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EARNINGS
PVF Capital Corp. sees fourth-quarter loss widen from a year ago
PVF Capital Corp., the parent company of Park View Federal Savings Bank, saw losses in its fiscal fourth quarter widen from a year earlier. The company lost $7.9 million, or $1.02 per share, for the quarter that ended June 30. For the comparable period a year ago, it lost $2.7 million, or 35 cents per share. The losses, PVF said in announcing its results, stem largely from increased loan-loss provisions. The bank allocated $11.2 million for future losses in the quarter, bringing the total provision to $31.5 million.
During the last two quarters, the company said, it “performed a thorough comprehensive review of its loan portfolio” and developed detailed plans to either dispose of loans or return them to profitability.
The bank saw high refinance activity, which, coupled with the sale of some loans, led to a $3.3 million increase in non-interest income. Increased nonperforming loans brought down the company's net interest income. Losses also come from expenses related to the acquisition, maintenance, and disposal of real estate, to the tune of $3.2 million in the quarter.
The bank paid $676,400 more to consultants in the quarter and was hit by increased fees to the Federal Deposit Insurance Corp.
PVF revealed in a Sept. 10 filing with the Securities and Exchange Commission that it had been directed to raise its Tier 1 core capital level to 8% by Dec. 31, and its total risk-based capital to 12%.
It did not release its capital levels for the June 30 quarter, but as of March 31, the last date for which figures were available, PVF had a Tier 1 capital level of 7.86% and a risk-based capital level of 11.39%.
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