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Article Excerpt
PITTSBURGH -- WVS Financial Corp. (Nasdaq:WVFC), the holding company for West View Savings Bank, today reported that for the fiscal year ended June 30, 2004, net income and diluted earnings per share totaled $2,302,000 and $0.90, respectively, compared to $3,348,000 and $1.28 for the same period in 2003. The $1,046,000 decrease in net income during the period was primarily attributable to a $2,402,000 decrease in net interest income and a $15,000 decrease in non-interest income, which were partially offset by a $566,000 increase in credit provisions for loan losses, a $451,000 decrease in income tax expense, and a $354,000 decrease in non-interest expense. The decrease in net interest income was primarily attributable to lower rates earned on Company assets due to historically low market interest rates, lower average balances...
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