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Wvs Financial Corp (WVFC) SEC Filing 10-K Annual report for the fiscal year ending Monday, June 30, 2014

Wvs Financial Corp

CIK: 910679 Ticker: WVFC

Exhibit 99

 

Release Date:    Further Information:   
IMMEDIATE RELEASE    David J. Bursic   
July 23, 2014    President and CEO   
                  or   
   Keith A. Simpson   
   Vice President and CAO   
   Phone: 412/364-1913   

WVS FINANCIAL CORP. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR ENDED

JUNE 30, 2014 NET INCOME AND EARNINGS PER SHARE

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $279 thousand or $0.14 per diluted share, for the three months ended June 30, 2014 as compared to $231 thousand or $0.11 per diluted share for the same period in 2013. The $48 thousand increase in net income during the three months ended June 30, 2014 was primarily attributable to a $161 thousand increase in net interest income, which was partially offset by an $88 thousand increase in non-interest expense, a $13 thousand increase in income tax expense, an $8 thousand decrease in non-interest income, and a $4 thousand increase in provisions for loan losses. The increase in net interest income during the three months ended June 30, 2014 was attributable to a $129 thousand increase in interest income and a $32 thousand decrease in interest expense. The increase in interest income was primarily attributable to higher average balances of U.S. Government agency mortgage-backed securities and U.S. Government agency bonds, and higher yields earned on the Company’s U.S. Government agency mortgage-backed securities, Federal Home Loan Bank (“FHLB”) stock, and U.S. Government agency bonds, which were partially offset by lower average balances of investment securities and loans outstanding, and lower yields earned on the Company’s loan and investment portfolios, when compared to the same period in 2013. The higher average balances of U.S. Government agency mortgage-backed securities and U.S. Government agency bonds were attributable to a reallocation of funds into these sectors. The lower average balance of investment securities was due to maturities and early redemptions within the portfolio, while the decrease in loan volumes was primarily due to lower volumes of construction loans. The decrease in interest expense was primarily attributable to lower rates paid on FHLB long-term borrowings, and time and passbook savings deposits, and lower average balances of FHLB short-term borrowings, which were partially offset by higher average balances of time deposits, FHLB long-term borrowings, and other short-term borrowings, and higher rates paid on FHLB short-term borrowings, when compared to the same period in 2013. The increase in non-interest expense was primarily attributable to higher employee related costs, legal expenses, provisions for off-balance sheet (loan origination) commitments, and professional fees and services, which were partially offset by decreases in data processing expenses during the three months ended June 30, 2014, when compared to the same period in 2013. The increase in income tax expense was primarily due to higher levels of taxable income. The decrease in non-interest income for the three months ended June 30, 2014 was primarily due to the absence of realized gains on the sale of investment securities, which was partially offset by increases in earnings on bank-owned life insurance, when compared to the same period in 2013. The increase in the provision for loan losses is attributable to changes in the Company’s performing and non-performing loan segments, when compared to the same period in 2013.

Net income for the fiscal year ended June 30, 2014 totaled $920 thousand or $0.45 per diluted share, as compared to $1.1 million or $0.53 per diluted share for the same period in 2013. The $176


The following information was filed by Wvs Financial Corp (WVFC) on Wednesday, July 23, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
Consolidated Statement Of Stockholders' Equity
Consolidated Statement Of Stockholders' Equity (parenthetical)
Accrued Interest Receivable
Accrued Interest Receivable (details)
Accrued Interest Receivable (tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Income) (details)
Accumulated Other Comprehensive Loss (schedule Of Changes In Accumulated Other Comprehensive Income) (details)
Accumulated Other Comprehensive Loss (tables)
Allowance For Loan Losses
Allowance For Loan Losses (schedule Of Changes In The Allowance For Loan Losses) (details)
Allowance For Loan Losses (schedule Of Primary Segments Of Allowance For Loan Losses) (details)
Allowance For Loan Losses (tables)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (details)
Deposits
Deposits (narrative) (details)
Deposits (schedule Of Interest Expense By Deposit Category) (details)
Deposits (schedule Of Maturities Of Retail And Wholesale Savings Certificates) (details)
Deposits (schedule Of Retail Deposit Accounts) (details)
Deposits (tables)
Director, Officer, And Employee Benefits
Director, Officer, And Employee Benefits (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Measurements
Fair Value Measurements (assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (details)
Fair Value Measurements (schedule Of Significant Observable Inputs) (details)
Fair Value Measurements (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (tables)
Federal Home Loan Advances
Federal Home Loan Bank Advances (maturities Of Federal Home Loan Bank Long-term Advances) (details)
Federal Home Loan Bank Advances (schedule Of Contractual Maturities Of Federal Home Loan Bank Long-term Advances) (details)
Federal Home Loan Bank Advances (schedule Of Federal Home Loan Bank Short-term Advances) (details)
Federal Home Loan Bank Advances (tables)
Federal Home Loan Bank Stock
Federal Home Loan Bank Stock (details)
Income Taxes
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Income Tax Amounts Recorded To Stockholders' Equity) (details)
Income Taxes (schedule Of Provision For Income Taxes) (details)
Income Taxes (schedule Of Reconciliation Of Income Taxes) (details)
Income Taxes (tables)
Investment Securities
Investment Securities (narrative) (details)
Investment Securities (schedule Of Amortized Cost And Fair Values Of Investments) (details)
Investment Securities (schedule Of Investments By Contractual Maturity) (details)
Investment Securities (tables)
Mortgage-backed Securities
Mortgage-backed Securities (narrative) (details)
Mortgage-backed Securities (schedule Of Amortized Cost And Fair Values Of Mortgage-backed Securities) (details)
Mortgage-backed Securities (schedule Of Mortgage-backed Securities By Contractual Maturity) (details)
Mortgage-backed Securities (tables)
Net Loans Receivable
Net Loans Receivable (narrative) (details)
Net Loans Receivable (schedule Of Impaired Loans) (details)
Net Loans Receivable (schedule Of Loan Portfolio By Aging Categories) (details)
Net Loans Receivable (schedule Of Loans By Internal Classification) (details)
Net Loans Receivable (schedule Of Nonaccrual Loans) (details)
Net Loans Receivable (schedule Of Performing And Non-performing Loans) (details)
Net Loans Receivable (schedule Of Primary Segments Of Loan Portfolio) (details)
Net Loans Receivable (schedule Of Recorded Investment And Number Of Modifications For Modified Loans) (details)
Net Loans Receivable (tables)
Other Borrowings
Other Borrowings (details)
Other Borrowings (tables)
Parent Company
Parent Company (condensed Balance Sheet) (details)
Parent Company (condensed Statement Of Cash Flows) (details)
Parent Company (condensed Statement Of Income) (details)
Parent Company (tables)
Premises And Equipment
Premises And Equipment (details)
Premises And Equipment (tables)
Regulatory Capital
Regulatory Capital (details)
Regulatory Capital (tables)
Regulatory Matters
Regulatory Matters (details)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (common Stock Market Price And Dividend Information) (details)
Selected Quarterly Financial Data (details)
Selected Quarterly Financial Data (tables)
Stock Benefit Plans
Stock Benefit Plans (narrative) (details)
Stock Benefit Plans (schedule Of Esop Shares) (details)
Stock Benefit Plans (schedule Of Information Related To Outstanding Options) (details)
Stock Benefit Plans (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (tables)
Unrealized Losses On Securities
Unrealized Losses On Securities (narrative) (details)
Unrealized Losses On Securities (schedule Of Changes In The Credit Loss) (details)
Unrealized Losses On Securities (schedule Of Gross Unrealized Losses And Fair Value) (details)
Unrealized Losses On Securities (tables)
Ticker: WVFC
CIK: 910679
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-345609
Submitted to the SEC: Thu Sep 18 2014 4:03:17 PM EST
Accepted by the SEC: Thu Sep 18 2014
Period: Monday, June 30, 2014
Industry: Savings Institutions Not Federally Chartered

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