PARENT COMPANY

12 Months Ended

Jun. 30, 2014

PARENT COMPANY [Abstract]

PARENT COMPANY

23. PARENT COMPANY

Condensed financial information of WVS Financial Corp. is as follows:

CONDENSED BALANCE SHEET

	June 30,
	2014		2013
	(Dollars in Thousands)
ASSETS
Interest-earning deposits with subsidiary bank	$	1,413	$	2,052
Investment in subsidiary bank		30,313		29,708
Other assets		83		80
TOTAL ASSETS	$	31,809	$	31,840
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	$	21	$	12
Stockholders' equity		31,788		31,828
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	31,809	$	31,840

CONDENSED STATEMENT OF INCOME

	Year Ended June 30,
	2014			2013			2012
	(Dollars in Thousands)
INCOME
Investment and mortgage-backed securities	$	4		$	2		$	1
Dividend from subsidiary		725			1,085			637
Interest-earning deposits with subsidiary bank		2			2			2
Total income		731			1,089			640
OTHER OPERATING EXPENSE		138			120			102
Income before equity in undistributed earnings of subsidiary		593			969			538
Equity in undistributed earnings of subsidiary		283			60			812
Income before income taxes		876			1,029			1,351
Income tax benefit		(44	)		(51	)		(51	)
NET INCOME	$	920		$	1,080		$	1,402

	Year Ended June 30,
	2014			2013			2012
	(Dollars in Thousands)
OPERATING ACTIVITIES
Net income	$	920		$	1,080		$	1,402
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(283	)		(60	)		(812	)
Other, net		13			19			(5	)
Net cash provided by operating activities		650			1,039			585
INVESTING ACTIVITIES
Available for sale:
Purchases of investment and mortgage-backed securities		-			(460	)		(999	)
Proceeds from repayments of investment and mortgage-backed securities		-			460			1,000
Purchases of certificates of deposit		-			-			(349	)
Maturities of certificates of deposit		-			-			349
Net cash provided by investing activities		-			-			1
FINANCING ACTIVITIES
Cash dividends paid		(329	)		(328	)		(330	)
Purchase of treasury stock		(10	)		-			-
Purchase of unallocated ESOP shares		(950	)		-			-
Net cash used for financing activities		(1,289	)		(328	)		(330	)
Increase (decrease) in cash and cash equivalents		(639	)		711			256
CASH AND CASH EQUIVALENTS BEGINNING OF YEAR		2,052			1,341			1,085
CASH AND CASH EQUIVALENTS END OF YEAR	$	1,413		$	2,052		$	1,341