WVS Financial Corp. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2013. For the quarter, the company's interest income was $1,424,000 compared to $1,554,000 a year ago. Net interest income was $1,069,000 compared to $1,189,000 a year ago. Net interest income after provision for loan losses was $1,168,000 compared to $1,215,000 a year ago. Income before income tax expense was $356,000 compared to $526,000 a year ago. Net income was $233,000 or $0.11 per diluted share compared to $325,000 or $0.16 per diluted share a year ago. The decrease in net interest income during the three months ended December 31, 2013 was attributable to a $130,000 decrease in interest income which was partially offset by a $10,000 decrease in interest expense. The decrease in interest income was primarily attributable to lower average balances of investment securities and loans outstanding, and lower yields earned on the Company's loan and investment portfolios, which were partially offset by higher average balances of mortgage-backed securities, when compared to the same period in 2012.

For the six months, the company's interest income was $2,827,000 compared to $3,171,000 a year ago. Net interest income was $2,128,000 compared to $2,434,000 a year ago. Net interest income after provision for loan losses was $2,215,000 compared to $2,484,000 a year ago. Income before income tax expense was $680,000 compared to $993,000 a year ago. Net income was $443,000 or $0.22 per diluted share compared to $711,000 or $0.35 per diluted share a year ago. Book value per share – common equity as on December 31, 2013 was $15.69 compared to $15.47 as on June 30, 2013. Book value per share – Tier I equity equity as on December 31, 2013 was $15.97 compared to $15.83 as on June 30, 2013. The decrease in net interest income during the six months ended December 31, 2013 was attributable to a $344,000 decrease in interest income which was partially offset by a $38,000 decrease in interest expense. The decrease in interest income was primarily attributable to lower average balances of investment securities and loans outstanding, and lower yields earned on the Company's loan and investment portfolios, which were partially offset by higher average balances of mortgage-backed securities, when compared to the same period in 2012. Annualized return on average assets was 0.30% compared to 0.39% a year ago. Annualized return on average equity was 2.77% compared to 3.45% a year ago.