Exhibit 99

 

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

WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS

PER SHARE FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2019

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $747 thousand or $0.42 per diluted share, for the three months ended March 31, 2019 as compared to $634 thousand or $0.35 per diluted share for the same period in 2018. The $113 thousand increase in net income during the three months ended March 31, 2019 was primarily attributable to a $168 thousand increase in net interest income and a $10 thousand decrease in non-interest expense, which were partially offset by a $33 thousand decrease in other non-interest income and a $32 thousand increase in income tax expense. The increase in net interest income during the three months ended March 31, 2019 was attributable to a $676 thousand increase in interest income, which was partially offset by a $508 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 and yields when compared to the same period in 2018. 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 March 31, 2019 when compared to the same period in 2018. The decrease in non-interest income for the three months ended March 31, 2019 was primarily attributable to a $26 thousand increase in impairment charges related to the Company’s private label mortgage-backed securities portfolio when compared to the same period in 2018. The increase in income tax expense for the quarter ended March 31, 2019 was primarily attributable to higher levels of taxable income when compared to the same period in 2018.

Net income for the nine months ended March 31, 2019 totaled $2.2 million or $1.22 per diluted share, as compared to $1.5 million or $0.84 per diluted share for the same period in 2018. The $646 thousand increase in net income during the nine months ended March 31, 2019 was primarily attributable to a $549 thousand increase in net interest income and a $183 thousand decrease in income tax expense, which were partially offset by a $53 thousand decrease in non-interest income, a $20 thousand increase in provision for loan losses and a $13 thousand increase in non-interest expense during the nine months ended March 31, 2019, compared to the same period of 2018. The increase in net interest income during the nine months ended March 31, 2019 was attributable to a $2.0 million increase in interest income, which was partially offset by a $1.4 million 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 and yields when compared to the same period in 2018. Also contributing to the increase in interest income for the nine months ended 2019 were higher average yields attributable to dividends received on FHLB stock. The increase in interest expense was primarily attributable to higher average


The following information was filed by Wvs Financial Corp (WVFC) on Tuesday, April 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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