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 27, 2017

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 jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition

On October 27, 2017, WVS Financial Corp. issued a press release to report net income and earnings per share for the three months ended September 30, 2017. 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  27, 2017.

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.

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 27, 2017	By:	/s/ David J. Bursic
		David J. Bursic President and
		Chief Executive Officer

EX-99

Exhibit 99

Release Date:	Further Information:
IMMEDIATE RELEASE	David J. Bursic
October 27, 2017	President and CEO
	Phone: 412/364-1913

WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS

PER SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $502 thousand or $0.28 per diluted share, for the three months ended September 30, 2017 as compared to $398 thousand or $0.21 per diluted share for the same period in 2016. The $104 thousand increase in net income during the three months ended September 30, 2017 was primarily attributable to a $177 thousand increase in net interest income, a $42 thousand decrease in non-interest expense, and an $11 thousand decrease in the provision for loan losses, which were partially offset by a $15 thousand decrease in non-interest income and a $111 increase in income tax expense. The increase in net interest income during the three months ended September 30, 2017 was attributable to a $448 thousand increase in interest income, which was partially offset by a $271 thousand increase in interest expense. The increase in interest income for the quarter ended September 30, 2017 was primarily attributable to higher average balances of loans outstanding and investment securities as well as higher yields on mortgage backed securities. The higher average balance of loans outstanding was attributable to increased loan originations in excess of repayments, and were funded primarily from repayments on the Company’s Government agency mortgage-backed securities. The increase in the average balance of investment securities was primarily attributable to the purchase of investment grade floating rate corporate bonds which were primarily funded with FHLB advances and deposits. The increase in interest expense during the three months ended September 30, 2017, when compared to the same period in 2016, was primarily attributable to higher market interest rates paid on FHLB short-term advances and FHLB long-term variable rate advances, and higher average balances of FHLB short-term advances, which were partially offset by lower average balances of FHLB long-term fixed and variable rate advances. The decrease in non-interest expense was primarily attributable to decreases in ATM network and telephone expenses in the three months ended September 30, 2017 when compared to the same period in 2016. The decrease in non-interest income was primarily attributable to lower transaction account service charges and an $8 thousand other than temporarily impairment loss on securities for the quarter ended September 30, 2017, when compared to the same period in 2016. The increase in income tax expense for the three months ended September 30, 2017 was primarily due to higher levels of taxable income, when compared to the same period in 2016. The decrease in the provision for loan losses was primarily due to lower average volumes of loans within the land acquisition and development segment in the Company’s loan portfolio partially offset by an increase in the Company’s single-family loan portfolio.

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 2009, West View Savings Bank began its second century 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—

# # #

WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in thousands except per share data)

	September 30, 2017 (Unaudited)			June 30, 2017 (Unaudited)
Total assets	$	356,085		$	351,609
Cash and Cash Equivalents		7,632			2,272
Certificates of Deposits		4,878			10,380
Investment securities available-for-sale		117,492			108,449
Investment securities held-to-maturity		7,512			8,678
Mortgage-backed securities held-to-maturity		125,495			129,321
Net loans receivable		79,329			77,455
Deposits		150,044			145,289
FHLB advances: long-term, fixed-rate		—			10,000
FHLB advances: long-term, variable-rate		—			6,109
FHLB advances: short-term		170,001			155,799
Equity		33,513			33,043
Book value per share – Common Equity		16.69			16.45
Book value per share – Tier I Equity		16.75			16.54
Annualized Return on average assets		0.57	%		0.48	%
Annualized Return on average equity		6.05	%		4.94	%
Tier I leverage ratio		9.51	%		9.53	%

WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED OPERATING DATA

(In thousands except per share data)

	Three Months Ended
	September 30, (Unaudited)
	2017		2016
Interest income	$	2,225	$	1,777
Interest expense		644		373
Net interest income		1,581		1,404
Provision for loan losses		5		16
Net interest income after provision for loan losses		1,576		1,388
Non-interest income		115		130
Non-interest expense		892		934
Income before income tax expense		799		584
Income taxes		297		186
NET INCOME	$	502	$	398
EARNINGS PER SHARE:
Basic	$	0.28	$	0.21
Diluted	$	0.28	$	0.21
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		1,824,878		1,876,160
Diluted		1,824,878		1,876,160