-----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, OT7Wy24LBhkdTS3WDGslDutLgyqydaEm0jfXtPpAEzNOS8ZOPnlLV+90uuiyABXK CjYZO8XhTwR2sU5owqm+fw== 0000914317-04-001826.txt : 20040430 0000914317-04-001826.hdr.sgml : 20040430 20040430141923 ACCESSION NUMBER: 0000914317-04-001826 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040130 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040430 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: 04769064 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-60102_wvs.txt 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 April 30, 2004 - -------------------------------------------------------------------------------- (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 7 Item 7. Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits Exhibit 99 - Press Release, dated April 30, 2004. Item 12. Results of Operations and Financial Condition On April 30, 2004, WVS Financial Corp. issued a press release to report earnings for the quarter ended and nine months ended March 31, 2004. A copy of the press release is furnished as Exhibit 99 to this Form 8-K. Page 2 of 7 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: April 30, 2004 By: /s/ David J. Bursic ----------------------- David J. Bursic President and Chief Executive Officer Page 3 of 7 EX-99 2 exhibit99.txt Exhibit 99 Release Date: Further Information: IMMEDIATE RELEASE David J. Bursic April 30, 2004 President and CEO or Pamela M. Tracy Investor Relations Phone: 412/364-1913 WVS FINANCIAL CORP. ANNOUNCES THIRD QUARTER AND NINE MONTHS ENDED MARCH 31, 2004 NET INCOME AND EARNINGS PER SHARE Pittsburgh, PA -- WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported diluted earnings per share and net income for the quarter ended March 31, 2004 totaled $0.18 and $464,000, respectively, compared to $0.28 and $732,000 for the same period in 2003. The $268,000 decrease in net income for the quarter ended March 31, 2004 was primarily attributable to a $444,000 decrease in net interest income and a $75,000 decrease in credit provisions for loan losses, which was partially offset by a $164,000 decrease in income tax expense, a $76,000 decrease in non-interest expense, and a $11,000 increase in non-interest income. The decrease in net interest income was primarily attributable to lower rates earned on Company assets due to lower market interest rates which was partially offset by lower rates paid on deposits and short-term borrowings. The Company experienced higher levels of repayments on its loan and securities portfolios due to refinancing activities. The Company redeployed these proceeds into shorter-term loans, investments and floating rate mortgage-backed securities to better manage its interest rate risk. The decrease in credit provisions for loan losses was primarily due to a decrease in paydowns on the Company's loan portfolio. The decrease in income tax expense was principally attributable to lower levels of taxable income. The decrease in non-interest expense was primarily attributable to a decrease in payroll and benefit related costs which were partially offset by an increase in legal expenses and costs associated with the work-out Page 4 of 7 of non-performing assets. The increase in non-interest income was principally attributable to an increase in deposit account fee income. Net income and diluted earnings per share for the nine months ended March 31, 2004 totaled $1,586,000 and $0.62, respectively, compared to $2,513,000 and $0.95 for the same period in 2003. The $927,000 decrease in net income during the period was primarily attributable to a $2,456,000 decrease in net interest income and a $47,000 decrease in non-interest income, which were partially offset by a $700,000 increase in credit provisions for loan losses, a $467,000 decrease in income tax expense, and a $409,000 decrease in non-interest expense. 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 earning assets. The Company continued to experience higher levels of repayments on its loan, investment and mortgage-backed securities portfolios due to refinancing activities. The Company used these proceeds to fund shorter-term loans, investments and floating rate mortgage-backed securities to better manage its interest rate risk. The decrease in non-interest income was principally attributable to a decrease in pre-tax gains recognized on the sale of investments from the Company's investment portfolio, which was partially offset by an increase in deposit account fee income. The increase in credit provisions for loan losses was primarily attributable to the work-out of non-performing assets and paydowns on the Company's loan portfolio. The decrease in income tax expense was primarily a result of lower levels of taxable income. The decrease in non-interest expense was principally attributable to decreases in payroll and benefit related costs, charitable contributions eligible for PA tax credits, and legal expenses and costs associated with the work-out on non-performing assets. Return on equity and return on assets for the nine months ended March 31, 2004 were 7.38% and 0.54%, respectively. 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, March 31, 2004 2003 2003 (Unaudited) (Unaudited) (Unaudited) ----------- ---------- ----------- Total assets $400,180 $367,188 $368,242 Net loans receivable 70,373 91,669 107,819 Investment securities available-for-sale 9,320 25,641 4,274 Investment securities held-to-maturity 212,165 121,841 131,335 Mortgage-backed securities available-for- sale 3,714 4,387 4,858 Mortgage-backed securities held-to- maturity 88,621 107,492 101,146 Deposits 154,317 169,317 165,015 FHLB advances 149,736 153,390 151,487 Other borrowings 62,718 9,453 11,424 Equity 29,538 30,618 30,125 Book value per share 11.83 11.86 11.65 Return on average assets 0.54% 0.89% 0.88% Return on average equity 6.98% 10.97% 10.96% 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) -------------------------- -------------------------- 2004 2003 2004 2003 -------- -------- -------- -------- Interest income $ 4,067 $ 4,636 $ 11,833 $ 15,092 Interest expense 2,716 2,841 8,245 9,048 ----------- ----------- ----------- ----------- Net interest income 1,351 1,795 3,588 6,044 Provision for loan losses (14) (89) (771) (71) ----------- ----------- ----------- ----------- Net interest income after provision for loan losses 1,365 1,884 4,359 6,115 Non-interest income 163 152 519 566 Non-interest expense 899 975 2,730 3,139 ----------- ----------- ----------- ----------- Income before income tax expense 629 1,061 2,148 3,542 Income taxes 165 329 562 1,029 ----------- ----------- ----------- ----------- NET INCOME $ 464 $ 732 $ 1,586 $ 2,513 =========== =========== =========== =========== EARNINGS PER SHARE: Basic $ 0.18 $ 0.28 $ 0.62 $ 0.96 Diluted $ 0.18 $ 0.28 $ 0.62 $ 0.95 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 2,525,612 2,593,546 2,553,860 2,629,122 Diluted 2,533,697 2,598,775 2,562,887 2,634,468
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