Exhibit 99
Release Date: Further Information:
IMMEDIATE RELEASE David J. Bursic
October 22, 2003 President and CEO
or
Pamela M. Tracy
Investor Relations
Phone: 412/364-1913
WVS FINANCIAL CORP. ANNOUNCES FIRST QUARTER
EARNINGS PER SHARE AND NET INCOME
Pittsburgh, PA -- WVS Financial Corp. (NASDAQ: WVFC), the holding company
for West View Savings Bank, today reported net income of $352,000 or $0.14 per
diluted share for the three months ended September 30, 2003 as compared to net
income of $1,000,000 or $0.37 per diluted share for the same period in 2002. The
$648,000 decrease in net income during the quarter was primarily attributable to
a $1,202,000 decrease in net interest income and a $51,000 decrease in
non-interest income, which were partially offset by a $230,000 decrease in
non-interest expense, a $224,000 decrease in income tax expense and a $151,000
decrease in provision for loan losses. The decrease in net interest income
reflects continued low market interest rates, higher levels of loan repayments,
the residual effects of higher cost long-term borrowings, and lower overall
yields on adjustable rate earning assets. The decrease in non-interest income
was primarily attributable to $64,000 of pre-tax gains recognized on the sale of
investments from the Company's investment portfolio in the three months ended
September 30, 2002. The decrease in non-interest expense was primarily
attributable to decreases in charitable contributions eligible for PA tax
credits, payroll related costs, legal expenses and costs associated with the
work-out of non-performing assets. The decrease in income tax expense was
primarily a result of decreased levels of taxable income and the absence of a
$100,000 expiring state tax credit. The decrease in provision for loan loss was
primarily attributable to paydowns on the Company's loan portfolio.
WVS Financial Corp. owns 100% of the outstanding common stock of West View
Savings Bank. The Savings Bank is a Pennsylvania-chartered, FDIC savings bank,
which conducts business from six offices located in the North Hills suburbs of
Pittsburgh, Pennsylvania.
--TABLES ATTACHED--
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WVS FINANCIAL CORP. AND SUBSIDIARY
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands except per share data)
September 30, June 30,
2003 2003
(Unaudited) (Unaudited)
----------- -----------
Total assets $388,872 $367,188
Net loans receivable 77,677 91,669
Investment securities available-for-sale 10,112 25,641
Investment securities held-to-maturity 201,695 121,841
Mortgage-backed securities available-for-
sale 4,092 4,387
Mortgage-backed securities held-to-
maturity 78,924 107,492
Deposits 176,565 169,317
FHLB advances 150,115 153,390
Other borrowings 28,576 9,453
Equity 30,359 30,618
Book value per share 11.81 11.86
Return on average assets 0.37% 0.89%
Return on average equity 4.61% 10.97%
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WVS FINANCIAL CORP. AND SUBSIDIARY
SELECTED CONSOLIDATED OPERATING DATA
(In thousands except per share data)
Three Months Ended
September 30,
(Unaudited)
-----------------------------
2003 2002
----------- -----------
Interest income $ 3,811 $ 5,432
Interest expense 2,769 3,188
----------- -----------
Net interest income 1,042 2,244
Provision for loan losses (133) 18
----------- -----------
Net interest income after provision for loan losses 1,175 2,226
Non-interest income 194 245
Non-interest expense 892 1,122
----------- -----------
Income before income tax expense 477 1,349
Income taxes 125 349
----------- -----------
NET INCOME $ 352 $ 1,000
=========== ===========
EARNINGS PER SHARE:
Basic $ 0.14 $ 0.38
Diluted $ 0.14 $ 0.37
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 2,575,242 2,661,933
Diluted 2,585,081 2,667,220
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