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Wvs Financial Corp (WVFC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Wvs Financial Corp

CIK: 910679 Ticker: WVFC

 

Release Date:

  

Exhibit 99

Further Information:

IMMEDIATE RELEASE    David J. Bursic
April 30, 2020    President and CEO
   Phone: 412/364-1913

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

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2020

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $625 thousand or $0.35 per diluted share, for the three months ended March 31, 2020 as compared to $747 thousand or $0.42 per diluted share for the same period in 2019. The $122 thousand decrease in net income during the three months ended March 31, 2020 was primarily attributable to a $182 thousand decrease in net interest income and a $17 thousand decrease in non-interest income, which were partially offset by a $17 thousand decrease in the provision for loan losses, a $13 thousand decrease in non-interest expense and a $47 thousand decrease in income tax expense. The decrease in net interest income during the three months ended March 31, 2020 was attributable to a $518 thousand decrease in interest income, which was partially offset by a $336 thousand decrease in interest expense. The decrease in interest income was primarily attributable to lower average yields on the Company’s floating rate investment and mortgage-backed securities portfolios, lower dividend yields on the Company’s Federal Home Loan Bank (FHLB) stock, and lower average balances of mortgage-backed securities, which were partially offset by higher average balances of investment securities and loans outstanding, when compared to the same period in 2019. The decline in interest expense was primarily attributable to lower market rates paid on FHLB borrowings and time deposits, which were partially offset by higher average balances of FHLB short-term advances during the three months ended March 31, 2020 compared to the same period in 2019. The $17 thousand decrease in the provision for loan losses during the quarter ended March 31, 2020 was primarily attributable to a $7 thousand credit provision in the three months ended March 31, 2020 as compared to a $10 thousand provision charge in the same period in 2019. The $7 thousand credit provision for the three months ended March 31, 2020 was primarily attributable to lower balances in the 1-4 family residential loan portfolio at March 31, 2020, when compared to December 31, 2019. The decrease in non-interest income for the quarter ended March 31, 2020 was primarily attributable to a $6 thousand increase in impairment charges related to the Company’s private label mortgage-backed securities portfolio, a decrease of $5 thousand in service charges on deposit accounts, and a $4 thousand decrease in miscellaneous categories of non-interest income, when compared to the same period in 2019. The decrease in non-interest expense was primarily due to lower employee post retirement benefit costs and reduced federal deposit insurance expenses due to the FDIC Small Bank Assessment Credits, which were partially offset by higher legal expenses associated with the Company’s Employee Stock Ownership Plan (ESOP) and higher provisions for off balance sheet reserves on loan commitments outstanding at March 31, 2020 when compared to the same period in 2019. The decrease in income tax expense for the three months ended March 31, 2020 was primarily attributable to lower levels of taxable income when compared to the same period in 2019.


The following information was filed by Wvs Financial Corp (WVFC) on Thursday, April 30, 2020 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 (Unaudited)
Consolidated Balance Sheet (Unaudited) (Parenthetical)
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) (Unaudited)
Consolidated Statement Of Income (Unaudited)
Accumulated Other Comprehensive Gain (Loss)
Accumulated Other Comprehensive Gain (Loss) (Details)
Accumulated Other Comprehensive Gain (Loss) (Tables)
Basis Of Presentation
Basis Of Presentation (Details)
Commercial Paper And Investment Securities
Commercial Paper And Investment Securities (Narrative) (Details)
Commercial Paper And Investment Securities (Schedule Of Amortized Cost And Fair Values Of Investments) (Details)
Commercial Paper And Investment Securities (Schedule Of Investments By Contractual Maturity) (Details)
Commercial Paper And Investment Securities (Tables)
Earnings Per Share
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)
Loans And Related Allowance For Loan Losses
Loans And Related Allowance For Loan Losses (Narrative) (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)
Other Short-Term Borrowings
Other Short-Term Borrowings (Schedule Of Frbc Borrowings) (Details)
Other Short-Term Borrowings (Tables)
Recent Accounting Pronouncements
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: 0001193125-20-144024
Submitted to the SEC: Fri May 15 2020 4:32:23 PM EST
Accepted by the SEC: Fri May 15 2020
Period: Tuesday, March 31, 2020
Industry: Savings Institutions Not Federally Chartered

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