-----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, Lrz/gTrL3I0gaIFmkaG95n9G7Qe3G3MAYCUl08pEWqAHGxoMewzYQ26QQ9Alt1dp Iz9JSYjP4mtVVPvO7Zc3Yw== 0000914317-07-002521.txt : 20071018 0000914317-07-002521.hdr.sgml : 20071018 20071018154554 ACCESSION NUMBER: 0000914317-07-002521 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071017 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071018 DATE AS OF CHANGE: 20071018 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: 071178838 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-86962_wvs.txt 8-K 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 18, 2007 - -------------------------------------------------------------------------------- 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 (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) 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)) Page 1 of 6 Item 2.02 Results of Operations and Financial Condition On October 18, 2007, WVS Financial Corp. issued a press release to report increased first quarter earnings per share and income for the period ended September 30, 2007. 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 18, 2007. 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. 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 18, 2007 By: /s/ David J. Bursic ------------------------- David J. Bursic President and Chief Executive Officer Page 3 of 6 EX-99 2 ex99.txt EX-99 Exhibit 99 Release Date: Further Information: IMMEDIATE RELEASE David J. Bursic October 18, 2007 President and CEO or Pamela M. Tracy Investor Relations Phone: 412/364-1913 WVS FINANCIAL CORP. ANNOUNCES INCREASED 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 $1,023,000 or $0.45 per diluted share, for the three months ended September 30, 2007 as compared to net income of $904,000 or $0.39 per diluted share for the same period in 2006. The $119,000 or 13% increase in net income during the quarter was primarily attributable to a $223,000 increase in net interest income, an $8,000 increase in recovery for loan losses and a $5,000 increase in non-interest income, which were partially offset by a $77,000 increase in income tax expense and a $40,000 increase in non-interest expense. The increase in net interest income primarily resulted from the favorable impact of somewhat higher intermediate term market interest rates and lower short-term borrowing costs. To a lesser extent, net interest income benefited from a higher level of average assets when compared to the same period in 2006. The increase in income tax expense was primarily attributable to higher levels of taxable income. The increase in non-interest expense was primarily attributable to increases in charitable contributions eligible for PA tax credits and increased employee related costs, which were partially offset by decreases in correspondent bank service charges. During the quarter ended September 30, 2007, the Company successfully completed its Eighth Stock Repurchase Program totaling 125,000 shares. The Company also announced its Ninth Stock Repurchase Program targeting 125,000 shares. Book value per share increased to $13.72 per share at September 30, 2007 from $13.49 per share at June 30, 2007. Return on average equity totaled 13.20% at September 30, 2007 compared to 12.14% at June 30, 2007. 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, 2007 2007 (Unaudited) (Unaudited) ------------ ------------ Total assets $ 449,236 $ 408,076 Investment securities held-to-maturity 218,409 202,664 Investment securities available-for-sale 19,407 8,933 Mortgage-backed securities held-to- maturity 130,832 119,271 Mortgage-backed securities available-for- sale 2,226 2,246 Net loans receivable 59,561 60,350 Deposits 163,659 159,377 FHLB advances: long-term 135,579 130,579 FHLB advances: short-term 86,325 0 Other borrowings 28,324 82,950 Equity 31,012 31,293 Book value per share 13.72 13.49 Return on average assets 0.91% 0.90% Return on average equity 13.20% 12.14% 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) -------------------------- 2007 2006 ----------- ----------- Interest income $ 6,537 $ 6,118 Interest expense 4,234 4,038 ----------- ----------- Net interest income 2,303 2,080 Recovery for loan losses (17) (9) ----------- ----------- Net interest income after recovery for loan losses 2,320 2,089 Non-interest income 157 152 Non-interest expense 942 902 ----------- ----------- Income before income tax expense 1,535 1,339 Income taxes 512 435 ----------- ----------- NET INCOME $ 1,023 $ 904 =========== =========== EARNINGS PER SHARE: Basic $ 0.45 $ 0.39 Diluted $ 0.45 $ 0.39 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 2,283,510 2,327,183 Diluted 2,284,384 2,329,120 Page 6 of 6 -----END PRIVACY-ENHANCED MESSAGE-----