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Wvs Financial Corp (WVFC) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Wvs Financial Corp

CIK: 910679 Ticker: WVFC

Exhibit 99

 

Release Date:    Further Information:
IMMEDIATE RELEASE    David J. Bursic
April 26, 2021    President and CEO
     Phone: 412/364-1913

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

THE THREE AND NINE MONTHS ENDED MARCH 31, 2021

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $265 thousand or $0.15 per diluted share, for the three months ended March 31, 2021 as compared to $625 thousand or $0.35 per diluted share for the same period in 2020. The $360 thousand decrease in net income during the three months ended March 31, 2021 was primarily attributable to a $517 thousand decrease in net interest income and a $52 thousand increase in non-interest expense, which were partially offset by an $82 thousand increase in non-interest income and a $127 thousand decrease in income tax expense. The decrease in net interest income during the three months ended March 31, 2021 was attributable to a $1.3 million decrease in interest income, which was partially offset by an $809 thousand decrease in interest expense. The decrease in interest income for the three months ended March 31, 2021, was primarily attributable to lower average yields on the Company’s floating rate investment and mortgage-backed securities portfolios, Federal Home Loan Bank (FHLB) stock, and loan portfolio along with lower average balances of mortgage-backed agency securities, FHLB stock and loans outstanding, when compared to the same period in 2020. The decline in interest expense was primarily attributable to lower average balances of FHLB advances outstanding and lower market rates paid on FHLB borrowings and time deposits, which were partially offset by higher average balances of wholesale time deposits during the three months ended March 31, 2021, when compared to the same period in 2020. The increase in non-interest income for the quarter ended March 31, 2021 when compared to the quarter ended March 31, 2020, was primarily attributable to an increase of $56 thousand in investment securities gains and a decrease of $32 thousand in impairment charges related to the Company’s private label mortgage-backed securities portfolio, partially offset by a $3 thousand decrease in service charges on deposits and a $3 thousand decrease in automated teller machine (ATM) fee income. During the three months ended March 31, 2021, the increase in non-interest expense was primarily due to higher employee compensation and recruitment costs of $23 thousand and an $8 thousand increase in occupancy and equipment expense, which were partially offset by lower legal fees of $15 thousand and a lower provision related to off-balance sheet loan commitments of $14 thousand, when compared to the same period in 2020. The decrease in income tax expense for the three months ended March 31, 2021 was primarily attributable to lower levels of taxable income when compared to the same period in 2020.

Net income for the nine months ended March 31, 2021 totaled $1.0 million or $0.59 per diluted share, as compared to $2.1 million or $1.21 per diluted share for the same period in 2020. The $1.1 million decrease in net income during the nine months ended March 31, 2021 was primarily attributable to a $1.4 million decrease in net interest income and a $91 thousand increase in non-interest expense, which was partially offset by an increase of $65 thousand in non-interest income and a decrease in income tax expense of $332 thousand, when compared to the same period of 2020.


The following information was filed by Wvs Financial Corp (WVFC) on Monday, April 26, 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 Gain (Loss)
Accumulated Other Comprehensive Gain (Loss) (Details)
Accumulated Other Comprehensive Gain (Loss) (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: 0001193125-21-162120
Submitted to the SEC: Fri May 14 2021 4:46:32 PM EST
Accepted by the SEC: Fri May 14 2021
Period: Wednesday, March 31, 2021
Industry: Savings Institutions Not Federally Chartered

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