WVS Financial Corp. Reports Operating Results (10-K)
WVS FINANCIAL is a Pennsylvania-chartered unitary bank holding company of West View Savings Bank. Wvs Financial Corp. has a market cap of $31.2 million; its shares were traded at around $15 with a P/E ratio of 11.1 and P/S ratio of 1.7. The dividend yield of Wvs Financial Corp. stocks is 4.3%. Wvs Financial Corp. had an annual average earning growth of 6.8% over the past 10 years. Highlight of Business Operations: As of December 31, 2008, the aggregate value of the 1,788,169 shares of Common Stock of the registrant issued and outstanding on such date, which excludes 343,616 shares held by all directors and officers of the registrant as a group, was approximately $28.6 million. This figure is based on the last known trade price of $15.98 per share of the registrants Common Stock on December 31, 2008.
General. At June 30, 2009, the Companys net portfolio of loans receivable totaled $58.1 million, as compared to $56.5 million at June 30, 2008. Net loans receivable comprised 13.9% of the Companys total assets at June 30, 2009, as compared to 13.3% at June 30, 2008. The principal categories of loans in the Companys portfolio are single-family and multi-family residential real estate loans, commercial real estate loans, construction loans, consumer loans, land acquisition and development loans and commercial loans. Substantially all of the Companys mortgage loan portfolio consists of conventional mortgage loans, which are loans that are neither insured by the Federal Housing Administration (FHA) nor partially guaranteed by the Department of Veterans Affairs (VA). Historically, the Companys lending activities have been concentrated in single-family residential and land development and construction loans secured by properties located in its primary market area of northern Allegheny County, southern Butler County and eastern Beaver County, Pennsylvania.
Federal regulations impose limitations on the aggregate amount of loans that a savings institution can make to any one borrower, including related entities. The permissible amount of loans-to-one borrower follows the national bank standard for all loans made by savings institutions, which generally does not permit loans-to-one borrower to exceed 15% of unimpaired capital and surplus. Loans in an amount equal to an additional 10% of unimpaired capital and surplus also may be made to a borrower if the loans are fully secured by readily marketable securities. At June 30, 2009, the Savings Banks limit on loans-to-one borrower was approximately $4.7 million. The Companys general policy has been to limit loans-to-one borrower, including related entities, to $2.0 million although this general limit may be exceeded based on the merit of a particular credit. At June 30, 2009, the Companys five largest loans or groups of loans-to-one borrower, including related entities, ranged from an aggregate of $2.1 million to $4.2 million, with a $4.2 million group of loans-to-one borrower secured by real estate located in the Companys primary market area and investments pledged by the borrower. The remainder of the groups of loans-to-one borrower are secured primarily by real estate located in the Companys primary market area. Related outstanding principal balances on the Companys five largest loans or group of loans-to-one borrower, including related entities, ranged from an aggregate of $1.1 million to $3.8 million.
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