PVF Capital, the parent company of Park View Federal Savings Bank, has reported a net loss of $8.58m, or $1.10 basic and diluted loss per share, for the third quarter ended March 31, 2009, compared to a net income of $301,000, or $0.04 basic and diluted earnings per share, for the corresponding quarter of 2008.
For the third quarter ended March 2009, net interest income was $4.36m, compared to $5.19m for the same period of 2008. Total noninterest income was $3.79m, compared to $1.21m for the same period of 2008.
According to the company, for the nine-month period ended March 31, 2009, the company has reported a net loss of $12.2m, or $1.57 basic and diluted loss per share, as compared to net income of $1.64m, or $0.21 basic and diluted earnings per share, for the same period of 2008. According to the company, the loss was primarily driven by an addition to loan loss reserves that resulted from a review of Park View Federal’s loan portfolio.
It said that net interest income for the nine months ended March 2009 was $14.11m, compared to $16.31m in the corresponding period of 2008. Total non-interest income for the nine months ended March 2009 was $3.92m, compared to $2.85m in the same period of 2008.
As of March 31, 2009, PVF Capital has reported assets of $897.69m, compared to $867.4m as of June 30, 2008.
Marty Adams, CEO at PVF Capital, said: Although we are disappointed to report a loss, Park View Federal continues to be well-capitalized in every respect. Despite these results, Park View Federal Savings Bank ended the quarter with capital ratios of 7.86% on a tire one leverage basis and 11.39% on a total risk-based capital basis, both well in excess of regulatory capital requirements.
