Exhibit 99
Release Date: Further Information:
IMMEDIATE RELEASE David J. Bursic
April 22, 2005 President and CEO
or
Pamela M. Tracy
Investor Relations
Phone: 412/364-1913
WVS FINANCIAL CORP. ANNOUNCES INCREASED THIRD QUARTER AND NINE
MONTHS ENDED MARCH 31, 2005 NET INCOME AND EARNINGS PER SHARE
Pittsburgh, PA -- WVS Financial Corp. (NASDAQ: WVFC), the holding company
for West View Savings Bank, today reported net income of $1,987,000 or $0.81 per
diluted share, for the nine months ended March 31, 2005 as compared to net
income of $1,586,000 or $0.62 per diluted share for the same period in 2004. The
$401,000 increase in net income during the period was primarily attributable to
a $1,009,000 increase in net interest income and a $313,000 increase in
non-interest income and a $59,000 decrease in non-interest expense, which were
partially offset by a $837,000 change in the provision for loan losses and a
$143,000 increase in income tax expense. The increase in net interest income
reflects the increase in short-term market interest rates, higher overall yields
on adjustable rate earning assets and higher average balances mortgage-backed
securities. The change in the provision for loan losses was primarily
attributable to a $66 thousand provision for loan losses during the nine months
ended March 31, 2005 as opposed to a $771,000 credit provision taken in fiscal
2004 due to the work-out of non-performing assets. The increase in non-interest
income was primarily attributable to $335,000 of pre-tax gains recognized on the
sale of investments from the Company's investment portfolio during the nine
months ended March 31, 2005. The decrease in non-interest expense was primarily
attributable to decreases in legal fees and costs associated with the work-out
of non-performing assets. The increase in income tax expense was primarily the
result of increased levels of taxable income.
Net income and diluted earnings per share for the quarter ended March 31,
2005 totaled $564,000 and $0.23, respectively, compared to a $464,000 and $0.18
for the same period in 2004. The $100,000 increase in net income during the
quarter was primarily attributable to a $140,000 increase in net interest income
and an $8,000 decrease in non-interest expense, which were partially offset by a
$35,000 decrease in income tax
Page 4 of 7
expense, a $9,000 decrease in credit provisions for loan losses and a $4,000
decrease in non-interest income. The increase in net interest income was
primarily the result of higher yields earned and higher average balances of
investment and mortgage-backed securities. The increase in income tax expense
was due to increased levels of 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 savings bank
which conducts business in the North Hills suburbs of Pittsburgh, Pennsylvania.
--TABLES ATTACHED--
# # #
Page 5 of 7
WVS FINANCIAL CORP. AND SUBSIDIARY
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands except per share data)
March 31, June 30,
2005 2004
(Unaudited) (Unaudited)
--------- ---------
Total assets $425,938 $433,624
Investment securities held-to-maturity 225,393 269,173
Investment securities available-for-sale 2,124 4,416
Mortgage-backed securities held-to-
maturity 118,276 72,233
Mortgage-backed securities available-for-
sale 3,130 3,357
Net loans receivable 60,622 67,968
Deposits 160,508 160,563
FHLB advances 163,336 149,736
Other borrowings 70,405 91,639
Equity 28,824 29,199
Book value per share 11.98 11.84
Return on average assets 0.65% 0.58%
Return on average equity 9.11% 7.64%
Page 6 of 7
WVS FINANCIAL CORP. AND SUBSIDIARY
SELECTED CONSOLIDATED OPERATING DATA
(In thousands except per share data)
Three Months Ended Nine Months Ended
March 31, March 31,
(Unaudited) (Unaudited)
------------------------------ -----------------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Interest income $ 4,509 $ 4,067 $ 13,344 $ 11,833
Interest expense 3,018 2,716 8,747 8,245
----------- ----------- ----------- -----------
Net interest income 1,491 1,351 4,597 3,588
Provision for loan losses (5) (14) 66 (771)
----------- ----------- ----------- -----------
Net interest income after
provision for loan losses 1,496 1,365 4,531 4,359
Non-interest income 159 163 832 519
Non-interest expense 891 899 2,671 2,730
----------- ----------- ----------- -----------
Income before income tax
expense 764 629 2,692 2,148
Income taxes 200 165 705 562
----------- ----------- ----------- -----------
NET INCOME $ 564 $ 464 $ 1,987 $ 1,586
=========== =========== =========== ===========
EARNINGS PER SHARE:
Basic $ 0.23 $ 0.18 $ 0.81 $ 0.62
Diluted $ 0.23 $ 0.18 $ 0.81 $ 0.62
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 2,430,679 2,525,612 2,443,163 2,553,860
Diluted 2,435,935 2,533,697 2,448,792 2,562,887
Page 7 of 7