WVS Financial Corp. (WVFC, Financial) filed Quarterly Report for the period ended 2012-09-30.
Wvs Financial Corp. has a market cap of $17.5 million; its shares were traded at around $8.2 with a P/E ratio of 10.9 and P/S ratio of 2.4. The dividend yield of Wvs Financial Corp. stocks is 1.9%.
Net Interest Income. The Companys net interest income decreased by $215 thousand or 14.7% for the three months ended September 30, 2012, when compared to the same period in 2011. The decrease in net interest income is attributable to a $250 thousand decrease in interest income, which was partially offset by a $35 thousand decrease in interest expense. The decrease in interest income was primarily due to lower realized yields and average balances on the Companys loan portfolio for the quarter ended September 30, 2012, which was partially offset by higher average balances of interest earning financial assets, when compared to the same period in 2011. The decrease in interest expense was primarily attributable to lower average balances of legacy high-cost FHLB long-term advances and lower rates paid on the Companys interest-bearing liabilities during the quarter ended September 30, 2012, when compared to the same period in 2011.
Interest income on FHLB stock totaled $2 thousand for the three months ended September 30, 2012. This was attributable to the Federal Home Loan Bank of Pittsburghs payment of a dividend on its common stock during the quarter ended September 30, 2012. In December 2008, the FHLB of Pittsburgh announced that it was suspending payments of dividends and redemptions of excess capital stock from members. The FHLBs stated purpose of these actions was to build retained earnings to ensure adequate regulatory capital. Beginning in the December 2010 quarter, the FHLB began redeeming excess capital stock from members. Redemptions of excess FHLB stock totaling $727 thousand were recorded for the three months ended September 30, 2012. The FHLB restarted paying dividends on the FHLB stock in March 2012.
Non-Interest Income. Non-interest income increased by $29 thousand or 28.7% for the three months ended September 30, 2012, when compared to the same period in 2011. The increase for the three months ended September 30, 2012 was primarily attributable to the absence of a $24 thousand other-than-temporary impairment charge on one private-label mortgage-backed security recorded in the quarter ended September 30, 2011 and $8 thousand of gains on sales of investment securities in the quarter ended September 30, 2012, compared to no gains in the same quarter in 2011, partially offset by a $9 thousand decrease in service charges on deposits in the quarter ended September 30, 2012.
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Wvs Financial Corp. has a market cap of $17.5 million; its shares were traded at around $8.2 with a P/E ratio of 10.9 and P/S ratio of 2.4. The dividend yield of Wvs Financial Corp. stocks is 1.9%.
Highlight of Business Operations:
General. WVS reported net income of $385 thousand or $0.19 earnings per share (basic and diluted) for the three months ended September 30, 2012. Net income decreased by $25 thousand or 6.1% and earnings per share (basic and diluted) decreased $0.01 or 5.0% for the three months ended September 30, 2012, when compared to the same period in 2011. The decrease in net income was primarily attributable to a $215 thousand decrease in net-interest income, which was partially offset by a $112 thousand decrease in income tax expense, a $44 thousand decrease in non-interest expense, a $29 thousand increase in non-interest income, and a $5 thousand change in the recovery of loan losses.Net Interest Income. The Companys net interest income decreased by $215 thousand or 14.7% for the three months ended September 30, 2012, when compared to the same period in 2011. The decrease in net interest income is attributable to a $250 thousand decrease in interest income, which was partially offset by a $35 thousand decrease in interest expense. The decrease in interest income was primarily due to lower realized yields and average balances on the Companys loan portfolio for the quarter ended September 30, 2012, which was partially offset by higher average balances of interest earning financial assets, when compared to the same period in 2011. The decrease in interest expense was primarily attributable to lower average balances of legacy high-cost FHLB long-term advances and lower rates paid on the Companys interest-bearing liabilities during the quarter ended September 30, 2012, when compared to the same period in 2011.
Interest income on FHLB stock totaled $2 thousand for the three months ended September 30, 2012. This was attributable to the Federal Home Loan Bank of Pittsburghs payment of a dividend on its common stock during the quarter ended September 30, 2012. In December 2008, the FHLB of Pittsburgh announced that it was suspending payments of dividends and redemptions of excess capital stock from members. The FHLBs stated purpose of these actions was to build retained earnings to ensure adequate regulatory capital. Beginning in the December 2010 quarter, the FHLB began redeeming excess capital stock from members. Redemptions of excess FHLB stock totaling $727 thousand were recorded for the three months ended September 30, 2012. The FHLB restarted paying dividends on the FHLB stock in March 2012.
Non-Interest Income. Non-interest income increased by $29 thousand or 28.7% for the three months ended September 30, 2012, when compared to the same period in 2011. The increase for the three months ended September 30, 2012 was primarily attributable to the absence of a $24 thousand other-than-temporary impairment charge on one private-label mortgage-backed security recorded in the quarter ended September 30, 2011 and $8 thousand of gains on sales of investment securities in the quarter ended September 30, 2012, compared to no gains in the same quarter in 2011, partially offset by a $9 thousand decrease in service charges on deposits in the quarter ended September 30, 2012.
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