- Net income of $1.8 million, aided by mortgage banking
and SBA lending results
- Announced merger with F.N.B. Corporation
proceeding
- Non-interest expense includes $0.3 million of
merger-related expenses
- Continued improved asset quality and net charge-off
ratio of 0.15%
- Capital ratios remain strong
PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View
Federal Savings Bank, announced net income of $1.8 million, or
$0.07 basic and diluted earnings per share, for the fiscal 2013
third quarter ended March 31, 2013. These results compare with net
income of $0.2 million, or $0.01 basic and diluted earnings per
share, for the prior-year quarter and net income of $2.7 million,
or $0.10 basic and diluted earnings per share, for the fiscal 2013
second quarter ended December 31, 2012. Fiscal 2013 third quarter
results included $0.3 million of merger-related expenses.
Robert J. King, Jr., President and Chief Executive Officer,
commented, "I am pleased we have continued our progress in
improving asset quality and sustaining consistent profitability as
we continue to work toward the upcoming merger with F.N.B.
Corporation."
Net Interest Income
Net interest income totaled $5.6 million for the quarter ended
March 31, 2013, which was an increase of $0.1 million, or 2.4% over
the quarter ended March 31, 2012, and a decrease of $0.2 million,
or 2.7% from the fiscal 2013 second quarter ended December 31,
2012. Despite a smaller balance sheet for the period ended March
31, 2013, the Company has maintained a relatively stable level of
net interest income which is attributable to the on-going strategic
improvement in the mix of average earning assets which resulted in
a relatively stable earning asset yield, while the Company has been
able to continue to lower its funding costs in this low interest
rate environment. This has resulted in a smaller but more efficient
balance sheet which improved the Company's net interest margin to
3.21% for the quarter ended March 31, 2013, compared with 3.16% and
2.99% for the quarters ended December 31, 2012 and March 31, 2012,
respectively.
Lower Non-interest Income from Declining Mortgage
Banking Revenues
Non-interest income totaled $2.9 million for the quarter ended
March 31, 2013, a decrease of $1.3 million, or 30.8%, from the
quarter ended December 31, 2012, and a decrease of $0.4 million, or
11.1%, from the quarter ended March 31, 2012. This decrease is
primarily the result of a decline in net revenue from mortgage
banking activities which totaled $2.5 million and is a decrease of
$1.3 million from the fiscal 2013 second quarter and $0.9 million
from the same quarter of the prior year. Although the continued
lower interest rate environment allowed the Company to capitalize
upon its significant residential mortgage origination capabilities,
there has been a slowdown in the level of refinance activities,
resulting in a decrease in the gain on sale of mortgages income.
Also, included in the mortgage banking results is a $0.2 million
recovery to the impairment valuation allowance recognized against
the carrying value of the Company's capitalized mortgage servicing
rights. Although the majority of mortgage lending activities in the
current environment involves refinance, which is highly correlated
to interest rate movements and levels and impacts the fair value of
mortgage servicing rights, there has been a slowdown in the level
of refinance activities and an increase in new purchase loans. As
such, the expected level of prepayments from refinance loans has
declined and accordingly resulted in an increase in the fair value
of mortgage servicing rights.
Partially offsetting the decline in mortgage banking, the
Company sold $4.4 million of government guaranteed loans as part of
its SBA business strategy, recognizing a gain of $0.6 million in
the current quarter. The Company did not recognize any SBA gains in
the quarters ended December 31, 2012 and March 31, 2012.
Contributing to the decline in non-interest income is the
credit-related cost associated with other real estate owned which
totaled $0.6 million, an increase of $0.3 million from the fiscal
2013 second quarter. The credit-related costs resulted from updated
valuations on other real estate owned and losses on property
dispositions whose values have shown signs of stabilizing versus a
year ago. Service charges and other fees were unchanged from the
same quarter of the prior year, but decreased $0.2 million from the
December 2012 quarter due to lower electronic banking related
fees.
Asset Quality Steadily Improves
During the quarter, nonperforming loans declined $1.3 million,
or 7.2%, to $17.0 million, compared with the second quarter of
fiscal 2013, while other real estate owned decreased $0.5 million
to $7.3 million, resulting in total nonperforming assets of $24.3
million. This was a decrease of $1.8 million, or 6.9%, compared
with total nonperforming assets of $26.1 million at December 31,
2012, and a decline of $8.8 million, or 26.6%, over the prior
year.
The classified assets to core capital plus general valuation
allowance ratio improved to 40.6% at March 31, 2013, compared with
55.9% at the end of the prior-year quarter and 42.4% at December
31, 2012. The Company also reduced its level of classified assets
plus special mention assets to core capital plus general valuation
allowance ratio to 44.9% at March 31, 2013, versus 66.0% a year ago
and 47.3% at December 31, 2012.
The allowance for loan losses at March 31, 2013 was $14.9
million, or 2.7% of total loans. This compares with an allowance of
$15.1 million, or 2.7% of total loans, at December 31, 2012, and
$16.9 million, or 3.0% of total loans, at March 31, 2012. The
allowance's coverage of nonperforming loans improved to 87.5% at
March 31, 2013, compared with 82.5% at December 31, 2012, and 71.9%
at March 31, 2012. Net charge-offs for the quarter ended March 31,
2013 were $0.2 million, reflecting the improving quality of the
loan portfolio along with increasing recoveries of previously
charged-off loans. This compares with $2.0 million for the fiscal
2013 second quarter and $2.6 million for the same quarter of the
prior year. Accordingly, there was no provision for loan losses for
the current quarter, reflecting the limited net charge-offs during
the quarter, continued progress in improving risk profile and
strengthening performance of the loan portfolio. The provision for
loan losses totaled $1.0 million for the quarter ended December 31,
2012 and $2.0 million for the quarter ended March 31, 2012.
Non-interest Expense Includes Merger-related
Expenses
Non-interest expense totaled $6.7 million for the current
quarter, compared with $6.3 million for the fiscal 2013 second
quarter, and $6.5 million for the quarter ended March 31, 2012. The
increase in non-interest expense during the quarter was
substantially attributed to merger-related expenses of $0.3
million. Excluding the merger-related expenses, non-interest
expense has remained stable.
Pre-tax, Pre-credit Provision Income
One metric that management believes is useful in analyzing
performance is pre-tax, pre-credit provision income, which adjusts
earnings to exclude provision expense, credit-related charges
involving the valuation and disposition of other real estate owned,
and securities gains or losses. In addition, earnings are adjusted
for items identified by management to be outside of ordinary
banking activities and/or by items that, while they may be
associated with ordinary banking activities, are so unusually large
that their outsized impact is believed by management at the time to
be infrequent or short-term in nature, which management believes
may distort the Company's underlying performance trends. The
pre-tax, pre-credit provision income for the quarter ended March
31, 2013 was $2.8 million, compared with income of $4.0 million for
the quarter ended December 31, 2012, and income of $2.8 million for
the prior-year quarter.
A reconciliation of net earnings reported under generally
accepted accounting principles ("GAAP") to pre-tax, pre-credit
provision income (a non-GAAP metric) for the current and trailing
four quarters ended March 31, 2013, is as follows (dollars in
millions):
| |
March 31, 2013 |
Dec. 31, 2012 |
Sept. 30, 2012 Revised |
June 30, 2012 Revised |
March 31, 2012 Revised |
| |
|
|
|
|
|
| Net income |
$ 1.8 |
$ 2.7 |
$ 1.4 |
$ 0.6 |
$ 0.2 |
| Federal income tax provision (benefit) |
0.1 |
0.0 |
0.0 |
(0.2) |
0.0 |
| Pre-tax income |
1.9 |
2.7 |
1.4 |
0.4 |
0.2 |
| Provision for loan losses |
-- |
1.0 |
1.1 |
1.5 |
2.0 |
| Merger-related expenses |
0.3 |
-- |
-- |
-- |
-- |
| Loss/write-down on other real estate
owned |
0.6 |
0.3 |
0.3 |
0.7 |
0.6 |
| |
|
|
|
|
|
| Pre-tax, pre-credit provision income |
$ 2.8 |
$ 4.0 |
$ 2.8 |
$ 2.6 |
$ 2.8 |
Pre-tax, pre-credit provision income declined by approximately
$1.2 million compared with the December 31, 2012 period, primarily
as a result of lower non-interest income of $1.3 million and lower
net interest income of $0.2 million. The decline in non-interest
income was caused by lower mortgage banking revenue and service
charge income, partially offset by higher gains on the sale of SBA
loans.
Bank Capital Ratios Remain Strong
The Bank's capital ratios have continued to build and remain
above regulatory requirements. As of March 31, 2013, the ratio of
tier one (core) capital to adjusted total assets stood at 9.93% and
total risk-based capital to risk-weighted assets was 13.77%.
Year-to-Date Results
For the nine months ended March 31, 2013, the Company's net
income totaled $5.8 million, or $0.22 basic and diluted earnings
per share, compared with a loss of $2.5 million, or $0.10 basic and
diluted loss per share, for the nine-month period ended March 31,
2012. The $8.3 million improvement in the Company's results was
attributable to a $1.2 million improvement in net interest income,
a reduction in the provision for loan losses of $3.4 million from
improving asset quality, a $4.3 million increase in non-interest
income from higher overall mortgage banking revenue, SBA income,
service and other income and lower REO related credit costs, a $0.4
million increase in non-interest expense primarily due to
merger-related expenses of $0.3 million, and higher federal income
tax provision of $0.2 million.
Announced Merger
On February 19, 2013, PVF Capital Corp. announced that it had
entered into a definitive merger agreement with F.N.B. Corporation
(NYSE:FNB) pursuant to which F.N.B. Corporation will acquire PVF
Capital Corp. in an all-stock transaction.
Under the terms of the merger agreement, which has been approved
by the board of directors of PVF Capital Corp., shareholders of PVF
Capital Corp. will be entitled to receive 0.3405 shares of F.N.B.
Corporation common stock for each common share of PVF Capital Corp.
they own. Based on F.N.B. Corporation's closing stock price on
April 22, 2013, the merger transaction would be valued at
approximately $3.84 per share, or $100.0 million in the aggregate.
The exchange ratio is fixed and the transaction is expected to
qualify as a tax-free exchange for shareholders of PVF Capital
Corp.
F.N.B. Corporation and PVF Capital Corp. expect to complete the
transaction in October 2013, after satisfaction of customary
closing conditions, including regulatory approvals and the approval
of the shareholders of PVF Capital Corp. F.N.B. Corporation
expects to file a preliminary registration statement on Form S-4
with the Securities and Exchange Commission ("SEC") during the
Company's fiscal 2013 fourth quarter. The preliminary registration
statement will include a proxy statement/prospectus and other
documents relevant to the merger.
SHAREHOLDERS OF PVF CAPITAL CORP. ARE ADVISED TO READ THE PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION, AS WELL AS ANY AMENDMENTS
OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION.
The proxy statement/prospectus and other relevant materials
(when they become available), and any other documents F.N.B.
Corporation and PVF Capital Corp. have filed with the SEC, may be
obtained free of charge at the SEC's website at www.sec.gov. In
addition, investors and security holders may obtain free copies of
the documents F.N.B. Corporation has filed with the SEC by
contacting James Orie, Chief Legal Officer, F.N.B. Corporation, One
F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317,
and free copies of the documents PVF Capital Corp. has filed with
the SEC by contacting Jeffrey N. Male, Secretary, PVF Capital
Corp., 30000 Aurora Road, Solon, OH 44139, telephone: (440)
248-7171.
F.N.B. Corporation and PVF Capital Corp. and certain of their
directors and executive officers may be deemed to be participants
in the solicitation of proxies from PVF Capital Corp. shareholders
in connection with the proposed merger. Information concerning such
participants' ownership of PVF Capital Corp. common shares will be
set forth in the proxy statement/prospectus relating to the merger
when it becomes available. This communication does not constitute
an offer of any securities for sale.
About PVF Capital Corp.
Park View Federal is a wholly-owned subsidiary of PVF Capital
Corp. and operates 16 full-service offices located throughout the
Greater Cleveland area. For additional information, visit our web
site at parkviewfederal.com. PVF Capital Corp.'s common shares
trade on the NASDAQ Capital Market under the symbol
PVFC.
Use of Non-GAAP Financial Measures
This release included certain financial information determined
by methods other than in accordance with GAAP. One non-GAAP
performance metric that management believes is useful in analyzing
underlying performance trends is pre-tax, pre-credit provision
income. This is the level of earnings adjusted to exclude the
impact of:
- provision expense and credit related charges involving the
valuation and disposition of other real estate owned, which are
excluded because its absolute level is elevated and volatile in
times of economic stress;
- available-for-sale and other securities gains/losses, which are
excluded because in times of economic stress securities market
valuations may also become particularly volatile; and
- certain items identified by management to be outside of
ordinary banking activities, such as merger-related expenses,
and/or by items that, while they may be associated with ordinary
banking activities, are so unusually large that their outsized
impact is believed by management at the time to be infrequent or
short-term in nature, which management believes may distort the
Company's underlying performance trends.
Non-GAAP measures are not in accordance with, nor are they a
substitute for, GAAP measures. The Company's non-GAAP financial
measures are not meant to be considered in isolation or as a
substitute for the comparable GAAP financial measures, and should
be read only in conjunction with the Company's consolidated
financial statements prepared in accordance with GAAP. While the
Company believes that non-GAAP financial measures provide useful
supplemental information to investors, there are very significant
limitations associated with their use. Non-GAAP financial measures
are not prepared in accordance with GAAP, may not be reported by
all of the Company's competitors and may not be directly comparable
to similarly titled measures of the Company's competitors due to
potential differences in the exact methods of calculation. The
Company compensates for these limitations by using these non-GAAP
financial measures as supplements to GAAP financial measures and by
reviewing the reconciliations of the non-GAAP financial measures to
their most comparable GAAP financial measures.
Cautionary Note on Forward-Looking
Statements
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, interest rate changes, real estate values, continued
softening in the economy, which could materially impact credit
quality trends and the ability to generate loans, changes in the
mix of the Company's business, competitive pressures, changes in
accounting, tax or regulatory practices or requirements and those
risk factors detailed in the Company's periodic reports and
registration statements filed with the Securities and Exchange
Commission. 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. This press release contains time-sensitive information
that reflects management's best analysis only as of the date of
this document. The Company does not undertake an obligation to
publicly update or revise any forward-looking statements to reflect
new events, information or circumstances, or otherwise. Further
information concerning issues that could materially affect
financial performance related to forward-looking statements can be
found in the Company's periodic filings with the Securities and
Exchange Commission.
| |
| PVF CAPITAL
CORP. |
| CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION |
| (Unaudited) |
| |
|
|
| |
March 31, |
June 30, |
| |
2013 |
2012 |
| |
|
|
| ASSETS |
|
|
| Cash and amounts due from
financial institutions |
$ 19,869,055 |
$ 5,840,608 |
| Interest-bearing deposits |
80,125,268 |
114,269,532 |
| Total cash and cash
equivalents |
99,994,323 |
120,110,140 |
| Securities available for
sale |
41,419,405 |
38,658,044 |
| Loans receivable held for sale,
net |
9,348,387 |
25,062,786 |
| Loans receivable, net of
allowance of $14,920,231 and $16,052,865, respectively |
547,216,456 |
541,627,515 |
| Office properties and
equipment, net |
7,139,173 |
7,237,165 |
| Real estate owned, net |
7,251,163 |
7,733,578 |
| Federal Home Loan Bank
stock |
12,811,100 |
12,811,100 |
| Bank-owned life insurance |
23,768,643 |
23,648,663 |
| Prepaid expenses and other
assets |
11,507,473 |
14,560,882 |
| Total assets |
$ 760,456,123 |
$ 791,449,873 |
| |
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
| Liabilities |
|
|
| Non-interest-bearing
deposits |
$ 64,085,166 |
$ 51,786,588 |
| Interest-bearing deposits |
557,082,044 |
604,192,552 |
| Total deposits |
621,167,210 |
655,979,140 |
| Note payable |
966,112 |
1,046,111 |
| Long-term advances from the
Federal Home Loan Bank |
35,000,000 |
35,000,000 |
| Advances from borrowers for
taxes and insurance |
8,349,129 |
4,469,292 |
| Accrued expenses and other
liabilities |
17,636,636 |
24,824,455 |
| Total liabilities |
683,119,087 |
721,318,997 |
| |
|
|
| Stockholders' equity |
|
|
| Serial preferred stock, $.01
par value, 1,000,000 shares authorized; none issued |
-- |
-- |
| Common stock, $.01 par value,
65,000,000 shares authorized; 26,521,567 and 26,217,796 shares
issued |
265,527 |
262,178 |
| Additional paid-in capital |
101,722,000 |
100,897,560 |
| Retained earnings (accumulated
deficit) |
(20,893,709) |
(26,719,600) |
| Accumulated other comprehensive
income (loss) |
80,365 |
(472,116) |
| Treasury stock at cost, 472,725
shares, respectively |
(3,837,147) |
(3,837,147) |
| Total stockholders' equity |
77,337,036 |
70,130,876 |
| Total liabilities and
stockholders' equity |
$ 760,456,123 |
$ 791,449,873 |
| |
| |
| PVF CAPITAL
CORP. |
| CONSOLIDATED STATEMENTS
OF OPERATIONS |
|
(Unaudited) |
| |
|
|
|
|
| |
Three Months Ended |
Nine Months Ended |
| |
March 31, |
March 31, |
| |
2013 |
2012 |
2013 |
2012 |
| |
|
Revised |
|
Revised |
| Interest and dividends income |
|
|
|
|
| Loans |
$ 6,522,409 |
$ 6,884,277 |
$ 20,176,903 |
$ 20,984,085 |
| Mortgage-backed securities |
61,278 |
95,138 |
191,024 |
210,777 |
| Federal Home Loan Bank stock
dividends |
136,862 |
145,309 |
425,199 |
402,233 |
| Securities |
120,894 |
146,456 |
387,304 |
184,798 |
| Federal funds sold and
interest-bearing deposits |
51,168 |
73,700 |
184,091 |
254,586 |
| Total interest and dividends
income |
6,892,611 |
7,344,880 |
21,364,521 |
22,036,479 |
| |
|
|
|
|
| Interest expense |
|
|
|
|
| Deposits |
1,012,425 |
1,592,190 |
3,508,571 |
5,324,370 |
| Long-term borrowings |
265,017 |
268,267 |
806,167 |
812,887 |
| Total interest expense |
1,277,442 |
1,860,457 |
4,314,738 |
6,137,257 |
| |
|
|
|
|
| Net interest income |
5,615,169 |
5,484,423 |
17,049,783 |
15,899,222 |
| Provision for loan losses |
-- |
2,016,000 |
2,050,000 |
5,482,000 |
| Net interest income after
provision for loan losses |
5,615,169 |
3,468,423 |
14,999,783 |
10,417,222 |
| |
|
|
|
|
| Non-interest income |
|
|
|
|
| Service charges and other
fees |
237,436 |
238,403 |
888,591 |
623,081 |
| Mortgage banking activities,
net |
2,464,702 |
3,332,547 |
9,355,545 |
6,149,734 |
| Gain on sale of SBA loans |
556,326 |
-- |
552,640 |
221,218 |
| Increase in cash surrender
value of bank-owned life insurance |
35,088 |
54,928 |
119,980 |
173,915 |
| Gain (loss) on real estate
owned |
(65,662) |
(209,813) |
(182,703) |
(453,770) |
| Provision for real estate owned
losses |
(540,415) |
(401,580) |
(993,876) |
(1,276,403) |
| Other, net |
223,860 |
260,602 |
667,798 |
634,572 |
| Total non-interest income |
2,911,335 |
3,275,088 |
10,407,975 |
6,072,348 |
| |
|
|
|
|
| Non-interest expense |
|
|
|
|
| Compensation and benefits |
3,277,109 |
2,854,357 |
9,633,127 |
8,481,444 |
| Office occupancy and
equipment |
538,052 |
607,606 |
1,676,009 |
1,770,900 |
| FDIC insurance |
239,639 |
440,182 |
874,116 |
1,295,613 |
| Professional and legal |
259,107 |
60,000 |
620,000 |
305,000 |
| Outside services |
892,755 |
736,031 |
2,261,646 |
1,849,102 |
| Maintenance contracts |
87,373 |
221,825 |
437,526 |
640,682 |
| Franchise tax |
212,950 |
225,001 |
606,364 |
675,856 |
| Real estate owned and
collection expense |
435,629 |
573,306 |
1,284,263 |
1,970,677 |
| Merger-related expense |
275,861 |
-- |
275,861 |
-- |
| Other |
472,502 |
799,875 |
1,782,955 |
2,066,108 |
| Total non-interest expense |
6,690,977 |
6,518,183 |
19,451,867 |
19,055,382 |
| |
|
|
|
|
| Income (loss) before federal
income taxes |
1,835,527 |
225,327 |
5,955,891 |
(2,565,813) |
| Federal income tax provision (benefit) |
73,000 |
-- |
130,000 |
(25,178) |
| Net income (loss) |
$ 1,762,527 |
$ 225,327 |
$ 5,825,891 |
$ (2,540,635) |
| |
|
|
|
|
| Basic earnings (loss) per share |
$ 0.07 |
$ 0.01 |
$ 0.22 |
$ (0.10) |
| Diluted earnings (loss) per share |
$ 0.07 |
$ 0.01 |
$ 0.22 |
$ (0.10) |
| |
| |
| FINANCIAL
HIGHLIGHTS |
| |
|
|
|
|
|
| |
At or for the three
months ended |
| (dollars in thousands except per
share data) |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
| Balance Sheet Data: |
2013 |
2012 |
2012 |
2012 |
2012 |
| Total assets |
$ 760,456 |
$ 781,798 |
$ 779,123 |
$ 791,450 |
$ 806,472 |
| Loans receivable |
562,137 |
569,716 |
559,322 |
557,680 |
563,557 |
| Allowance for loan losses |
14,920 |
15,140 |
16,136 |
16,053 |
16,914 |
| Loans receivable held for sale, net |
9,348 |
30,089 |
19,766 |
25,063 |
16,386 |
| Cash and cash equivalents |
99,994 |
94,458 |
114,575 |
120,110 |
134,496 |
| Securities available for sale |
41,419 |
39,761 |
38,281 |
38,658 |
40,908 |
| Deposits |
621,167 |
634,313 |
646,150 |
655,979 |
667,198 |
| Borrowings |
35,966 |
35,993 |
36,019 |
36,046 |
36,073 |
| Stockholders' equity |
77,337 |
75,098 |
72,077 |
70,131 |
69,385 |
| Nonperforming loans |
17,044 |
18,361 |
17,864 |
19,900 |
23,542 |
| Other nonperforming assets |
7,251 |
7,744 |
7,232 |
7,734 |
9,552 |
| Tangible common equity ratio |
10.17% |
9.61% |
9.25% |
8.86% |
8.60% |
| Book value per share |
$ 2.97 |
$ 2.90 |
$ 2.78 |
$ 2.72 |
$ 2.69 |
| Common shares outstanding at period end |
26,048,842 |
25,927,214 |
25,919,470 |
25,820,424 |
25,820,424 |
| |
|
|
|
|
|
| Operating Data: |
|
|
|
|
|
| Interest income |
$ 6,893 |
$ 7,214 |
$ 7,258 |
$ 7,212 |
$ 7,345 |
| Interest expense |
1,277 |
1,441 |
1,596 |
1,737 |
1,861 |
| |
|
|
|
|
|
| Net interest income before provision for loan
losses |
5,615 |
5,773 |
5,662 |
5,475 |
5,484 |
| Provision for loan losses |
-- |
1,000 |
1,050 |
1,500 |
2,016 |
| |
|
|
|
|
|
| Net interest income (loss) after provision
for loan losses |
5,615 |
4,773 |
4,612 |
3,975 |
3,468 |
| Non-interest income |
2,911 |
4,206 |
3,291 |
3,043 |
3,275 |
| Non-interest expense |
6,691 |
6,256 |
6,505 |
6,602 |
6,518 |
| |
|
|
|
|
|
| Income (loss) before federal income
taxes |
1,836 |
2,723 |
1,398 |
415 |
225 |
| Federal income tax expense (benefit) |
73 |
57 |
-- |
(194) |
-- |
| |
|
|
|
|
|
| Net income (loss) |
$ 1,763 |
$ 2,666 |
$ 1,398 |
$ 609 |
$ 225 |
| |
|
|
|
|
|
| Basic earnings (loss) per share |
$ 0.07 |
$ 0.10 |
$ 0.05 |
$ 0.02 |
$ 0.01 |
| Diluted earnings (loss) per share |
$ 0.07 |
$ 0.10 |
$ 0.05 |
$ 0.02 |
$ 0.01 |
| |
|
|
|
|
|
| Performance Ratios: |
|
|
|
|
|
| Return on average assets |
0.91% |
1.37% |
0.70% |
0.30% |
0.11% |
| Return on average equity |
9.25% |
14.49% |
7.98% |
4.71% |
2.42% |
| Net interest margin |
3.21% |
3.16% |
3.12% |
2.94% |
2.99% |
| Interest rate spread |
3.11% |
3.13% |
3.07% |
2.88% |
2.91% |
| Efficiency ratio |
80.01% |
61.09% |
69.21% |
72.38% |
69.55% |
| Stockholders' equity to total assets (all
tangible) |
10.17% |
9.61% |
9.25% |
8.86% |
8.60% |
| |
|
|
|
|
|
| Asset Quality Ratios: |
|
|
|
|
|
| Nonperforming assets to total assets |
3.19% |
3.34% |
3.22% |
3.49% |
4.10% |
| Nonperforming loans to total loans |
3.03% |
3.22% |
3.19% |
3.57% |
4.18% |
| Allowance for loan losses to total loans |
2.65% |
2.66% |
2.88% |
2.88% |
3.00% |
| Allowance for loan losses to nonperforming
loans |
87.54% |
82.46% |
90.32% |
80.67% |
71.85% |
| Net charge-offs to average loans,
annualized |
0.15% |
1.37% |
0.67% |
1.64% |
1.86% |
| |
|
|
|
|
|
| Park View Federal Regulatory Capital
Ratios: |
|
|
|
|
|
| Ratio of tangible capital to adjusted total
assets |
9.93% |
9.36% |
9.06% |
8.66% |
8.50% |
| Ratio of tier one (core) capital to
adjusted total assets |
9.93% |
9.36% |
9.06% |
8.66% |
8.50% |
| Ratio of tier one risk-based capital to
risk-weighted assets |
12.51% |
11.66% |
11.94% |
11.73% |
11.60% |
| Ratio of total risk-based capital to
risk-weighted assets |
13.77% |
12.93% |
13.20% |
13.00% |
12.87% |
CONTACT: James H. Nicholson
Chief Financial Officer
440-248-7171
Pvf Capital (NASDAQ:PVFC)
Historical Stock Chart
From Jan 2025 to Feb 2025
Pvf Capital (NASDAQ:PVFC)
Historical Stock Chart
From Feb 2024 to Feb 2025
