Exhibit 99

 

Release Date:    Further Information:
IMMEDIATE RELEASE    David J. Bursic
October 24, 2018    President and CEO
   Phone: 412/364-1913

WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS

PER SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $748 thousand or $0.42 per diluted share, for the three months ended September 30, 2018 as compared to $502 thousand or $0.28 per diluted share for the same period in 2017. The $246 thousand increase in net income during the three months ended September 30, 2018 was primarily attributable to a $219 thousand increase in net interest income and a $55 decrease in income tax expense; which were partially offset by a $14 thousand increase in the provision for loan losses, a $9 thousand increase in non-interest expense and a $5 thousand decrease in non-interest income. The increase in net interest income during the three months ended September 30, 2018 was attributable to a $607 thousand increase in interest income, which was partially offset by a $388 thousand increase in interest expense. The increase in interest income for the quarter ended September 30, 2018 was primarily attributable to higher yields on the Company’s investment and mortgage-backed securities and Federal Home Loan Bank (FHLB) stock. The increase in interest expense during the three months ended September 30, 2018, when compared to the same period in 2017, was primarily attributable to higher market interest rates paid on FHLB short-term advances and time deposits, which were partially offset by lower average balances of FHLB long-term fixed and variable rate advances and time deposits. The increase in the provision for loan losses was primarily due to higher originations of land acquisition and development loans during the quarter ended September 30, 2018, when compared to the same period in 2017. The increase in non-interest expense for the three months ended September 30, 2018 was due in part to a $12 thousand increase in ATM network expense resulting from the issuance of ATM debit cards with enhanced security features and a $9 thousand increase in data processing expenses which were partially offset by a $9 thousand decrease in postage, stationery and printing supplies, when compared to the same period in 2017. The $5 thousand decrease in non-interest income for the three months ended September 30, 2018 was primarily due to lower volumes of ATM transactions when compared to the same period in 2017. The decrease in income tax expense for the three months ended September 30, 2018 was primarily due to the reduced federal income tax rate, when compared to the same period in 2017.


WVS Financial Corp. owns 100% of the outstanding common stock of West View Savings Bank. The Savings Bank is a Pennsylvania-chartered, FDIC savings bank, which conducts business from six offices located in the North Hills suburbs of Pittsburgh, Pennsylvania. In January 2009, West View Savings Bank began its second century of service to our communities. The Bank wishes to thank our customers and host communities for allowing us to be their full service bank.

—TABLES ATTACHED—

# # #


WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in thousands except per share data)

 

     September 30,
2018
(Unaudited)
    June 30,
2018
(Unaudited)
 

Total assets

   $ 349,939     $ 352,288  

Cash and Cash Equivalents

     5,917       2,441  

Certificates of Deposits

     350       350  

Investment securities available-for-sale

     128,397       128,811  

Investment securities held-to-maturity

     5,052       6,181  

Mortgage-backed securities held-to-maturity

     110,965       115,857  

Net loans receivable

     85,806       84,675  

Deposits

     152,832       145,023  

FHLB advances: short-term

     160,484       171,403  

Equity

     34,705       34,017  

Book value per share – Common Equity

     17.64       17.27  

Book value per share – Tier I Equity

     17.70       17.37  

Annualized Return on average assets

     0.85     0.60

Annualized Return on average equity

     8.77     6.31

Tier I leverage ratio

     9.93     9.65


WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED OPERATING DATA

(In thousands except per share data)

 

     Three Months Ended
September 30,
(Unaudited)
 
     2018      2017  

Interest income

   $ 2,832      $ 2,225  

Interest expense

     1,032        644  
  

 

 

    

 

 

 

Net interest income

     1,800        1,581  

Provision for loan losses

     19        5  
  

 

 

    

 

 

 

Net interest income after provision for loan losses

     1,781        1,576  

Non-interest income

     110        115  

Non-interest expense

     901        892  
  

 

 

    

 

 

 

Income before income tax expense

     990        799  

Income taxes

     242        297  
  

 

 

    

 

 

 

NET INCOME

   $ 748      $ 502  
  

 

 

    

 

 

 

EARNINGS PER SHARE:

     

Basic

   $ 0.42      $ 0.28  

Diluted

   $ 0.42      $ 0.28  

WEIGHTED AVERAGE SHARES OUTSTANDING:

     

Basic

     1,793,055        1,824,878  

Diluted

     1,793,272        1,824,878  

View differences made from one to another to evaluate Wvs Financial Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Wvs Financial Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account