Exhibit 99
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| Release Date: | | Further Information: |
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| IMMEDIATE RELEASE | | David J. Bursic |
| October 24, 2018 | | President and CEO |
| | Phone:412/364-1913 |
WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS
PER SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018
Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $748 thousand or $0.42 per diluted share, for the three months ended September 30, 2018 as compared to $502 thousand or $0.28 per diluted share for the same period in 2017. The $246 thousand increase in net income during the three months ended September 30, 2018 was primarily attributable to a $219 thousand increase in net interest income and a $55 decrease in income tax expense; which were partially offset by a $14 thousand increase in the provision for loan losses, a $9 thousand increase innon-interest expense and a $5 thousand decrease innon-interest income. The increase in net interest income during the three months ended September 30, 2018 was attributable to a $607 thousand increase in interest income, which was partially offset by a $388 thousand increase in interest expense. The increase in interest income for the quarter ended September 30, 2018 was primarily attributable to higher yields on the Company’s investment and mortgage-backed securities and Federal Home Loan Bank (FHLB) stock. The increase in interest expense during the three months ended September 30, 2018, when compared to the same period in 2017, was primarily attributable to higher market interest rates paid on FHLB short-term advances and time deposits, which were partially offset by lower average balances of FHLB long-term fixed and variable rate advances and time deposits. The increase in the provision for loan losses was primarily due to higher originations of land acquisition and development loans during the quarter ended September 30, 2018, when compared to the same period in 2017. The increase innon-interest expense for the three months ended September 30, 2018 was due in part to a $12 thousand increase in ATM network expense resulting from the issuance of ATM debit cards with enhanced security features and a $9 thousand increase in data processing expenses which were partially offset by a $9 thousand decrease in postage, stationery and printing supplies, when compared to the same period in 2017. The $5 thousand decrease innon-interest income for the three months ended September 30, 2018 was primarily due to lower volumes of ATM transactions when compared to the same period in 2017. The decrease in income tax expense for the three months ended September 30, 2018 was primarily due to the reduced federal income tax rate, when compared to the same period in 2017.
