WVS Financial Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014
January 22, 2015 at 04:08 pm
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WVS Financial Corp. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company's interest income was $1,537,000 compared to $1,424,000 a year ago. Net interest income was $1,252,000 compared to $1,069,000 a year ago. Income before income tax expense was $391,000 compared to $356,000 a year ago. Net income was $266,000 or $0.13 per basic and diluted share compared to $233,000 or $0.11 per basic and diluted share a year ago. The $33,000 increase in net income was primarily attributable to a $183,000 increase in net interest income, which was partially offset by a $117,000 increase in provisions for loan losses, and a $30,000 increase in non-interest expense. The increase in net interest income was attributable to a $113,000 increase in interest income and a $70,000 decrease in interest expense. The increase in interest income was primarily attributable to higher yields earned on the company's investment portfolio and Federal Home Loan Bank stock, and higher average balances of U.S. Government agency mortgage-backed securities and U.S. Government agency bonds, which were partially offset by lower average balances of investment-grade Corporate bonds and loans outstanding, and lower average yields earned on the company's loan portfolio, when compared to the same period in 2013.
For the six months, the company's interest income was $3,056,000 compared to $2,827,000 a year ago. Net interest income was $2,483,000 compared to $2,128,000 a year ago. Income before income tax expense was $843,000 compared to $680,000 a year ago. Net income was $565,000 or $0.28 per basic and diluted share compared to $443,000 or $0.22 per basic and diluted share a year ago. Book value per share - common equity as on December 31, 2014 was $15.52. Book value per share - Tier I equity equity as on December 31, 2014 was $15.75. The $122,000 increase in net income was primarily attributable to a $355,000 increase in net interest income, which was partially offset by a $108,000 increase in provisions for loan losses, an $85,000 increase in non-interest expense and a $41,000 increase in income tax expense. The increase in net interest income was attributable to a $229,000 increase in interest income and a $126,000 decrease in interest expense. The increase in interest income was primarily attributable to higher averages balances and yields earned on U.S. Government agency mortgage-backed securities, U. S. Government agency bonds, and FHLB stock, and higher yields earned on investment-grade corporate bonds, which were partially offset by lower average balances of investment-grade corporate bonds, and lower average balances and yields earned on the company's loan portfolio, when compared to the same period in 2013.
W V S Financial Corp. is a bank holding company of West View Savings Bank (the Bank). West View Savings Bank is a Pennsylvania-chartered, Federal Deposit Insurance Corporation (FDIC)-insured stock savings bank. The Bank provides personal banking services, business banking services and loans. Its personal banking services include checking products; savings products; online services, which include online banking, billpay and check reorder; and personal services, which include card services, safe deposit boxes, notary services, wire transfer services and additional services. Its business banking services include business checking and organization checking. The Bank provides various types of loans, including commercial loans, small business loans, mortgage loans, home equity loans, personal loans and credit, and auto loans.