WVS Financial Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017
January 26, 2018 at 05:01 pm EST
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WVS Financial Corp. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company announced interest income of $2,267,000 compared to $1,814,000 for the same period a year ago. Net interest income was $1,590,000 compared to $1,418,000 for the same period a year ago. Income before income tax expense was $751,000 compared to $591,000 for the same period a year ago. Net income was $396,000 compared to $395,000 for the same period a year ago. Earnings per share, basic and diluted were $0.22 compared to $0.21 for the same period a year ago. The change in net income was primarily attributable to a $172,000 increase in net interest income, a $17,000 increase in non-interest income, and a $12,000 decrease in provisions for loan losses, which were partially offset by a $41,000 increase in non-interest expense and a $159,000 increase in income tax expense. The increase in net interest income was attributable to a $453,000 increase in interest income primarily due to higher average yields on investment and mortgage-backed securities, and higher average balances of loans when compared to the same period in 2016. The increase in net interest income was partially offset by a $281,000 increase in interest expense.
For the six months, the company announced interest income of $4,492,000 compared to $3,592,000 for the same period a year ago. Net interest income was $3,171,000 compared to $2,823,000 for the same period a year ago. Income before income tax expense was $1,549,000 compared to $1,175,000 for the same period a year ago. Net income was $898,000 compared to $793,000 for the same period a year ago. Earnings per share, basic and diluted were $0.49 compared to $0.42 for the same period a year ago. The $105,000 increase in net income was primarily attributable to a $348,000 increase in net interest income, and a $23,000 decrease in provisions for loan losses, partially offset by a $269,000 increase in income tax expense. The increase in net interest income during the six months ended December 31, 2017 was attributable to a $900,000 increase in interest income, which was partially offset by a $552,000 increase in interest expense.
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.