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

Exhibit 99

WVS FINANCIAL CORP. ANNOUNCES NET INCOME AND EARNINGS PER SHARE FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2021

Pittsburgh, PA -- WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $330 thousand or $0.19 per diluted share, for the three months ended December 31, 2021 as compared to $355 thousand or $0.20 per diluted share for the same period in 2020. The $25 thousand or 7.0% decrease in net income during the three months ended December 31, 2021 was primarily attributable to a $41 thousand decrease in net interest income and an increase in non-interest expense of $43 thousand, which was partially offset by an increase in non-interest income of $35 thousand, a $14 thousand decrease in the provision of loan losses and a decrease in income tax expense of $10 thousand, when compared to the same period of 2020. The decrease in net interest income was the result of a $112 thousand decrease in interest income which was partially offset by an $71 thousand decrease in interest expense for the three months ending December 31, 2021, when compared to the same period in 2020. The decrease in interest income for the three months ended December 31, 2021 was primarily attributable to lower market yields earned on the Company’s investment and mortgage-backed securities portfolio and lower average balances of loans outstanding which were partially offset by higher average balances of investment and mortgage-backed securities and higher yields on the loan portfolio when compared to the same period in 2020. The decrease in interest expense for the three months ended December 31, 2021 was primarily attributable to lower rates paid on deposits and Federal Home Loan Bank (FHLB) advances which were partially offset by higher average balances of deposits and FHLB advances outstanding when compared to the same period in 2020.  The decrease in the provision for loan losses for the three months ended December 31, 2021 was primarily the result of lower average balances in loans outstanding and a reduction in the amount of provision allocated for the COVID-19 pandemic when compared to the same period in 2020.  As of December 31, 2021, the Company continued to have no loans in COVID-19 deferral status.  The Company anticipates continuing to reverse the COVID-19 portion of the allowance for loan and lease losses throughout fiscal 2022 assuming continued favorable trends in the COVID-19 pandemic.   The increase in non-interest expense was primarily attributable to an increase of $26 thousand in occupancy and equipment expense (mostly attributable to costs associated with closing the Bellevue branch) and an increase of $12 thousand in salaries and employee benefits during the three months ended December 31, 2021 compared to the same period of 2020.  The increase in total non-interest income was primarily the result of an $28 thousand increase in investment securities gains and a $7 thousand increase in service charges on deposits during the quarter ended December 31, 2021, when compared to the same quarter of the prior year.  The decrease in income tax expense for the quarter ended December 31, 2021 was due to lower taxable income, when compared to the same period of 2020.