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

Wvs Financial Corp

CIK: 910679 Ticker: WVFC

Exhibit 99

 

Release Date:

Further Information:

   

IMMEDIATE RELEASE

David J. Bursic

January 28, 2022

President and CEO

 

Phone: 412/364-1911

 

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.

 

 

The following information was filed by Wvs Financial Corp (WVFC) on Friday, January 28, 2022 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) (Parentheticals)
Consolidated Statement Of Cash Flows (Unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statement Of Comprehensive Income (Unaudited)
Consolidated Statement Of Income (Unaudited)
Note 1 - Basis Of Presentation
Note 10 - Federal Home Loan Bank (Fhlb) Advances
Note 10 - Federal Home Loan Bank (Fhlb) Advances (Details Textual)
Note 10 - Federal Home Loan Bank (Fhlb) Advances (Tables)
Note 10 - Federal Home Loan Bank (Fhlb) Advances - Maturities Of Federal Home Loan Bank Long-Term Advances (Details)
Note 10 - Federal Home Loan Bank (Fhlb) Advances - Schedule Of Contractual Maturities Of Federal Home Loan Bank Long-Term Advances (Details)
Note 10 - Federal Home Loan Bank (Fhlb) Advances - Schedule Of Federal Home Loan Bank Short-Term Advances (Details)
Note 11 - Other Short-Term Borrowings
Note 11 - Other Short-Term Borrowings (Details Textual)
Note 11 - Other Short-Term Borrowings (Tables)
Note 11 - Other Short-Term Borrowings - Schedule Of Frbc Borrowings (Details)
Note 12 - Fair Value Measurements
Note 12 - Fair Value Measurements (Tables)
Note 12 - Fair Value Measurements - Assets Measured At Fair Value On A Recurring And Nonrecurring Basis (Details)
Note 13 - Fair Value Of Financial Instruments
Note 13 - Fair Value Of Financial Instruments (Tables)
Note 13 - Fair Value Of Financial Instruments - Fair Values Of Financial Instruments (Details)
Note 2 - Recent Accounting Pronouncements
Note 3 - Revenue Recognition
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share (Tables)
Note 4 - Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details)
Note 5 - Investment Securities
Note 5 - Investment Securities (Details Textual)
Note 5 - Investment Securities (Tables)
Note 5 - Investment Securities - Schedule Of Amortized Cost And Fair Values Of Investments (Details)
Note 5 - Investment Securities - Schedule Of Investments By Contractual Maturity (Details)
Note 6 - Mortgage-Backed Securities
Note 6 - Mortgage-Backed Securities (Details Textual)
Note 6 - Mortgage-Backed Securities (Tables)
Note 6 - Mortgage-Backed Securities - Schedule Of Amortized Cost And Fair Values Of Mortgage-Backed Securities (Details)
Note 6 - Mortgage-Backed Securities - Schedule Of Information Relating To Private Label Cmo Portfolio (Details)
Note 6 - Mortgage-Backed Securities - Schedule Of Mortgage-Backed Securities By Contractual Maturity (Details)
Note 7 - Accumulated Other Comprehensive Income (Loss)
Note 7 - Accumulated Other Comprehensive Income (Loss) (Tables)
Note 7 - Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Other Comprehensive Income (Loss) (Details)
Note 8 - Unrealized Losses On Securities
Note 8 - Unrealized Losses On Securities (Details Textual)
Note 8 - Unrealized Losses On Securities (Tables)
Note 8 - Unrealized Losses On Securities - Schedule Of Changes In The Credit Loss (Details)
Note 8 - Unrealized Losses On Securities - Schedule Of Gross Unrealized Losses And Fair Value (Details)
Note 9 - Loans And Related Allowance For Loan Losses
Note 9 - Loans And Related Allowance For Loan Losses (Details Textual)
Note 9 - Loans And Related Allowance For Loan Losses (Tables)
Note 9 - Loans And Related Allowance For Loan Losses - Schedule Of Loan Portfolio By Aging Categories (Details)
Note 9 - Loans And Related Allowance For Loan Losses - Schedule Of Loans By Internal Classification (Details)
Note 9 - Loans And Related Allowance For Loan Losses - Schedule Of Nonaccrual Loans (Details)
Note 9 - Loans And Related Allowance For Loan Losses - Schedule Of Performing And Non-Performing Loans (Details)
Note 9 - Loans And Related Allowance For Loan Losses - Schedule Of Primary Segments Of Allowance For Loan Losses (Details)
Note 9 - Loans And Related Allowance For Loan Losses - Schedule Of Primary Segments Of Loan Portfolio (Details)
Ticker: WVFC
CIK: 910679
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-22-003288
Submitted to the SEC: Mon Feb 14 2022 5:02:00 PM EST
Accepted by the SEC: Mon Feb 14 2022
Period: Friday, December 31, 2021
Industry: Savings Institutions Not Federally Chartered

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