-----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, IdEbnEVqgX/fN6aP7uXC+NpPkE5+1KphCCf/Xgdp384JpT03ixREYCaQNlS8blSw vbfKVb+bmxxnLkxIhpuZAg== 0001047469-98-032665.txt : 19980826 0001047469-98-032665.hdr.sgml : 19980826 ACCESSION NUMBER: 0001047469-98-032665 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980825 SROS: NASD 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: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-24948 FILM NUMBER: 98697487 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/A 1 10-Q/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20552 FORM 10-Q/A (Amendment No. 1) [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 1997. [ ] 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 2,659,077 - ------------------------------------- --------------------------------- (Class) (Outstanding at January 31, 1998) PART I FINANCIAL INFORMATION ITEM 1 PVF CAPITAL CORP. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
DECEMBER 31, JUNE 30, ASSETS 1997 1997 ------ ----------- ----------- Cash and amounts due from depository institutions $3,248,252 $7,760,029 Interest bearing deposits 348,840 445,401 Federal funds sold 2,875,000 1,375,000 Investment securities held to maturity, at cost 10,995,974 13,995,350 Loans receivable, net 363,917,506 341,402,566 Loans receivable held for sale, net 1,582,704 709,604 Mortgage-backed securities held to maturity, net 3,390,177 511,530 Office properties and equipment, net 1,760,283 1,882,390 Real estate owned, net 1,101,186 0 Real estate in development 917,262 909,758 Investment required by law Stock in the Federal Home Loan Bank of Cincinnati 2,867,313 2,762,314 Prepaid expenses and other assets 3,209,636 1,327,358 ------------ ------------ Total Assets $396,214,133 $373,081,300 ------------ ------------ ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Liabilities Deposits $316,006,253 $288,269,674 Advances from the Federal Home Loan Bank of Cincinnati 39,865,551 47,405,424 Notes payable 1,710,000 2,310,000 Advances from borrowers for taxes and insurance 4,772,528 4,511,595 Accrued expenses and other liabilities 5,021,402 4,311,191 ------------ ------------ Total Liabilities 367,375,734 346,807,884 Stockholders' Equity Serial preferred stock, none issued 0 0 Common stock 26,591 25,556 Paid in capital 14,525,448 14,522,275 Retained earnings-substantially restricted 14,286,360 11,725,585 ------------ ------------ Total Stockholders' Equity 28,838,399 26,273,416 ------------ ------------ Total Liabilities and Stockholders' Equity $396,214,133 $373,081,300 ------------ ------------ ------------ ------------
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, ------------------------- -------------------------- 1997 1996 1997 1996 Interest income Loans $8,227,571 $7,272,036 $16,101,911 $14,302,570 Mortgage-backed securities 43,656 85,084 53,429 265,467 Cash and investment securities 298,193 305,281 609,924 630,603 ---------- ---------- ----------- ----------- Total interest income 8,569,420 7,662,401 16,765,264 15,198,640 ---------- ---------- ----------- ----------- ---------- ---------- ----------- ----------- Interest expense Deposits 4,184,766 3,529,625 8,345,511 6,985,822 Borrowings 597,609 569,867 1,119,921 1,129,238 ---------- ---------- ----------- ----------- Total interest expense 4,782,375 4,099,492 9,465,432 8,115,060 ---------- ---------- ----------- ----------- Net interest income 3,787,045 3,562,909 7,299,832 7,083,580 Provisions for loan losses 50,000 0 95,000 0 ---------- ---------- ----------- ----------- Net interest income after provision for loan losses 3,737,045 3,562,909 7,204,832 7,083,580 ---------- ---------- ----------- ----------- ---------- ---------- ----------- ----------- Noninterest income, net Service and other fees 127,413 119,879 264,548 241,592 Mortgage banking activities, net 198,541 151,931 387,256 188,313 Other, net 41,071 23,042 140,657 98,940 ---------- ---------- ----------- ----------- Total noninterest income, net 367,025 294,852 792,461 528,845 ---------- ---------- ----------- ----------- Noninterest expense Compensation and benefits 1,147,110 1,081,052 2,252,432 2,166,089 Office, occupancy, and equipment 388,328 414,010 787,545 791,285 Federal deposit insurance special assessment 0 0 0 1,707,867 Other 568,316 572,504 1,069,711 1,157,845 ---------- ---------- ----------- ----------- Total noninterest expense 2,103,754 2,067,566 4,109,688 5,823,086 ---------- ---------- ----------- ----------- Income before federal income tax provision 2,000,316 1,790,195 3,887,605 1,789,339 Federal income tax provision 699,000 609,000 1,325,000 619,000 ---------- ---------- ----------- ----------- Net income $1,301,316 $1,181,195 $ 2,562,605 $ 1,170,339 Basic earnings per share $ 0.50 $ 0.46 $ 0.99 $ 0.46 ---------- ---------- ----------- ----------- ---------- ---------- ----------- ----------- Diluted earnings per share $ 0.48 $ 0.43 $ 0.95 $ 0.43 ---------- ---------- ----------- ----------- ---------- ---------- ----------- -----------
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 ------------------------- 1997 1996 ---- ---- OPERATING ACTIVITIES Net Income $2,562,605 $1,170,339 Adjustments to reconcile net income to net cash provided by operating activities Accretion of discount on securities (624) (625) Depreciation and amortization 228,088 237,230 Provision for losses on loans 95,000 0 Provision for lower of cost or market adjustment on loans held for sale 0 81,930 Accretion of unearned discount and deferred loan origination fees, net (601,011) (726,397) Change in loans receivable held for sale, net (692,529) 9,594,212 Gain on sale of loans, net (180,571) (152,748) Loss on mortgage-backed securities available for sale, net 0 65,086 Gain on disposal of real estate owned, net (13,009) 0 Change in accrued interest on investments, loans, and borrowings, net (186,627) (216,931) Change in other assets and other liabilities, net (1,155,940) (317,822) ---------- ---------- Net cash provided by operating activities 55,382 9,734,274 ---------- ---------- INVESTING ACTIVITIES Loan and mortgage-backed securities repayments and originations, net (22,870,170) (44,753,626) Proceeds from mortgage-backed securities available for sale 0 12,738,470 Mortgage-backed securities held to maturity purchases, net (3,017,178) 0 Investment securities held to maturity purchases (3,000,000) 0 Investment securities maturities 6,000,000 100,000 Disposal of real-estate owned properties 257,815 FHLB stock purchases dividends, net (105,981) (261,121) Office properties and equipment (purchases) sales, net (104,999) 319,000 Change in real estate in development, net (7,504) (34,551) ---------- ---------- Net cash used in investing activities (22,848,017) (31,891,828) ---------- ---------- FINANCING ACTIVITIES Net increase in demand deposits, NOW, and passbook savings 2,791,855 488,286 Net increase in time deposits 25,029,937 6,562,589 Net increase (decrease) in FHLB advances (7,539,873) 7,462,462 Repayment of notes payable (600,000) (200,000) Proceeds from exercise of stock options 4,519 0 Cash paid in lieu of fractional shares (2,141) (1,349) ---------- ---------- Net cash provided by financing activities 19,684,297 14,311,988 ---------- ---------- Net decrease in cash and cash equivalents (3,108,338) (7,845,566) Cash and cash equivalents at beginning of period 9,580,430 13,790,216 ---------- ---------- Cash and cash equivalents at end of period $6,472,092 $5,944,650 ---------- ---------- ---------- ----------
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, 1997 AND 1996 (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, 1997 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, 1997 are not necessarily indicative of the results to be expected for the entire year ending June 30, 1998. The results of operations for PVF Capital Corp. ("PVF" or the "Company") 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. Legislation was signed into law on September 30, 1996 to recapitalize the Savings Association Insurance Fund ("SAIF") that required SAIF-insured savings institutions to pay a one-time special assessment of 65.7 cents for every $100 of deposits. This assessment was charged against earnings for the quarter ended September 30, 1996 and resulted in a pre-tax charge to the Company of approximately $1,708,000 and is reflected in the Statement of Operation for the six-month period ended December 31, 1996. 3. PVF Holdings Inc., a newly formed subsidiary of PVF Capital Corp., made an investment in a company that will provide professional financial planning services to both individuals and small businesses throughout the Park View Federal branch system. 4. Cash and cash equivalents consist of the following: December 31, 1997 June 30, 1997 ----------------- ------------- Cash and amounts due from depository institutions $ 3,248,252 $ 7,760,029 Interest-bearing deposits 348,840 445,401 Federal funds sold 2,875,000 1,375,000 ----------- ----------- $ 6,472,092 $ 9,580,430 ----------- ----------- ----------- ----------- Page 4 Part I Financial Information Item 1 5. In February 1997, the FASB issued SFAS No. 128, Earnings per Share, which supersedes Accounting Principles Board (APB) No. 15, Earnings per Share, and replaces the presentation of primary and fully diluted earnings per share with basic and diluted earnings per share. SFAS No. 128 was issued to simplify the computation of earnings per share and make the U.S. Standard more compatible with the earnings per share standards of other countries and that of the International Accounting Standards Committee (IASC). SFAS No. 128 is effective for financial statements for both interim and annual periods ending after December 15, 1997. The following table discloses pro forma EPS pursuant to SFAS No. 128 for the three and six months ended December 31, 1997 and December 31, 1996.
Three months ended December 31 1997 1996 ----------------------------------------- ------------------------------------------ Income Shares Per-Share Income Shares Per-Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount -------------- ------------- ----------- -------------- ------------- ------------ Basic EPS Income available to common stockholders $1,301,316 2,626,555 $0.50 $1,181,195 2,555,562 $0.46 Effect of Dilutive Securities Stock options 97,998 0.02 171,168 0.03 Diluted EPS Income available to common stockholders $1,301,316 2,724,553 $0.48 $1,181,195 2,726,730 $0.43
Six months ended December 31 1997 1996 ----------------------------------------- ------------------------------------------ Income Shares Per-Share Income Shares Per-Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount -------------- ------------- ----------- -------------- ------------- ------------ Basic EPS Income available to common stockholders $2,562,605 2,596,130 $0.99 $1,170,339 2,555,562 $0.46 Effect of Dilutive Securities Stock options 97,998 0.04 171,168 0.03 Diluted EPS Income available to common stockholders $2,562,605 2,694,128 $0.95 $1,170,339 2,726,730 $0.43
6. Recently Issued Accounting Standards SFAS No. 130, "Reporting Comprehensive Income" was issued in June, 1997 and is effective for fiscal years beginning after December 15, 1997. The Statement requires additional reporting of items that affect comprehensive income but not net income. Examples of these items relevant to the Company include unrealized gains and losses on securities. Upon its adoption, this statement will result in additional financial statement disclosures. SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information" was issued in June, 1997 and is effective for fiscal years beginning after December 15, 1997. The statement requires financial disclosure and descriptive information about reportable operating segments. Upon its adoption, this statement will result in additional financial statement disclosures. Page 5 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: April 9, 1998 /s/ C. Keith Swaney ------------------ --------------------------------- C. Keith Swaney Vice President and Treasurer EX-27.1 2 EXHIBIT 27.1
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENT OF CONDITION AND THE STATEMENT OF OPERATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS. 1,000 6-MOS JUN-30-1998 JUL-01-1997 DEC-31-1997 3,248 349 2,875 0 0 10,996 10,984 365,500 2,767 396,214 316,006 18,500 9,795 23,075 0 0 27 28,811 396,214 16,155 610 0 16,765 8,346 9,465 7,300 95 0 4,100 3,888 0 0 0 2,563 0.99 0.95 3.520 2,689 417 0 0 2,682 17 7 2,767 2,767 0 2,538
EX-27.2 3 EXHIBIT 27.2
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENT OF CONDITION AND THE STATEMENT OF OPERATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS 6-MOS 9-MOS 12-MOS JUN-30-1998 JUN-30-1997 JUN-30-1997 JUN-30-1997 JUL-01-1997 JUL-01-1996 JUL-01-1996 JUL-01-1996 SEP-30-1997 DEC-31-1996 MAR-31-1997 JUN-30-1997 3,815 3,311 2,295 7,760 584 759 243 445 4,375 1,875 2,375 1,375 0 0 0 0 0 0 0 0 8,996 13,994 13,995 13,995 8,963 13,909 13,774 13,899 355,742 320,817 330,179 342,112 2,586 2,517 2,636 2,675 383,278 347,577 356,251 373,081 314,779 278,156 273,553 288,270 14,500 13,500 32,500 31,000 8,066 8,170 6,344 8,823 18,396 23,954 18,835 18,715 0 0 0 0 0 0 0 0 26 23 23 26 27,511 23,774 24,996 26,247 383,278 347,577 356,251 373,081 7,884 14,303 21,991 29,704 312 895 941 1,259 0 0 0 0 8,196 15,198 22,932 30,963 4,161 6,986 10,459 13,958 4,683 8,114 12,249 16,561 3,513 7,084 10,683 14,402 45 0 107 187 0 0 0 0 2,006 5,824 7,920 10,000 1,687 1,789 3,649 5,550 0 0 3,649 0 0 0 0 0 0 0 0 0 1,261 1,170 2,392 3,647 0.49 $0.46 0.94 1.43 0.46 $0.43 0.88 1.33 3.460 3.890 3.700 3.840 2,988 1,836 3,159 4,137 145 800 1,071 476 0 0 0 0 0 255 918 918 2,675 2,515 2,670 2,565 134 0 153 198 0 10 12 121 2,586 2,525 2,636 2,675 2,586 2,525 2,636 2,675 0 0 0 0 2,533 2,433 2,496 2,598
EX-27.3 4 EXHIBIT 27.3
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENT OF CONDITION AND THE STATEMENT OF OPERATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS YEAR 9-MOS 6-MOS JUN-30-1997 JUN-30-1996 JUN-30-1996 JUN-30-1996 JUL-01-1996 JUL-01-1995 JUL-01-1995 JUL-01-1995 SEP-30-1996 JUN-30-1996 MAR-31-1996 DEC-31-1995 3,791 6,670 4,135 6,699 2,008 245 162 538 1,375 6,875 4,275 17,275 0 0 0 0 11,468 18,817 7,774 0 13,994 14,094 9,803 9,281 13,824 13,894 9,803 9,296 305,427 289,522 285,282 271,165 2,515 2,565 2,620 2,665 345,279 331,634 318,100 312,466 271,841 271,045 270,638 281,238 20,000 16,000 6,000 0 6,902 7,924 5,828 7,715 24,073 14,192 14,310 3,000 0 0 0 0 0 0 0 0 23 23 15 15 22,440 22,451 21,310 20,497 345,279 331,634 318,100 312,466 7,031 25,572 18,799 12,348 505 2,189 1,745 1,426 0 0 0 0 7,536 27,761 20,544 13,774 3,456 14,889 11,496 7,810 4,015 15,703 11,911 8,100 3,521 12,058 8,634 5,674 0 417 417 394 0 75 0 0 3,756 7,988 5,706 3,776 (1) 5,400 3,797 2,406 0 5,400 3,797 2,406 0 0 0 0 0 0 0 0 (11) 3,786 2,603 1,671 $0.00 1.48 1.02 0.65 $0.00 1.40 0.96 0.62 3.998 3.45 3.723 3.698 1,917 2,352 3,785 3,839 419 95 0 0 0 0 0 0 383 386 497 166 2,617 2,402 2,665 2,381 104 265 138 90 2 11 1 0 2,515 2,565 2,620 2,665 2,515 2,565 2,620 2,665 0 0 0 0 2,427 2,228 2,381 2,252
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