Exhibit 99
| | |
| Release Date: | | Further Information: |
| |
| IMMEDIATE RELEASE | | David J. Bursic |
| January 28, 2020 | | 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, 2019
Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $727 thousand or $0.41 per diluted share, for the three months ended December 31, 2019 as compared to $685 thousand or $0.38 per diluted share for the same period in 2018. The $42 thousand or 6.1% increase in net income during the three months ended December 31, 2019 was primarily attributable to a $12 thousand increase innon-interest income, a decrease innon-interest expense of $84 thousand and a $22 thousand decrease in the provision for loan losses which were partially offset by a $74 thousand decrease in net interest income, when compared to the same period of 2018. The decrease in net interest income was the result of a $172 thousand decrease in interest income which was partially offset by a $98 thousand decrease in interest expense for the three months ending December 31, 2019, when compared to the same period in 2018. The decrease in interest income for the three months ended December 31, 2019 was primarily attributable to lower market yields earned on the Company’s floating rate investment and mortgage-backed securities portfolio and lower average balances of mortgage-backed securities outstanding which were partially offset by higher yields on Federal Home Loan Bank (“FHLB”) stock, and higher average balances of investment securities, loans and certificates of deposit when compared to the same period in 2018. The decrease in interest expense for the three months ended December 31, 2019 was primarily attributable to lower rates paid on FHLB short-term and variable rate long-term borrowings and lower average balances of FHLB short-term borrowings which were partially offset by higher average balances of wholesale time deposits and higher rates paid on time deposits when compared to the same period in 2018. The decrease innon-interest expense was primarily attributable to lower employee post retirement benefit costs, no federal deposit insurance expense resulting from the continued application of Small Bank Assessment Credits by the Federal Deposit Insurance Corporation (“FDIC”), and lower overall generalnon-interest expenses during the three months ended December 31, 2019, when compared to the same period in 2018. The increase innon-interest income was largely the result of gains on the sale of investment securities of $32 thousand which were partially offset by a $16 thousand other than temporary impairment loss on the private label mortgage-backed securities (PLMBS) portfolio during the three months ended December 31, 2019. There were no investment securities gains during the same period of 2018. During the quarter ended September 30, 2019, the Company’s onenon-performing asset consisting of a single-family real estate loan was discharged from bankruptcy and since that time has been current. The decrease in the provision for loan losses was primarily due to this loan being returned to performing status.
Net income for the six months ended December 31, 2019 totaled $1.5 million or $0.86 per diluted share, as compared to $1.4 million or $0.80 per diluted share for the same period in 2018. The $88 thousand or 6.2% increase in net income during the six months ended December 31, 2019 was primarily attributable to a $138 thousand decrease innon-interest expense and a $51 thousand decrease in the provision for loan losses, partially offset by a $71 thousand decrease in net interest income and a $42 thousand increase in income tax expense, when compared to the same period in 2018. The decrease innon-interest expense was primarily attributable to lower employee post
