UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

October 25, 2019

Date of Report (Date of earliest event reported)

 

 

WVS Financial Corp.

(Exact name of registrant as specified in its charter)

 

 

 

Pennsylvania		0-22444		25-1710500
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)
9001 Perry Highway, Pittsburgh, Pennsylvania				15237
(Address of principal executive offices)				(Zip Code)

(412) 364-1913

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		WVFC		NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition

On October 25, 2019, WVS Financial Corp. issued a press release to report net income and earnings per share for the three months ended September 30, 2019. A copy of the press release is furnished as Exhibit 99 to this Form 8-K.

 

Item 9.01

Financial Statements and Exhibits

 

(a)		Not applicable
(b)		Not applicable
(c)		Not applicable
(d)		Exhibits
		Exhibit 99 – Press Release, dated October 25, 2019.

This information, including the press release filed as Exhibit 99, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

				WVS FINANCIAL CORP.
Dated: October 25, 2019				By:		/s/ David J. Bursic
						David J. Bursic
						President and
						Chief Executive Officer

Exhibit 99

 

Release Date:		Further Information:
IMMEDIATE RELEASE		David J. Bursic
October 25, 2019		President and CEO
		Phone: 412/364-1913

WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS PER SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank (Bank), today reported net income of $793 thousand or $0.45 per diluted share, for the three months ended September 30, 2019 as compared to $748 thousand or $0.42 per diluted share for the same period in 2018. The $45 thousand increase in net income during the three months ended September 30, 2019 was primarily attributable to a $29 thousand decrease in the provision for loan losses, a $54 thousand decrease in non-interest expense and a $3 thousand increase in net interest income, which were partially offset by a $41 thousand increase in income tax expense. The increase in net interest income during the three months ended September 30, 2019 was attributable to a $155 thousand increase in interest income, which was partially offset by a $152 thousand increase in interest expense. The increase in interest income for the quarter ended September 30, 2019 was primarily attributable to higher yields on the Company’s investment and mortgage-backed securities and Federal Home Loan Bank (FHLB) stock. The increase in interest expense during the three months ended September 30, 2019, when compared to the same period in 2018, was primarily attributable to higher market interest rates paid on FHLB advances and time deposits, as well as higher average balances of time deposits. The decrease in the provision for loan losses was primarily due to lower levels of construction and land acquisition and development loans during the quarter ended September 30, 2019, when compared to the same period in 2018. The decrease in non-interest expense for the three months ended September 30, 2019 was primarily attributable to a $51 thousand decrease in federal deposit insurance premium expense resulting from the application of Small Bank Assessment Credits by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC will provide small banks (those with consolidated assets of less than $10 billion) assessment credits after the Deposit Insurance Fund ratio reaches, and remains at, 1.38 percent. The Bank’s remaining future assessment credits totaled approximately $64 thousand at September 30, 2019. The increase in income tax expense for the three months ended September 30, 2019 was primarily due to higher taxable income, when compared to the same period in 2018.

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. The Bank wishes to thank our customers and host communities for allowing us to be their full service bank.

—TABLES ATTACHED—

# # #

WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in thousands except per share data)

 

		September 30, 2019 (Unaudited)				June 30, 2019 (Unaudited)
Total assets		$	358,573			$	355,818
Cash and Cash Equivalents			7,313				4,379
Certificates of Deposits			2,587				1,843
Investment securities available-for-sale			134,750				132,780
Investment securities held-to-maturity			3,495				3,995
Mortgage-backed securities held-to-maturity			106,316				108,331
Net loans receivable			90,333				90,588
Deposits			159,624				146,435
FHLB advances: short-term			59,554				70,828
FHLB advances: long-term fixed-rate			15,000				15,000
FHLB advances: long-term variable-rate			85,000				85,000
Equity			36,638				36,049
Book value per share – Common Equity			18.93				18.55
Book value per share – Tier I Equity			18.90				18.54
Annualized Return on average assets			0.90	%			0.80	%
Annualized Return on average equity			8.81	%			8.14	%
Tier I leverage ratio			10.33	%			10.20	%

WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED OPERATING DATA

(In thousands except per share data)

 

		Three Months Ended September 30, (Unaudited)
		2019				2018
Interest income		$	2,987			$	2,832
Interest expense			1,184				1,032
Net interest income			1,803				1,800
Provision for loan losses			(10	)			19
Net interest income after provision for loan losses			1,813				1,781
Non-interest income			110				110
Non-interest expense			847				901
Income before income tax expense			1,076				990
Income taxes			283				242
NET INCOME		$	793			$	748
EARNINGS PER SHARE:
Basic		$	0.45			$	0.42
Diluted		$	0.45			$	0.42
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic			1,775,561				1,793,055
Diluted			1,775,561				1,793,272