WVS Financial Corp. (WVFC, Financial) filed Quarterly Report for the period ended 2010-12-31.
Wvs Financial Corp. has a market cap of $18 million; its shares were traded at around $8.9999 with a P/E ratio of 51.5 and P/S ratio of 1.4. The dividend yield of Wvs Financial Corp. stocks is 1.8%.
The Companys total liabilities decreased $81.9 million or 25.0% to $245.0 million as of December 31, 2010 from $326.9 million as of June 30, 2010. The $81.9 million decrease in total liabilities was primarily comprised of a $60.0 million or 54.8% decrease in maturing legacy high-cost long-term FHLB advances and, a $22.4 million or 11.1% decrease in total savings deposits, which were partially offset by a $1.4 million or 11.5% increase in other short-term borrowings. The decrease in longterm FHLB advances was funded primarily by investment cash flows received during the six months ended December 31, 2010. Certificates of deposit decreased $22.2 million, demand and NOW deposits decreased $665 thousand, and advance payments by borrowers for taxes and insurance decreased $267 thousand, while savings accounts increased $422 thousand and money market accounts increased $299 thousand. The decrease in certificates of deposits is primarily the result of a $10.75 million early partial repayment of a CDARS One Way Buy CD, a $4 million matured cash management CD related to a local government unit and $2 million of maturing brokered deposits during the six
Total stockholders equity increased $104 thousand or 0.4% to $27.9 million as of December 31, 2010, from approximately $27.8 million as of June 30, 2010. The increase was primarily attributable to Company net income of $273 thousand and other comprehensive income totaling $231 thousand, which were partially offset by cash dividends totaling $411 thousand. Other comprehensive income was principally attributable to unrealized holding gains on two private label mortgage backed securities totaling $228 thousand.
General. WVS reported net income of $215 thousand or $0.10 earnings per share (basic and diluted) and $273 thousand or $0.13 earnings per share (basic and diluted) for the three and six months ended December 31, 2010, respectively. Net income increased by $82 thousand or 61.7% and earnings per share (basic and diluted) increased $0.04 or 66.7% for the three months ended December 31, 2010, when compared to the same period in 2009. The increase in net income was primarily attributable to a $298 thousand increase in net interest income, and a $21 thousand increase in non-interest income, which were partially offset by a $114 thousand increase in non-interest expense, a $107 thousand increase in income tax expense, and a $16 thousand increase in provisions for loan losses. For the six months ended December 31, 2010, net income decreased $31 thousand or 10.2% and earnings per share (basic and diluted) decreased $0.02 or 13.3% when compared to the same period in 2009. The decrease in net income was primarily attributable to a $110 thousand increase in non-interest expense, an $83 thousand increase in income tax expense, a $22 thousand increase in provisions for loan losses, and a $7 thousand decrease in non-interest income, which were partially offset by a $191 thousand increase in net interest income.
Non-Interest Expense. Non-interest expense increased $114 thousand or 12.3% and $110 thousand or 6.0% for the three and six months ended December 31, 2010, when compared to the same periods in 2009. The increase for the three months ended December 31, 2010 was principally attributable to an $83 thousand increase in ATM related expenses, and a $43 thousand increase in Federal Deposit Insurance Corporation (FDIC) insurance expense, which was partially offset by a $12 thousand decrease in employee related expenses. The increase for the six months ended December 31, 2010 was primarily attributable to an $83 thousand increase in ATM related expenses and a $55 thousand increase in FDIC insurance expense, which were partially
Funds used for financing activities totaled $81.3 million for the six months ended December 31, 2010. The primary uses included a $60.0 million decrease in FHLB long-term advances, a $14.3 million decrease in wholesale total deposits, and a $7.8 million decrease in retail certificates of deposit. The decrease in FHLB long-term advances reflects paydowns on matured high cost FHLB legacy advances using cash flow from the Companys investment portfolio. The Company chose to repay $14.3 million of wholesale time deposits using cash flow from repayments on mortgage-backed securities. The $7.8 million decrease in retail time deposits was primarily attributable to a matured $4 million cash management CD for a local government unit. Management believes that a significant portion of our local maturing deposits will remain with the Company.
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Wvs Financial Corp. has a market cap of $18 million; its shares were traded at around $8.9999 with a P/E ratio of 51.5 and P/S ratio of 1.4. The dividend yield of Wvs Financial Corp. stocks is 1.8%.
Highlight of Business Operations:
The Companys assets totaled $272.9 million at December 31, 2010, as compared to $354.7 million at June 30, 2010. The $81.8 million or 23.1% decrease in total assets was primarily comprised of a $40.9 million or 35.6% decrease in mortgage-backed securities (MBS) - held to maturity, a $36.0 million or 23.5% decrease in investment securities held to maturity, a $1.6 million or 18.6% decrease in FDIC insured certificates of deposit, and a $1.5 million or 2.7% decrease in net loans receivable. The decrease in mortgage-backed securities held to maturity was primarily due to paydowns on the Companys mortgage-backed securities portfolio. The decrease in investment securities- held to maturity was primarily due to $49.0 million of issuer redemptions prior to maturity (i.e., calls) of U.S. Government agency bonds, $6.4 million of maturities/calls of investment grade corporate bonds, $5.5 million of maturities of investment grade short-term commercial paper, $4.6 million of maturities/calls of investment grade foreign bonds, $1.6 million of maturities of investment grade corporate utility first mortgage bonds and $900 thousand of maturities/redemptions of tax free municipal bonds, which were partially offset by purchases of $20.9 million of callable U.S. Government agency step-up bonds, $5.5 million of investment grade short-term commercial paper, $3.7 million of investment grade foreign bonds, $3.0 million of investment grade corporate bonds, and $100 thousand of PA housing agency bonds. The decrease in FDIC insured certificates of deposit was due to $4.3 million in redemptions of bank certificates of deposit which was partially offset by $2.7 million in investments in bank certificates of deposit. The Company has reduced its overall investment portfolio due to a marked decline in market interest rates and a narrowing of investment spreads. See Asset and Liability Management.The Companys total liabilities decreased $81.9 million or 25.0% to $245.0 million as of December 31, 2010 from $326.9 million as of June 30, 2010. The $81.9 million decrease in total liabilities was primarily comprised of a $60.0 million or 54.8% decrease in maturing legacy high-cost long-term FHLB advances and, a $22.4 million or 11.1% decrease in total savings deposits, which were partially offset by a $1.4 million or 11.5% increase in other short-term borrowings. The decrease in longterm FHLB advances was funded primarily by investment cash flows received during the six months ended December 31, 2010. Certificates of deposit decreased $22.2 million, demand and NOW deposits decreased $665 thousand, and advance payments by borrowers for taxes and insurance decreased $267 thousand, while savings accounts increased $422 thousand and money market accounts increased $299 thousand. The decrease in certificates of deposits is primarily the result of a $10.75 million early partial repayment of a CDARS One Way Buy CD, a $4 million matured cash management CD related to a local government unit and $2 million of maturing brokered deposits during the six
Total stockholders equity increased $104 thousand or 0.4% to $27.9 million as of December 31, 2010, from approximately $27.8 million as of June 30, 2010. The increase was primarily attributable to Company net income of $273 thousand and other comprehensive income totaling $231 thousand, which were partially offset by cash dividends totaling $411 thousand. Other comprehensive income was principally attributable to unrealized holding gains on two private label mortgage backed securities totaling $228 thousand.
General. WVS reported net income of $215 thousand or $0.10 earnings per share (basic and diluted) and $273 thousand or $0.13 earnings per share (basic and diluted) for the three and six months ended December 31, 2010, respectively. Net income increased by $82 thousand or 61.7% and earnings per share (basic and diluted) increased $0.04 or 66.7% for the three months ended December 31, 2010, when compared to the same period in 2009. The increase in net income was primarily attributable to a $298 thousand increase in net interest income, and a $21 thousand increase in non-interest income, which were partially offset by a $114 thousand increase in non-interest expense, a $107 thousand increase in income tax expense, and a $16 thousand increase in provisions for loan losses. For the six months ended December 31, 2010, net income decreased $31 thousand or 10.2% and earnings per share (basic and diluted) decreased $0.02 or 13.3% when compared to the same period in 2009. The decrease in net income was primarily attributable to a $110 thousand increase in non-interest expense, an $83 thousand increase in income tax expense, a $22 thousand increase in provisions for loan losses, and a $7 thousand decrease in non-interest income, which were partially offset by a $191 thousand increase in net interest income.
Non-Interest Expense. Non-interest expense increased $114 thousand or 12.3% and $110 thousand or 6.0% for the three and six months ended December 31, 2010, when compared to the same periods in 2009. The increase for the three months ended December 31, 2010 was principally attributable to an $83 thousand increase in ATM related expenses, and a $43 thousand increase in Federal Deposit Insurance Corporation (FDIC) insurance expense, which was partially offset by a $12 thousand decrease in employee related expenses. The increase for the six months ended December 31, 2010 was primarily attributable to an $83 thousand increase in ATM related expenses and a $55 thousand increase in FDIC insurance expense, which were partially
Funds used for financing activities totaled $81.3 million for the six months ended December 31, 2010. The primary uses included a $60.0 million decrease in FHLB long-term advances, a $14.3 million decrease in wholesale total deposits, and a $7.8 million decrease in retail certificates of deposit. The decrease in FHLB long-term advances reflects paydowns on matured high cost FHLB legacy advances using cash flow from the Companys investment portfolio. The Company chose to repay $14.3 million of wholesale time deposits using cash flow from repayments on mortgage-backed securities. The $7.8 million decrease in retail time deposits was primarily attributable to a matured $4 million cash management CD for a local government unit. Management believes that a significant portion of our local maturing deposits will remain with the Company.
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