PVF Capital Corp. in Solon, Ohio, cited a steep increase in its loan-loss provision in reporting that the net loss for its fiscal fourth quarter widened 192% from the year earlier, to $7.9 million.
The $912 million-asset company, which reported its results Friday, said the provision rose 146%, to $11.2 million during the quarter, which ended June 30.
For its fiscal year 2009, the net loss grew eighteenfold from the year earlier, to $20.1 million, and the provision jumped fivefold in the 12 months, to $31.2 million.
PVF said that during the past two quarters it did a thorough review of its loan portfolio and drafted a plan to fix problem loans or dispose of them.
It gave no details about its nonperforming assets or capital ratios.
But according to data from the Federal Deposit Insurance Corp., the company's Park View Federal Savings Bank unit had $59.5 million in noncurrent loans at June 30, double the total a year earlier.
Those loans comprised 8.38% of total loans, up from 4.12%.
The thrift was well capitalized at the end of the quarter by the typical regulatory standards. However, the company reported this month that the Office of Thrift Supervision had directed it to have a core capital ratio of 8% and a total risk-based capital ratio of 12% by Dec. 31.
