Wvs Financial Corp (WVFC) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, June 30, 2021

Exhibit 99

WVS FINANCIAL CORP. ANNOUNCES NET INCOME AND EARNINGS PER SHARE FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED JUNE 30, 2021

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $256 thousand or $0.15 per diluted share, for the three months ended June 30, 2021 as compared to $345 thousand or $0.20 per diluted share for the same period in 2020. The $89 thousand decrease in net income during the three months ended June 30, 2021 was primarily attributable to a $369 thousand decrease in net interest income, which was partially offset by a $134 thousand decrease in the provision for loan losses, a $49 thousand increase in non-interest income, a $4 thousand decrease in non-interest expense and a $93 thousand decrease in income tax expense. The decrease in net interest income during the three months ended June 30, 2021, when compared to the same period of 2020, was attributable to a $770 thousand decrease in interest income, which was partially offset by a $401 thousand decrease in interest expense. The decrease in interest income was primarily attributable to lower average yields on the Company’s floating rate investment and mortgage-backed securities portfolios and lower average balances in the investment, mortgage-backed securities and loan portfolios. The decrease in interest expense was primarily attributable to lower rates paid on Federal Home Loan Bank (“FHLB”) advances and time deposits, as well as lower average balances of FHLB advances outstanding, during the three months ended June 30, 2021, when compared to the same period in 2020. The increase in non-interest income was primarily the result of a $38 thousand decrease in other-than-temporary impairment losses on the private label mortgage-backed securities (PLMBS), a $7 thousand increase in ATM fee income and a $3 thousand increase in service charges on deposit accounts, which were partially offset by $1 thousand decrease in other income. The decrease in the provision for loan losses during the quarter ended June 30, 2021, when compared to the same period of 2020, was primarily attributable to a decrease in the Company’s average loans outstanding. The decrease in non-interest expense during the quarter ended June 30, 2021 compared to the same period of 2020, was due primarily to a decrease of $23 thousand in deposit insurance expense, partially offset by a $13 thousand increase in employee compensation related expenses. The $93 thousand decrease in income tax expense for the quarter ended June 30, 2021 was primarily attributable to lower levels of taxable income when compared to the same period of 2020.