-----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, UgYTQ45KlOCqqIAVSe/X2ZWIUyu60mWG5wT3kbcuA9wbiU97IV/2IPTeRcyMDvrz 1Pi2AALVSMfi3sW5WeyNGw== 0000914317-08-001882.txt : 20080715 0000914317-08-001882.hdr.sgml : 20080715 20080715161207 ACCESSION NUMBER: 0000914317-08-001882 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080714 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080715 DATE AS OF CHANGE: 20080715 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: 08952993 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-93576_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 July 15, 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)) Page 1 of 7 Item 2.02 Results of Operations and Financial Condition On July 15, 2008, WVS Financial Corp. issued a press release to report fourth quarter and increased fiscal year ended June 30, 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 July 15, 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. 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: July 15, 2008 By: /s/ David J. Bursic ----------------------- David J. Bursic President and Chief Executive Officer Page 3 of 7 EX-99 2 ex99.txt Exhibit 99 Release Date: Further Information: IMMEDIATE RELEASE David J. Bursic July 15, 2008 President and CEO or Pamela M. Tracy Investor Relations Phone: 412/364-1913 WVS FINANCIAL CORP. ANNOUNCES FOURTH QUARTER AND INCREASED FISCAL YEAR ENDED JUNE 30, 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 $3,772,000 or $1.67 per diluted share, for the fiscal year ended June 30, 2008 as compared to net income of $3,646,000 or $1.57 per diluted share for the same period in 2007. The $126,000 or 3% increase in net income during the fiscal year was primarily attributable to a $213,000 increase in net interest income and a $136,000 change in provisions for loan losses, which were partially offset by a $107,000 increase in non-interest expense, an $87,000 increase in income tax expense, and a $29,000 decrease in non-interest income. The increase in net interest income primarily resulted from lower short-term borrowing costs and higher average balances of earning assets (principally floating rate U.S. Government Agency mortgage-backed securities), which were partially offset by lower average balances of U.S. Government Agency bonds and lower rates earned on floating rate mortgage-backed securities. The change in the provision for loan losses was primarily attributable to $93,000 in recoveries on previously charged-off commercial real estate loans. The increase in non-interest expense was primarily attributable to increases in charitable contributions eligible for PA tax credits and increases in employee related costs, while the increase in income tax expense was primarily due to higher levels of taxable income. The decrease in non-interest income was primarily due to lower levels of service charges on customer accounts. During the fiscal year ended June 30, 2008, the Federal Reserve Open Market Committee reduced its targeted rate for federal funds from 5.25% to 2.00% in response to turmoil in the global equity and fixed income markets. Net income and diluted earnings per share for the quarter ended June 30, 2008 totaled $738,000 and $0.33, respectively, compared to $949,000 and $0.41 for the same period in 2007. The $211,000 or 22% decrease in net income was primarily attributable to a $339,000 decrease in net interest income, which was partially offset by a $72,000 decrease in income tax expense and a $47,000 change in the provision for loan losses. The decrease in net interest income was primarily attributable to lower yields on the Company's floating-rate earning assets and lower average balances of fixed-rate U.S. Government Agency bonds, which were partially offset by lower rates paid on short-term borrowings, time deposits and money market accounts. The decrease in income tax expense was Page 4 of 7 primarily due to lower levels of taxable income, while the change in the provision for loan losses was primarily due to a $38,000 recovery on a previously charged-off commercial real estate loan. President and Chief Executive Officer David J. Bursic remarked: "Fiscal year 2008 presented 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. continued to emphasize a prudent lending strategy, limited increases in controllable operating costs, and growth in Company total capital and book value per share. During fiscal 2008, Company total capital increased to $32 million from $31 million, book value per share increased to $14.44 from $13.49 and return on average stockholders' equity totaled 12.03%. The Company returned over $3 million to our shareholders by repurchasing 107,376 shares of common stock totaling in excess of $1.75 million and paying $1.44 million in dividends on our common shares." 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. In January 2008, West View Savings Bank began its 100th year of service to our communities. The Bank wishes to thank our customers and host communities for allowing us to be their full service bank. --TABLES ATTACHED-- # # # Page 5 of 7 WVS FINANCIAL CORP. AND SUBSIDIARY SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in thousands except per share data) June 30, June 30, 2008 2007 (Unaudited) (Unaudited) ----------- ----------- Total assets $423,109 $408,076 Investment securities held-to-maturity 120,559 202,664 Investment securities available-for-sale 7,978 8,933 Mortgage-backed securities held-to- maturity 213,690 119,271 Mortgage-backed securities available-for- sale 2,215 2,246 Net loans receivable 56,477 60,350 Deposits 150,142 159,377 FHLB advances: long-term 135,579 130,579 FHLB advances: short-term 0 0 FRB short-term borrowings 80,600 0 Other short-term borrowings 20,000 82,950 Equity 32,148 31,293 Book value per share 14.44 13.49 Return on average assets 0.89% 0.90% Return on average equity 12.03% 12.14% Page 6 of 7
WVS FINANCIAL CORP. AND SUBSIDIARY SELECTED CONSOLIDATED OPERATING DATA (In thousands except per share data) Three Months Ended Twelve Months Ended June 30, June 30, (Unaudited) (Unaudited) -------------------------- -------------------------- 2008 2007 2008 2007 ----------- ----------- ----------- ----------- Interest income $ 4,957 $ 5,910 $ 23,681 $ 24,310 Interest expense 3,144 3,758 15,143 15,985 ----------- ----------- ----------- ----------- Net interest income 1,813 2,152 8,538 8,325 Provision (recovery) for loan losses (60) (13) (123) 13 ----------- ----------- ----------- ----------- Net interest income after provision (recovery) for loan losses 1,873 2,165 8,661 8,312 Non-interest income 157 160 597 626 Non-interest expense 892 904 3,636 3,529 ----------- ----------- ----------- ----------- Income before income tax expense 1,138 1,421 5,622 5,409 Income taxes 400 472 1,850 1,763 ----------- ----------- ----------- ----------- NET INCOME $ 738 $ 949 $ 3,772 $ 3,646 =========== =========== =========== =========== EARNINGS PER SHARE: Basic $ 0.33 $ 0.41 $ 1.67 $ 1.57 Diluted $ 0.33 $ 0.41 $ 1.67 $ 1.57 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 2,226,254 2,319,030 2,252,604 2,319,928 Diluted 2,226,260 2,319,965 2,252,906 2,321,536 Page 7 of 7
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