EX-99 3 pvf8k011504ex99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 PRESS ANNOUNCEMENT DATE: JANUARY 15, 2004 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 $1,350,000, or $0.21 basic earnings per share and $0.21 diluted earnings per share, for the quarter ended December 31, 2003 as compared to earnings of $2,257,000, or $0.35 basic earnings per share and $0.35 diluted earnings per share, for the prior year comparable period. Earnings were $4,282,000, or $0.67 basic earnings per share and $0.66 diluted earnings per share, for the six-month period ended December 31, 2003 as compared to $3,944,000, or $0.62 basic earnings per share and $0.61 diluted earnings per share, for the prior year comparable period. As of December 31, 2003, PVF Capital Corp. reported assets of $687.4 million, a decrease of $56.0 million or 7.5% from the fiscal year ended June 30, 2003. Total stockholders' equity of PVF Capital Corp. was $61.5 million at December 31, 2003. Annualized return on assets and return on equity were 1.21% and 14.21%, respectively, for the six months ended December 31, 2003. Commenting on the results, Chairman John R. Male stated that, "The reduction in earnings for the quarter is largely attributable to a decline in gains from loan sales, included in non-interest income, which is the direct result of a slowdown in refinancing activities. Those gains are expected to remain soft for at least the rest of the fiscal year." On December 22, 2003, 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 January 30, 2004 to the stockholders of record at the close of business on January 23, 2004. 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. 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) DECEMBER 31, JUNE 30, 2003 2003 -------- -------- ASSETS ------ Cash and cash equivalents $ 7,701 $ 96,751 Investment securities 0 33 Loans and mortgage backed securities 647,475 616,240 Other assets 32,226 30,380 -------- -------- Total Assets $687,402 $743,404 ======== ======== LIABILITIES ----------- Deposits $475,259 $526,429 Borrowed money 122,102 125,938 Other liabilities 28,502 32,434 -------- -------- Total Liabilities 625,863 684,801 -------- -------- Total Stockholders' Equity 61,539 58,603 -------- -------- Total Liabilities and Stockholders' Equity $687,402 $743,404 ======== ======== CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED (Dollars in thousands except per share data) DECEMBER 31, DECEMBER 31, ----------------- ------------------ 2003 2002 2003 2002 Interest income $ 9,830 $11,299 $19,888 $22,704 Interest expense 4,078 5,317 8,388 11,142 ------- ------- ------- ------- Net interest income 5,752 5,982 11,500 11,562 Provision for loan losses 192 0 292 0 ------- ------- ------- ------- Net interest income after provision for loan losses 5,560 5,982 11,208 11,562 Total noninterest income 868 1,838 4,179 2,588 Total noninterest expense 4,362 4,412 8,900 8,214 ------- ------- ------- ------- Income before federal income tax provision 2,066 3,408 6,487 5,936 Federal income tax provision 716 1,151 2,205 1,992 ------- ------- ------- ------- Net income $ 1,350 $ 2,257 $ 4,282 $ 3,944 ======= ======= ======= ======= BASIC EARNINGS PER SHARE $ 0.21 $ 0.35 $ 0.67 $ 0.62 ======= ======= ======= ======= DILUTED EARNINGS PER SHARE $ 0.21 $ 0.35 $ 0.66 $ 0.61 ======= ======= ======= =======