Exhibit 99
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| Release Date: | | Further Information: |
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| IMMEDIATE RELEASE | | David J. Bursic |
| January 30, 2019 | | President and CEO |
| | | Phone:412/364-1913 |
WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2018
Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $685 thousand or $0.38 per diluted share, for the three months ended December 31, 2018 as compared to $396 thousand or $0.22 per diluted share for the same period in 2017. The $289 thousand or 73% increase in net income during the three months ended December 31, 2018 was primarily attributable to a $145 thousand increase in net interest income and a $163 thousand decrease in income tax expense, which were partially offset by an $8 thousand increase in the provision for loan losses, a $14 thousand decrease innon-interest income and a $3 thousand decline innon-interest expense. The increase in net interest income during the three months ended December 31, 2018 was attributable to a $676 thousand increase in interest income primarily due to higher average yields on investment and mortgage-backed securities, and higher average balances and yields on the loan portfolio when compared to the same period in 2017. The increase in interest income was partially offset by a $531 thousand increase in interest expense. The increase in interest expense was primarily attributable to higher average yields on FHLB short-term borrowings due to higher market interest rates when compared to the same period in 2017. The decrease in income tax expense for the quarter ended December 31, 2018 reflects the absence of $133 thousand additional federal income tax expense recorded in December 2017 as a result of a write down of the Company’s net deferred tax assets pursuant to the enactment of the Tax Cuts and Jobs Act of 2017 (“TCJA”) and the reduced federal income tax rate in 2018 when compared to the same period in 2017. The decrease innon-interest income was primarily the result of lower service charges on deposits and lower ATM fee income when compared to the same period in 2017. The decrease innon-interest expense was primarily attributable to lower correspondent bank service charges when compared to the same period in 2017. The increase in the provision for loan losses was primarily attributable to an increase in outstanding loan balances when compared to the same period in 2017.
Net income for the six months ended December 31, 2018 totaled $1.4 million or $0.80 per diluted share, as compared to $898 thousand or $0.49 per diluted share for the same period in 2017. The $534 thousand or 59% increase in net income during the six months ended December 31, 2018 was primarily attributable to a $364 thousand increase in net interest income and a $216 thousand decrease in income tax expense which was partially offset by a $21 thousand increase in the provision for loan losses, a $19 thousand decrease innon-interest income and an increase innon-interest expense of $6 thousand, when compared to the same period in 2017. The increase in net interest income during the six months ended December 31, 2018 was attributable to a $1.3 million increase in interest income, which was partially offset by a $918 thousand increase in interest expense. The increase in interest income was primarily the result of higher average yields on investment and mortgage-backed securities, FHLB stock and loans, and higher average balances of loans outstanding, when compared to the same period in 2017. The increase in interest expense was primarily attributable to higher rates paid on FHLB advances and time deposits which were partially offset by lower average balances of FHLB short-term advances during the six months ended December 31, 2018, when compared to the same period of 2017. For the six month period ended December 31,
