Wvs Financial Corp (WVFC) SEC Filing 10-K Annual report for the fiscal year ending Friday, June 30, 2017

Exhibit 99

WVS FINANCIAL CORP. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR ENDED

JUNE 30, 2017 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 $418 thousand or $0.23 per diluted share, for the three months ended June 30, 2017 as compared to $392 thousand or $0.20 per diluted share for the same period in 2016. The $26 thousand increase in net income during the three months ended June 30, 2017 was primarily attributable to a $107 thousand increase in net interest income and a $6 thousand decrease in income tax expense, which were partially offset by a $45 thousand increase in non-interest expense, a $22 thousand decrease in non-interest income, and a $20 thousand increase in the provision for loan losses. The increase in net interest income during the three months ended June 30, 2017 was attributable to a $306 thousand increase in interest income which was partially offset by a $199 thousand increase in interest expense. The increase in interest income was primarily attributable to higher average balances of loans outstanding and higher yields on mortgage backed securities during the three months ending June 30, 2017, when compared to the same period in 2016. The increase in interest expense during the three months ending June 30, 2017 was primarily attributable to higher market interest rates paid on FHLB advances which were partially offset by lower average balances of FHLB advances outstanding during the three months ended June 30, 2017, when compared to the same period in 2016. The increase in non-interest expense was primarily attributable to higher employee related costs, data processing expenses, and higher provisions for off-balance sheet (loan origination) commitments, which were partially offset by lower federal deposit insurance premiums during the quarter ended June 30, 2017, when compared to the same period in 2016. The decrease in income tax expense for the three months ended June 30, 2017 was primarily attributable to higher utilization of PA tax credits, when compared to the same period in 2016. The increase in the provision of loan losses was primarily attributable to an increase in the Company’s single-family loan portfolio, which was partially offset by decreases in the multi-family and commercial segments of the company’s loan portfolio.

Net income for the twelve months ended June 30, 2017 totaled $1.637 million or $0.87 per diluted share, as compared to $1.325 million or $0.69 per diluted share for the same period in 2016. The $312 thousand increase in net income during the twelve months ended June 30, 2017 was primarily attributable to a $411 thousand increase in net interest income, and a $34 thousand decrease in non-interest expense, which were partially offset by an $82 thousand decrease in non-interest income, a $49 thousand increase in income tax expense, and a $2 thousand increase in the provision for loan losses, when compared to the same period in 2016. The increase in net interest income during the twelve months ended June 30, 2017 was attributable to an $834 thousand increase in interest income, which was partially offset by a $423 thousand increase in interest expense. The decrease in non-interest expense was primarily attributable to decreases in federal deposit insurance premiums and legal expenses, which were offset by higher charitable contributions eligible for Pennsylvania tax credits and employee related expenses. The increase in interest income was