Exhibit 99
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| Release Date: | | Further Information: |
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| IMMEDIATE RELEASE | | David J. Bursic |
| October 25, 2019 | | 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, 2019
Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank (Bank), today reported net income of $793 thousand or $0.45 per diluted share, for the three months ended September 30, 2019 as compared to $748 thousand or $0.42 per diluted share for the same period in 2018. The $45 thousand increase in net income during the three months ended September 30, 2019 was primarily attributable to a $29 thousand decrease in the provision for loan losses, a $54 thousand decrease innon-interest expense and a $3 thousand increase in net interest income, which were partially offset by a $41 thousand increase in income tax expense. The increase in net interest income during the three months ended September 30, 2019 was attributable to a $155 thousand increase in interest income, which was partially offset by a $152 thousand increase in interest expense. The increase in interest income for the quarter ended September 30, 2019 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, 2019, when compared to the same period in 2018, was primarily attributable to higher market interest rates paid on FHLB advances and time deposits, as well as higher average balances of time deposits. The decrease in the provision for loan losses was primarily due to lower levels of construction and land acquisition and development loans during the quarter ended September 30, 2019, when compared to the same period in 2018. The decrease innon-interest expense for the three months ended September 30, 2019 was primarily attributable to a $51 thousand decrease in federal deposit insurance premium expense resulting from the application of Small Bank Assessment Credits by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC will provide small banks (those with consolidated assets of less than $10 billion) assessment credits after the Deposit Insurance Fund ratio reaches, and remains at, 1.38 percent. The Bank’s remaining future assessment credits totaled approximately $64 thousand at September 30, 2019. The increase in income tax expense for the three months ended September 30, 2019 was primarily due to higher taxable income, when compared to the same period in 2018.
