WVS Financial Corp. (WVFC, Financial) filed Quarterly Report for the period ended 2008-12-31.
WVS FINANCIAL is a Pennsylvania-chartered unitary bank holding company of West View Savings Bank. WVS Financial Corp. has a market cap of $34.47 million; its shares were traded at around $15.9 with a P/E ratio of 10.1 and P/S ratio of 1.42. The dividend yield of WVS Financial Corp. stocks is 4.03%. WVS Financial Corp. had an annual average earning growth of 6.8% over the past 10 years.
compared to $423.1 million at June 30, 2008. The $21.7 million or 5.1% increase
in total assets was primarily comprised of a $15.1 million or 12.5% increase in
investment securities - held to maturity, a $13.6 million or 145.0% increase in
FDIC insured certificates of deposit, a $3.9 million or 56.9% increase in
Federal Home Loan Bank ("FHLB") stock, and a $1.3 million or 2.2% increase in
net loans receivable, which were partially offset by a $7.5 million or 93.9%
decrease in investment securities - available for sale, a $4.3 million or 2.0%
decrease in mortgage-backed securities - held to maturity, a $269 thousand or
12.7% decrease in accrued interest receivable, and a $173 thousand or 15.0%
decrease in deferred taxes and other assets. The increase in investment
securities - held to maturity was primarily attributable to purchases of $72.1
million of short-term investment grade commercial paper, $30.3 million of
fixed-rate U.S. Government agency bonds, $5.4 million of investment grade fixed
rate corporate bonds, and $2.0 million of investment grade floating-rate
corporate bonds, which were partially offset by $47.3 million of issuer
redemptions prior to maturity (i.e. calls) of fixed-rate U.S. Government agency
bonds, $45.4 million of maturities of short-term investment grade commercial
paper, and $2.3 million of maturities of investment grade corporate bonds. The
increase in FDIC insured certificates of deposit was attributable to an increase
of $16.2 million in bank certificates of deposit which was partially offset by
$2.6 million in maturities and early redemptions of bank certificates of
deposit. The increase in FHLB stock was attributable to higher levels of FHLB
borrowings during the six months ended December 31, 2008, and associated FHLB
stock purchase requirements. The decrease in investment securities - available
for sale was attributable to $7.5 million of maturities of short-term investment
grade commercial paper, while the decrease in mortgage-backed securities - held
to maturity was attributable primarily to principal payments received. See
"Asset and Liability Management".
The Company's total liabilities increased $22.1 million or 5.7% to $413.1
million as of December 31, 2008 from $391.0 million as of June 30, 2008. The
$22.1 million increase in total liabilities was primarily comprised of a $46.2
million or 57.3% increase in Federal Reserve Bank short-term borrowings, which
was partially offset by a $20.0 million or 100.0% decrease in other short-term
borrowings, a 2.8 million or 1.9% decrease in total savings deposits, a $991
thousand or 32.0% decrease in other liabilities and a $223 thousand or 14.5%
decrease in accrued interest payable. The respective changes in short-term
borrowings were primarily due to more competitive Federal Reserve Bank ("FRB")
pricing in contrast to the short-term repurchase agreement and FHLB markets.
Certificates of deposit decreased $5.4 million, savings accounts
During the six months ended December 31, 2008, the Federal Open Market
Committee (FOMC) reduced its targeted federal funds level from 2.00% to a range
of 0.00% to 0.25%. See also "Asset and Liability Management."
As of December 31, 2008, WVS Financial Corp. exceeded all regulatory
capital requirements and maintained Tier I and total risk-based capital equal to
$31.6 million or 18.3% and $32.6 million or 18.9%, respectively, of total
risk-weighted assets, and Tier I leverage capital of $31.6 million or 7.39% of
average quarterly assets.
Yield on:
-
Two (2) Ten (10)
Targeted Federal Year Year
Funds Treasury Treasury Shape of Yield Curve
- - - -
December 31, 2006 5.25% 4.82% 4.71% Inverted
March 31, 2007 5.25% 4.58% 4.65% Slightly Positive
June 30, 2007 5.25% 4.87% 5.03% Slightly Positive
September 30, 2007 4.75% 3.97% 4.59% Moderately Positive
December 31, 2007 4.25% 3.05% 4.04% Positive
March 31, 2008 2.25% 1.62% 3.45% Positive
June 30, 2008 2.00% 2.63% 3.99% Positive
September 30, 2008 2.00% 2.00% 3.85% Positive
December 31, 2008 0.00% - 0.25% 0.76% 2.25% Positive
During the six months ended December 31, 2008, principal investment
purchases were comprised of: callable fixed rate U.S. Government agency bonds
with initial lock-out periods as follows: 0 - 3 months - $12.0 million with a
weighted average yield to call of approximately 9.19% and a weighted average
yield to maturity of 6.03%; 4 - 12 months - $15.6 million with a weighted
average yield to call of approximately 4.50%; and over 36 months - $2.6 million
with a weighted average yield to call of approximately 6.09%; short-term
investment grade commercial paper - $72.1 million with a weighted average yield
of 5.42%; investment grade fixed rate corporate bonds - $5.4 million with a
weighted average yield of 6.14%; and investment grade floating-rate corporate
bonds - $2.0 million with a weighted average initial rate of 3.19%. The Company
also purchased $16.2 million of FDIC bank insured certificates of deposit with a
weighted average yield of 3.97%. Major investment proceeds received during the
six months ended December 31, 2008 were: callable government agency bonds -
$47.3 million with a weighted average yield of approximately 5.91%; short-term
investment grade commercial paper - $52.9 million with a weighted average yield
of approximately 5.18%; mortgage-backed securities - $4.5 million; and
investment grade corporate bonds - $2.3 million with a weighted average yield of
4.39%. The Company also had $2.6 million in FDIC insured bank certificates of
deposit mature or be redeemed with a weighted average yield of approximately
3.68%.
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WVS FINANCIAL is a Pennsylvania-chartered unitary bank holding company of West View Savings Bank. WVS Financial Corp. has a market cap of $34.47 million; its shares were traded at around $15.9 with a P/E ratio of 10.1 and P/S ratio of 1.42. The dividend yield of WVS Financial Corp. stocks is 4.03%. WVS Financial Corp. had an annual average earning growth of 6.8% over the past 10 years.
Highlight of Business Operations:
The Company's assets totaled $444.8 million at December 31, 2008, ascompared to $423.1 million at June 30, 2008. The $21.7 million or 5.1% increase
in total assets was primarily comprised of a $15.1 million or 12.5% increase in
investment securities - held to maturity, a $13.6 million or 145.0% increase in
FDIC insured certificates of deposit, a $3.9 million or 56.9% increase in
Federal Home Loan Bank ("FHLB") stock, and a $1.3 million or 2.2% increase in
net loans receivable, which were partially offset by a $7.5 million or 93.9%
decrease in investment securities - available for sale, a $4.3 million or 2.0%
decrease in mortgage-backed securities - held to maturity, a $269 thousand or
12.7% decrease in accrued interest receivable, and a $173 thousand or 15.0%
decrease in deferred taxes and other assets. The increase in investment
securities - held to maturity was primarily attributable to purchases of $72.1
million of short-term investment grade commercial paper, $30.3 million of
fixed-rate U.S. Government agency bonds, $5.4 million of investment grade fixed
rate corporate bonds, and $2.0 million of investment grade floating-rate
corporate bonds, which were partially offset by $47.3 million of issuer
redemptions prior to maturity (i.e. calls) of fixed-rate U.S. Government agency
bonds, $45.4 million of maturities of short-term investment grade commercial
paper, and $2.3 million of maturities of investment grade corporate bonds. The
increase in FDIC insured certificates of deposit was attributable to an increase
of $16.2 million in bank certificates of deposit which was partially offset by
$2.6 million in maturities and early redemptions of bank certificates of
deposit. The increase in FHLB stock was attributable to higher levels of FHLB
borrowings during the six months ended December 31, 2008, and associated FHLB
stock purchase requirements. The decrease in investment securities - available
for sale was attributable to $7.5 million of maturities of short-term investment
grade commercial paper, while the decrease in mortgage-backed securities - held
to maturity was attributable primarily to principal payments received. See
"Asset and Liability Management".
The Company's total liabilities increased $22.1 million or 5.7% to $413.1
million as of December 31, 2008 from $391.0 million as of June 30, 2008. The
$22.1 million increase in total liabilities was primarily comprised of a $46.2
million or 57.3% increase in Federal Reserve Bank short-term borrowings, which
was partially offset by a $20.0 million or 100.0% decrease in other short-term
borrowings, a 2.8 million or 1.9% decrease in total savings deposits, a $991
thousand or 32.0% decrease in other liabilities and a $223 thousand or 14.5%
decrease in accrued interest payable. The respective changes in short-term
borrowings were primarily due to more competitive Federal Reserve Bank ("FRB")
pricing in contrast to the short-term repurchase agreement and FHLB markets.
Certificates of deposit decreased $5.4 million, savings accounts
During the six months ended December 31, 2008, the Federal Open Market
Committee (FOMC) reduced its targeted federal funds level from 2.00% to a range
of 0.00% to 0.25%. See also "Asset and Liability Management."
As of December 31, 2008, WVS Financial Corp. exceeded all regulatory
capital requirements and maintained Tier I and total risk-based capital equal to
$31.6 million or 18.3% and $32.6 million or 18.9%, respectively, of total
risk-weighted assets, and Tier I leverage capital of $31.6 million or 7.39% of
average quarterly assets.
Yield on:
-
Two (2) Ten (10)
Targeted Federal Year Year
Funds Treasury Treasury Shape of Yield Curve
- - - -
December 31, 2006 5.25% 4.82% 4.71% Inverted
March 31, 2007 5.25% 4.58% 4.65% Slightly Positive
June 30, 2007 5.25% 4.87% 5.03% Slightly Positive
September 30, 2007 4.75% 3.97% 4.59% Moderately Positive
December 31, 2007 4.25% 3.05% 4.04% Positive
March 31, 2008 2.25% 1.62% 3.45% Positive
June 30, 2008 2.00% 2.63% 3.99% Positive
September 30, 2008 2.00% 2.00% 3.85% Positive
December 31, 2008 0.00% - 0.25% 0.76% 2.25% Positive
During the six months ended December 31, 2008, principal investment
purchases were comprised of: callable fixed rate U.S. Government agency bonds
with initial lock-out periods as follows: 0 - 3 months - $12.0 million with a
weighted average yield to call of approximately 9.19% and a weighted average
yield to maturity of 6.03%; 4 - 12 months - $15.6 million with a weighted
average yield to call of approximately 4.50%; and over 36 months - $2.6 million
with a weighted average yield to call of approximately 6.09%; short-term
investment grade commercial paper - $72.1 million with a weighted average yield
of 5.42%; investment grade fixed rate corporate bonds - $5.4 million with a
weighted average yield of 6.14%; and investment grade floating-rate corporate
bonds - $2.0 million with a weighted average initial rate of 3.19%. The Company
also purchased $16.2 million of FDIC bank insured certificates of deposit with a
weighted average yield of 3.97%. Major investment proceeds received during the
six months ended December 31, 2008 were: callable government agency bonds -
$47.3 million with a weighted average yield of approximately 5.91%; short-term
investment grade commercial paper - $52.9 million with a weighted average yield
of approximately 5.18%; mortgage-backed securities - $4.5 million; and
investment grade corporate bonds - $2.3 million with a weighted average yield of
4.39%. The Company also had $2.6 million in FDIC insured bank certificates of
deposit mature or be redeemed with a weighted average yield of approximately
3.68%.
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