x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
WVS
Financial Corp.
|
||
(Exact
name of registrant as specified in its charter)
|
Pennsylvania
|
25-1710500
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
Number)
|
9001
Perry Highway
Pittsburgh,
Pennsylvania
|
15237
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(412)
364-1911
|
||
(Registrant's
telephone number, including area code)
|
YES
ý
NO
o
|
Large
accelerated filer o Accelerated
filer o Non-accelerated
filer ý
|
YES
o
NO
ý
|
PART
I.
|
Financial
Information
|
Page
|
Item
1.
|
Financial
Statements
|
|
Consolidated
Balance Sheet as of
|
||
December
31, 2005 and June 30, 2005
|
||
(Unaudited)
|
||
Consolidated
Statement of Income
|
||
for
the Three and Six Months Ended
|
||
December
31, 2005 and 2004 (Unaudited)
|
||
Consolidated
Statement of Cash Flows
|
||
for
the Six Months Ended December 31,
|
||
2005
and 2004 (Unaudited)
|
||
Consolidated
Statement of Changes in
|
||
Stockholders'
Equity for the Six Months
|
||
Ended
December 31, 2005 (Unaudited)
|
||
Notes
to Unaudited Consolidated
|
||
Financial
Statements
|
||
Item
2.
|
Management's
Discussion and Analysis of
|
|
Financial
Condition and Results of
|
||
Operations
for the Three and Six Months
|
||
Ended
December 31, 2005
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures
|
|
about
Market Risk
|
||
Item
4.
|
Controls
and Procedures
|
|
PART
II.
|
Other
Information
|
Page
|
Item
1.
|
Legal
Proceedings
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and
|
|
Use
of Proceeds
|
||
Item
3.
|
Defaults
Upon Senior Securities
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
|
Item
5.
|
Other
Information
|
|
Item
6.
|
Exhibits
|
|
|
Signatures
|
December
31, 2005
|
June
30, 2005
|
||||||
Assets
|
|||||||
Cash
and due from banks
|
$
|
1,097
|
$
|
900
|
|||
Interest-earning
demand deposits
|
2,703
|
2,666
|
|||||
Total
cash and cash equivalents
|
3,800
|
3,566
|
|||||
Investment
securities available-for-sale (amortized cost of $
504 and $9,155)
|
492
|
9,155
|
|||||
Investment
securities held-to-maturity (market value of $192,417
and $174,323)
|
192,438
|
173,911
|
|||||
Mortgage-backed
securities available-for-sale (amortized cost of $2,251
and $2,893)
|
2,381
|
3,120
|
|||||
Mortgage-backed
securities held-to-maturity (market value of $177,786
and $159,566)
|
177,301
|
159,031
|
|||||
Net
loans receivable (allowance for loan losses of $1,008
and $1,121)
|
55,815
|
60,151
|
|||||
Accrued
interest receivable
|
2,213
|
2,057
|
|||||
Federal
Home Loan Bank stock, at cost
|
7,793
|
7,769
|
|||||
Premises
and equipment
|
873
|
939
|
|||||
Other
assets
|
1,123
|
1,345
|
|||||
TOTAL
ASSETS
|
$
|
444,229
|
$
|
421,044
|
|||
Liabilities
and Stockholders’ Equity
|
|||||||
Liabilities:
|
|||||||
Savings
Deposits:
|
|||||||
Non-interest-bearing
accounts
|
$
|
11,430
|
$
|
11,926
|
|||
NOW
accounts
|
21,506
|
25,396
|
|||||
Savings
accounts
|
39,433
|
44,323
|
|||||
Money
market accounts
|
14,383
|
13,625
|
|||||
Certificates
of
deposit
|
63,353
|
68,319
|
|||||
Advance
payments by borrowers for taxes and insurance
|
768
|
1,117
|
|||||
Total
savings deposits
|
150,873
|
164,706
|
|||||
Federal
Home Loan Bank advances
|
167,536
|
155,036
|
|||||
Other
borrowings
|
94,104
|
69,680
|
|||||
Accrued
interest payable
|
1,487
|
1,260
|
|||||
Other
liabilities
|
1,327
|
1,161
|
|||||
TOTAL
LIABILITIES
|
$
|
415,327
|
$
|
391,843
|
|||
Stockholders’
equity:
|
|||||||
Preferred
stock: 5,000,000
shares, no par value per share, authorized; none outstanding
|
$
|
-
|
$
|
-
|
|||
Common
stock: 10,000,000
shares, $.01 par value per share, authorized; 3,762,618
and 3,762,618 shares issued
|
38
|
38
|
|||||
Additional
paid-in capital
|
20,726
|
20,726
|
|||||
Treasury
stock: 1,410,550 and 1,368,508 shares at cost, Respectively
|
(21,280
|
)
|
(20,594
|
)
|
|||
Retained
earnings, substantially restricted
|
29,343
|
28,885
|
|||||
Accumulated
other comprehensive income
|
77
|
149
|
|||||
Unreleased
shares - Recognition and Retention Plans
|
(2
|
)
|
(3
|
)
|
|||
TOTAL
STOCKHOLDERS’ EQUITY
|
$
|
28,902
|
$
|
29,201
|
|||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
444,229
|
$
|
421,044
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||
December
31,
|
December
31,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
INTEREST
AND DIVIDEND INCOME:
|
|||||||||||||
Loans
|
$
|
999
|
$
|
1,057
|
$
|
2,051
|
$
|
2,152
|
|||||
Investment
securities
|
1,966
|
2,227
|
3,822
|
4,951
|
|||||||||
Mortgage-backed
securities
|
2,269
|
1,070
|
4,152
|
1,653
|
|||||||||
Interest-earning
deposits with other institutions
|
5
|
2
|
7
|
5
|
|||||||||
Federal
Home Loan Bank stock
|
54
|
49
|
101
|
74
|
|||||||||
Total
interest and dividend income
|
5,293
|
4,405
|
10,133
|
8,835
|
|||||||||
INTEREST
EXPENSE:
|
|||||||||||||
Deposits
|
756
|
527
|
1,467
|
1,041
|
|||||||||
Federal
Home Loan Bank advances
|
2,027
|
2,055
|
4,034
|
4,099
|
|||||||||
Other
borrowings
|
1,001
|
395
|
1,668
|
588
|
|||||||||
Total
interest expense
|
3,784
|
2,977
|
7,169
|
5,728
|
|||||||||
NET
INTEREST INCOME
|
1,509
|
1,428
|
2,964
|
3,107
|
|||||||||
PROVISION
(RECOVERY) FOR LOAN LOSSES
|
(45
|
)
|
(7
|
)
|
(111
|
)
|
72
|
||||||
NET
INTEREST INCOME AFTER PROVISION
|
|||||||||||||
(RECOVERY)
FOR
LOAN LOSSES
|
1,554
|
1,435
|
3,075
|
3,035
|
|||||||||
NON-INTEREST
INCOME:
|
|||||||||||||
Service
charges on deposits
|
92
|
90
|
186
|
185
|
|||||||||
Investment
securities gains
|
-
|
99
|
30
|
335
|
|||||||||
Other
|
75
|
77
|
157
|
154
|
|||||||||
Total
non-interest income
|
167
|
266
|
373
|
674
|
|||||||||
NON-INTEREST
EXPENSE:
|
|||||||||||||
Salaries
and
employee benefits
|
488
|
496
|
957
|
999
|
|||||||||
Occupancy
and
equipment
|
100
|
114
|
201
|
219
|
|||||||||
Data
processing
|
68
|
66
|
134
|
130
|
|||||||||
Correspondent
bank service charges
|
32
|
33
|
68
|
68
|
|||||||||
Other
|
180
|
194
|
396
|
365
|
|||||||||
Total
non-interest expense
|
868
|
903
|
1,756
|
1,781
|
|||||||||
INCOME
BEFORE INCOME TAXES
|
853
|
798
|
1,692
|
1,928
|
|||||||||
INCOME
TAXES
|
243
|
209
|
474
|
505
|
|||||||||
NET
INCOME
|
$
|
610
|
$
|
589
|
$
|
1,218
|
$
|
1,423
|
|||||
EARNINGS
PER SHARE:
|
|||||||||||||
Basic
|
$
|
0.26
|
$
|
0.24
|
$
|
0.51
|
$
|
0.58
|
|||||
Diluted
|
$
|
0.26
|
$
|
0.24
|
$
|
0.51
|
$
|
0.58
|
|||||
AVERAGE
SHARES OUTSTANDING:
|
|||||||||||||
Basic
|
2,356,470
|
2,445,349
|
2,372,062
|
2,449,269
|
|||||||||
Diluted
|
2,359,671
|
2,451,242
|
2,375,483
|
2,455,084
|
Six
Months Ended
December
31,
|
|||||||
2005
|
2004
|
||||||
OPERATING
ACTIVITIES
|
|||||||
Net
income
|
$
|
1,218
|
$
|
1,423
|
|||
Adjustments
to reconcile net income to cash provided by operating activities:
|
|||||||
Provision
for
(recovery of) loan losses
|
(111
|
)
|
72
|
||||
Depreciation
and amortization, net
|
87
|
90
|
|||||
Investment
securities gains
|
(30
|
)
|
(329
|
)
|
|||
Amortization
of
discounts, premiums and deferred loan fees
|
(120
|
)
|
(266
|
)
|
|||
Sale
of
trading securities
|
-
|
1,000
|
|||||
Increase
in
accrued and deferred taxes
|
206
|
136
|
|||||
(Increase)
decrease in accrued interest receivable
|
(156
|
)
|
562
|
||||
Increase
in
accrued interest payable
|
227
|
103
|
|||||
Other,
net
|
170
|
208
|
|||||
Net
cash provided by operating activities
|
1,491
|
2,999
|
|||||
INVESTING
ACTIVITIES
|
|||||||
Available-for-sale:
|
|||||||
Purchases
of
investments and mortgage-backed securities
|
(700
|
)
|
(16,394
|
)
|
|||
Proceeds
from
repayments of investments and mortgage-backed securities
|
9,374
|
14,346
|
|||||
Proceeds
from
sale of investment securities
|
1,016
|
1,409
|
|||||
Held-to-maturity:
|
|||||||
Purchases
of
investments
|
(75,448
|
)
|
(161,469
|
)
|
|||
Purchases
of
mortgage-backed securities
|
(84,543
|
)
|
(78,805
|
)
|
|||
Proceeds
from
repayments of investments
|
56,981
|
210,295
|
|||||
Proceeds
from
repayments of mortgage-backed securities
|
65,973
|
35,321
|
|||||
Decrease
in net loans receivable
|
4,430
|
6,320
|
|||||
Purchase
of Federal Home Loan Bank stock
|
(4,057
|
)
|
(4,057
|
)
|
|||
Redemption
of Federal Home Loan Bank stock
|
4,033
|
2,332
|
|||||
Acquisition
of premises and equipment
|
(21
|
)
|
(38
|
)
|
|||
Other,
net
|
60
|
-
|
|||||
Net
cash (used for) provided by investing activities
|
(22,902
|
)
|
9,260
|
||||
Six
Months Ended
December
31,
|
|||||||
2005
|
2004
|
||||||
FINANCING
ACTIVITIES
|
|||||||
Net
decrease in transaction and passbook accounts
|
(8,518
|
)
|
(2,076
|
)
|
|||
Net
decrease in certificates of deposit
|
(4,966
|
)
|
(1,144
|
)
|
|||
Net
increase in FHLB short-term advances
|
12,500
|
35,400
|
|||||
Net
(decrease) increase in other borrowings
|
24,424
|
(42,659
|
)
|
||||
Repayments
of FHLB long-term advances
|
-
|
-
|
|||||
Net
decrease in advance payments by borrowers for taxes and
insurance
|
(349
|
)
|
(462
|
)
|
|||
Net
proceeds from issuance of common stock
|
-
|
-
|
|||||
Funds
used for purchase of treasury stock
|
(686
|
)
|
(365
|
)
|
|||
Cash
dividends paid
|
(760
|
)
|
(785
|
)
|
|||
Net
cash provided by (used for) financing activities
|
21,645
|
(12,091
|
)
|
||||
Increase
in
cash and cash equivalents
|
234
|
168
|
|||||
CASH
AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD
|
3,566
|
3,054
|
|||||
CASH
AND CASH EQUIVALENTS AT END OF THE PERIOD
|
$ |
3,800
|
$
|
3,222
|
|||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|||||||
Cash
paid
during the period for:
|
|||||||
Interest
on
deposits, escrows and borrowings
|
$
|
6,942
|
$
|
5,625
|
|||
Income
taxes
|
$
|
230
|
$
|
263
|
|||
Non-cash items:
|
|||||||
Mortgage
Loan
Transferred to Other Assets
|
$
|
10
|
$
|
-
|
Common
Stock
|
Additional
Paid-In
Capital
|
Treasury
Stock
|
Retained
Earnings Substantially Restricted
|
Accumulated
Other
Compre-
hensive
Income
|
Unallocated
Shares Held
by
RRP
|
Total
|
||||||||||||||||
Balance
at June 30, 2005
|
$
|
38
|
$
|
20,726
|
$
|
(20,594
|
)
|
$
|
28,885
|
$
|
149
|
$
|
(3
|
)
|
$
|
29,201
|
||||||
Comprehensive
income:
|
||||||||||||||||||||||
Net
Income
|
1,218
|
1,218
|
||||||||||||||||||||
Other
comprehensive income:
|
||||||||||||||||||||||
Change in unrealized holding gains on | ||||||||||||||||||||||
securities,
net of income
tax effect of $47
|
(72
|
)
|
(72
|
)
|
||||||||||||||||||
Comprehensive
income
|
1,146
|
|||||||||||||||||||||
Purchases
of treasury
stock
|
(686
|
)
|
(686
|
)
|
||||||||||||||||||
Accrued compensation expense for Recognition | ||||||||||||||||||||||
and
Retention Plans (RRP)
|
1
|
1
|
||||||||||||||||||||
Exercise
of stock options
|
-
|
-
|
-
|
|||||||||||||||||||
Cash
dividends declared
|
||||||||||||||||||||||
($0.32
per share)
|
(760
|
)
|
(760
|
)
|
||||||||||||||||||
Balance
at December 31, 2005
|
$
|
38
|
$
|
20,726
|
$
|
(21,280
|
)
|
$
|
29,343
|
$
|
77
|
$
|
(2
|
)
|
$
|
28,902
|
||||||
Three
Months Ended
|
Six
Months Ended
|
||||||||||||
December
31,
|
December
31,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Weighted
average common shares outstanding
|
3,762,618
|
3,762,968
|
3,762,618
|
3,762,968
|
|||||||||
Average
treasury stock shares
|
(1,406,148
|
)
|
(1,317,619
|
)
|
(1,390,556
|
)
|
(1,313,699
|
)
|
|||||
Weighted average common shares and common stock equivalents used to | |||||||||||||
calculate
basic
earnings per
share
|
2,356,470
|
2,445,349
|
2,372,062
|
2,449,269
|
|||||||||
Additional common stock equivalents (stock options) used to calculate | |||||||||||||
diluted
earnings per share
|
3,201
|
5,893
|
3,421
|
5,815
|
|||||||||
Weighted average common shares and common stock equivalents used to | |||||||||||||
calculate
diluted earnings per
share
|
2,359,671
|
2,451,242
|
2,375,483
|
2,455,084
|
Three
Months Ended
December
31,
|
Six
Months Ended
December
31,
|
||||||||||||||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||||||||||||||
(Dollars
in Thousands)
|
|||||||||||||||||||||||||
Net
income
|
$
|
610
|
$
|
589
|
$
|
1,218
|
$
|
1,423
|
|||||||||||||||||
Other
comprehensive income (loss):
|
|||||||||||||||||||||||||
Unrealized gains (losses) on available for sale | |||||||||||||||||||||||||
securities
|
$
|
(31
|
)
|
$
|
14
|
$
|
(89
|
)
|
$
|
24
|
|||||||||||||||
Less: Reclassification adjustment for gain included | |||||||||||||||||||||||||
in net income
|
-
|
(99
|
)
|
(30
|
)
|
(335
|
)
|
||||||||||||||||||
Other
comprehensive loss before tax
|
(31
|
)
|
(85
|
)
|
(119
|
)
|
(311
|
)
|
|||||||||||||||||
Income tax benefit related to other comprehensive | |||||||||||||||||||||||||
income
(loss)
|
(17
|
)
|
(29
|
)
|
(47
|
)
|
(106
|
)
|
|||||||||||||||||
Other
comprehensive loss, net of tax
|
(14
|
)
|
(56
|
)
|
(72
|
)
|
(205
|
)
|
|||||||||||||||||
Comprehensive
income
|
$
|
596
|
$
|
533
|
$
|
1,146
|
$
|
1,218
|
|||||||||||||||||
1)
|
$177.3
million or 98.7% of the Company’s portfolio of mortgage-backed securities
(including collateralized mortgage obligations - “CMOs”) were comprised of
floating rate instruments that reprice on a monthly
basis;
|
2)
|
$97.9
million or 50.8% of the Company’s investment portfolio was comprised of
fixed to floating rate U.S. Government Agency bonds which will reprice
as
follows: 3 months or less - $15.0 million; 3 - 6 months - $10.0 million;
6
- 12 months - $32.9 million; and over 1 year - $40.0
million;
|
3)
|
$50.5
million or 26.2% of the Company’s investment portfolio was comprised of
fixed-rate callable U.S. Government Agency bonds which are callable
as
follows: 6 months or less - $10.4 million; 6 - 12 months - $18.3
million;
1 - 2 years - $15.0 million; and over 2 years - $6.8
million;
|
4)
|
$30.1
million or 15.6% of the Company’s investment portfolio was comprised of
U.S. Government Agency Step-up bonds which will reprice as follows:
1 year
or less - $14.9 million from 4.00% to 7.00%; 1 - 2 years - $8.5 million
from 4.00% to 7.00%, $2.0 million from 4.40% to 7.00%, and $4.7 million
from 4.70% to 6.00%;
|
5)
|
an
aggregate of $30.7 million or 54.0% of the Company’s net loan portfolio
had adjustable interest rates or maturities of less than 12
months;
|
6)
|
the
maturity distribution of the Company’s borrowings is as follows: 1 month
or less - $118.9 million or 45.4%; 1 - 6 months - $4.1 million or
1.6%; 1
- 3 years - $3.0 million or 1.2%; 3 - 5 years - $91.1 million or
34.8%;
and over 5 years - $44.5 million or
17.0%.
|
December
31,
|
June
30,
|
|||||||||
2005
|
2005
|
2004
|
||||||||
(Dollars
in Thousands)
|
||||||||||
Interest-earning
assets maturing or repricing
within one year
|
$
|
342,788
|
$
|
318,015
|
$
|
288,451
|
||||
Interest-bearing
liabilities maturing or repricing
within one year
|
212,063
|
181,085
|
171,655
|
|||||||
Interest
sensitivity gap
|
$
|
130,725
|
$
|
136,930
|
$
|
116,796
|
||||
Interest
sensitivity gap as a percentage of total
assets
|
29.4
|
%
|
32.5
|
%
|
26.9
|
%
|
||||
Ratio
of assets to liabilities maturing
or repricing within one year
|
161.6
|
%
|
175.6
|
%
|
168.0
|
%
|
Month
3
|
Month
6
|
Month
12
|
Month
24
|
Month
36
|
Month
60
|
Long
Term
|
||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||
Base
Case Up 200 bp
|
||||||||||||||||||||||
Cummulative
Gap ($’s)
|
47,996
|
61,332
|
79,844
|
84,928
|
99,498
|
5,384
|
26,650
|
|||||||||||||||
% of Total | ||||||||||||||||||||||
Assets
|
10.8
|
%
|
13.8
|
%
|
18.0
|
%
|
19.1
|
%
|
22.4
|
%
|
1.2
|
%
|
6.0
|
%
|
||||||||
Base
Case Up 100 bp
|
||||||||||||||||||||||
Cummulative
Gap ($’s)
|
55,289
|
53,924
|
92,812
|
98,450
|
113,171
|
18,817
|
26,650
|
|||||||||||||||
% of Total | ||||||||||||||||||||||
Assets
|
12.4
|
%
|
12.1
|
%
|
20.9
|
%
|
22.2
|
%
|
25.5
|
%
|
4.2
|
%
|
6.0
|
%
|
||||||||
Base
Case No Change
|
||||||||||||||||||||||
Cummulative
Gap ($’s)
|
55,767
|
87,724
|
130,725
|
148,974
|
161,342
|
67,679
|
26,650
|
|||||||||||||||
% of Total | ||||||||||||||||||||||
Assets
|
12.6
|
%
|
19.7
|
%
|
29.4
|
%
|
33.5
|
%
|
36.3
|
%
|
15.2
|
%
|
6.0
|
%
|
||||||||
Base
Case Down 100 bp
|
||||||||||||||||||||||
Cummulative
Gap ($’s)
|
140,251
|
158,585
|
160,605
|
170,772
|
175,332
|
79,812
|
26,650
|
|||||||||||||||
% of Total | ||||||||||||||||||||||
Assets
|
31.6
|
%
|
35.7
|
%
|
36.2
|
%
|
38.4
|
%
|
39.5
|
%
|
18.0
|
%
|
6.0
|
%
|
||||||||
Base
Case Down 200 bp
|
||||||||||||||||||||||
Cummulative
Gap ($’s)
|
142,953
|
163,220
|
167,385
|
177,313
|
179,947
|
80,370
|
26,650
|
|||||||||||||||
% of Total | ||||||||||||||||||||||
Assets
|
32.2
|
%
|
36.7
|
%
|
37.7
|
%
|
39.9
|
%
|
40.5
|
%
|
18.1
|
%
|
6.0
|
%
|
Modeled
Change in Market Interest Rates
|
||||||||||||||||
Estimated
impact on:
|
-200
|
-100
|
0
|
+100
|
+200
|
|||||||||||
Change in net interest income
|
-60.7
|
%
|
-38.8
|
%
|
0.0
|
%
|
5.0
|
%
|
1.3
|
%
|
||||||
Return on average equity
|
0.97
|
%
|
4.98
|
%
|
11.83
|
%
|
12.67
|
%
|
12.06
|
%
|
||||||
Return on average assets
|
0.06
|
%
|
0.32
|
%
|
0.77
|
%
|
0.82
|
%
|
0.78
|
%
|
||||||
Market value of equity (in thousands)
|
$
|
22,387
|
$
|
28,604
|
$
|
32,204
|
$
|
30,968
|
$
|
19,516
|
Anticipated
Transactions
|
||||
(Dollars
in Thousands)
|
||||
Undisbursed
construction and
|
||||
land
development loans
|
||||
Fixed
rate
|
$
|
5,552
|
||
|
6.72
|
%
|
||
Adjustable rate |
$
|
4,277
|
||
|
7.93
|
%
|
||
Undisbursed
lines of credit
|
||||
Adjustable
rate
|
$
|
6,382
|
||
|
7.06
|
%
|
||
Loan
origination commitments
|
||||
Fixed
rate
|
$
|
998
|
||
|
7.04
|
%
|
||
Letters
of credit
|
||||
Adjustable
rate
|
$
|
815
|
||
|
8.26
|
%
|
||
$
|
18,024
|
Not
applicable.
|
ISSUER
PURCHASES OF EQUITY SECURITIES
|
Period
|
Total
Number
of Shares
Purchased
|
Average
Price
Paid
per Share ($)
|
Total
Number of
Shares
Purchased
as
Part of Publicly
Announced
Plans or
Programs
1
|
Maximum
Number of
Shares
that May Yet
Be
Repurchased
Under
the Plans or
Programs
2
|
||||
10/01/05
- 10/31/05
|
0
|
0.00
|
0
|
112,401
|
||||
11/01/05
- 11/30/05
|
0
|
0.00
|
0
|
112,401
|
||||
12/01/05
- 12/31/05
|
4,500
|
16.15
|
4,500
|
107,901
|
||||
Total
|
4,500
|
16.15
|
4,500
|
107,901
|
(1)
|
All
shares indicated were purchased under the Company’s Eighth Stock
Repurchase Program
|
(2)
|
Eighth
Stock Repurchase Program
|
(a)
|
Announced
September 27, 2005.
|
(b)
|
125,000
common shares approved for
repurchase.
|
(c)
|
No
fixed date of expiration.
|
(d)
|
This
program has not expired and has 107,901 shares remaining to be purchased
at December 31, 2005.
|
(e)
|
Not
applicable.
|
Number
|
Description
|
Page
|
||
Rule
13a-14(a) / 15d-14(a) Certification of the Chief Executive
Officer
|
E-1
|
|||
Rule
13a-14(a) / 15d-14(a) Certification of the Chief Accounting
Officer
|
E-2
|
|||
Section
1350 Certification of the Chief Executive Officer
|
E-3
|
|||
Section
1350 Certification of the Chief Accounting Officer
|
E-4
|
|||
Report
of Independent Registered Public Accounting Firm
|
E-5
|
WVS FINANCIAL CORP. | ||
February
14, 2006
|
BY:
|
/s/
David J. Bursic
|
Date
|
David
J. Bursic
President
and Chief Executive Officer
(Principal
Executive Officer)
|
|
February
14, 2006
|
BY:
|
/s/
Keith A. Simpson
|
Date
|
Keith
A. Simpson
Vice-President,
Treasurer and Chief Accounting Officer
(Principal
Accounting Officer)
|