WVS Financial Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013
January 27, 2014 at 04:04 pm
Share
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.
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.