PVF Capital Corp. (PVFC, Financial) filed Quarterly Report for the period ended 2009-03-31.
PVF CAPITAL CORP. is a federal stock savings bank engaged in general banking business. Member FDIC. PVF Capital Corp. has a market cap of $20.21 million; its shares were traded at around $2.6 with and P/S ratio of 0.34.
The Company has elected to defer the payment of dividends on $10.0 million of variable-rate Subordinated Deferrable Interest Debentures due June 29, 2034 and $10,000,000 of fixed-rate Subordinated Deferrable Interest Debentures due July 6, 2036 (the Debentures). The Company issued the Debentures to two special purpose entities, PVF Capital Trust I and PVF Capital Trust II (the Trusts), in exchange for the proceeds of the offering by the Trusts of trust preferred securities. Pursuant to the terms of the Debentures, interest on the Debentures may be deferred at any time or from time to time for a period not exceeding 20 consecutive quarterly payments (five years), provided there is no event of default. While the Company will defer the payment of interest on the Debentures, it will continue to accrue expense for interest owed on the Debentures at a compounded rate. Under the terms of the Debentures, if the Company has elected to defer the payment of interest on the Debentures, the Company generally may not declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock. Accordingly, the Company discontinued the payment of cash dividends on its common stock.
We reported net losses of $1.1 million and $12.2 million for the year ended June 30, 2008 and the nine months ended March 31, 2009, respectively. The primary reasons for our losses were that we increased our provision for loan losses as a result of deteriorating economic conditions and the adverse impact on the housing and real estate markets. For the nine months ended March 31, 2009, a provision for loan losses of $20.0 million was recorded, while a provision for loan losses of $1.5 million was recorded in the prior year comparable period. Although Park View Federal Savings Banks capital exceeded the current applicable regulatory capital measurements to meet the definition of a well-capitalized institution at March 31, 2009 and June 30, 2008, additional losses could adversely impact the Banks regulatory capital ratios. A failure to be considered well-capitalized would, among other things, affect the Banks ability to accept brokered deposits and may subject the Bank to increased FDIC deposit insurance assessments.
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PVF CAPITAL CORP. is a federal stock savings bank engaged in general banking business. Member FDIC. PVF Capital Corp. has a market cap of $20.21 million; its shares were traded at around $2.6 with and P/S ratio of 0.34.
Highlight of Business Operations:
PVF Capital Corp. has certain ongoing cash needs primarily related to trust preferred securities and the payment of dividends to stockholders. Interest payments on the trust preferred securities instruments totaled $462,000 during the nine months ended March 31, 2009. Cash dividends to stockholders totaled $77,700 for the six months ended December 31, 2008. During the December 2008 quarter, the Company elected to defer interest payments on the trust preferred securities and suspend the payment of cash dividends to stockholders. Cash at the holding company totaled $363,100 at March 31, 2009.The Company has elected to defer the payment of dividends on $10.0 million of variable-rate Subordinated Deferrable Interest Debentures due June 29, 2034 and $10,000,000 of fixed-rate Subordinated Deferrable Interest Debentures due July 6, 2036 (the Debentures). The Company issued the Debentures to two special purpose entities, PVF Capital Trust I and PVF Capital Trust II (the Trusts), in exchange for the proceeds of the offering by the Trusts of trust preferred securities. Pursuant to the terms of the Debentures, interest on the Debentures may be deferred at any time or from time to time for a period not exceeding 20 consecutive quarterly payments (five years), provided there is no event of default. While the Company will defer the payment of interest on the Debentures, it will continue to accrue expense for interest owed on the Debentures at a compounded rate. Under the terms of the Debentures, if the Company has elected to defer the payment of interest on the Debentures, the Company generally may not declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock. Accordingly, the Company discontinued the payment of cash dividends on its common stock.
We reported net losses of $1.1 million and $12.2 million for the year ended June 30, 2008 and the nine months ended March 31, 2009, respectively. The primary reasons for our losses were that we increased our provision for loan losses as a result of deteriorating economic conditions and the adverse impact on the housing and real estate markets. For the nine months ended March 31, 2009, a provision for loan losses of $20.0 million was recorded, while a provision for loan losses of $1.5 million was recorded in the prior year comparable period. Although Park View Federal Savings Banks capital exceeded the current applicable regulatory capital measurements to meet the definition of a well-capitalized institution at March 31, 2009 and June 30, 2008, additional losses could adversely impact the Banks regulatory capital ratios. A failure to be considered well-capitalized would, among other things, affect the Banks ability to accept brokered deposits and may subject the Bank to increased FDIC deposit insurance assessments.
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