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Wvs Financial Corp (WVFC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, June 30, 2018

Wvs Financial Corp

CIK: 910679 Ticker: WVFC

Exhibit 99

 

Release Date:    Further Information:
IMMEDIATE RELEASE    David J. Bursic
July 27, 2018    President and CEO
    

or

     Linda K. Butia
     Vice President and CAO
     Phone: 412/364-1913

WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS PER SHARE FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED JUNE 30, 2018

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $593 thousand or $0.32 per diluted share, for the three months ended June 30, 2018 as compared to $418 thousand or $0.22 per diluted share for the same period in 2017. The $175 thousand increase in net income during the three months ended June 30, 2018 was primarily attributable to a $211 thousand increase in net interest income, and a $36 thousand decrease in non-interest expense which were partially offset by a $40 thousand increase in income tax expense, a $20 thousand increase in the provision for loan losses and a $12 thousand decrease in non-interest income. The increase in net interest income during the three months ended June 30, 2018 was attributable to a $599 thousand increase in interest income, which was partially offset by a $388 thousand increase in interest expense. The increase in interest income was primarily attributable to higher average yields on the Company’s investment and mortgage-backed securities as well as an increase in average loan balances, when compared to the same period in 2017. The increase in interest expense was primarily attributable to higher rates paid on Federal Home Loan Bank (“FHLB”) borrowings and time deposits and higher average balances of FHLB borrowings outstanding during the three months ended June 30, 2018, when compared to the same period in 2017. The decrease in non-interest expense was primarily attributable to decreases in charitable contributions eligible for Pennsylvania tax credits and the reserve for off balance sheet loan commitments when compared to the same period in 2017. The increase in the provision for loan losses was primarily attributable to higher originations of single-family loans during the quarter ended June 30, 2018 and an increase in the Company’s ALLL reserve factor for the single family-permanent loan segment, when compared to the same period in 2017. The decrease in non-interest income was primarily attributable to an increase in other than temporary impairment losses associated with the Company’s legacy private label mortgaged backed securities (PLMBS) portfolio, decreases in service charges on deposit accounts, automated teller machine fee income, and earnings on bank owned life insurance (BOLI) when compared to the same period in 2017. The increase in income tax expense for the quarter ended June 30, 2018 when compared to the same period of 2017 reflects higher levels of taxable income partially offset by the reduced federal income tax rate.

Net income for the twelve months ended June 30, 2018 totaled $2.1 million or $1.16 per diluted share, as compared to $1.6 million or $0.87 per diluted share for the same period in 2017. The $488 thousand increase in net income during the fiscal year ended June 30, 2018 was primarily attributable to a $754 thousand increase in net interest income, a $26 thousand decrease in non-interest expense and an $8 thousand decrease in the provision for loan losses which were partially offset by a $280 thousand increase in income tax expense and a $20 thousand decrease in non-interest income. The increase in net interest income during the twelve months ended June 30, 2018 was attributable to a $2.0 million increase in interest income, which was partially offset by a $1.3 million increase in interest expense. The increase in interest income was primarily attributable to


The following information was filed by Wvs Financial Corp (WVFC) on Friday, July 27, 2018 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 Accumulated Other Comprehensive Loss) (Details)
Accumulated Other Comprehensive Loss (Schedule Of Changes In Accumulated Other Comprehensive Loss) (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 (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Federal Home Loan Bank Advances
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 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 (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 (Policies)
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: 0001193125-18-272889
Submitted to the SEC: Thu Sep 13 2018 5:02:24 PM EST
Accepted by the SEC: Thu Sep 13 2018
Period: Saturday, June 30, 2018
Industry: Savings Institutions Not Federally Chartered

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