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Wvs Financial Corp (WVFC) SEC Filing 10-Q Quarterly report for the period ending Monday, December 31, 2018

Wvs Financial Corp

CIK: 910679 Ticker: WVFC

Exhibit 99

 

Release Date:    Further Information:
IMMEDIATE RELEASE    David J. Bursic
January 30, 2019    President and CEO
     Phone: 412/364-1913

WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS PER SHARE

FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2018

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $685 thousand or $0.38 per diluted share, for the three months ended December 31, 2018 as compared to $396 thousand or $0.22 per diluted share for the same period in 2017. The $289 thousand or 73% increase in net income during the three months ended December 31, 2018 was primarily attributable to a $145 thousand increase in net interest income and a $163 thousand decrease in income tax expense, which were partially offset by an $8 thousand increase in the provision for loan losses, a $14 thousand decrease in non-interest income and a $3 thousand decline in non-interest expense. The increase in net interest income during the three months ended December 31, 2018 was attributable to a $676 thousand increase in interest income primarily due to higher average yields on investment and mortgage-backed securities, and higher average balances and yields on the loan portfolio when compared to the same period in 2017. The increase in interest income was partially offset by a $531 thousand increase in interest expense. The increase in interest expense was primarily attributable to higher average yields on FHLB short-term borrowings due to higher market interest rates when compared to the same period in 2017. The decrease in income tax expense for the quarter ended December 31, 2018 reflects the absence of $133 thousand additional federal income tax expense recorded in December 2017 as a result of a write down of the Company’s net deferred tax assets pursuant to the enactment of the Tax Cuts and Jobs Act of 2017 (“TCJA”) and the reduced federal income tax rate in 2018 when compared to the same period in 2017. The decrease in non-interest income was primarily the result of lower service charges on deposits and lower ATM fee income when compared to the same period in 2017. The decrease in non-interest expense was primarily attributable to lower correspondent bank service charges when compared to the same period in 2017. The increase in the provision for loan losses was primarily attributable to an increase in outstanding loan balances when compared to the same period in 2017.

Net income for the six months ended December 31, 2018 totaled $1.4 million or $0.80 per diluted share, as compared to $898 thousand or $0.49 per diluted share for the same period in 2017. The $534 thousand or 59% increase in net income during the six months ended December 31, 2018 was primarily attributable to a $364 thousand increase in net interest income and a $216 thousand decrease in income tax expense which was partially offset by a $21 thousand increase in the provision for loan losses, a $19 thousand decrease in non-interest income and an increase in non-interest expense of $6 thousand, when compared to the same period in 2017. The increase in net interest income during the six months ended December 31, 2018 was attributable to a $1.3 million increase in interest income, which was partially offset by a $918 thousand increase in interest expense. The increase in interest income was primarily the result of higher average yields on investment and mortgage-backed securities, FHLB stock and loans, and higher average balances of loans outstanding, when compared to the same period in 2017. The increase in interest expense was primarily attributable to higher rates paid on FHLB advances and time deposits which were partially offset by lower average balances of FHLB short-term advances during the six months ended December 31, 2018, when compared to the same period of 2017. For the six month period ended December 31,


The following information was filed by Wvs Financial Corp (WVFC) on Wednesday, January 30, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Wvs Financial Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheet (Parenthetical)
Consolidated Balance Sheet (Unaudited)
Consolidated Statement Of Cash Flows (Unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statement Of Comprehensive Income (Loss)
Consolidated Statement Of Income (Unaudited)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Schedule Of Basic And Diluted 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 (Fhlb) Advances
Federal Home Loan Bank (Fhlb) Advances (Maturities Of Federal Home Loan Bank Long-Term Advances) (Details)
Federal Home Loan Bank (Fhlb) Advances (Schedule Of Contractual Maturities Of Federal Home Loan Bank Long-Term Advances) (Details)
Federal Home Loan Bank (Fhlb) Advances (Schedule Of Federal Home Loan Bank Short-Term Advances) (Details)
Federal Home Loan Bank (Fhlb) Advances (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)
Loans And Related Allowance For Loan Losses
Loans And Related Allowance For Loan Losses (Schedule Of Increased All Reserve Factors) (Details)
Loans And Related Allowance For Loan Losses (Schedule Of Loan Portfolio By Aging Categories) (Details)
Loans And Related Allowance For Loan Losses (Schedule Of Loans By Internal Classification) (Details)
Loans And Related Allowance For Loan Losses (Schedule Of Nonaccrual Loans) (Details)
Loans And Related Allowance For Loan Losses (Schedule Of Performing And Non-Performing Loans) (Details)
Loans And Related Allowance For Loan Losses (Schedule Of Primary Segments Of Allowance For Loan Losses) (Details)
Loans And Related Allowance For Loan Losses (Schedule Of Primary Segments Of Loan Portfolio) (Details)
Loans And Related Allowance For Loan Losses (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 Information Relating To Private Label Cmo Portfolio) (Details)
Mortgage-Backed Securities (Schedule Of Mortgage-Backed Securities By Contractual Maturity) (Details)
Mortgage-Backed Securities (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Revenue Recognition
Stock Based Compensation Disclosure
Stock Based Compensation Disclosure (Details)
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-Q Quarterly Report
Accession Number: 0001193125-19-041088
Submitted to the SEC: Thu Feb 14 2019 12:01:51 PM EST
Accepted by the SEC: Thu Feb 14 2019
Period: Monday, December 31, 2018
Industry: Savings Institutions Not Federally Chartered

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