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

Exhibit 99

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.