Earnings Drop for Parent Company of West View Savings Bank

This article was written and reported by Editor Rich Cook

WVS Financial Corp, parent company of the six West View Savings Bank Branches in the North Hills area, including two locations in Cranberry, saw its earnings drop in the fourth quarter, and for its just ended fiscal year, the Pittsburgh Business Times reported. 

Net income dropped from $406,000 for the three months ended June 30, 2012 to $231,000 for the same period this year, according to the Business Times.

For the fiscal year just ended, net income was down from $1.4 million last year to $1.1 million this year.

WVS attributed the decrease to a drop in net interest income, largely tied to lower yields earned on its investment and loan portfolios and lower average balances of loans outstanding, the Business Times reported.