WVS Financial (WVFC) 8-K WVS Financial Corp. Announces Net Income and Earnings Per Share for the

Exhibit 99

Release Date:	Further Information:
IMMEDIATE RELEASE	David J. Bursic
July 30, 2020	President and CEO
	Phone: 412/364-1913

WVS FINANCIAL CORP. ANNOUNCES NET INCOME AND EARNINGS PER SHARE FOR THE

FOURTH QUARTER AND FISCAL YEAR ENDED JUNE 30, 2020

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $345 thousand or $0.20 per diluted share, for the three months ended June 30, 2020 as compared to $615 thousand or $0.35 per diluted share for the same period in 2019.    The $270 thousand decrease in net income during the three months ended June 30, 2020 was primarily attributable to a $298 thousand decrease in net interest income, a $58 thousand increase in the provision for loan losses and a $48 thousand decrease in non-interest income, which were partially offset by a $76 thousand decrease in non-interest expense and a $58 thousand decrease in income tax expense.     The decrease in net interest income during the three months ended June 30, 2020, when compared to the same period of 2019, was attributable to a $1.0 million decrease in interest income, which was partially offset by a $736 thousand decrease in interest expense.    The decrease in interest income was primarily attributable to lower average yields on the Company’s floating rate investment, mortgage-backed securities, and loan portfolios, which were partially offset by higher average balances in the investment and loan portfolios.    The decrease in interest expense was primarily attributable to lower rates paid on Federal Home Loan Bank (“FHLB”) borrowings and time deposits, during the three months ended June 30, 2020, when compared to the same period in 2019.    The decrease in non-interest income was primarily the result of a $35 thousand increase in other-than-temporary impairment losses on the private label mortgage-backed securities (PLMBS), a $10 thousand decrease in ATM fee income, a $9 thousand decrease in service charges on deposit accounts, partially offset by gains on the sales of investment securities of $8 thousand.    The increase in the provision for loan losses during the quarter ended June 30, 2020, when compared to the same period of 2019, was primarily attributable to an increase in the Company’s Allowance for Loan and Lease Losses (“ALLL”) reserve factors related to the economic uncertainty due to the COVID-19 pandemic. The $58 thousand decrease in income tax expense for the quarter ended June 30, 2020 was primarily attributable to lower levels of taxable income when compared to the same period of 2019.

Net income for the twelve months ended June 30, 2020 totaled $2.5 million or $1.41 per diluted share, as compared to $2.8 million or $1.57 per diluted share for the same period in 2019. The $305 thousand decrease in net income during the fiscal year ended June 30, 2020 when compared to fiscal 2019, was primarily attributable to a

$551 thousand decrease in net interest income and a $53 thousand decrease in non-interest income, which were partially offset by a $10 thousand decrease in the provision for loan losses, a decrease of $227 thousand in non-interest expense and a $62 thousand decrease in income tax expense, when compared to the same period in 2019. The decrease in net interest income during the twelve months ended June 30, 2020 was attributable to a $1.6 million decrease in interest income, which was partially offset by a $1.0 million decrease in interest expense.    The decrease in interest income was primarily attributable to lower average yields on the Company’s floating rate investment and mortgage-backed securities, FHLB stock and loan portfolio, and lower average balances of mortgage-backed securities, which were partially offset by higher average balances of investment securities available-for-sale and certificates of deposit when compared to the same period in 2019. The decrease in interest expense was primarily due to lower average market rates paid on FHLB borrowings and time deposits, and lower average balances of FHLB short-term advances outstanding, which were partially offset by higher average balances of FHLB long-term advances outstanding, during the fiscal year ended June 30, 2020, when compared to the same period in 2019.    The decrease in non-interest income was primarily the result of a $60 thousand increase in other than temporary impairment losses on the private label mortgage-backed securities portfolio, a $17 thousand decrease in ATM fee income and a $10 thousand decrease in service charges on deposit accounts, which were partially offset by gains on the sales of investment securities of $42 thousand.    The decrease in non-interest expense was primarily attributable to lower employee post-retirement benefit costs, lower FDIC insurance premium expenses due to the FDIC Small Bank Assessment Credits and lower ATM program expenses during fiscal 2020 when compared to the same period in 2019. The decrease in the provision for loan losses was primarily the result of changes in the associated loan balances and the return of one non-performing loan to performing status, partially offset by an increase in the Company’s ALLL reserve factors related to the economic uncertainty due to the COVID-19 pandemic. The decrease in income tax expense for the twelve months ended June 30, 2020 when compared to the same period in 2019 was primarily attributable to lower taxable income.

WVS Financial Corp. owns 100% of the outstanding common stock of West View Savings Bank.    The Savings Bank is a Pennsylvania-chartered, FDIC insured savings bank, which conducts business from six offices located in the North Hills suburbs of Pittsburgh, Pennsylvania. The Bank wishes to thank our customers and host communities for allowing us to be their full service bank.

--TABLES ATTACHED--

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WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in thousands except per share data)

	June 30, 2020    (Unaudited)		June 30, 2019    (Unaudited)
Total assets		$  357,101		$ 355,818
Cash and Cash Equivalents		2,500		4,379
Certificates of Deposits		1,840		1,843
Investment securities available-for-sale		147,639		132,780
Investment securities held-to-maturity		3,495		3,995
Mortgage-backed securities held-to-maturity		97,106		108,331
Net loans receivable		91,032		90,588
Deposits		151,335		146,435
FHLB advances: long-term fixed-rate		15,000		15,000
FHLB advances: long-term variable-rate		85,000		85,000
FHLB advances: short-term		59,159		70,828
Equity		36,913		36,050
Book value per share – Common Equity		19.36		18.55
Book value per share – Tier I Equity		19.65		18.54
Annualized Return on average assets		0.69%		0.80%
Annualized Return on average equity		6.90%		8.14%
Tier I leverage ratio		10.16%		10.20%

WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED OPERATING DATA

(In thousands except per share data)

	Three Months Ended				Twelve Months Ended
	June 30,				June 30,
	(Unaudited)				(Unaudited)
	2020		2019		2020		2019
Interest income		$ 2,087		$ 3,121		$  10,485		$   12,054
Interest expense		570		1,306		3,854		4,872
Net interest income		1,517		1,815		6,631		7,182
Provision for loan losses		95		37		70		80
Net interest income after provision for loan losses		1,422		1,778		6,561		7,102
Non-interest income		60		108		362		415
Non-interest expense		962		1,038		3,563		3,790
Income before income tax expense		520		848		3,360		3,727
Income taxes		175		233		870		932
NET INCOME		$  345		$   615		$  2,490		$  2,795
EARNINGS PER SHARE:
Basic		$0.20		$0.35		$1.41		$1.57
Diluted		$0.20		$0.35		$1.41		$1.57
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		1,753,946		1,774,553		1,768,201		1,780,527
Diluted		1,753,946		1,774,553		1,768,201		1,780,581