WVS Financial Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012
January 26, 2013 at 02:34 am IST
Share
WVS Financial Corp. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported net income of $325,000 or $0.16 per diluted share as compared to $204,000 or $0.10 per diluted share for the same period in 2011. The $121,000 increase in net income during the quarter was primarily attributable to a $206,000 increase in non-interest income. Interest income was $1,554,000 against $1,643,000 a year ago. Net interest income was $1,189,000 against $1,274,000 a year ago. The decrease in net interest income was attributable to an $89,000 decrease in interest income, which was partially offset by a $4,000 decrease in interest expense. The decrease in interest income was primarily attributable to lower yields earned on the company's investment and loan portfolios and lower average balances of loans outstanding, which were partially offset by higher average balances of investment and mortgage-backed securities, when compared to the same period in 2011. Income before income tax expense was $526,000 against $430,000 a year ago.
For the six months, the company reported net income totaled $711,000 or $0.35 per diluted share, as compared to $614,000 or $0.30 per diluted share for the same period in 2011. The $97,000 increase in net income for the six months was primarily attributable to increase in non-interest income. Interest income was $3,171,000 against $3,511,000 a year ago. Net interest income was $2,434,000 against $2,735,000 a year ago. The decrease in net interest income during the six months ended December 31, 2012 was attributable to a $340,000 decrease in interest income which was partially offset by a $39,000 decrease in interest expense. The decrease in interest income was primarily attributable to lower yields earned on the company's investment and loan portfolios and lower average balances of loans outstanding which were partially offset by higher average balances of investment and mortgage-backed securities, when compared to the same period in 2011. Income before income tax expense was $993,000 against $1,033,000 a year ago. Book value per share - common equity was $15.13 against $14.78 for the period ended June 30, 2012. Book value per share - Tier I Equity was $15.72 against $15.45 for the period ended June 30, 2012. Annualized return on average assets 0.50% against 0.55% for the period ended June 30, 2012. Annualized return on average equity 4.60% against 4.75% for the period ended June 30, 2012.
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.