowers for taxes and insurance 4,473,015 4,316,619 Income taxes payable 223,407 450,012 Accrued expenses and other liabilities 3,018,451 2,756,838 ------------ ------------ Total Liabilities 291,953,335 296,613,911 Stockholders' Equity Serial preferred stock, none issued 0 0 Common stock 15,490 14,041 Paid in capital 10,003,661 8,155,885 Retained earnings-substantially restricted 10,493,356 10,647,942 ------------ ------------ Total Stockholders' Equity 20,512,507 18,817,868 ------------ ------------ Total Liabilities and Stockholders' Equity $312,465,842 $315,431,779 ------------ ------------ ------------ ------------
See accompanying notes to consolidated financial statements Page 1 PART I FINANCIAL INFORMATION ITEM 1 PVF CAPITAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED DECEMBER 31, DECEMBER 31, ------------------------- -------------------------- 1995 1994 1995 1994 INTEREST INCOME Interest on Loans $6,350,547 $4,935,450 $12,347,909 $9,657,272 Interest on mortgage-backed securities 46,313 132,382 115,710 181,571 Interest on cash and investment securities 515,231 364,059 1,310,378 650,158 ---------- ---------- ----------- ---------- Total Interest Income 6,912,091 5,431,891 13,773,997 10,489,001 ---------- ---------- ----------- ---------- INTEREST EXPENSE Interest on deposits 3,896,143 2,585,489 7,810,359 4,889,265 Interest on borrowings 74,620 241,246 289,489 410,284 ---------- ---------- ----------- ---------- Total interest expense 3,970,763 2,826,735 8,099,848 5,299,549 ---------- ---------- ----------- ---------- Net interest income 2,941,328 2,605,156 5,674,149 5,189,452 Provisions for loan losses 374,000 20,000 394,000 100,000 ---------- ---------- ----------- ---------- Net Interest Income after provision for loan losses 2,567,328 2,585,156 5,280,149 5,089,452 ---------- ---------- ----------- ---------- NONINTEREST INCOME, NET Loan and other fees 116,696 110,175 224,004 201,205 Mortgage banking activities, net 355,215 5,660 483,027 148,693 Other, net 112,919 72,410 197,278 109,636 ---------- ---------- ----------- ---------- Total noninterest income 584,830 188,245 904,309 459,534 ---------- ---------- ----------- ---------- NONINTEREST EXPENSE Compensation and benefits 928,807 919,432 1,907,770 1,762,165 Office, occupancy, and equipment 350,057 274,065 713,535 573,197 Other 534,512 502,861 1,156,816 1,049,907 ---------- ---------- ----------- ---------- Total noninterest expense 1,813,376 1,696,358 3,778,121 3,385,269 ---------- ---------- ----------- ---------- Income before federal income tax 1,338,782 1,077,043 2,406,337 2,163,717 Federal income tax provision 420,000 243,500 735,600 590,000 ---------- ---------- ----------- ---------- Net income $918,782 $833,543 $1,670,737 $1,573,717 Net income per share $0.56 $0.51 $1.02 $0.96 ----- ----- ----- ----- ----- ----- ----- -----
See accompanying notes to consolidated financial statements Page 2 PART I FINANCIAL INFORMATION ITEM 1 PVF CAPITAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
SIX MONTHS ENDED DECEMBER 31ST ------------------------------- 1995 1994 ---- ---- OPERATING ACTIVITIES Net Income $1,670,737 $1,573,717 Adjustments to reconcile net income to net cash provided by operating activities Accretion of discount on marketable securities (25,163) (39,189) Depreciation and amortization 244,144 160,046 Provision for losses on loans, net 394,000 100,000 Accretion of unearned discount and deferred loan origination fees, net (515,675) (552,746) Gain on loans available for sale, net (239,121) (752) Loss on mortgage-backed securities available for sale, net 23,582 575 Gain on disposal of real estate owned, net 0 (25,000) Gain on investment securities available for sale, net (74,721) 0 Change in accrued interest on investments, loans, and borrowings, net (60,905) (218,040) Change in other assets and other liabilities, net (112,430) (1,877,175) Change in loans receivable available for sale, net 1,644,440 2,514,987 ----------- ---------- Net cash provided by (used in) operating activities 2,948,888 1,636,423 ----------- ---------- INVESTING ACTIVITIES Loan and mortgage-backed securities repayments and originations,net (19,369,802) (32,394,817) Mortgage-backed securities purchased 0 (4,829,371) Sale of mortgage-backed securities available for sale 855,477 0 Disposals of real estate owned 0 106,214 Purchase of investment securities (10,305,000) (12,979,844) Investment securities maturities 33,086,314 100,000 Sale of investment securities available for sale 10,007,188 0 FHLB stock dividend, net (57,890) (136,580) Additions to office properties and equipment, net (251,307) (349,794) Disposal (additions) to real estate in development, net (15,132) 64,380 ----------- ---------- Net cash used in investing activities 13,949,848 (50,419,812) ----------- ---------- FINANCING ACTIVITIES Net increase (decrease) in demand deposits, NOW, and passbook savings 2,007,353 (4,075,221) Net increase in time deposits 6,963,519 30,832,381 Proceeds from (payment on) FHLB advances (15,000,000) 11,440,000 Proceeds from note payable 1,200,000 0 Stock options exercised 25,000 0 Cash dividend paid 0 (281,427) Cash paid in lieu of fractional shares (1,098) 0 ----------- ---------- Net cash provided by (used in) financing activities (4,805,226) 37,915,733 ----------- ---------- Net increase (decrease) in cash and cash equivalents 12,093,510 (10,867,656) Cash and cash equivalents at beginning of period 12,618,580 13,875,308 ----------- ---------- Cash and cash equivalents at end of period $24,712,090 $3,007,652 ----------- ---------- ----------- ----------
See accompanying notes to consolidated financial statements Page 3 Part I Financial Information Item 1 PVF CAPITAL CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 1995 AND 1994 (UNAUDITED) 1. The accompanying consolidated interim financial statements were prepared in accordance with regulations of the Securities and Exchange Commission for Form 10-Q. All information in the consolidated interim financial statements is unaudited except for the June 30, 1995 consolidated statement of financial condition which was derived from the Corporation's audited financial statements. Certain information required for a complete presentation in accordance with generally accepted accounting principles has been condensed or omitted. However, in the opinion of management, these interim financial statements contain all adjustments, consisting only of normal recurring accruals, necessary to fairly present the interim financial information. The results of operations for the three and six months ended December 31, 1995 are not necessarily indictive of the results to be expected for the entire year ending June 30, 1996. The results of operations for PVF Capital Corp. for the periods being reported have been derived primarily from the results of operation of Park View Federal Savings Bank (the"Bank"). PVF Capital Corp.'s common stock is traded on the NASDAQ SMALL-CAP ISSUES under the symbol PVFC. 2. The undercapitalized status of the Federal Deposit Insurance Corporation's Savings Association Insurance Fund (SAIF) has resulted in the introduction of federal legislation to recapitalize the SAIF which, if enacted, would require institutions like the Bank to pay a one-time charge to recapitalize the depleted insurance fund. Although the ultimate amount of the one-time charge has yet to be determined, the special assessment will be calculated on the Bank's deposit base at a specific, determined point in time. 3. Cash and cash equivalents consist of the following:
December 31, 1995 June 30, 1995 ----------------- ------------- Cash and amounts due from depository institutions $ 6,898,834 $ 6,643,369 Interest bearing deposits 538,256 650,211 Federal funds sold 17,275,000 5,325,000 ----------- ----------- $24,712,090 $12,618,580 ----------- ----------- ----------- -----------
4. Net income per share is based on the weighted average number of common shares outstanding of 1,548,957 and 147,923 in outstanding stock options. Page 4 Part I Financial Information Item 2 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following analysis discusses changes in financial condition and results of operations at and for the three and six month periods ended December 31, 1995 for PVF Capital Corp ("PVF" or the "Company") and Park View Federal Savings Bank (the "Bank"), its principal and wholly owned subsidiary. FINANCIAL CONDITION Consolidated assets of PVF were $312.5 million as of December 31, 1995, a decrease of approximately $3.0 million or 1.0% as compared to June 30, 1995. The Bank remained in regulatory capital compliance for tangible, core, and risk- based capital on a fully phased-in basis with capital levels of 7.09%, 7.09% and 11.44% respectively at December 31, 1995. During the six months ended December 31, 1995 the Company's cash and cash equivalents, which consist of cash, interest bearing deposits and federal funds sold, increased $12.1 million or 95.8% as compared to June 30, 1995. The change in the Company's cash and cash equivalents consisted of an increase in cash and interest bearing deposits of $0.1 million and an increase in federal funds sold of $12.0 million. The net $17.2 million or 6.8% increase in loans receivable and mortgage-backed securities during the six months ended December 31, 1995 resulted from an increase of $18.8 million in real estate mortgage loans, the repayment of $2.1 million on mortgage-backed securities, the sale of $0.9 million on mortgage- backed securities, an increase of $1.7 million in home equity line of credit loans, and a decrease of $0.3 million in installment loans. The increase of $18.8 million in real estate mortgage loans included an increase of $14.1 million in construction and land loans and an increase of $4.7 million in all other mortgage loans. The decrease in investment securities of $32.7 million was the result of the purchase of $10.3 million of investment securities and the sale and maturity of $10.0 million and $33.0 million of investment securities, respectively. The reclassification and sale of investment securities and mortgage-backed securities formerly classified as held for long term investment was in accordance with the one time window of opportunity granted under FASB 115 for the reclassification of securites. During the six months ended December 31, 1995 management's decision to aggressively match market savings rates resulted in an increase of $8.9 million or 3.3% in savings deposits. The increase in savings deposits along with net proceeds received on Page 5 Part I Financial Information Item 2 FINANCIAL CONDITION CONTINUED investment securities of $32.7 million were used to repay advances of $15.0 million from the Federal Home Loan Bank of Cincinnati and fund the net increases in loans receivable and mortgage-backed securities of $17.2 million and federal funds sold of $12.0 million. The increase in notes payable of $1.2 million was the result of a loan secured by PVF in order to fund the intercompany purchase of $146.0 million in Federal Home Loan Mortgage Corporation servicing from the Bank during the six month period ended December 31, 1995. This transaction resulted in an increase of $1.2 million to the Bank's regulatory capital. The decrease in income taxes payable of $0.2 million is the result of timing differences between the accrual and payment of federal income taxes due. RESULTS OF OPERATIONS Three months ended December 31, 1995, compared to three months ended December 31, 1994. PVF's net income is dependent primarily on its net interest income, which is the difference between interest earned on its loans and investments and interest paid on interest-bearing liabilities. Net interest income also includes amortization of loan origination fees, net of origination costs. PVF's net income is also affected by the generation of non-interest income, which primarily consists of loan servicing income, service fees on deposit accounts and gains on the sale of loans and mortgage-backed securities. Net interest income is determined by (i) the difference between yields earned on interest-earning assets and rates paid on interest-bearing liabilities ("interest rate spread") and (ii) the relative amounts of interest-earning assets and interest-bearing liabilities. The Company's interest rate spread is affected by regulatory, economic and competitive factors that influence interest rates, loan demand and deposit flows. In addition, net income is affected by the level of operating expenses and loan loss provisions. The Company's net income for the three months ended December 31, 1995 was $919,000. This represents a 10.2% increase when compared with the prior year comparable period. Net interest income for the three months ended December 31, 1995 increased by $336,000 or 12.9% primarily due to an increase of $1,480,000 or 27.2% in interest income that resulted from an increase of $33.6 million in the average balance of the loan and mortgage-backed securities portfolio's along with an increase in the average balance of the investment portfolio of $9.7 million and a 72 basis point increase in the average return on interest Page 6 Part I Financial Information Item 2 RESULTS OF OPERATION CONTINUED earning assets from the prior year comparable period. The average balance on deposits and advances increased by $38.4 million from the prior year comparable period. This increased balance along with a 93 basis point increase in the average cost of funds for the current period resulted in an overall increase in interest expense of $1,144,000 or 40.5%. Despite higher average interest rates and a decrease of 21 basis points in the Company's interest rate spread during the current period as compared to the prior year comparable period, the Company's net interest income increased due to balance sheet growth in both interest-earning assets and interest-bearing liabilities. For the three months ended December 31, 1995 a provision for loan losses of $374,000 was recorded as compared to $20,000 for the three months ended December 31, 1994. These provisions were based on management's analysis of the various factors which affect the loan portfolio and management's desire to maintain the allowance for loan losses at a level considered adequate to provide for probable future loan losses. During the three months ended December 31, 1995 and 1994 management increased its unallocated reserves for loan losses based primarily on current growth of the loan portfolio, along with prevailing economic conditions and other factors deemed relevant. At December 31, 1995, the allowance for loan losses was $2.7 million, which represented 69.3% of nonperforming loans and 1.0% of net loans. For the three months ended December 31, 1995 noninterest income increased $397,000 or 210.7% from the prior year comparable period. During the three months ended December 31, 1995, PVF sold loans classified as held for sale and due to a downward trend in interest rates during the period recorded a gain of approximately $220,700, while income recognized on servicing amounted to approximately $134,500. For the comparable period in 1994, PVF sold loans classified as held for sale and due to an upward trend in interest rates during the period recorded a loss of approximately $126,300, while income recognized on servicing amounted to approximately $132,000. During these periods, PVF pursued a strategy of originating long term, fixed-rate loans pursuant to Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") guidelines and selling such loans to the FHLMC or the FNMA, while retaining the servicing. Other noninterest income, net increased by $40,500 or 56.0% from the previous years comparable period primarily due to net gains realized on the sale of investment securities during the current period. Noninterest expense for the three months ended December 31, 1995 increased by $117,000 or 6.9% from the prior year comparable period. This was primarily the result of a 76,000 or 27.7% increase in office occupancy attributable to the opening of two Page 7 Part I Financial Information Item 2 RESULTS OF OPERATIONS CONTINUED new branch offices and the relocation of another branch during the current period. The federal income tax provision for the three month period ended December 31, 1995 increased to an effective rate of 31.4% for the current period from an effective rate of 22.6% for the prior year comparable period. This increase is due to the decrease in tax statutory bad debt deductions available in the current year versus the prior year comparable period. RESULTS OF OPERATIONS Six months ended December 31, 1995, compared to six months ended December 31, 1994. PVF's net income is dependent primarily on its net interest income, which is the difference between interest earned on its loans and investments and interest paid on interest-bearing liabilities. Net interest income also includes amortization of loan origination fees, net of origination costs. PVF's net income is also affected by the generation of non-interest income, which primarily consists of loan servicing income, service fees on deposit accounts and gains on the sale of loans and mortgage-backed securities. Net interest income is determined by (i) the difference between yields earned on interest-earning assets and rates paid on interest-bearing liabilities ("interest rate spread") and (ii) the relative amounts of interest-earning assets and interest-bearing liabilities. The Company's interest rate spread is affected by regulatory, economic and competitive factors that influence interest rates, loan demand and deposit flows. In addition, net income is affected by the level of operating expenses and loan loss provisions. The Company's net income for the six months ended December 31, 1995 was $1,671,000. This represents a 6.2% increase when compared with the prior year comparable period. Net interest income for the six months ended December 31, 1995 increased by $485,000 or 9.3% primarily due to an increase of $3,285,000 or 31.3% in interest income that resulted from an increase of $35.5 million in the average balance of the loan and mortgage-backed securities portfolio's along with an increase in the average balance of the investment portfolio of $20.3 million and a 61 basis point increase in the average return on interest earning assets from the prior year comparable period. The average balance on deposits and advances increased by $52.0 million from the prior year comparable period. This increased balance along with a 106 basis point increase in the average cost of funds for the current period resulted in an overall increase in interest expense of $2,800,000 or 52.8%. Despite higher Page 8 Part I Financial Information Item 2 RESULTS OF OPERATION CONTINUED average interest rates and a decrease of 45 basis points in the Bank's interest rate spread during the current period as compared to the prior year comparable period, the Company's net interest income increased due to balance sheet growth in both interest-earning assets and interest-bearing liabilities. For the six months ended December 31, 1995 a provision for loan losses of $394,000 was recorded as compared to $100,000 for the six months ended December 31, 1994. These provisions were based on management's analysis of the various factors which affect the loan portfolio and management's desire to maintain the allowance for loan losses at a level considered adequate to provide for probable future loan losses. During the six months ended December 31, 1995 and 1994 management increased its unallocated reserves for loan losses based primarily on current growth of the loan portfolio, along with prevailing economic conditions and other factors deemed relevant. At December 31, 1995, the allowance for loan losses was $2.7 million, which represented 69.3% of nonperforming loans and 1.0% of net loans. For the six months ended December 31, 1995 noninterest income increased $445,000 or 96.8% from the prior year comparable period. During the six months ended December 31, 1995, PVF sold loans classified as held for sale and due to a downward trend in interest rates during the period recorded a gain of approximately $216,000, while income recognized on servicing amounted to approximately $267,000. For the comparable period in 1994, PVF sold loans classified as held for sale and due to an upward trend in interest rates during the period recorded a loss of approximately $115,000, while income recognized on servicing amounted to approximately $264,000. During these periods, PVF pursued a strategy of originating long term, fixed-rate loans pursuant to Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") guidelines and selling such loans to the FHLMC or the FNMA, while retaining the servicing. Other noninterest income, net increased by $88,000 or 80.0% from the previous years comparable period primarily due to gains realized on the sale of investment securities recorded during the current period. Noninterest expense for the six months ended December 31, 1995 increased by $393,000 or 11.6% from the prior year comparable period. This was primarily the result of a $146,000 or 8.3% increase in compensation and benefits attributable to additional employees, employee 401K benefits, and salary and wage adjustments. Office occupancy increased by $140,000 or 24.5% as a result of the opening of two new branch offices and the relocation of another branch during the current period. Other noninterest expense increased by $107,000 or 10.2% as a result of increased advertising, professional and legal services, regulatory and insurance expenses, and franchise tax expense. Page 9 Part I Financial Information Item 2 RESULTS OF OPERATIONS CONTINUED The federal income tax provision for the six month period ended December 31, 1995 increased to an effective rate of 30.6% for the current period from an effective rate of 27.3% for the prior year comparable period. This increase is due to the decrease in tax statutory bad debt deductions available in the current year versus the prior year comparable period. LIQUIDITY AND CAPITAL RESOURCES The Bank is required by Federal regulations to maintain specific levels of "liquid" assets consisting of cash and other eligible investments. The current level of liquidity required by the Office of Thrift Supervision is 5% of the sum of net withdrawable savings and borrowings due within one year. The Bank's liquidity at December 31, 1995 was 11.7%. Management believes the Bank has sufficient liquidity to meet its operational needs. Part II. Other Information Item 6. Exhibits and Reports on Form 8-K (a) PVF did not file any reports on Form 8-K during the quarter ended December 31, 1995. Page 10 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant had duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PVF Capital Corp. ----------------- (Registrant) Date: February 9, 1996 /s/ C. Keith Swaney ------------------ ----------------------------- C. Keith Swaney Vice President and Treasurer EX-27 2 FINANCIAL DATA SCHEDULE
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENT OF CONDITION AND THE STATEMENT OF OPERATION FOR THE PERIOD ENDED DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS JUN-30-1996 JUL-01-1995 DEC-31-1995 6,899 538 17,275 0 0 9,281 9,296 271,165 2,665 312,466 281,238 0 7,715 3,000 0 0 15 20,497 312,466 12,348 1,426 0 13,774 7,810 8,100 5,674 394 0 3,778 2,406 2,406 0 0 1,671 1.02 1.02 3.698 3,839 0 0 166 2,381 90 0 2,665 2,665 0 2,252
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