WVS Financial (WVFC) 8-K WVS Financial Corp. Announces Increased Net Income and Earnings Per Share for the Three Months Ended September 2014

Exhibit 99

Release Date:	Further Information:
IMMEDIATE RELEASE	David J. Bursic
October 23, 2014	President and CEO
	or
	Keith A. Simpson
	Vice President and CAO
	Phone: 412/364-1913

WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS PER SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 2014

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $299 thousand or $0.15 per diluted share, for the three months ended September 30, 2014 as compared to $210 thousand or $0.10 per diluted share for the same period in 2013. The $89 thousand increase in net income during the three months ended September 30, 2014 was primarily attributable to a $174 thousand increase in net interest income, and a $9 thousand decrease in provisions for loan losses, which were partially offset by a $56 thousand increase in non-interest expense, and a $39 thousand increase in income tax expense. The increase in net interest income during the three months ended September 30, 2014 was attributable to a $118 thousand increase in interest income and a $56 thousand decrease in interest expense. The increase in interest income was primarily attributable to higher yields on the Company’s mortgage-backed securities and Federal Home Loan Bank (“FHLB”) stock, which were partially offset by lower average balances of net loans outstanding, when compared to the same period in 2013. The increase in yield on the mortgage-backed securities portfolio was attributable to higher spreads in this sector. The increase in yields on FHLB Stock was attributable to a higher dividend rate paid by the FHLB. The decrease in loan volumes was primarily due to lower volumes of construction and mortgage loans outstanding. The decrease in interest expense was primarily attributable to lower rates paid on FHLB long-term borrowings, and lower average balances of FHLB short-term borrowings, which were partially offset by higher average balances of FHLB long-term borrowings, when compared to the same period in 2013. The increase in non-interest expense was primarily attributable to higher employee related costs, legal expenses, provisions for off-balance sheet (loan origination) commitments, and professional fees and services, during the three months ended September 30, 2014, when compared to the same period in 2013. The increase in income tax expense was primarily due to higher levels of taxable income. The decrease in the provision for loan losses is attributable to changes in the Company’s performing and non-performing loan segments, when compared to the same period in 2013.

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)

	September 30, 2014 (Unaudited)			June 30, 2014 (Unaudited)
Total assets	$	317,236		$	309,940
Cash and Cash Equivalents		1,533			1,360
Certificates of Deposits		350			598
Investment securities available-for-sale		26,934			28,387
Investment securities held-to-maturity		36,283			22,047
Mortgage-backed securities held-to-maturity		207,793			215,335
Net loans receivable		30,956			29,724
Deposits		141,962			141,859
FHLB advances: long-term, fixed-rate		12,500			12,500
FHLB advances: long-term, variable-rate		105,305			99,196
FHLB advances: short-term		24,753			23,626
Equity		31,776			31,788
Book value per share – Common Equity		15.50			15.45
Book value per share – Tier I Equity		15.70			15.66
Annualized Return on average assets		0.38	%		0.30	%
Annualized Return on average equity		3.77	%		2.87	%
Tier I leverage ratio		10.13	%		10.17	%

WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED OPERATING DATA

(In thousands except per share data)

	Three Months Ended September 30, (Unaudited)
	2014		2013
Interest income	$	1,520	$	1,402
Interest expense		288		344
Net interest income		1,232		1,058
Provision for loan losses		3		12
Net interest income after provision for loan losses		1,229		1,046
Non-interest income		138		137
Non-interest expense		915		859
Income before income tax expense		452		324
Income taxes		153		114
NET INCOME	$	299	$	210
EARNINGS PER SHARE:
Basic	$	0.15	$	0.10
Diluted	$	0.15	$	0.10
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		2,051,110		2,057,930
Diluted		2,051,110		2,057,930