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Wvs Financial Corp (WVFC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, June 30, 2016

Wvs Financial Corp

CIK: 910679 Ticker: WVFC

Exhibit 99

 

Release Date:

   Further Information:
IMMEDIATE RELEASE    David J. Bursic
July 29, 2016    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, 2016 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 $392 thousand or $0.20 per diluted share, for the three months ended June 30, 2016 as compared to $322 thousand or $0.16 per diluted share for the same period in 2015. The $70 thousand increase in net income during the three months ended June 30, 2016 was primarily attributable to a $109 thousand increase in net interest income and a $30 thousand decrease in the provision for loan losses, which were partially offset by a $37 thousand increase in non-interest expense and a $33 thousand increase in income tax expense. The increase in net interest income during the three months ended June 30, 2016 was attributable to a $209 thousand increase in interest income which was partially offset by a $100 thousand increase in interest expense. The increase in interest income was primarily attributable to higher average balances of loans and investment securities and higher yields on mortgage backed securities, which were partially offset by lower average balances of mortgage backed securities and lower yields on loans and investment securities during the three months ending June 30, 2016, when compared to the same period in 2015. The increase in interest expense during the three months ending June 30, 2016 was primarily attributable to higher market interest rates paid on FHLB advances and other short-term borrowings, and higher average balances of FHLB advances during the three months ended June 30, 2016, when compared to the same period in 2015. The increase in non-interest expense was primarily attributable to higher employee related costs, legal expenses, and federal deposit insurance premiums, which were partially offset by decreases in provisions for off-balance sheet (loan origination) commitments and data processing costs during the quarter ended June 30, 2016, when compared to the same period in 2015. The increase in income tax expense for the three months ended June 30, 2016 was primarily attributable to higher levels of taxable income, when compared to the same period in 2015. The decrease in the provision of loan losses was primarily attributable to decreases in the multi-family and commercial segments of the Company’s loan portfolio and lower levels of non-performing loans, which were partially offset by an increase in the Company’s single-family loan portfolio segments.

Net income for the twelve months ended June 30, 2016 totaled $1.325 million or $0.69 per diluted share, as compared to $1.347 million or $0.69 per diluted share for the same period in 2015. The $22 thousand decrease in net income during the twelve months ended June 30, 2016 was primarily attributable to a $141 thousand increase in income tax expense, and a $67 thousand increase in non-interest expense, which were partially offset by a $158 thousand increase in net interest income, and a $14 thousand decrease in provisions for loan losses, and a $14 thousand increase in non-interest income, when compared to the same period in 2015. The increase in income tax expense for the twelve months ended June 30, 2016 was primarily attributable to higher levels of taxable income, and the absence of PA tax credits for charitable contributions made, when compared to the same period in 2015. The increase in non-interest expense was primarily attributable to higher


The following information was filed by Wvs Financial Corp (WVFC) on Friday, July 29, 2016 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 (narrative) (details)
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 (schedule Of Reserve Factors) (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 (fhlb) Stock
Federal Home Loan Bank (fhlb) Stock (details)
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)
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 (narrative) (details)
Regulatory Capital (schedule Of Compliance With Regulatory Capital Requirements) (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 (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Fair Value Assumptions) (details)
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: 0001193125-16-711071
Submitted to the SEC: Thu Sep 15 2016 5:02:40 PM EST
Accepted by the SEC: Thu Sep 15 2016
Period: Thursday, June 30, 2016
Industry: Savings Institutions Not Federally Chartered

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