-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EgfnwOjb+geEFVLN/LaZuF8v46l5FWxJk0/Fjsw2LSwrmgsnFlsexxxauZwrDjs9 +1YleIGvCySPbuWS3BUGtA== 0000914317-03-003050.txt : 20031022 0000914317-03-003050.hdr.sgml : 20031022 20031022152915 ACCESSION NUMBER: 0000914317-03-003050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031022 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WVS FINANCIAL CORP CENTRAL INDEX KEY: 0000910679 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 251710500 STATE OF INCORPORATION: PA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22444 FILM NUMBER: 03951871 BUSINESS ADDRESS: STREET 1: 9001 PERRY HIGHWAY CITY: PITTSBURGH STATE: PA ZIP: 15237 BUSINESS PHONE: 4123641911 MAIL ADDRESS: STREET 1: 9001 PERRY HIGHWAY CITY: PITTSBURG STATE: PA ZIP: 15237 8-K 1 form8k-55042_wvs.txt 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 22, 2003 - -------------------------------------------------------------------------------- (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 (Commission File Number) (IRS Employer jurisdiction of incorporation) 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) Page 1 of 6 Item 7. Exhibits (c) Exhibits Exhibit 99 - Press Release, dated October 22, 2003. Item 12. Results of Operations and Financial Condition On October 22, 2003, WVS Financial Corp. issued a press release to report earnings for the quarter ended September 30, 2003. A copy of the press release is furnished as Exhibit 99 to this Form 8-K. Page 2 of 6 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 22, 2003 By: /s/ David J. Bursic ----------------------- David J. Bursic President and Chief Executive Officer Page 3 of 6 EX-99 3 exhibit99.txt 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-- # # # Page 4 of 6 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% Page 5 of 6 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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