WVS FINANCIAL : ANNOUNCES NET INCOME AND EARNINGS PER SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 - Form 8-K
WVFC
WVS FINANCIAL CORP. ANNOUNCES NET INCOME AND EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021
Pittsburgh, PA - WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank (Bank), today reported net income of $271 thousand or $0.16 per diluted share, for the three months ended September 30, 2021 as compared to $420 thousand or $0.24 per diluted share for the same period in 2020. The $149 thousand decrease in net income during the three months ended September 30, 2021 was primarily attributable to a $196 thousand decrease in net interest income and a $52 thousand increase in non-interest expense, which were partially offset by a $16 thousand decrease in the provision for loan losses, a $27 thousand increase in non-interest income and a $56 thousand decrease in income tax expense. The decrease in net interest income during the three months ended September 30, 2021, when compared to the same period in 2020, was attributable to a $346 thousand decrease in interest income, which was partially offset by an $150 thousand decrease in interest expense. The decrease in interest income was primarily attributable to lower average balances and yields on the Company's investment, mortgage-backed securities, and loan portfolios, which were partially offset by higher average balances in the floating rate investment portfolio. The decrease in interest expense was primarily attributable to lower rates paid on deposits and Federal Home Loan Bank ("FHLB") borrowings and lower average balances of FHLB borrowings, which were partially offset by higher average balances of wholesale time deposits, during the three months ended September 30, 2021, when compared to the same period in 2020. The decrease in the provision for loan losses for the three months ended September 30, 2021 was primarily the result of a reduction in the amount of provision allocated for the COVID-19 pandemic when compared to the same period in 2020. As of September 30, 2021, the Company continued to have no loans in COVID-19 deferral status. The Company anticipates continuing to reverse the COVID-19 portion of the allowance for loan and lease losses throughout fiscal 2022 assuming continued favorable trends in the COVID-19 pandemic. The increase in non-interest income for the three months ended September 30, 2021 was primarily attributable to the absence of other than temporary impairment charges on the Company's private-label mortgage-backed securities portfolio and higher investment securities gains when compared to the same period in 2020. The increase in non-interest expense for the three months ended September 30, 2021 was primarily attributable to a $36 thousand increase in salaries and employee benefits and a $21 thousand increase in in the provision for off-balance sheet items, partially offset by a $4 thousand decrease in the federal deposit insurance premium, when compared to the same period in 2020.
The increase in provision for off balance sheet commitments was attributable to higher balances in unused commitments on 1-4 family residential loans. The increase in employee compensation was primarily attributable to higher employee related expenses. The decrease in income tax expense for the three months ended September 30, 2021 was primarily due to lower taxable income, when compared to the same period in 2020.
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. The Bank wishes to thank our customers and host communities for allowing us to be their full service bank.
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WVS FINANCIAL CORP. AND SUBSIDIARY
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands except per share data)
Total assets
Cash and Cash Equivalents
Certificates of Deposits
Investment securities available-for-sale
Investment securities held-to-maturity
Mortgage-backed securities held-to-maturity
Net loans receivable
Deposits
FHLB advances: short-term
FHLB advances: long-term fixed-rate
FHLB advances: long-term variable-rate
Equity
Book value per share - Common Equity
Book value per share - Tier I Equity
Annualized Return on average assets
Annualized Return on average equity
Tier I leverage ratio
WVS FINANCIAL CORP. AND SUBSIDIARY
SELECTED CONSOLIDATED OPERATING DATA
(In thousands except per share data)
Interest income
Interest expense
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
Non-interest income
Non-interest expense
Income before income tax expense
Income taxes
NET INCOME
EARNINGS PER SHARE:
Basic
Diluted
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic
Diluted
Disclaimer
WVS Financial Corporation published this content on 22 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 21:03:04 UTC.