Exhibit 99
Release Date: Further Information:
IMMEDIATE RELEASE David J. Bursic
October 20, 2008 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 $757,000 or
$0.35 per diluted share, for the three months ended September 30, 2008 as
compared to net income of $1,023,000 or $0.45 per diluted share for the same
period in 2007. The $266,000 or 26% decrease in net income during the quarter
was primarily attributable to a $454,000 decrease in net interest income, a
$31,000 increase in non-interest expense and an $11,000 decrease in recovery for
loan losses, which were partially offset by a $220,000 decrease in income tax
expense and a $10,000 increase in non-interest income.
The decrease in net interest income was primarily attributable to lower
average balances of fixed-rate U.S. Government Agency bonds and lower yields on
the Company's floating-rate earning assets, which were partially offset by
higher average balances of U.S. Government Agency floating-rate CMO's and lower
rates paid on short-term borrowings, time deposits and money market accounts.
The increase in non-interest expense was primarily attributable to increases in
charitable contributions eligible for PA tax credits. The decrease in income tax
expense was attributable to tax credits recognized on charitable contributions
and lower levels of taxable income. The increase in non-interest income was
primarily attributable to higher levels of ATM and debit card fee income and
higher levels of service charges on customer accounts.
During the quarter ended September 30, 2008, the Company announced that
its Board of Directors authorized an additional 40,000 shares to be purchased
under its Ninth Stock Repurchase Program. Book value per share increased to
$14.57 per share at September 30, 2008 from $14.44 per share at June 30, 2008.
Return on average equity totaled 9.58% at September 30, 2008. During the quarter
ended September 30, 2008, the Company returned approximately $1,295,000 to our
shareholders by repurchasing 59,255 shares of common stock totaling in excess of
$945,000 and paying $350,000 in dividends on our common shares.
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. In January 2008, West View Savings Bank
began its 100th year of service to our communities. 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)
September 30, June 30,
2008 2008
(Unaudited) (Unaudited)
------------ ------------
Total assets $ 411,131 $ 423,109
Investment securities held-to-maturity 112,437 120,559
Investment securities available-for-sale 483 7,978
Mortgage-backed securities held-to-
maturity 210,548 213,690
Mortgage-backed securities available-for-
sale 2,166 2,215
Net loans receivable 57,503 56,477
Deposits 148,979 150,142
FHLB advances: long-term 135,579 135,579
FHLB advances: short-term 85,069 0
FRB short-term borrowings 0 80,600
Other borrowings 4,441 20,000
Equity 31,584 32,148
Book value per share 14.57 14.44
Return on average assets 0.74% 0.89%
Return on average equity 9.58% 12.03%
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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)
--------------------------
2008 2007
----------- -----------
Interest income $ 4,884 $ 6,537
Interest expense 3,035 4,234
----------- -----------
Net interest income 1,849 2,303
Recovery for loan losses (6) (17)
----------- -----------
Net interest income after recovery for loan losses 1,855 2,320
Non-interest income 167 157
Non-interest expense 973 942
----------- -----------
Income before income tax expense 1,049 1,535
Income taxes 292 512
----------- -----------
NET INCOME $ 757 $ 1,023
=========== ===========
EARNINGS PER SHARE:
Basic $ 0.35 $ 0.45
Diluted $ 0.35 $ 0.45
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 2,191,776 2,283,510
Diluted 2,191,783 2,284,384
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