-----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, BuQd8/18puAFRHx0frqDaJdZLtWwdYol+qV/ADTnTBWc8ybjh4Y0X8JUePfl4hmX qb6Zg0C9grKXpKC9yf0kqQ== 0000914317-08-001081.txt : 20080416 0000914317-08-001081.hdr.sgml : 20080416 20080416161642 ACCESSION NUMBER: 0000914317-08-001081 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080416 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080416 DATE AS OF CHANGE: 20080416 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: 08760013 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-91797_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 April 16, 2008 - -------------------------------------------------------------------------------- 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)) Item 2.02 Results of Operations and Financial Condition On April 16, 2008, WVS Financial Corp. issued a press release to report increased third quarter and nine months ended March 31, 2008 net income and earnings per share. 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 April 16, 2008. 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. 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 16, 2008 By: /s/ David J. Bursic -------------------------- David J. Bursic President and Chief Executive Officer 3 of 7 EX-99 2 ex99.txt EX-99 Exhibit 99 Release Date: Further Information: IMMEDIATE RELEASE David J. Bursic April 16, 2008 President and CEO or Pamela M. Tracy Investor Relations Phone: 412/364-1913 WVS FINANCIAL CORP. ANNOUNCES INCREASED THIRD QUARTER AND NINE MONTHS ENDED MARCH 31, 2008 NET INCOME AND EARNINGS PER SHARE Pittsburgh, PA -- WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $3,034,000 or $1.34 per diluted share, for the nine months ended March 31, 2008 as compared to net income of $2,697,000 or $1.16 per diluted share for the same period in 2007. The $337,000 or 12% increase in net income during the nine months was primarily attributable to a $552,000 increase in net interest income and an $89,000 change in provisions for loan losses, which were partially offset by a $159,000 increase in income tax expense, a $120,000 increase in non-interest expense, and a $25,000 decrease in non-interest income. The increase in net interest income primarily resulted from higher average balances of earning assets (principally floating rate U.S. Government Agency mortgage-backed securities) and lower short-term borrowing costs. The change in the provision for loan losses was primarily attributable to a $55,000 recovery on a previously charged-off commercial real estate loan. The increase in income tax expense was primarily due to higher levels of taxable income, while the increase in non-interest expense was primarily attributable to increases in charitable contributions eligible for PA tax credits. The decrease in non-interest income was primarily due to lower levels of service charges on customer accounts. Net income and diluted earnings per share for the quarter ended March 31, 2008 totaled $962,000 and $0.43, respectively, compared to $955,000 and $0.41 for the same period in 2007. The $7,000 or 1% increase in net income was primarily attributable to $91,000 change in the provision for loan losses and a $40,000 decrease in income tax expense which were partially offset by a $94,000 decrease in net interest income, a $16,000 increase in non-interest expense, and a $14,000 decrease in non-interest income. The change in the provision for loan loss was primarily due to a $55,000 recovery on a previously charged-off commercial real estate loan. The decrease in income tax expense was primarily due to lower levels of taxable income. The decrease in net interest was primarily attributable to lower yields on the Company's earning assets, which were partially offset by lower rates paid on short-term borrowings and higher average balances of earning assets. During the three months ended March 31, 2008, the Federal Reserve Open Market Committee reduced its targeted rate for federal funds from 4 of 7 4.25% to 2.25% in response to turmoil in the global equity and fixed income markets. Throughout the quarter ended March 31, 2008 the Company maintained a defensive posture by increasing its purchases of floating rate U.S. Government Agency mortgage-backed securities and short-term investment grade commercial paper to offset early issuer redemptions of fixed rate U.S. Government agency bonds. The increase in non-interest expense was primarily due to increases in employee related costs while the decrease in non-interest income was primarily attributable to decreases in loan correspondent fees earned and lower levels of services charges on customer accounts. President and Chief Executive Officer David J. Bursic remarked: "Calendar year 2008 will present a number of challenges to the financial services industry including record loan charge-offs, volatile interest rates and sharply lower economic growth. WVS Financial Corp. will continue to emphasize a prudent lending strategy, limited increases in controllable operating costs, and growth in Company total capital and book value per share. Return on average stockholders' equity totaled 12.98% at March 31, 2008." 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-- # # # 5 of 7 WVS FINANCIAL CORP. AND SUBSIDIARY SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in thousands except per share data) March 31, June 30, 2008 2007 (Unaudited) (Unaudited) ----------- ----------- Total assets $ 438,817 $ 408,076 Investment securities held-to-maturity 119,806 202,664 Investment securities available-for-sale 25,421 8,933 Mortgage-backed securities held-to- maturity 208,926 119,271 Mortgage-backed securities available-for- sale 2,239 2,246 Net loans receivable 57,485 60,350 Deposits 151,576 159,377 FHLB advances: long-term 135,579 130,579 FHLB advances: short-term 114,325 0 Other short-term borrowings 0 82,950 Equity 31,895 31,293 Book value per share 14.28 13.49 Return on average assets 0.95% 0.90% Return on average equity 12.98% 12.14% 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) -------------------------- -------------------------- 2008 2007 2008 2007 ----------- ----------- ----------- ----------- Interest income $ 5,690 $ 6,051 $ 18,724 $ 18,400 Interest expense 3,600 3,867 11,999 12,227 ----------- ----------- ----------- ----------- Net interest income 2,090 2,184 6,725 6,173 Provision (recovery) for loan losses (57) 34 (64) 25 ----------- ----------- ----------- ----------- Net interest income after provision (recovery) for loan losses 2,147 2,150 6,789 6,148 Non-interest income 138 152 440 465 Non-interest expense 848 832 2,745 2,625 ----------- ----------- ----------- ----------- Income before income tax expense 1,437 1,470 4,484 3,988 Income taxes 475 515 1,450 1,291 ----------- ----------- ----------- ----------- NET INCOME $ 962 $ 955 $ 3,034 $ 2,697 =========== =========== =========== =========== EARNINGS PER SHARE: Basic $ 0.43 $ 0.41 $ 1.34 $ 1.16 Diluted $ 0.43 $ 0.41 $ 1.34 $ 1.16 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 2,238,670 2,322,962 2,261,324 2,320,227 Diluted 2,238,758 2,324,278 2,261,724 2,322,059 7 of 7
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