Two weeks after announcing preliminary results for the quarter that ended Dec. 31, PVF Capital Corp. of Solon, Ohio, is taking a second look at its loan portfolio.
The $903 million-asset company will be late in filing the results with the Securities and Exchange Commission because it needs "to reassess certain loans" to ensure that its provision is appropriate, according to its SEC filing Monday.
The company announced Jan. 23 that it lost $2.7 million in the Dec. 31 quarter, its second fiscal quarter, compared with a $732,000 profit a year earlier. The loss was driven by a 44-fold jump in its provision, to $3.6 million.
PVF said in the filing Monday that it expects the provision to remain unchanged when the results are finalized.
The company has not provided details about its credit quality for last quarter. But for the quarter that ended Sept. 30 its nonperforming assets were $36.1 million, or 4% of assets. At the time construction loans made up 44% of the nonperformers.
