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

Exhibit 99

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