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

January 26, 2018

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 January 26, 2018, WVS Financial Corp. issued a press release to report net income and earnings per share for the three and six months ended December 31, 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 January 26, 2018.

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: January 26, 2018	By:	/s/ David J. Bursic
		President and
		Chief Executive Officer

EX-99

Exhibit 99

Release Date:	Further Information:
IMMEDIATE RELEASE	David J. Bursic
January 26, 2018	President and CEO
	Phone: 412/364-1913

WVS FINANCIAL CORP. ANNOUNCES INCREASED NET INCOME AND EARNINGS PER

SHARE FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2017

Pittsburgh, PA — WVS Financial Corp. (NASDAQ: WVFC), the holding company for West View Savings Bank, today reported net income of $396 thousand or $0.22 per diluted share, for the three months ended December 31, 2017 as compared to $395 thousand or $0.21 per diluted share for the same period in 2016. The change in net income during the three months ended December 31, 2017 was primarily attributable to a $172 thousand increase in net interest income, a $17 thousand increase in non-interest income, and a $12 thousand decrease in provisions for loan losses, which were partially offset by a $41 thousand increase in non-interest expense and a $159 thousand increase in income tax expense. The increase in income tax expense for the quarter ended December 31, 2017 reflects $133 thousand of additional federal income tax expense recorded as a result of a write down in the Company’s net deferred tax assets pursuant to the enactment of the Tax Cuts and Jobs Act of 2017 (JTCA), when compared to the same period in 2016. The Company expects a lower effective federal income tax rate beginning January 1, 2018 when the federal corporate tax rate will be reduced to 21% from 34%. The increase in net interest income during the three months ended December 31, 2017 was attributable to a $453 thousand increase in interest income primarily due to higher average yields on investment and mortgage-backed securities, and higher average balances of loans when compared to the same period in 2016. The increase in net interest income was partially offset by a $281 thousand increase in interest expense. The increase in interest expense was primarily attributable to both higher average balances and higher average market rates paid on Federal Home Loan Bank (FHLB) short-term borrowings which were partially offset by the payoff of FHLB long-term borrowings. The increase in non-interest income was primarily the result of the absence of an unrealized loss on a trading security partially offset by a decrease in miscellaneous operating income. The increase in non-interest expense was primarily attributable to higher correspondent bank service charges and an increase in debit card fraud losses during the quarter ended December 31, 2017, when compared to the same period in 2016. The decrease in the provision for loan losses was primarily attributable to a decrease in construction loan balances which were partially offset by an increase in the Company’s single-family permanent loan portfolio.

Net income for the six months ended December 31, 2017 totaled $898 thousand or $0.49 per diluted share, as compared to $793 thousand or $0.42 per diluted share for the same period in 2016. The $105 thousand increase in net income during the six months ended December 31, 2017 was primarily attributable to a $348 thousand increase in net interest income, and a $23 thousand decrease in provisions for loan losses, partially offset by a $269 thousand increase in income tax expense. The increase in net interest income during the six months ended December 31, 2017 was attributable to a $900 thousand increase in interest income, which was partially offset by a $552 thousand increase in interest expense. The increase in interest income was the result of higher average yields on investment and mortgage-backed securities, and higher average balances of loans outstanding, when compared to the same period in 2016. The increase in interest expense was primarily attributable to both higher average balances and higher average market rates paid on Federal Home Loan Bank (FHLB) short-term borrowings, which were partially offset by payoffs of FHLB long-term borrowings during the six months ended December 31, 2017, when compared to the

same period in 2016. The increase in income tax expense for the six months ended December 31, 2017 was primarily the result of an additional $133 thousand federal income tax expense during the six months ended December 31, 2017 due to the write down of the Company’s net deferred tax assets associated with the JTCA and higher levels of taxable income, when compared to the same period in 2016. The decrease in the provision for loan losses was primarily attributable to a decrease in construction loan balances which were partially offset by an increase in the Company’s single-family permanent 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)

	December 31, 2017 (Unaudited)			June 30, 2017 (Unaudited)
Total assets	$	355,588		$	351,609
Cash and Cash Equivalents		8,521			2,272
Certificates of Deposits		3,624			10,380
Investment securities available-for-sale		119,559			108,449
Investment securities held-to-maturity		6,639			8,678
Mortgage-backed securities held-to-maturity		121,553			129,321
Net loans receivable		81,844			77,455
Deposits		143,849			145,289
FHLB advances: long-term, fixed-rate		—			10,000
FHLB advances: long-term, variable-rate		—			6,109
FHLB advances: short-term		176,405			155,799
Equity		33,865			33,043
Book value per share – Common Equity		16.86			16.45
Book value per share – Tier I Equity		16.90			16.54
Annualized Return on average assets		0.51	%		0.48	%
Annualized Return on average equity		5.79	%		4.94	%
Tier I leverage ratio		9.69	%		9.53	%

WVS FINANCIAL CORP. AND SUBSIDIARY

SELECTED CONSOLIDATED OPERATING DATA

(In thousands except per share data)

	Three Months Ended December 31, (Unaudited)				Six Months Ended December 31, (Unaudited)
	2017		2016		2017		2016
Interest income	$	2,267	$	1,814	$	4,492	$	3,592
Interest expense		677		396		1,321		769
Net interest income		1,590		1,418		3,171		2,823
Provision for loan losses		6		18		12		35
Net interest income after provision for loan losses		1,584		1,400		3,159		2,788
Non-interest income		124		107		239		237
Non-interest expense		957		916		1,849		1,850
Income before income tax expense		751		591		1,549		1,175
Income taxes		355		196		651		382
NET INCOME	$	396	$	395	$	898	$	793
EARNINGS PER SHARE:
Basic	$	0.22	$	0.21	$	0.49	$	0.42
Diluted	$	0.22	$	0.21	$	0.49	$	0.42
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		1,826,580		1,881,086		1,825,729		1,878,623
Diluted		1,826,580		1,881,086		1,825,729		1,878,623