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

Wvs Financial Corp

CIK: 910679 Ticker: WVFC

Exhibit 99

 

Release Date:    Further Information:
IMMEDIATE RELEASE    David J. Bursic
January 29, 2021    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, 2020

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $355 thousand or $0.20 per diluted share, for the three months ended December 31, 2020 as compared to $727 thousand or $0.41 per diluted share for the same period in 2019. The $372 thousand or 51.2% decrease in net income during the three months ended December 31, 2020 was primarily attributable to a $418 thousand decrease in net interest income, a $19 thousand decrease in non-interest income and an increase in non-interest expense of $6 thousand; partially offset by a decrease in income tax expense of $71 thousand, when compared to the same period of 2019. The decrease in net interest income was the result of a $1.3 million decrease in interest income which was partially offset by an $894 thousand decrease in interest expense for the three months ending December 31, 2020, when compared to the same period in 2019. The decrease in interest income for the three months ended December 31, 2020 was primarily attributable to lower market yields earned on the Company’s floating rate investment and mortgage-backed securities portfolio and lower average balances of mortgage-backed securities outstanding. The decrease in interest expense for the three months ended December 31, 2020 compared to the same period of the prior year, was primarily attributable to lower market rates paid on FHLB short-term and variable rate long-term borrowings and lower average balances of FHLB long-term borrowings. Also contributing to the decrease in interest expense for the quarter ended December 31, 2020 compared to the same quarter of the 2019, were lower rates paid on time deposits as well as lower average balances of wholesale time deposits.    The increase in non-interest expense was primarily attributable to an increase of $27 thousand in federal deposit insurance expense, an increase of $13 thousand in equipment related expenses, a $9 thousand increase in data processing expense, and a $7 thousand increase in other operating expenses, which were partially offset by a $50 thousand decrease in charitable contribution expenses during the three months ended December 31, 2020 compared to the same period of 2019. The increase in federal deposit insurance expense was the result of the absence of the Small Bank Assessment Credits applied by the Federal Deposit Insurance Corporation (“FDIC”).    The decrease in total non-interest income was primarily the result of an $11 thousand decrease in service charges on deposit accounts and lower gains on the sale of investment securities of $21 thousand during the quarter ended December 31, 2020, when compared to the same quarter of the prior year. Partially offsetting these decreases was the absence of other than temporary impairment losses for the three months ended December 31, 2020 compared to a $16 thousand other than temporary impairment loss on the private label mortgage-backed securities (PLMBS) portfolio during the three months ended December 31, 2019. The decrease in income tax expense for the quarter ended December 31, 2020 was due to lower taxable income, when compared to the same period of 2019.

Net income for the six months ended December 31, 2020 totaled $775 thousand or $0.44 per diluted share, as compared to $1.5 million or $0.86 per diluted share for the same period in 2019. The $745 thousand or 49.0% decrease in net income during the six months ended December 31, 2020 was primarily attributable to an $882 thousand decrease in net interest income, an $18 thousand decrease in non-interest income, a $39 thousand increase in non-interest expense partially offset by a


The following information was filed by Wvs Financial Corp (WVFC) on Friday, January 29, 2021 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 Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Basis Of Presentation
Basis Of Presentation (Details)
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)
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 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
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: 0001193125-21-041751
Submitted to the SEC: Fri Feb 12 2021 4:46:42 PM EST
Accepted by the SEC: Fri Feb 12 2021
Period: Thursday, December 31, 2020
Industry: Savings Institutions Not Federally Chartered

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