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8-K - FORM 8-K - WVS FINANCIAL CORPd380992d8k.htm

Exhibit 99

 

Release Date:

  

Further Information:

IMMEDIATE RELEASE

  

David J. Bursic

May 1, 2017

  

President and CEO

  

Phone: 412/364-1913

WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS PER

SHARE FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2017

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $426 thousand or $0.23 per diluted share, for the three months ended March 31, 2017 as compared to $329 thousand or $0.17 per diluted share for the same period in 2016. The $97 thousand increase in net income during the three months ended March 31, 2017 was primarily attributable to a $108 thousand increase in net interest income, a $43 thousand decrease in non-interest expense, and a $6 thousand decrease in provisions for loan losses, which were partially offset by a $59 thousand increase in income tax expense. The increase in net interest income during the three months ended March 31, 2017 was attributable to a $193 thousand increase in interest income, which was partially offset by an $85 thousand increase in interest expense. The increase in interest income was primarily attributable to higher average balances of loans outstanding, when compared to the same period in 2016. The increase in interest expense was primarily attributable to higher average rates paid on FHLB borrowings and time deposits during the three months ended March 31, 2017, when compared to the same period in 2016. The decrease in non-interest expense was primarily attributable to lower FDIC deposit insurance premiums and legal expenses during the quarter ended March 31, 2017, when compared to the same period in 2016. The decrease in the provision for loan losses was primarily attributable to a decrease in non-residential loan balances which were partially offset by an increase in the Company’s single-family loan portfolio.

Net income for the nine months ended March 31, 2017 totaled $1.219 million or $0.65 per diluted share, as compared to $933 thousand or $0.49 per diluted share for the same period in 2016. The $286 thousand increase in net income during the nine months ended March 31, 2017 was primarily attributable to a $304 thousand increase in net interest income, an $80 thousand decrease in non-interest expense, and an $18 thousand decrease in provisions for loan losses, which were partially offset by a $60 thousand decrease in non-interest income. The increase in net interest income during the nine months ended March 31, 2017 was attributable to a $527 thousand increase in interest income, which was partially offset by a $223 thousand increase in interest expense. The increase in interest income was primarily attributable to higher average balances of loans outstanding, when compared to the same period in 2016. The increase in interest expense was primarily attributable to higher average rates paid on FHLB borrowings, which were partially offset by lower average balances of FHLB borrowings, during the nine months ended March 31, 2017, when compared to the same period in 2016. The decrease in non-interest expense was primarily attributable to decreases in FDIC insurance premiums, legal and compensation expenses which were partially offset by higher data processing and charitable contribution expenses during the nine months ended March 31, 2017, when compared to the same period in 2016. The decrease in non-interest income for the nine months ended March 31, 2017 was primarily attributable to a realized loss on a trading security and the absence of investment securities gains, when compared to the same period in 2016. The decrease in the provision for loan losses was primarily attributable to a decrease in non-residential loan balances which were partially offset by an increase in the Company’s single-family loan portfolio.


WVS Financial Corp. owns 100% of the outstanding common stock of West View Savings Bank. The Savings Bank is a Pennsylvania-chartered, FDIC savings bank, which conducts business from six offices located in the North Hills suburbs of Pittsburgh, Pennsylvania. In January 2009, West View Savings Bank began its second century of service to our communities. The Bank wishes to thank our customers and host communities for allowing us to be their full service bank.

—TABLES ATTACHED—

# # #


WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in thousands except per share data)

 

     March 31,
2017
(Unaudited)
    June 30,
2016
(Unaudited)
 

Total assets

   $ 344,968     $ 335,723  

Cash and Cash Equivalents

     2,811       2,343  

Certificates of Deposits

     10,383       350  

Investment securities available-for-sale

     101,277       107,676  

Investment securities held-to-maturity

     8,681       9,523  

Mortgage-backed securities held-to-maturity

     133,170       137,416  

Net loans receivable

     74,931       64,673  

Deposits

     143,893       141,278  

FHLB advances: long-term, fixed-rate

     10,000       10,000  

FHLB advances: long-term, variable-rate

     6,109       6,109  

FHLB advances: short-term

     148,555       144,027  

Equity

     33,694       33,085  

Book value per share – Common Equity

     16.78       16.22  

Book value per share – Tier I Equity

     16.89       16.34  

Annualized Return on average assets

     0.48     0.40

Annualized Return on average equity

     5.29     4.09

Tier I leverage ratio

     9.93     9.95


WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED OPERATING DATA

(In thousands except per share data)

 

     Three Months Ended      Nine Months Ended  
     March 31,      March 31,  
     (Unaudited)      (Unaudited)  
     2017      2016      2017      2016  
Interest income    $ 1,957      $ 1,764      $ 5,549      $ 5,022  
Interest expense      487        402        1,256        1,033  
  

 

 

    

 

 

    

 

 

    

 

 

 
Net interest income      1,470        1,362        4,293        3,989  
Provision for loan losses      15        21        50        68  
  

 

 

    

 

 

    

 

 

    

 

 

 
Net interest income after provision for loan losses      1,455        1,341        4,243        3,921  
Non-interest income      130        131        367        427  
Non-interest expense      896        939        2,746        2,826  
  

 

 

    

 

 

    

 

 

    

 

 

 
Income before income tax expense      689        533        1,864        1,522  
Income taxes      263        204        645        589  
  

 

 

    

 

 

    

 

 

    

 

 

 
NET INCOME    $ 426      $ 329      $ 1,219      $ 933  
  

 

 

    

 

 

    

 

 

    

 

 

 
EARNINGS PER SHARE:            

Basic

   $ 0.23      $ 0.17      $ 0.65      $ 0.49  

Diluted

   $ 0.23      $ 0.17      $ 0.65      $ 0.49  
WEIGHTED AVERAGE SHARES OUTSTANDING:            

Basic

     1,882,593        1,910,222        1,879,927        1,909,890  

Diluted

     1,882,593        1,910,222        1,879,927        1,909,890