Exhibit 99
Release Date: Further Information:
IMMEDIATE RELEASE David J. Bursic
August 17, 2005 President and CEO
OR
Pamela M. Tracy
Investor Relations
Phone: 412/364-1913
WVS FINANCIAL CORP. ANNOUNCES INCREASED FISCAL YEAR AND FOURTH
QUARTER NET INCOME AND EARNINGS PER SHARE
Pittsburgh, PA -- WVS Financial Corp. (NASDAQ: WVFC), the holding company
for West View Savings Bank, today reported that for the fiscal year ended June
30, 2005, net income and diluted earnings per share totaled $2,909,000 and
$1.19, respectively, compared to $2,302,000 and $0.90 for the same period in
2004. The $607,000 increase in net income during the period was primarily
attributable to a $1,011,000 increase in net interest income, a $277,000
increase in non-interest income and a $75,000 decrease in non-interest expense,
which were partially offset by a $748,000 decrease in credit provisions for loan
losses and an $8,000 increase in income tax expense. The increase in net
interest income is primarily attributable to increased interest income on the
Company's mortgage-backed and investment securities portfolios which more than
offset a decline in loan interest income and increased interest expense
associated with the Company's borrowings. The increase in non-interest income
was primarily attributable to a $304,000 increase in pre-tax gains recognized on
the sale of investments from the Company's investment portfolio, which was
partially offset by decreases in deposit account fee income and mortgage
correspondent fee income. The decrease in non-interest expense was principally
attributable to decreases in legal fees and costs associated with the work-out
of non-performing assets and decreases in automated teller machine network costs
and Pennsylvania Capital Stock taxes. The decrease in credit provisions for loan
losses was primarily attributable to the higher credit provisions taken in
fiscal 2004 due to the work-out of non-performing assets. The increase in income
tax expense was primarily a result of higher levels of taxable income.
Diluted earnings per share and net income for the quarter ended June 30,
2005 totaled $0.38 and $922,000, respectively, compared to $0.29 and $716,000
for the same period in 2004. The $206,000 increase in net income for the quarter
ended June 30, 2005 was primarily attributable to a $135,000 decrease in income
tax expense and a $89,000
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increase in credit provisions for loan losses. The decrease in income tax
expense is primarily attributable to a revised estimate of the effective tax
rate applied to pre-tax income. The increase in credit provisions for loan
losses was primarily attributable to recoveries of previously charged-off loans,
lower loan charge-offs, and changes in the Company's loan portfolio balances.
Return on equity and return on assets for the twelve months ended June 30,
2005 were 10.03% and 0.71%, respectively.
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 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)
June 30, June 30,
2005 2004
(Unaudited) (Unaudited)
---------- ----------
Total assets $ 421,044 $ 433,624
Investment securities held-to-maturity 173,911 269,173
Investment securities available-for-sale 9,155 4,416
Mortgage-backed securities held-to-maturity 159,031 72,233
Mortgage-backed securities available-for-sale 3,120 3,357
Net loans receivable 60,151 67,968
Deposits 164,706 160,563
FHLB advances 155,036 149,736
Other borrowings 69,680 91,639
Equity 29,201 29,199
Book value per share 12.20 11.84
Return on average assets 0.71% 0.58%
Return on average equity 10.03% 7.64%
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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)
------------------------------- -------------------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
Interest income $ 4,530 $ 4,172 $ 17,874 $ 16,006
Interest expense 3,097 2,742 11,844 10,987
---------- ---------- ---------- ----------
Net interest income 1,433 1,430 6,030 5,019
Provision for loan losses (112) (23) (46) (794)
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 1,545 1,453 6,076 5,813
Non-interest income 159 197 992 715
Non-interest expense 860 878 3,532 3,607
---------- ---------- ---------- ----------
Income before income tax
expense 844 772 3,536 2,921
Income taxes (78) 57 627 619
---------- ---------- ---------- ----------
NET INCOME $ 922 $ 716 $ 2,909 $ 2,302
========== ========== ========== ==========
EARNINGS PER SHARE:
Basic $ 0.38 $ 0.29 $ 1.20 $ 0.91
Diluted $ 0.38 $ 0.29 $ 1.19 $ 0.90
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 2,399,463 2,481,206 2,432,267 2,535,796
Diluted 2,404,097 2,488,556 2,437,647 2,544,404
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