PVF Capital Corp. in Solon, Ohio, reported a loss of $2.6 million for its fiscal fourth quarter, a slight improvement from a year earlier.
Although the results were similar, the income statement had several one-off items.
The $787 million-asset company's results included a $1.2 million gain on the sale of securities. Also, the company's foreclosure costs totaled $298,000, down 75% from a year earlier. Those factors helped lift the company's noninterest income to $2 million for the quarter, up more than fivefold from a year earlier.
The company's fourth quarter 2010 results included a tax benefit of $1.6 million, compared to a benefit of $416,000 this year.
Otherwise, the company's results were largely comparable to the previous year. It provision for loan losses totaled $4.2 million, up 6% from a year earlier. Net interest income was $5.4 million, up 3% from a year earlier.
The company's nonperforming assets, however, totaled $58.3 million, down 25% from a year earlier.
