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PVF Capital Corp. Announces Earnings for Fiscal 2013 Third Quarter



PVF Capital Corp. Announces Earnings for Fiscal 2013 Third Quarter

  o Net income of $1.8 million, aided by mortgage banking and SBA lending
    results
  o Announced merger with F.N.B. Corporation proceeding
  o Non-interest expense includes $0.3 million of merger-related expenses
  o Continued improved asset quality and net charge-off ratio of 0.15%
  o Capital ratios remain strong

SOLON, Ohio, April 23, 2013 (GLOBE NEWSWIRE) -- PVF Capital Corp.
(Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, announced
net income of $1.8 million, or $0.07 basic and diluted earnings per share, for
the fiscal 2013 third quarter ended March 31, 2013. These results compare with
net income of $0.2 million, or $0.01 basic and diluted earnings per share, for
the prior-year quarter and net income of $2.7 million, or $0.10 basic and
diluted earnings per share, for the fiscal 2013 second quarter ended December
31, 2012. Fiscal 2013 third quarter results included $0.3 million of
merger-related expenses.

Robert J. King, Jr., President and Chief Executive Officer, commented, "I am
pleased we have continued our progress in improving asset quality and
sustaining consistent profitability as we continue to work toward the upcoming
merger with F.N.B. Corporation."

Net Interest Income

Net interest income totaled $5.6 million for the quarter ended March 31, 2013,
which was an increase of $0.1 million, or 2.4% over the quarter ended March
31, 2012, and a decrease of $0.2 million, or 2.7% from the fiscal 2013 second
quarter ended December 31, 2012. Despite a smaller balance sheet for the
period ended March 31, 2013, the Company has maintained a relatively stable
level of net interest income which is attributable to the on-going strategic
improvement in the mix of average earning assets which resulted in a
relatively stable earning asset yield, while the Company has been able to
continue to lower its funding costs in this low interest rate environment.
This has resulted in a smaller but more efficient balance sheet which improved
the Company's net interest margin to 3.21% for the quarter ended March 31,
2013, compared with 3.16% and 2.99% for the quarters ended December 31, 2012
and March 31, 2012, respectively.

Lower Non-interest Income from Declining Mortgage Banking Revenues

Non-interest income totaled $2.9 million for the quarter ended March 31, 2013,
a decrease of $1.3 million, or 30.8%, from the quarter ended December 31,
2012, and a decrease of $0.4 million, or 11.1%, from the quarter ended March
31, 2012. This decrease is primarily the result of a decline in net revenue
from mortgage banking activities which totaled $2.5 million and is a decrease
of $1.3 million from the fiscal 2013 second quarter and $0.9 million from the
same quarter of the prior year. Although the continued lower interest rate
environment allowed the Company to capitalize upon its significant residential
mortgage origination capabilities, there has been a slowdown in the level of
refinance activities, resulting in a decrease in the gain on sale of mortgages
income. Also, included in the mortgage banking results is a $0.2 million
recovery to the impairment valuation allowance recognized against the carrying
value of the Company's capitalized mortgage servicing rights. Although the
majority of mortgage lending activities in the current environment involves
refinance, which is highly correlated to interest rate movements and levels
and impacts the fair value of mortgage servicing rights, there has been a
slowdown in the level of refinance activities and an increase in new purchase
loans. As such, the expected level of prepayments from refinance loans has
declined and accordingly resulted in an increase in the fair value of mortgage
servicing rights.

Partially offsetting the decline in mortgage banking, the Company sold $4.4
million of government guaranteed loans as part of its SBA business strategy,
recognizing a gain of $0.6 million in the current quarter. The Company did not
recognize any SBA gains in the quarters ended December 31, 2012 and March 31,
2012. Contributing to the decline in non-interest income is the credit-related
cost associated with other real estate owned which totaled $0.6 million, an
increase of $0.3 million from the fiscal 2013 second quarter. The
credit-related costs resulted from updated valuations on other real estate
owned and losses on property dispositions whose values have shown signs of
stabilizing versus a year ago. Service charges and other fees were unchanged
from the same quarter of the prior year, but decreased $0.2 million from the
December 2012 quarter due to lower electronic banking related fees.

Asset Quality Steadily Improves

During the quarter, nonperforming loans declined $1.3 million, or 7.2%, to
$17.0 million, compared with the second quarter of fiscal 2013, while other
real estate owned decreased $0.5 million to $7.3 million, resulting in total
nonperforming assets of $24.3 million. This was a decrease of $1.8 million, or
6.9%, compared with total nonperforming assets of $26.1 million at December
31, 2012, and a decline of $8.8 million, or 26.6%, over the prior year.

The classified assets to core capital plus general valuation allowance ratio
improved to 40.6% at March 31, 2013, compared with 55.9% at the end of the
prior-year quarter and 42.4% at December 31, 2012. The Company also reduced
its level of classified assets plus special mention assets to core capital
plus general valuation allowance ratio to 44.9% at March 31, 2013, versus
66.0% a year ago and 47.3% at December 31, 2012.

The allowance for loan losses at March 31, 2013 was $14.9 million, or 2.7% of
total loans. This compares with an allowance of $15.1 million, or 2.7% of
total loans, at December 31, 2012, and $16.9 million, or 3.0% of total loans,
at March 31, 2012. The allowance's coverage of nonperforming loans improved to
87.5% at March 31, 2013, compared with 82.5% at December 31, 2012, and 71.9%
at March 31, 2012. Net charge-offs for the quarter ended March 31, 2013 were
$0.2 million, reflecting the improving quality of the loan portfolio along
with increasing recoveries of previously charged-off loans. This compares with
$2.0 million for the fiscal 2013 second quarter and $2.6 million for the same
quarter of the prior year. Accordingly, there was no provision for loan losses
for the current quarter, reflecting the limited net charge-offs during the
quarter, continued progress in improving risk profile and strengthening
performance of the loan portfolio. The provision for loan losses totaled $1.0
million for the quarter ended December 31, 2012 and $2.0 million for the
quarter ended March 31, 2012.

Non-interest Expense Includes Merger-related Expenses

Non-interest expense totaled $6.7 million for the current quarter, compared
with $6.3 million for the fiscal 2013 second quarter, and $6.5 million for the
quarter ended March 31, 2012. The increase in non-interest expense during the
quarter was substantially attributed to merger-related expenses of $0.3
million. Excluding the merger-related expenses, non-interest expense has
remained stable.

Pre-tax, Pre-credit Provision Income

One metric that management believes is useful in analyzing performance is
pre-tax, pre-credit provision income, which adjusts earnings to exclude
provision expense, credit-related charges involving the valuation and
disposition of other real estate owned, and securities gains or losses. In
addition, earnings are adjusted for items identified by management to be
outside of ordinary banking activities and/or by items that, while they may be
associated with ordinary banking activities, are so unusually large that their
outsized impact is believed by management at the time to be infrequent or
short-term in nature, which management believes may distort the Company's
underlying performance trends. The pre-tax, pre-credit provision income for
the quarter ended March 31, 2013 was $2.8 million, compared with income of
$4.0 million for the quarter ended December 31, 2012, and income of $2.8
million for the prior-year quarter.

A reconciliation of net earnings reported under generally accepted accounting
principles ("GAAP") to pre-tax, pre-credit provision income (a non-GAAP
metric) for the current and trailing four quarters ended March 31, 2013, is as
follows (dollars in millions):

                               March 31, Dec. 31, Sept. 30, June 30, March 31,
                               2013      2012     2012      2012     2012
                                                  Revised   Revised  Revised
                                                                      
Net income                      $ 1.8     $ 2.7    $ 1.4     $ 0.6    $ 0.2
Federal income tax provision   0.1       0.0      0.0        (0.2)   0.0
(benefit)
Pre-tax income                  1.9       2.7      1.4       0.4      0.2
Provision for loan losses       --        1.0      1.1       1.5      2.0
Merger-related expenses         0.3       --       --        --       -- 
Loss/write-down on other real   0.6       0.3      0.3       0.7      0.6
estate owned
                                                                      
Pre-tax, pre-credit provision   $ 2.8     $ 4.0    $ 2.8     $ 2.6    $ 2.8
income

Pre-tax, pre-credit provision income declined by approximately $1.2 million
compared with the December 31, 2012 period, primarily as a result of lower
non-interest income of $1.3 million and lower net interest income of $0.2
million. The decline in non-interest income was caused by lower mortgage
banking revenue and service charge income, partially offset by higher gains on
the sale of SBA loans.

Bank Capital Ratios Remain Strong

The Bank's capital ratios have continued to build and remain above regulatory
requirements. As of March 31, 2013, the ratio of tier one (core) capital to
adjusted total assets stood at 9.93% and total risk-based capital to
risk-weighted assets was 13.77%.

Year-to-Date Results

For the nine months ended March 31, 2013, the Company's net income totaled
$5.8 million, or $0.22 basic and diluted earnings per share, compared with a
loss of $2.5 million, or $0.10 basic and diluted loss per share, for the
nine-month period ended March 31, 2012. The $8.3 million improvement in the
Company's results was attributable to a $1.2 million improvement in net
interest income, a reduction in the provision for loan losses of $3.4 million
from improving asset quality, a $4.3 million increase in non-interest income
from higher overall mortgage banking revenue, SBA income, service and other
income and lower REO related credit costs, a $0.4 million increase in
non-interest expense primarily due to merger-related expenses of $0.3 million,
and higher federal income tax provision of $0.2 million.

Announced Merger

On February 19, 2013, PVF Capital Corp. announced that it had entered into a
definitive merger agreement with F.N.B. Corporation (NYSE:FNB) pursuant to
which F.N.B. Corporation will acquire PVF Capital Corp. in an all-stock
transaction.

Under the terms of the merger agreement, which has been approved by the board
of directors of PVF Capital Corp., shareholders of PVF Capital Corp. will be
entitled to receive 0.3405 shares of F.N.B. Corporation common stock for each
common share of PVF Capital Corp. they own. Based on F.N.B. Corporation's
closing stock price on April 22, 2013, the merger transaction would be valued
at approximately $3.84 per share, or $100.0 million in the aggregate. The
exchange ratio is fixed and the transaction is expected to qualify as a
tax-free exchange for shareholders of PVF Capital Corp.

F.N.B. Corporation and PVF Capital Corp. expect to complete the transaction in
October 2013, after satisfaction of customary closing conditions, including
regulatory approvals and the approval of the shareholders of PVF Capital Corp.
 F.N.B. Corporation expects to file a preliminary registration statement on
Form S-4 with the Securities and Exchange Commission ("SEC") during the
Company's fiscal 2013 fourth quarter. The preliminary registration statement
will include a proxy statement/prospectus and other documents relevant to the
merger.

SHAREHOLDERS OF PVF CAPITAL CORP. ARE ADVISED TO READ THE PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS
TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

The proxy statement/prospectus and other relevant materials (when they become
available), and any other documents F.N.B. Corporation and PVF Capital Corp.
have filed with the SEC, may be obtained free of charge at the SEC's website
at www.sec.gov. In addition, investors and security holders may obtain free
copies of the documents F.N.B. Corporation has filed with the SEC by
contacting James Orie, Chief Legal Officer, F.N.B. Corporation, One F.N.B.
Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317, and free copies of
the documents PVF Capital Corp. has filed with the SEC by contacting Jeffrey
N. Male, Secretary, PVF Capital Corp., 30000 Aurora Road, Solon, OH 44139,
telephone: (440) 248-7171.

F.N.B. Corporation and PVF Capital Corp. and certain of their directors and
executive officers may be deemed to be participants in the solicitation of
proxies from PVF Capital Corp. shareholders in connection with the proposed
merger. Information concerning such participants' ownership of PVF Capital
Corp. common shares will be set forth in the proxy statement/prospectus
relating to the merger when it becomes available. This communication does not
constitute an offer of any securities for sale.

About PVF Capital Corp.

Park View Federal is a wholly-owned subsidiary of PVF Capital Corp. and
operates 16 full-service offices located throughout the Greater Cleveland
area. For additional information, visit our web site at
parkviewfederal.com. PVF Capital Corp.'s common shares trade on the NASDAQ
Capital Market under the symbol PVFC.

Use of Non-GAAP Financial Measures

This release included certain financial information determined by methods
other than in accordance with GAAP. One non-GAAP performance metric that
management believes is useful in analyzing underlying performance trends is
pre-tax, pre-credit provision income. This is the level of earnings adjusted
to exclude the impact of:

  * provision expense and credit related charges involving the valuation and
    disposition of other real estate owned, which are excluded because its
    absolute level is elevated and volatile in times of economic stress;
     
  * available-for-sale and other securities gains/losses, which are excluded
    because in times of economic stress securities market valuations may also
    become particularly volatile; and
     
  * certain items identified by management to be outside of ordinary banking
    activities, such as merger-related expenses, and/or by items that, while
    they may be associated with ordinary banking activities, are so unusually
    large that their outsized impact is believed by management at the time to
    be infrequent or short-term in nature, which management believes may
    distort the Company's underlying performance trends.

Non-GAAP measures are not in accordance with, nor are they a substitute for,
GAAP measures. The Company's non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for the comparable GAAP financial
measures, and should be read only in conjunction with the Company's
consolidated financial statements prepared in accordance with GAAP. While the
Company believes that non-GAAP financial measures provide useful supplemental
information to investors, there are very significant limitations associated
with their use. Non-GAAP financial measures are not prepared in accordance
with GAAP, may not be reported by all of the Company's competitors and may not
be directly comparable to similarly titled measures of the Company's
competitors due to potential differences in the exact methods of calculation.
The Company compensates for these limitations by using these non-GAAP
financial measures as supplements to GAAP financial measures and by reviewing
the reconciliations of the non-GAAP financial measures to their most
comparable GAAP financial measures.

Cautionary Note on Forward-Looking Statements

This press release contains statements that are forward-looking, as that term
is defined by the Private Securities Litigation Act of 1995 or the Securities
and Exchange Commission in its rules, regulations and releases. The Company
intends that such forward-looking statements be subject to the safe harbors
created thereby. All forward-looking statements are based on current
expectation regarding important risk factors including, but not limited to,
interest rate changes, real estate values, continued softening in the economy,
which could materially impact credit quality trends and the ability to
generate loans, changes in the mix of the Company's business, competitive
pressures, changes in accounting, tax or regulatory practices or requirements
and those risk factors detailed in the Company's periodic reports and
registration statements filed with the Securities and Exchange Commission.
Accordingly, actual results may differ from those expressed in the
forward-looking statements, and the making of such statements should not be
regarded as a representation by the Company or any other person that results
expressed therein will be achieved. This press release contains time-sensitive
information that reflects management's best analysis only as of the date of
this document. The Company does not undertake an obligation to publicly update
or revise any forward-looking statements to reflect new events, information or
circumstances, or otherwise. Further information concerning issues that could
materially affect financial performance related to forward-looking statements
can be found in the Company's periodic filings with the Securities and
Exchange Commission.

 
PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
                                                                 
                                                 March 31,      June 30,
                                                 2013           2012
                                                                 
ASSETS                                                           
Cash and amounts due from financial institutions  $ 19,869,055   $ 5,840,608
Interest-bearing deposits                         80,125,268     114,269,532
Total cash and cash equivalents                   99,994,323     120,110,140
Securities available for sale                     41,419,405     38,658,044
Loans receivable held for sale, net               9,348,387      25,062,786
Loans receivable, net of allowance of             547,216,456    541,627,515
$14,920,231 and $16,052,865, respectively
Office properties and equipment, net              7,139,173      7,237,165
Real estate owned, net                            7,251,163      7,733,578
Federal Home Loan Bank stock                      12,811,100     12,811,100
Bank-owned life insurance                         23,768,643     23,648,663
Prepaid expenses and other assets                 11,507,473     14,560,882
Total assets                                      $ 760,456,123  $ 791,449,873
                                                                 
LIABILITIES AND STOCKHOLDERS' EQUITY                             
Liabilities                                                      
Non-interest-bearing deposits                     $ 64,085,166   $ 51,786,588
Interest-bearing deposits                         557,082,044    604,192,552
Total deposits                                    621,167,210    655,979,140
Note payable                                      966,112        1,046,111
Long-term advances from the Federal Home Loan     35,000,000     35,000,000
Bank
Advances from borrowers for taxes and insurance   8,349,129      4,469,292
Accrued expenses and other liabilities            17,636,636     24,824,455
Total liabilities                                 683,119,087    721,318,997
                                                                 
Stockholders' equity                                             
Serial preferred stock, $.01 par value,           --             --
1,000,000 shares authorized; none issued
Common stock, $.01 par value, 65,000,000 shares
authorized; 26,521,567 and 26,217,796 shares      265,527        262,178
issued
Additional paid-in capital                        101,722,000    100,897,560
Retained earnings (accumulated deficit)           (20,893,709)   (26,719,600)
Accumulated other comprehensive income (loss)     80,365         (472,116)
Treasury stock at cost, 472,725 shares,           (3,837,147)    (3,837,147)
respectively
Total stockholders' equity                        77,337,036     70,130,876
Total liabilities and stockholders' equity        $ 760,456,123  $ 791,449,873

 
 
PVF CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                                                 
                        Three Months Ended        Nine Months Ended
                        March 31,                 March 31,
                        2013         2012         2013          2012
                                     Revised                    Revised
Interest and dividends                                           
income
Loans                    $ 6,522,409  $ 6,884,277  $ 20,176,903  $ 20,984,085
Mortgage-backed          61,278       95,138       191,024       210,777
securities
Federal Home Loan Bank   136,862      145,309      425,199       402,233
stock dividends
Securities               120,894      146,456      387,304       184,798
Federal funds sold and
interest-bearing         51,168       73,700       184,091       254,586
deposits
Total interest and       6,892,611    7,344,880    21,364,521    22,036,479
dividends income
                                                                 
Interest expense                                                 
Deposits                 1,012,425    1,592,190    3,508,571     5,324,370
Long-term borrowings     265,017      268,267      806,167       812,887
Total interest expense   1,277,442    1,860,457    4,314,738     6,137,257
                                                                 
Net interest income      5,615,169    5,484,423    17,049,783    15,899,222
Provision for loan       --           2,016,000    2,050,000     5,482,000
losses
Net interest income
after provision for      5,615,169    3,468,423    14,999,783    10,417,222
loan losses
                                                                 
Non-interest income                                              
Service charges and      237,436      238,403      888,591       623,081
other fees
Mortgage banking         2,464,702    3,332,547    9,355,545     6,149,734
activities, net
Gain on sale of SBA      556,326      --           552,640       221,218
loans
Increase in cash
surrender value of       35,088       54,928       119,980       173,915
bank-owned life
insurance
Gain (loss) on real      (65,662)     (209,813)    (182,703)     (453,770)
estate owned
Provision for real       (540,415)    (401,580)    (993,876)     (1,276,403)
estate owned losses
Other, net               223,860      260,602      667,798       634,572
Total non-interest       2,911,335    3,275,088    10,407,975    6,072,348
income
                                                                 
Non-interest expense                                             
Compensation and         3,277,109    2,854,357    9,633,127     8,481,444
benefits
Office occupancy and     538,052      607,606      1,676,009     1,770,900
equipment
FDIC insurance           239,639      440,182      874,116       1,295,613
Professional and legal   259,107      60,000       620,000       305,000
Outside services         892,755      736,031      2,261,646     1,849,102
Maintenance contracts    87,373       221,825      437,526       640,682
Franchise tax            212,950      225,001      606,364       675,856
Real estate owned and    435,629      573,306      1,284,263     1,970,677
collection expense
Merger-related expense   275,861      --           275,861       --
Other                    472,502      799,875      1,782,955     2,066,108
Total non-interest       6,690,977    6,518,183    19,451,867    19,055,382
expense
                                                                 
Income (loss) before     1,835,527    225,327      5,955,891     (2,565,813)
federal income taxes
Federal income tax       73,000       --           130,000       (25,178)
provision (benefit)
Net income (loss)        $ 1,762,527  $ 225,327    $ 5,825,891   $ (2,540,635)
                                                                 
Basic earnings (loss)    $ 0.07       $ 0.01       $ 0.22        $ (0.10)
per share
Diluted earnings (loss)  $ 0.07       $ 0.01       $ 0.22        $ (0.10)
per share

 
 
FINANCIAL HIGHLIGHTS
                                                                    
                  At or for the three months ended
(dollars in                                September
thousands except  March 31,   December 31, 30,         June 30,    March 31,
per share data)
Balance Sheet     2013        2012         2012        2012        2012
Data:
Total assets       $ 760,456   $ 781,798    $ 779,123   $ 791,450   $ 806,472
Loans receivable   562,137     569,716      559,322     557,680     563,557
Allowance for      14,920      15,140       16,136      16,053      16,914
loan losses
Loans receivable
held for sale,     9,348       30,089       19,766      25,063      16,386
net
Cash and cash      99,994      94,458       114,575     120,110     134,496
equivalents
Securities
available for      41,419      39,761       38,281      38,658      40,908
sale
Deposits           621,167     634,313      646,150     655,979     667,198
Borrowings         35,966      35,993       36,019      36,046      36,073
Stockholders'      77,337      75,098       72,077      70,131      69,385
equity
Nonperforming      17,044      18,361       17,864      19,900      23,542
loans
Other
nonperforming      7,251       7,744        7,232       7,734       9,552
assets
Tangible common   10.17%      9.61%        9.25%       8.86%       8.60%
equity ratio
Book value per    $ 2.97      $ 2.90       $ 2.78      $ 2.72      $ 2.69
share
Common shares
outstanding at     26,048,842  25,927,214   25,919,470  25,820,424  25,820,424
period end
                                                                    
Operating Data:                                                     
Interest income    $ 6,893     $ 7,214      $ 7,258     $ 7,212     $ 7,345
Interest expense   1,277       1,441        1,596       1,737       1,861
                                                                    
Net interest
income before      5,615       5,773        5,662       5,475       5,484
provision for
loan losses
Provision for      --          1,000        1,050       1,500       2,016
loan losses
                                                                    
Net interest
income (loss)      5,615       4,773        4,612       3,975       3,468
after provision
for loan losses
Non-interest       2,911       4,206        3,291       3,043       3,275
income
Non-interest       6,691       6,256        6,505       6,602       6,518
expense
                                                                    
Income
(loss) before      1,836       2,723        1,398       415         225
federal income
taxes
Federal income
tax expense        73          57           --          (194)       --
(benefit)
                                                                    
Net income (loss)  $ 1,763     $ 2,666      $ 1,398     $ 609       $ 225
                                                                    
Basic earnings     $ 0.07      $ 0.10       $ 0.05      $ 0.02      $ 0.01
(loss) per share
Diluted earnings   $ 0.07      $ 0.10       $ 0.05      $ 0.02      $ 0.01
(loss) per share
                                                                    
Performance                                                         
Ratios:
Return on average 0.91%       1.37%        0.70%       0.30%       0.11%
assets
Return on average 9.25%       14.49%       7.98%       4.71%       2.42%
equity
Net interest      3.21%       3.16%        3.12%       2.94%       2.99%
margin
Interest rate     3.11%       3.13%        3.07%       2.88%       2.91%
spread
Efficiency ratio  80.01%      61.09%       69.21%      72.38%      69.55%
Stockholders'
equity to total   10.17%      9.61%        9.25%       8.86%       8.60%
assets (all
tangible)
                                                                    
Asset Quality                                                       
Ratios:
Nonperforming
assets to total   3.19%       3.34%        3.22%       3.49%       4.10%
assets
Nonperforming
loans to total    3.03%       3.22%        3.19%       3.57%       4.18%
loans
Allowance for
loan losses to    2.65%       2.66%        2.88%       2.88%       3.00%
total loans
Allowance for
loan losses to    87.54%      82.46%       90.32%      80.67%      71.85%
nonperforming
loans
Net charge-offs
to average loans, 0.15%       1.37%        0.67%       1.64%       1.86%
annualized
                                                                    
Park View Federal
Regulatory                                                          
Capital Ratios:
Ratio of tangible
capital to        9.93%       9.36%        9.06%       8.66%       8.50%
adjusted total
assets
Ratio of tier one
(core) capital to 9.93%       9.36%        9.06%       8.66%       8.50%
adjusted total
assets
Ratio of tier one
risk-based
capital to        12.51%      11.66%       11.94%      11.73%      11.60%
risk-weighted
assets
Ratio of total
risk-based
capital to        13.77%      12.93%       13.20%      13.00%      12.87%
risk-weighted
assets

CONTACT: James H. Nicholson
         Chief Financial Officer
         440-248-7171
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