UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

      For the quarterly period ended September 30, 2008

                                       or

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

      For the transition period from ______ to ______

                         Commission File Number: 0-22444

                               WVS Financial Corp.
            --------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            Pennsylvania                                25-1710500
----------------------------------------    ------------------------------------
   (State or other jurisdiction of                   (I.R.S. Employer
   incorporation or organization)                 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)

      Indicate by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirement for the past 90 days.
YES [X] NO [ ]

      Indicate  by check mark  whether  the  registrant  is a large  accelerated
filer, an accelerated  filer, a  non-accelerated  filer, or a smaller  reporting
company.  See the definitions of "large accelerated filer,"  "accelerated filer"
and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]                       Accelerated filer [ ]
Non-accelerated  filer [ ]                        Smaller reporting company [X]
                  (Do not check if a smaller reporting company)

      Indicate  by check mark  whether  the  registrant  is a shell  company (as
defined in Rule 12 b-2 of the Exchange Act).
YES [ ] NO [X]

      Shares outstanding as of November 06, 2008: 2,167,524 shares Common Stock,
$.01 par value.

<PAGE>

                       WVS FINANCIAL CORP. AND SUBSIDIARY
                       ----------------------------------

                                      INDEX
                                      -----

PART I.    Financial Information                                           Page
-------    ---------------------                                           ----

Item 1.    Financial Statements

           Consolidated Balance Sheet as of September 30, 2008 and June
           30, 2008 (Unaudited)                                              3

           Consolidated Statement of Income for the Three Months Ended
           September 30, 2008 and 2007 (Unaudited)                           4

           Consolidated Statement of Changes in Stockholders' Equity for
           the Three Months Ended September 30, 2008 (Unaudited)             5

           Consolidated Statement of Cash Flows for the Three Months
           Ended September 30, 2008 and 2007 (Unaudited)                     6

           Notes to Unaudited Consolidated Financial Statements              8

Item 2.    Management's Discussion and Analysis of Financial Condition
           and Results of Operations for the Three Months Ended
           September 30, 2008                                               12

Item 3.    Quantitative and Qualitative Disclosures about Market Risk       18

Item 4.    Controls and Procedures                                          25

Item 4T.   Controls and Procedures                                          25

PART II.   Other Information                                               Page
--------   -----------------                                               ----

Item 1.    Legal Proceedings                                                26
Item 1A.   Risk Factors                                                     26
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds      26
Item 3.    Defaults Upon Senior Securities                                  26
Item 4.    Submission of Matters to a Vote of Security Holders              27
Item 5.    Other Information                                                27
Item 6.    Exhibits                                                         27
           Signatures                                                       28

                                        2

<PAGE>

                       WVS FINANCIAL CORP. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEET
                                   (UNAUDITED)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                    September 30, 2008   June 30, 2008
                                                                    ------------------   -------------
<S>                                                                 <C>                  <C>
          Assets
          ------
Cash and due from banks                                             $              826   $         628
Interest-earning demand deposits                                                 1,458           1,198
                                                                    ------------------   -------------
Total cash and cash equivalents                                                  2,284           1,826
Certificates of deposit                                                         10,884           9,398
Investment securities available-for-sale (amortized cost of
   $500 and $ 7,994)                                                               483           7,978
Investment securities held-to-maturity (market value of
   $111,835 and $122,055)                                                      112,437         120,559
Mortgage-backed securities available-for-sale (amortized cost of
   $2,092 and $2,101)                                                            2,166           2,215
Mortgage-backed securities held-to-maturity (market value of
   $204,478 and $211,113)                                                      210,548         213,690
Net loans receivable (allowance for loan losses of $950 and
   $956)                                                                        57,503          56,477
Accrued interest receivable                                                      2,163           2,117
Federal Home Loan Bank stock, at cost                                           10,630           6,931
Premises and equipment                                                             766             766
Other assets                                                                     1,267           1,152
                                                                    ------------------   -------------
      TOTAL ASSETS                                                  $          411,131   $     423,109
                                                                    ==================   =============

      Liabilities and Stockholders' Equity
      ------------------------------------
Liabilities:
Savings Deposits:
   Non-interest-bearing accounts                                                12,648          11,780
   NOW accounts                                                                 16,558          17,569
   Savings accounts                                                             31,433          32,025
   Money market accounts                                                        25,153          23,593
   Certificates of deposit                                                      62,802          64,251
   Advance payments by borrowers for taxes and insurance                           385             924
                                                                    ------------------   -------------
      Total savings deposits                                                   148,979         150,142
Federal Home Loan Bank advances: long-term                                     135,579         135,579
Federal Home Loan Bank advances: short-term                                     85,069              --
Federal Reserve Bank short-term borrowings                                          --          80,600
Other short-term borrowings                                                      4,441          20,000
Accrued interest payable                                                         1,407           1,539
Other liabilities                                                                4,072           3,101
                                                                    ------------------   -------------
      TOTAL LIABILITIES                                                        379,547         390,961
                                                                    ------------------   -------------
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;
   3,805,636 and 3,805,636 shares issued                                            38              38
Additional paid-in capital                                                      21,376          21,376
Treasury stock: 1,638,112  and 1,578,857 shares at cost,
   Respectively                                                                (24,986)        (24,041)
Retained earnings, substantially restricted                                     35,119          34,712
Accumulated other comprehensive income                                              38              64
Unallocated shares - Recognition and Retention Plans                                (1)             (1)
                                                                    ------------------   -------------
   TOTAL STOCKHOLDERS' EQUITY                                                   31,584          32,148
                                                                    ------------------   -------------
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                    $          411,131   $     423,109
                                                                    ==================   =============
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.

                                        3

<PAGE>

                       WVS FINANCIAL CORP. AND SUBSIDIARY
                        CONSOLIDATED STATEMENT OF INCOME
                                   (UNAUDITED)
                      (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                           Three Months Ended
                                                              September 30,
                                                       --------------------------
                                                           2008           2007
                                                       -----------    -----------
<S>                                                    <C>            <C>
INTEREST AND DIVIDEND INCOME:
   Loans                                               $     1,026    $     1,123
   Investment securities                                     1,705          3,383
   Mortgage-backed securities                                1,976          1,933
   Certificates of deposit                                      85             --
   Interest-earning deposits with other institutions             1              2
   Federal Home Loan Bank stock                                 91             96
                                                       -----------    -----------
      Total interest and dividend income                     4,884          6,537
                                                       -----------    -----------

INTEREST EXPENSE:
   Deposits                                                    705          1,138
   Federal Home Loan Bank advances                           1,949          2,358
   Federal Reserve Bank short-term borrowings                   85             --
   Other short-term borrowings                                 296            738
                                                       -----------    -----------
      Total interest expense                                 3,035          4,234
                                                       -----------    -----------

NET INTEREST INCOME                                          1,849          2,303
RECOVERY FOR LOAN LOSSES                                        (6)           (17)
                                                       -----------    -----------
NET INTEREST INCOME AFTER RECOVERY FOR LOAN LOSSES           1,855          2,320
                                                       -----------    -----------

NON-INTEREST INCOME:
   Service charges on deposits                                  91             86
   Investment securities gains                                  --              1
   Other                                                        76             70
                                                       -----------    -----------
      Total non-interest income                                167            157
                                                       -----------    -----------

NON-INTEREST EXPENSE:
   Salaries and employee benefits                              508            508
   Occupancy and equipment                                      82             88
   Data processing                                              63             63
   Correspondent bank service charges                           25             26
   Other                                                       295            257
                                                       -----------    -----------
      Total non-interest expense                               973            942
                                                       -----------    -----------

INCOME BEFORE INCOME TAXES                                   1,049          1,535
INCOME TAXES                                                   292            512
                                                       -----------    -----------
NET INCOME                                             $       757    $     1,023
                                                       ===========    ===========

EARNINGS PER SHARE:
   Basic                                               $      0.35    $      0.45
   Diluted                                             $      0.35    $      0.45

AVERAGE SHARES OUTSTANDING:
   Basic                                                 2,191,776      2,283,510
   Diluted                                               2,191,783      2,284,384
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.

                                        4

<PAGE>

                       WVS FINANCIAL CORP. AND SUBSIDIARY
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                                   (UNAUDITED)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                 Accumulated
                                                                    Retained        Other
                                         Additional                 Earnings       Compre-     Unallocated
                                Common     Paid-In    Treasury   Substantially     hensive     Shares Held
                                 Stock     Capital     Stock      Restricted        Income        by RRP      Total
                                ------   ----------   --------   -------------   -----------   -----------   -------
<S>                             <C>      <C>          <C>        <C>             <C>           <C>           <C>
Balance at June 30, 2008        $   38   $   21,376   $(24,041)  $      34,712   $        64   $        (1)  $32,148

Comprehensive income:

   Net Income                                                              757                                   757
   Other comprehensive
      income:
      Change in unrealized
         holding gains on
         securities, net of
         income tax effect of
         $13                                                                             (26)                    (26)
                                                                                                             -------

Comprehensive income                                                                                             731

Purchase of 59,255 shares
   of treasury stock                                      (945)                                                 (945)

Exercise of stock
   options                          --           --                                                               --

Cash dividends declared
   ($0.16 per share)                                                      (350)                                 (350)
Other, net                                                                                                        --
                                ------   ----------   --------   -------------   -----------   -----------   -------

Balance at Sept. 30, 2008       $   38   $   21,376   $(24,986)  $      35,119   $        38   $        (1)  $31,584
                                ======   ==========   ========   =============   ===========   ===========   =======
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.

                                        5

<PAGE>

                       WVS FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (UNAUDITED)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                  Three Months Ended
                                                                                    September 30,
                                                                                ---------------------
                                                                                   2008        2007
                                                                                ---------   ---------
<S>                                                                             <C>         <C>
OPERATING ACTIVITIES

Net income                                                                      $     757   $   1,023
Adjustments to reconcile net income to cash provided by operating activities:
   Recovery for loan losses                                                            (6)        (17)
   Depreciation                                                                        26          34
   Investment securities gains                                                         --          (1)
   Amortization of discounts, premiums and deferred loan fees                        (118)        (28)
   Accretion of discounts - commercial paper                                          (27)       (275)
   (Decrease) increase in accrued and deferred taxes                                  (82)         77
   (Increase) decrease in accrued interest receivable                                 (46)        115
   (Decrease) increase in accrued interest payable                                   (132)        252
   Other, net                                                                         (90)         34
                                                                                ---------   ---------
      Net cash provided by operating activities                                       282       1,214
                                                                                ---------   ---------

INVESTING ACTIVITIES

Available-for-sale:
   Purchases of investments securities                                                 --     (64,583)
   Proceeds from repayments of investments and mortgage-backed securities           7,512      54,403
   Proceeds from sale of mortgage-backed securities                                    --          49
Held-to-maturity:
   Purchases of investment securities                                             (28,367)    (21,929)
   Purchases of mortgage-backed securities                                             --     (17,973)
   Proceeds from repayments of investments                                         36,581       6,204
   Proceeds from repayments of mortgage-backed securities                           3,197       6,205
   Proceeds from sale of investments and mortgage-backed securities                    --         216
Purchases of certificates of deposit                                               (3,072)         --
Maturities/redemptions of certificates of deposit                                   1,584          --
(Increase) decrease in net loans receivable                                        (1,029)        801
Purchase of Federal Home Loan Bank stock                                          (11,174)     (7,049)
Redemption of Federal Home Loan Bank stock                                          7,475       2,490
Acquisition of premises and equipment                                                 (25)        (28)
Other, net                                                                             --           3
                                                                                ---------   ---------
      Net cash provided by (used for) investing activities                         12,682     (41,191)
                                                                                ---------   ---------
</TABLE>

                                        6

<PAGE>

                       WVS FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (UNAUDITED)
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                Three Months Ended
                                                                                  September 30,
                                                                              ---------------------
                                                                                 2008        2007
                                                                              ---------   ---------
<S>                                                                           <C>         <C>
FINANCING ACTIVITIES

Net increase in transaction and savings accounts                                  1,867       8,633
Net decrease in certificates of deposit                                          (1,449)     (3,635)
Proceeds from Federal Home Loan Bank long-term advances                              --      10,000
Repayments of Federal Home Loan Bank long-term advances                              --      (5,000)
Net increase in FHLB short-term advances                                         85,069      86,325
Net decrease in Federal Reserve Bank short-term borrowings                      (80,600)         --
Net decrease in other short-term borrowings                                     (15,559)    (54,626)
Net decrease in advance payments by borrowers for taxes and insurance              (539)       (635)
Cash dividends paid                                                                (350)       (366)
Funds used for purchase of treasury stock                                          (945)       (967)
Net proceeds from exercise of stock options                                          --          --
                                                                              ---------   ---------
         Net cash (used for) provided by financing activities                   (12,506)     39,729
                                                                              ---------   ---------

         Increase (decrease) in cash and cash equivalents                           458        (248)

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD                              1,826       2,675
                                                                              ---------   ---------

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD                                $   2,284   $   2,427
                                                                              =========   =========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

   Cash paid during the period for:
      Interest on deposits, escrows and borrowings                            $   3,167   $   3,932
      Income taxes                                                                  361         450

   Non cash items:
      Due to Federal Reserve Bank                                                 2,264         676
      Educational Improvement Tax Credit                                             90          36
      Neighborhood Assistance Act Tax Credit                                          1          --
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.

                                        7

<PAGE>

                       WVS FINANCIAL CORP. AND SUBSIDIARY
                       ----------------------------------

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.    BASIS OF PRESENTATION
      ---------------------

      The accompanying  unaudited  consolidated  financial  statements have been
prepared in accordance with the  instructions for Form 10-Q and therefore do not
include  information  or  footnotes  necessary  for a complete  presentation  of
financial  condition,  results of operations,  and cash flows in conformity with
U.S.  generally  accepted  accounting   principles.   However,  all  adjustments
(consisting  only of normal  recurring  adjustments)  which,  in the  opinion of
management,  are  necessary  for a fair  presentation  have been  included.  The
results of operations  for the three months ended  September  30, 2008,  are not
necessarily  indicative  of the  results  which may be  expected  for the entire
fiscal year.

2.    RECENT ACCOUNTING PRONOUNCEMENTS
      --------------------------------

      In June 2008,  the FASB  ratified  EITF  Issue No.  08-4,  Accounting  for
Convertible  Securities  with  Beneficial  Conversion  Features or  Contingently
Adjusted   Conversion  Ratios.  This  Issue  provides  transition  guidance  for
conforming  changes  made to EITF Issue No.  98-5,  Accounting  for  Convertible
Securities  with  Beneficial   Conversion  Features  or  Contingently   Adjusted
Conversion Ratios, that resulted from EITF Issue No. 00-27, Application of Issue
No. 98-5 to Certain  Convertible  Instruments,  and FAS No. 150,  Accounting for
Certain Financial Instruments with Characteristics of both Liability and Equity.
The conforming changes are effective for financial  statements issued for fiscal
years ending after December 15, 2008, with earlier  application  permitted.  The
adoption of this FSP is not expected to have a material  effect on the Company's
results of operations or financial position.

      In May 2008, the FASB issued FSP No. APB 14-1,  Accounting for Convertible
Debt Instruments That May Be Settled in Cash upon Conversion  (Including Partial
Cash Settlement). This FSP provides guidance on the accounting for certain types
of convertible  debt  instruments  that may be settled in cash upon  conversion.
Additionally,  this  FSP  specifies  that  issuers  of such  instruments  should
separately account for the liability and equity components in a manner that will
reflect the entity's  nonconvertible  debt  borrowing rate when interest cost is
recognized in subsequent periods.  The FSP is effective for financial statements
issued for fiscal years  beginning  after December 15, 2008, and interim periods
within  those fiscal  years.  The adoption of this FSP is not expected to have a
material effect on the Company's results of operations or financial position.

      In  February  2008,  the FASB  issued FSP No. FAS  140-3,  Accounting  for
Transfers of Financial Assets and Repurchase  Financing  Transactions.  This FSP
concludes that a transferor and transferee  should not separately  account for a
transfer of a financial asset and a related repurchase  financing unless (a) the
two  transactions  have a valid and  distinct  business or economic  purpose for
being entered into  separately and (b) the repurchase  financing does not result
in the initial transferor regaining control over the financial asset. The FSP is
effective for financial statements issued for fiscal years beginning on or after
November 15, 2008, and interim  periods within those fiscal years.  The adoption
of this FSP is not expected to have a material  effect on the Company's  results
of operations or financial position.

      In February 2007, the FASB issued FSP No. FAS 158-1, Conforming Amendments
to the  Illustrations  in FASB Statements No. 87, No. 88, and No. 106 and to the
Related Staff Implementation  Guides. This FSP provides conforming amendments to
the  illustrations  in FAS  Statements  No. 87, 88, and 106 and to related staff
implementation  guides as a result of the issuance of FAS Statement No. 158. The
conforming  amendments  made by this FSP are effective as of the effective dates
of  Statement  No. 158. The  unaffected  guidance  that this FSP  codifies  into
Statements No. 87, 88, and 106 does not contain new  requirements  and therefore
does not require a separate effective date or transition method. The adoption of
this FSP is not expected to have a material  effect on the Company's  results of
operations or financial position.

                                        8

<PAGE>

      In October 2008, the FASB issued FSP No. 157-3, Determining the Fair Value
of a  Financial  Asset When the Market  for That Asset Is Not  Active.  This FSP
clarifies the application of FAS Statement No. 157, Fair Value Measurements,  in
a  market  that  is not  active  and  provides  an  example  to  illustrate  key
considerations  in  determining  the fair  value of a  financial  asset when the
market for that financial asset is not active.  This FSP shall be effective upon
issuance,  including prior periods for which financial  statements have not been
issued.  Revisions  resulting  from a change in the  valuation  technique or its
application  shall be  accounted  for as a change in  accounting  estimate  (FAS
Statement No. 154,  Accounting  Changes and Error  Corrections.  The  disclosure
provisions of Statement 154 for a change in accounting estimate are not required
for revisions resulting from a change in valuation technique or its application.
The  adoption  of this FSP is not  expected  to have a  material  effect  on the
Company's results of operations or financial position.

3.    EARNINGS PER SHARE
      ------------------

      The following  table sets forth the  computation  of the  weighted-average
common shares used to calculate basic and diluted earnings per share.

<TABLE>
<CAPTION>
                                                                      Three Months Ended
                                                                         September 30,
                                                                      2008         2007
                                                                   ----------   ----------
<S>                                                                <C>          <C>
Weighted average common shares issued                               3,805,636    3,790,336
Average treasury stock shares                                      (1,613,860)  (1,506,826)
                                                                   ----------   ----------

Weighted average common shares and common stock equivalents
  used to calculate basic earnings per share                        2,191,776    2,283,510
Additional common stock equivalents (stock options) used to
  calculate diluted earnings per share                                      7          874
                                                                   ----------   ----------

Weighted average common shares and common stock equivalents
  used to calculate diluted earnings per share                      2,191,783    2,284,384
                                                                   ==========   ==========
</TABLE>

      All options at September  30, 2008 and September 30, 2007 were included in
the computation of diluted earnings per share.

4.    STOCK BASED COMPENSATION DISCLOSURE
      -----------------------------------

      The Company  accounts for  stock-based  compensation  in  accordance  with
Financial  Accounting  Standard (FAS) No. 123R.  FAS 123R requires  compensation
costs  related to  share-based  payment  transactions  to be  recognized  in the
financial statements (with limited exceptions).  The amount of compensation cost
is  measured  based on the  grant-date  fair  value of the  equity or  liability
instruments  issued.  Compensation  cost is  recognized  over the period that an
employee  provides  service in exchange for the award.  The Company did not have
any non-vested stock options  outstanding during the periods ended September 30,
2008 and 2007.  There were no options issued during the periods ended  September
30, 2008 and 2007.

                                        9

<PAGE>

5.    COMPREHENSIVE INCOME
      --------------------

      Other  comprehensive  income primarily  reflects changes in net unrealized
gains/losses on  available-for-sale  securities.  Total comprehensive  income is
summarized as follows (dollars in thousands):

                                         Three Month Ended September 30,
                                         -------------------------------
                                              2008             2007
                                         -------------    --------------

      Net income                                 $ 757           $ 1,023
      Other comprehensive income:
         Unrealized (losses) gains
           on available for sale
           securities                    $ (40)           $ 45
         Less:
         Reclassification
         adjustment for
         gain included in
         net income                         --              (1)
                                         -----   -----    ----   -------
      Other comprehensive (loss) gain
         before tax effect                         (40)               44
      Income tax effect
         related to other
         comprehensive (loss) gain                 (14)               15
                                                 -----           -------
      Other comprehensive (loss)
         gain net of tax                           (26)               29
                                                 -----           -------
      Comprehensive income                       $ 731           $ 1,052
                                                 =====           =======

6.    FAIR VALUE MEASUREMENTS (SFAS NO. 157)
      --------------------------------------

      Effective July 1, 2008,  the Company  adopted SFAS No. 157,  which,  among
other things, requires enhanced disclosures about assets and liabilities carried
at fair  value.  SFAS No. 157  establishes  a  hierarchal  disclosure  framework
associated with the level of pricing observability  utilized in measuring assets
and  liabilities  at fair value.  The three broad levels defined by SFAS No. 157
hierarchy are as follows:

Level I:    Quoted prices are available in active  markets for identical  assets
            or liabilities as of the reported date.

Level II:   Pricing inputs are other than quoted prices in active markets, which
            are either  directly or  indirectly  observable  as of the  reported
            date. The nature of these assets and  liabilities  include items for
            which quoted prices are available  but traded less  frequently,  and
            items that are fair valued using other  financial  instruments,  the
            parameters of which can be directly observed.

Level III:  Assets and liabilities that have little to no pricing  observability
            as of the reported date. These items do not have two-way markets and
            are measured using  management's best estimate of fair value,  where
            the inputs into the determination of fair value require  significant
            management judgment or estimation.

                                       10

<PAGE>

      The  following  table  presents  the assets  reported on the  consolidated
statements  of financial  condition at their fair value as of September 30, 2008
by level within the fair value hierarchy. As required by SFAS No. 157, financial
assets and  liabilities  are  classified in their  entirety  based on the lowest
level of input that is significant to the fair value measurement.

                                                   September 30, 2008
                                        ----------------------------------------
                                        Level I   Level II   Level III    Total
                                        -------   --------   ---------   -------

Assets:

   Securities available for sale        $    --   $  2,166   $      --   $ 2,166

                                       11

<PAGE>

ITEM 2. MANAGEMENT'S   DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION  AND
        RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008

FORWARD LOOKING STATEMENTS

      In the  normal  course  of  business,  we,  in an  effort to help keep our
shareholders and the public informed about our operations, may from time to time
issue or make  certain  statements,  either in writing  or  orally,  that are or
contain forward-looking  statements, as that term is defined in the U.S. federal
securities  laws.  Generally,  these  statements  relate  to  business  plans or
strategies, projected or anticipated benefits from acquisitions made by or to be
made by us, projections involving anticipated revenues, earnings,  profitability
or other  aspects of  operating  results  or other  future  developments  in our
affairs or the industry in which we conduct business. Forward-looking statements
may be  identified  by reference to a future  period or periods or by the use of
forward-looking   terminology  such  as  "anticipated,"   "believe,"   "expect,"
"intend," "plan," "estimate" or similar expressions.

      Although we believe  that the  anticipated  results or other  expectations
reflected in our forward-looking statements are based on reasonable assumptions,
we can give no assurance  that those results or  expectations  will be attained.
Forward-looking statements involve risks, uncertainties and assumptions (some of
which are  beyond  our  control),  and as a result  actual  results  may  differ
materially  from those  expressed in  forward-looking  statements.  Factors that
could cause actual results to differ from  forward-looking  statements  include,
but are not  limited to, the  following,  as well as those  discussed  elsewhere
herein:

            o     our  investments in our  businesses and in related  technology
                  could require additional  incremental spending,  and might not
                  produce  expected  deposit  and loan  growth  and  anticipated
                  contributions to our earnings;

            o     general   economic  or  industry   conditions  could  be  less
                  favorable  than  expected,  resulting  in a  deterioration  in
                  credit quality, a change in the allowance for loan losses or a
                  reduced demand for credit or fee-based products and services;

            o     changes in the  interest  rate  environment  could  reduce net
                  interest income and could increase credit losses;

            o     the conditions of the securities  markets could change,  which
                  could  adversely  affect,  among  other  things,  the value or
                  credit quality of our assets,  the  availability  and terms of
                  funding  necessary to meet our liquidity needs and our ability
                  to originate loans and leases;

            o     changes  in  the  extensive  laws,  regulations  and  policies
                  governing  financial holding companies and their  subsidiaries
                  could alter our business environment or affect our operations;

            o     the potential need to adapt to industry changes in information
                  technology  systems,  on which we are highly dependent,  could
                  present  operational  issues or  require  significant  capital
                  spending;

            o     competitive   pressures   could   intensify   and  affect  our
                  profitability,  including  as a result of  continued  industry
                  consolidation,   the  increased   availability   of  financial
                  services from non-banks,  technological  developments  such as
                  the internet or bank regulatory reform; and

            o     acts or threats of terrorism  and actions  taken by the United
                  States  or  other  governments  as a  result  of such  acts or
                  threats,  including  possible  military action,  could further
                  adversely  affect  business  and  economic  conditions  in the
                  United States  generally and in our principal

                                       12

<PAGE>

                  markets,  which could have an adverse  effect on our financial
                  performance  and that of our  borrowers  and on the  financial
                  markets and the price of our common stock.

      You  should  not put undue  reliance  on any  forward-looking  statements.
Forward-looking  statements  speak  only as of the date  they are  made,  and we
undertake no  obligation  to update them in light of new or future events except
to the extent required by federal securities laws.

GENERAL

      WVS Financial Corp. ("WVS" or the "Company") is the parent holding company
of West View Savings Bank ("West View" or the "Savings  Bank").  The Company was
organized in July 1993 as a Pennsylvania-chartered  unitary bank holding company
and acquired 100% of the common stock of the Savings Bank in November 1993.

      West View Savings  Bank is a  Pennsylvania-chartered,  FDIC-insured  stock
savings bank conducting  business from six offices in the North Hills suburbs of
Pittsburgh.  The  Savings  Bank  converted  to the stock  form of  ownership  in
November 1993. The Savings Bank had no subsidiaries at September 30, 2008.

      The  operating  results  of the  Company  depend  primarily  upon  its net
interest  income,  which is  determined  by the  difference  between  income  on
interest-earning  assets,  principally  loans,  mortgage-backed  securities  and
investment  securities,  and interest expense on  interest-bearing  liabilities,
which consist primarily of deposits and borrowings.  The Company's net income is
also  affected by its  provision  for loan  losses,  as well as the level of its
non-interest   income,   including  loan  fees  and  service  charges,  and  its
non-interest expenses, such as compensation and employee benefits, income taxes,
deposit insurance and occupancy costs.

FINANCIAL CONDITION

      The  Company's  assets  totaled  $411.1  million at September 30, 2008, as
compared to $423.1  million at June 30, 2008. The $12.0 million or 2.8% decrease
in total assets was  primarily  comprised of a $8.1 million or 6.7%  decrease in
investment  securities - held to maturity,  a $7.5 million or 93.4%  decrease in
investment  securities - available for sale, and a $3.1 million or 1.5% decrease
in mortgage-backed securities - held to maturity, which were partially offset by
a $3.7 million or 53.4%  increase in Federal Home Loan Bank  ("FHLB")  stock,  a
$1.5 million or 15.8% increase in FDIC insured  certificates of deposit,  a $1.0
million increase in net loans  receivable,  a $458 thousand increase in cash and
cash  equivalents,  and a $115 thousand or 10.0%  increase in deferred taxes and
other  assets.  The  decrease in  investment  securities  - held to maturity was
primarily  attributable to $36.0 million of issuer redemptions prior to maturity
(i.e.  calls) of fixed rate U.S.  Government  agency bonds,  which was partially
offset by purchases of $15.8 million of fixed-rate U.S.  Government agency bonds
and $12.6 million of short-term  investment grade commercial paper. The decrease
in  investment  securities  -  available  for  sale was due to $7.5  million  in
maturities of short-term investment grade commercial paper. The increase in FHLB
stock was  attributable  to higher levels of FHLB borrowings and associated FHLB
stock  purchase  requirements.  The  increase in FDIC  insured  certificates  of
deposit was attributable to an increase of $3.1 million in bank  certificates of
deposit,  which was  partially  offset by $1.6 million in  maturities  and early
redemptions  of  bank   certificates  of  deposit.   See  "Asset  and  Liability
Management".

      The Company's total liabilities  decreased $11.5 million or 2.9% to $379.5
million as of September  30, 2008 from $391.0  million as of June 30, 2008.  The
$11.5 million decrease in total  liabilities was primarily  comprised of a $80.6
million or 100.0%  decrease in short-term  Federal  Reserve Bank  borrowings,  a
$15.6  million  or 77.8%  decrease  in other  short-term  borrowings  and a $1.2
million or 0.8% decrease in total savings deposits,  which were partially offset
by a $85.1 million or 100.0% increase in FHLB  short-term  borrowings and a $971
thousand  or 31.3%  increase in other  liabilities.  The  respective  changes in
short-term  borrowings  were primarily due to more  competitive  FHLB pricing in
contrast to the short-term repurchase agreement and Federal Reserve Bank ("FRB")
markets.  Certificates  of deposit  decreased  $1.5  million,  savings  accounts

                                       13

<PAGE>

decreased $592 thousand,  advance  payments by borrowers for taxes and insurance
decreased  $539 thousand,  and demand  deposits  decreased $143 thousand,  while
money  market  accounts  increased  $1.6  million.  The  change in money  market
accounts and  certificates  of deposit may be in response to lower market yields
on certificates of deposit and increased liquidity  preferences by depositors in
response to unsettled financial markets. Management believes that the changes in
savings  accounts and advance payments by borrowers for taxes and insurance were
primarily  attributable  to seasonal  payments of county,  local and school real
estate  taxes,  and  transactional  needs.  The change in other  liabilities  is
primarily  attributable  to  increases  in clearing  balances due to the Federal
Reserve and accrued income taxes payable.

      Total  stockholders'  equity  decreased  $564  thousand  or 1.8% to  $31.6
million as of September 30, 2008,  from  approximately  $32.1 million as of June
30, 2008.  Capital  expenditures for the Company's stock repurchase  program and
cash  dividends  totaled $945  thousand  and $350  thousand,  respectively,  and
accumulated  other  comprehensive  income  decreased  $26  thousand,  which were
partially  offset by net  income of $757  thousand  for the three  months  ended
September 30, 2008.

RESULTS OF OPERATIONS

      General.  WVS  reported  net  income  of $757  thousand  or $0.35  diluted
earnings  per share for the three months ended  September  30, 2008.  Net income
decreased by $266  thousand or 26.0% and diluted  earnings  per share  decreased
$0.10 or 22.2% for the three months ended  September 30, 2008,  when compared to
the same period in 2007.  The decrease in net income was primarily  attributable
to a $454 thousand  decrease in net interest income, a $31 thousand  increase in
non-interest  expense and an $11 thousand  decrease in recovery for loan losses,
which were  partially  offset by a $220 thousand  decrease in income tax expense
and a $10 thousand increase in non-interest income.

      Net Interest  Income.  The Company's net interest income decreased by $454
thousand or 19.7% for the three months ended  September 30, 2008,  when compared
to the same period in 2007.  For the three  months  ended  September  30,  2008,
approximately  $750  thousand  of the  decrease  in net  interest  income can be
primarily  attributed  to decreases in average  balances of the  Company's  U.S.
Government  agency  fixed-rate  bonds  portfolio  which was partially  offset by
higher holdings of floating rate agency  mortgage-backed  securities.  This $750
thousand  decrease was offset by a $296 thousand increase in net interest income
primarily  due  to  higher  realized  yields  on  the  Company's  corporate  and
government agency fixed-rate bond portfolio.

      During the three months ended  September 30, 2008, the Federal Open Market
Committee  (FOMC) held its  targeted  federal  funds level at 2.00%.  During the
three  months  ending  September  30, 2008,  the Company also  observed a marked
upward deviation in the three-month  LIBOR as compared to the U.S. federal funds
rate.  Market  participants   attributed  this  upward  deviation  to  liquidity
imbalances in LIBOR markets.  During this anomalous period the Company benefited
by  earning  a higher  than  anticipated  yield on its LIBOR  floating  rate CMO
portfolio,  while  enjoying  lower costs of  short-term  funding which were more
closely  aligned  with the  targeted  federal  funds  rate.  See also  Asset and
Liability Management.

      Interest  Income.  Interest on  investment  securities  decreased  by $1.7
million or 49.6% for the three months ended September 30, 2008, when compared to
the same period in 2007.  The decrease for the three months ended  September 30,
2008, was primarily  attributable to a $1.6 million  decrease in interest income
on U.S.  Government  Agency  bonds  (principally  due to issuer  redemptions  of
securities prior to scheduled maturities). The changes in interest income on the
various  segments of the  investment  portfolio  are primarily  attributable  to
changes in the average balances of the respective segments.

      Interest on net loans  receivable  decreased  $97 thousand or 8.6% for the
three months ended September 30, 2008, when compared to the same period in 2007.
The  decrease  for the three  months  ended  September  30,  2008 was  primarily
attributable  to a decrease of 36 basis  points in the  weighted  average  yield
earned on net loans  receivable  for the three months ended  September 30, 2008,
when  compared to the same period in 2007,  and a $2.4  million  decrease in the
average balance of net loans receivable  outstanding,  when compared to the same
period in 2007. The decrease in the weighted average yield earned on net

                                       14

<PAGE>

loans  receivable  for the three months ended  September 30, 2008, was primarily
attributable  to rate  reductions  on the  adjustable  rate  portion of the loan
portfolio  due to lower market  rates on which the  adjustments  are based.  The
decrease in the average  loan  balance  outstanding  for the three  months ended
September  30,  2008 was  attributable  in part to  reduced  levels  of new loan
originations  among  construction and commercial loan products.  The Company has
limited its portfolio  origination of  longer-term  fixed rate loans to mitigate
its exposure to a rise in market  interest  rates.  The Company will continue to
originate  longer-term  fixed  rate loans for sale on a  correspondent  basis to
increase non-interest income and to contribute to net income.

      Dividends on FHLB stock decreased $5 thousand or 5.2% for the three months
ended September 30, 2008, when compared to the same period in 2007. The decrease
for the  three  months  ended  September  30,  2008 was  attributable  to a $432
thousand decrease in the average balance of FHLB stock when compared to the same
period in 2007.  The  decrease in average  balances of FHLB stock held  resulted
from decreased levels of FHLB borrowings and associated  redemptions of the FHLB
stock.

      Interest  on FDIC  insured  bank  certificates  of deposit  increased  $85
thousand or 100.0% for the three months ended  September 30, 2008, when compared
to the  same  period  in 2007.  The  Company  began  investing  in FDIC  insured
certificates   of  deposit   during  the  quarter  ended  March  31,  2008.  The
certificates ranged in maturity terms from five to twenty-four months.

      Interest on mortgage-backed  securities increased $43 thousand or 2.2% for
the three months ended  September 30, 2008,  when compared to the same period in
2007.  The increase for the three months ended  September 30, 2008 was primarily
attributable  to a  $93.3  million  increase  in the  average  balance  of  U.S.
government agency floating-rate  mortgage-backed  securities outstanding for the
period, which was partially offset by a 267 basis point decrease in the weighted
average yield earned on U.S.  government  agency  floating-rate  mortgage-backed
securities,  a 276 basis point decrease in the weighted-average  yield earned on
private label  mortgage-backed  securities,  and a $374 thousand decrease on the
average balance outstanding of private label mortgage-backed  securities for the
three months ended September 30, 2008, when compared to the same period in 2007.
The decrease in the weighted average yield earned on mortgage-backed  securities
was consistent with lower short-term  market interest rates for the three months
ended  September  30,  2008.  The  increase  in the  average  balances  of  U.S.
government  agency  mortgage-backed  securities  during the three  months  ended
September 30, 2008 was primarily attributable to purchases of floating rate U.S.
government  agency  mortgage-backed  securities  during  the  period,  while the
decrease in average balances of private label mortgage-backed securities for the
three months ended  September 30, 2008 reflects  principal  paydowns  during the
period.  All  mortgage-backed   securities  purchased  during  the  period  were
guaranteed by agencies of the U.S. government.

      Interest Expense.  Interest paid on other short-term borrowings  decreased
$442  thousand  or 59.9% for the three  months  ended  September  30,  2008 when
compared to the same period in 2007.  The  decrease  for the three  months ended
September 30, 2008 was primarily  attributable  to a 317 basis point decrease in
rates paid on other short-term borrowings and a $1.4 million decrease in average
balances of other short-term borrowings during the period. The decrease in rates
paid  reflect  lower  short-term  market  interest  rates while the  decrease in
average  balances  of  other  short-term  borrowings  is  attributable  to  more
favorable  short-term  borrowing  rates offered by the FHLB and Federal  Reserve
Bank.

      Interest expense on deposits and escrows  decreased $433 thousand or 38.1%
for the three months ended  September 30, 2008, when compared to the same period
in 2007. The decrease in interest expense on deposits for the three months ended
September 30, 2008 was primarily  attributable  to a 137 basis point decrease in
the weighted  average rate paid on time deposits,  a 208 basis point decrease in
the weighted average rate paid on money markets, and a $10.6 million decrease in
the average  balance of time  deposits,  which were  partially  offset by a $4.2
million  increase in the average balance of money markets,  when compared to the
same period in 2007.  The decrease in average  yields of time deposits and money
markets  reflects  lower market rates for the three months ended  September  30,
2008 while the change in average  balances for time  deposits and money  markets
may be in response to increased liquidity  preferences by depositors in response
to unsettled financial markets.

                                       15

<PAGE>

      Interest  paid on FHLB advances  decreased  $409 thousand or 17.4% for the
three months ended September 30, 2008, when compared to the same period in 2007.
The decrease for the three months ended September 30, 2008 was attributable to a
$23.1 million decrease in the average balance of FHLB short-term  advances and a
320 basis point decrease in rates paid on FHLB  short-term  advances,  which was
partially  offset by a $2.6  million  increase  in the  average  balance of FHLB
long-term  advances when  compared to the same period in 2007.  The decreases in
the average balances of FHLB short-term  advances was primarily  attributable to
more favorable  short-term  borrowing rates offered by the Federal Reserve Bank,
while the decrease in rates paid reflect lower short-term market interest rates.

      Interest paid on FRB short-term  borrowings increased $85 thousand or 100%
for the three months ended  September 30, 2008, when compared to the same period
in 2007.  The  increase  for the  three  months  ended  September  30,  2008 was
attributable  to a  $15.0  million  increase  in  the  average  balances  of FRB
short-term  borrowings.  The  increase  in average  balances  of FRB  short-term
borrowings is attributable to more favorable  short-term borrowing rates offered
by the Federal Reserve Bank.

      Provision  (Recovery)  for Loan Losses.  A provision  (recovery)  for loan
losses is charged  (credited)  to earnings to maintain the total  allowance at a
level  considered  adequate  by  management  to absorb  potential  losses in the
portfolio.  Management's determination of the adequacy of the allowance is based
on an evaluation of the portfolio considering past experience,  current economic
conditions,  volume,  growth and  composition of the loan  portfolio,  and other
relevant factors.

      The Company  recorded a recovery  for loan  losses of $6 thousand  for the
three months ended  September 30, 2008 compared to a recovery for loan losses of
$17 thousand for the same period in 2007. At September  30, 2008,  the Company's
total  allowance  for  loan  losses  amounted  to $950  thousand  or 1.6% of the
Company's total loan portfolio, as compared to $956 thousand or 1.7% at June 30,
2008.

      Non-Interest Income. Non-interest income increased by $10 thousand or 6.4%
for the three months ended  September 30, 2008, when compared to the same period
in 2007. The increase was primarily  attributable to increased levels of service
charges  on  deposit  accounts  and  increased  levels of ATM and debit card fee
income.

      Non-Interest Expense.  Non-interest expense increased $31 thousand or 3.3%
for the three months ended  September 30, 2008, when compared to the same period
in 2007.  The  increase  for the  three  months  ended  September  30,  2008 was
principally  attributable to a $60 thousand increase in charitable contributions
eligible  for PA tax  credits,  which were  partially  offset by a $18  thousand
decrease in legal expense and a $13 thousand  decrease in advertising costs when
compared to the same period in 2007.

      Income Tax Expense.  Income tax expense  decreased  $220 thousand or 43.0%
for the three months ended  September 30, 2008, when compared to the same period
in 2007.  The  decrease  for the  three  months  ended  September  30,  2008 was
primarily due to PA educational improvement tax credits recognized on charitable
contributions and lower levels of taxable income.

LIQUIDITY AND CAPITAL RESOURCES

      Net cash provided by operating activities totaled $282 thousand during the
three months ended September 30, 2008. Net cash provided by operating activities
was  primarily  comprised of $757  thousand of net income,  which was  partially
offset by a $132 thousand decrease in accrued interest payable,  a $145 thousand
in  accretion  of  discounts,  premiums  and  deferred  loan fees,  $82 thousand
decrease in accrued and deferred  income taxes,  and a $46 thousand  increase in
accrued interest receivable.

      Funds  provided by investing  activities  totaled $12.7 million during the
three months ended September 30, 2008. Primary sources of funds during the three
months  ended  September  30,  2008,   included  maturities  and  repayments  of
investment securities,  FHLB stock,  mortgage-backed securities and certificates
of deposit totaling $44.1 million,  $7.5 million, $3.2 million and $1.6 million,
respectively,  and a $1.0 million increase in net loans  receivable,  which were
partially  offset by purchases of  investments,  FHLB stock and  certificates of
deposit  totaling $28.4 million,  $11.2 million and $3.1 million,  respectively.
Short-term

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<PAGE>

investment grade commercial paper purchases,  included in investment  securities
purchases,  totaled $12.6 million; and maturities of short-term commercial paper
totaled $7.5 million.

      Funds used for  financing  activities  totaled $12.5 million for the three
months ended  September  30, 2008.  The primary uses  included an $80.6  million
decrease  in  short-term  FRB  borrowings,  a $15.6  million  decrease  in other
short-term  borrowings,  a $1.2 million  decrease in deposits,  $945 thousand in
treasury  stock  purchases  and  $350  thousand  in cash  dividends  paid on the
Company's common stock,  which were partially offset by a $85.1 million increase
in FHLB  short-term  advances.  The  decrease  in  other  short-term  borrowings
reflects lower  short-term  rates available  through the Federal Home Loan Bank.
The $1.2 million decrease in total deposits consisted of a $1.4 million decrease
in time deposits, a $592 thousand decrease in passbook accounts, a $539 decrease
in mortgage  escrow  accounts and a $143 thousand  decrease in demand  deposits,
which were partially offset by a $1.6 million increase in money market deposits.
The increase in money market balances may be attributable to lower market yields
on certificates of deposits and increased liquidity preferences by depositors in
response to unsettled  financial  markets.  The decreases in passbook and escrow
accounts were due primarily to the payments of local  property  taxes by and for
customers.  Management  believes  that  it  currently  is  maintaining  adequate
liquidity  and continues to match  funding  sources with lending and  investment
opportunities.

      The  Company's  primary  sources  of  funds  are  deposits,  amortization,
repayments  and  maturities of existing  loans,  mortgage-backed  securities and
investment  securities,  funds from operations,  and funds obtained through FHLB
and FRB advances and other  borrowings.  At September 30, 2008,  total  approved
loan commitments  outstanding  amounted to approximately  $695 thousand.  At the
same date, commitments under unused lines of credit amounted to $5.9 million and
the  unadvanced  portion  of  construction  loans  approximated  $10.2  million.
Certificates of deposit scheduled to mature in one year or less at September 30,
2008 totaled $46.7 million.  Management  believes that a significant  portion of
maturing deposits will remain with the Company.

      Historically,  the Company used its sources of funds primarily to meet its
ongoing   commitments  to  pay  maturing   savings   certificates   and  savings
withdrawals,  fund loan  commitments  and  maintain a  substantial  portfolio of
investment  securities.  The Company has been able to generate  sufficient  cash
through the retail deposit market,  its traditional  funding source, and through
FHLB  advances,  and FRB and other  borrowings,  to provide the cash utilized in
investing  activities.  Management  believes  that  the  Company  currently  has
adequate liquidity available to respond to liquidity demands.

      On October 28, 2008,  the  Company's  Board of  Directors  declared a cash
dividend of $0.16 per share payable November 20, 2008, to shareholders of record
at the close of  business  on  November  10,  2008.  Dividends  are  subject  to
determination and declaration by the Board of Directors, which take into account
the  Company's  financial  condition,  statutory  and  regulatory  restrictions,
general  economic  conditions and other factors.  There can be no assurance that
dividends will in fact be paid on the Common Stock in future periods or that, if
paid, such dividends will not be reduced or eliminated.

      As of September 30, 2008,  WVS  Financial  Corp.  exceeded all  regulatory
capital requirements and maintained Tier I and total risk-based capital equal to
$31.5  million  or 21.1% and $32.5  million  or  21.8%,  respectively,  of total
risk-weighted  assets,  and Tier I leverage capital of $31.5 million or 7.69% of
average quarterly assets.

      Nonperforming  assets consist of nonaccrual loans and real estate owned. A
loan is placed on  nonaccrual  status when, in the judgment of  management,  the
probability of collection of interest is deemed  insufficient to warrant further
accrual.  When a loan is placed on  nonaccrual  status,  previously  accrued but
uncollected interest is deducted from interest income. The Company normally does
not accrue interest on loans past due 90 days or more, however,  interest may be
accrued if management believes that it will collect on the loan.

      The  Company's   nonperforming   assets  at  September  30,  2008  totaled
approximately  $1.2  million or 0.3% of total assets as compared to $1.6 million
or 0.4% of total assets at June 30, 2008.  Nonperforming assets at September 30,
2008 consisted of: one commercial real estate loan totaling $972 thousand, four

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<PAGE>

single-family real estate loans totaling $231 thousand, two home equity lines of
credit  totaling  $5  thousand  and one  secured  line of  credit  totaling  $17
thousand. These loans are in various stages of collection activity.

      The $356 thousand decrease in nonperforming assets during the three months
ended  September  30,  2008 was  attributable  to the  payoff  in full of a $356
thousand non-performing speculative construction loan.

      At September 30, 2008,  the Company had one  previously  restructured  and
non-performing  commercial  real estate loan to a retirement  village located in
the North Hills totaling $972 thousand. The Savings Bank's outstanding principal
balance  totaled  $2.0  million  at June 30,  2003.  During  the  quarter  ended
September 30, 2003,  the Savings Bank  redeemed  $388 thousand of  participating
interests.  During the quarter  ended  December 31, 2003,  the Bank sold a forty
percent participating interest to another financial institution at par resulting
in proceeds  totaling $979 thousand.  The Savings Bank's  outstanding  principal
balance  totaled  $972  thousand at June 30,  2008.  The  Company  had  recorded
interest  received on this credit on a cost recovery  basis until  September 30,
2003 when it began to recognize  interest income.  During the three months ended
September 30, 2008 the Company  received and recognized $10 thousand of interest
income. The project is experiencing lower than desired levels of occupancy,  and
the borrower is working to increase occupancy. The Company is in negotiations to
work-out this credit,  however,  at this time,  the Company  cannot  predict the
final form or outcome of the work-out negotiations.

      At September 30, 2008,  the Company had one previously  restructured  loan
secured  by   undeveloped   land  totaling  $318  thousand  and  one  previously
restructured  unsecured loan totaling $18 thousand to two borrowers.  During the
fourth  quarter of fiscal 2004,  the  Bankruptcy  Court approved a secured claim
totaling $440 thousand and an unsecured  claim  totaling $76 thousand be paid in
accordance  with a Bankruptcy  Plan of  Reorganization.  All Court  ordered plan
payments have been received in a timely  manner.  In accordance  with  generally
accepted  accounting  principles,  the Company had  recorded  interest  payments
received  on a cost  recovery  basis  until June 30,  2006 and is now  recording
interest income.

      During  the three  months  ended  September  30,  2008,  approximately  $9
thousand of interest income would have been recorded on loans accounted for on a
non-accrual  basis if such loans had been current according to the original loan
agreements  for the  entire  period.  These  amounts  were not  included  in the
Company's  interest  income for the three months ended  September 30, 2008.  The
Company  continues to work with the borrowers in an attempt to cure the defaults
and is also pursuing various legal avenues in order to collect on these loans.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ASSET AND LIABILITY MANAGEMENT

      The Company's primary market risk exposure is interest rate risk and, to a
lesser extent, liquidity risk. All of the Company's transactions are denominated
in US dollars with no specific foreign exchange  exposure.  The Savings Bank has
no agricultural  loan assets and therefore would not have a specific exposure to
changes in commodity prices.  Any impacts that changes in foreign exchange rates
and  commodity  prices would have on interest  rates are assumed to be exogenous
and will be analyzed on an ex post basis.
                           -- ----

      Interest  rate risk  ("IRR") is the  exposure of a banking  organization's
financial condition to adverse movements in interest rates.  Accepting this risk
can be an important  source of  profitability  and shareholder  value,  however,
excessive levels of IRR can pose a significant  threat to the Company's earnings
and capital base.  Accordingly,  effective risk management that maintains IRR at
prudent levels is essential to the Company's safety and soundness.

                                       18

<PAGE>

      Evaluating a financial institution's exposure to changes in interest rates
includes  assessing both the adequacy of the management  process used to control
IRR and the organization's  quantitative  level of exposure.  When assessing the
IRR management process,  the Company seeks to ensure that appropriate  policies,
procedures, management information systems and internal controls are in place to
maintain IRR at prudent levels with  consistency and continuity.  Evaluating the
quantitative  level of IRR exposure  requires the Company to assess the existing
and potential  future effects of changes in interest  rates on its  consolidated
financial condition, including capital adequacy, earnings, liquidity, and, where
appropriate, asset quality.

      Financial  institutions  derive their income  primarily from the excess of
interest  collected  over interest  paid.  The rates of interest an  institution
earns  on its  assets  and owes on its  liabilities  generally  are  established
contractually  for a period of time.  Since  market  interest  rates change over
time, an institution is exposed to lower profit margins (or losses) if it cannot
adapt to interest-rate changes. For example, assume that an institution's assets
carry  intermediate  or long-term  fixed rates and that those assets were funded
with  short-term  liabilities.  If market  interest  rates  rise by the time the
short-term  liabilities  must be refinanced,  the increase in the  institution's
interest  expense on its liabilities  may not be  sufficiently  offset if assets
continue  to  earn  interest  at the  long-term  fixed  rates.  Accordingly,  an
institution's  profits could decrease on existing assets because the institution
will either have lower net interest income or, possibly,  net interest  expense.
Similar  risks  exist when  assets  are  subject  to  contractual  interest-rate
ceilings,  or rate  sensitive  assets  are  funded  by  longer-term,  fixed-rate
liabilities in a decreasing-rate environment.

      During the three months ending September 30, 2008, liquidity conditions in
the short-term  credit (e.g.  LIBOR,  repurchase  agreement,  commercial  paper)
markets  significantly  deteriorated.  The  deterioration  of  liquidity  in the
short-term  credit markets can be traced to: the bankruptcy of Lehman  Brothers,
the  collapse of AIG and the  inability  of several  large money market funds to
honor  redemption  requests at par value.  Management  utilized FHLB and the FRB
discount window  periodically  due to advantageous  pricing and will continue to
monitor  the Federal  Reserve's  Term  Auction  Facility  should an  appropriate
opportunity  arise.  Management  has also observed a marked upward  deviation in
short-term  LIBOR as compared to the Federal  Reserve's  targeted  federal funds
rate.  Should this  deviation  continue,  the Company  may earn  additional  net
interest  income.  Management  expects  this  situation  to reverse over time as
liquidity is restored to the global short-term credit markets.

                                       19

<PAGE>

      The table below shows the targeted  federal  funds rate and the  benchmark
two and ten year treasury yields at September 30, 2006, December 31, 2006, March
31, 2007,  June 30, 2007,  September  30, 2007,  December 31, 2007 and March 31,
2008,  June 30, 2008 and September 30, 2008. The difference in yields on the two
and ten year  Treasury's  is often used to determine  the steepness of the yield
curve and to assess the term premium of market interest rates.

                                         Yield on:
                                   -------------------
                        Targeted    Two (2)   Ten (10)
                         Federal     Year       Year        Shape of Yield
                          Funds    Treasury   Treasury          Curve
                        --------   --------   --------   -------------------

September 30, 2006        5.25%      4.71%      4.64%          Inverted
December 31, 2006         5.25%      4.82%      4.71%          Inverted
March 31, 2007            5.25%      4.58%      4.65%     Slightly Positive
June 30, 2007             5.25%      4.87%      5.03%     Slightly Positive
September 30, 2007        4.75%      3.97%      4.59%    Moderately Positive
December 31, 2007         4.25%      3.05%      4.04%          Positive
March 31, 2008            2.25%      1.62%      3.45%          Positive
June 30, 2008             2.00%      2.63%      3.99%          Positive
September 30, 2008        2.00%      2.00%      3.85%          Positive

      These changes in intermediate  and long-term  market  interest rates,  the
changing  slope of the  Treasury  yield  curve,  and  continued  high  levels of
interest rate  volatility  have  impacted  prepayments  on the  Company's  loan,
investment and  mortgage-backed  securities  portfolios and have caused a marked
compression of industry-wide net interest margins.  Principal  repayments on the
Company's loan,  investment and  mortgage-backed  securities  portfolios for the
three months ended September 30, 2008,  totaled $6.3 million,  $44.1 million and
$3.2 million, respectively.  Included in the Company's investment repayments are
commercial paper maturities totaling $7.5 million.

      The term premium of market  interest  rates is often used to determine the
relative  merits  of taking an  additional  interest  rate risk and to gauge the
market's  expectation  of future  interest  rates.  Due to  changes  in the term
premium of market  interest  rates  experienced  during the three  months  ended
September 30, 2008 the Company adjusted its asset/liability mix in several ways.
Intermediate  term callable U.S.  Government  Agency  securities  were purchased
early on during the quarter  ended  September  30,  2008.  As  financial  market
conditions  deteriorated,  the Company  purchased  short-term  investment  grade
commercial  paper. With respect to short-term  borrowings,  the Company replaced
FRB short-term  borrowings and broker repurchase  agreements  ("other short-term
borrowings") with FHLB short-term borrowings due to lower borrowing costs at the
FHLB.

      Due to the term structure of market interest rates,  continued weakness in
the economy,  an excess supply of existing  homes  available for sale, and lower
levels  of  housing  starts,  the  Company  continued  to reduce  its  portfolio
originations of long-term  fixed rate mortgages  while  continuing to offer such
loans on a correspondent basis. The Company also makes available for origination
residential  mortgage  loans with  interest  rates  which  adjust  pursuant to a
designated index,  although customer acceptance has been somewhat limited in the
Savings  Bank's  market  area.  We expect  that the housing  market  likely will
continue  to  be  weak  through  fiscal  2009.  The  Company  will  continue  to
selectively offer commercial real estate, land acquisition and development,  and
shorter-term   construction  loans,  primarily  on  residential  properties,  to
partially  increase  interest  income while  limiting  interest  rate risk.  The
Company has also emphasized higher yielding home equity and small business loans
to existing customers and seasoned prospective customers.

      The Company purchased short-term investment grade commercial paper to earn
a favorable  financing  spread and to provide  higher levels of liquidity due to
turmoil in the world financial  markets.  The Company also continued to purchase
intermediate  term fixed rate  callable U. S.  Government  Agency bonds and FDIC
insured  bank  certificates  of  deposit in order to earn a spread  against  the
Company's  various  borrowings  while  limiting  interest  rate risk  within the
portfolio. Each of the aforementioned strategies also

                                       20

<PAGE>

helped to better match the interest-rate and liquidity risks associated with the
Savings Bank's customers' liquidity preference for shorter term money market and
time deposit products.

      During  the  quarter  ended  September  30,  2008,   principal  investment
purchases were comprised of:  callable fixed rate U.S.  Government  agency bonds
with  initial  lock-out  periods as follows:  0 - 3 months - $9.0 million with a
weighted  average yield to call of  approximately  10.00% and a weighted average
yield to maturity of 6.04%; 6 - 12 months - $4.1 million with a weighted average
yield to call of  approximately  6.11%; and over 36 months - $2.6 million with a
weighted average yield to call of approximately 6.09%; and short-term investment
grade  commercial  paper - $12.6 million with a weighted average yield of 5.93%.
The Company also  purchased  $3.1 million of FDIC bank insured  certificates  of
deposit  with a  weighted  average  yield of 4.38%.  Major  investment  proceeds
received during the quarter ended September 30, 2008 were:  callable  government
agency bonds - $36.0  million  with a weighted  average  yield of  approximately
6.01%;  short-term  investment  grade  commercial  paper - $7.5  million  with a
weighted average yield of approximately 3.16%; mortgage-backed securities - $3.2
million.  The Company also had $1.6 million in FDIC insured bank certificates of
deposit  mature or be redeemed with a weighted  average  yield of  approximately
3.59%.

      As of September 30, 2008, the  implementation of these asset and liability
management initiatives resulted in the following:

  1)  $210.5  million or 99.0% 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)  $72.9 million or 64.6% of the Company's investment portfolio was comprised
      of fixed-rate  callable U.S. Government Agency bonds which are callable as
      follows:  3 months or less - $32.8 million; 3 - 6 months - $7.3 million; 6
      - 12 months - $23.0 million;  and 1 - 3 years - $9.8 million;  These bonds
      may or may not  actually  be  redeemed  prior to  maturity  (i.e.  called)
      depending upon the level of market interest rates at their respective call
      dates.

  3)  $12.6 million or 11.2% of the Company's investment portfolio was comprised
      of investment grade commercial paper with maturities of less than 10 days.

  4)  $12.8 million or 11.3% of the Company's  investment portfolio consisted of
      investment  grade fixed rate corporate bonds with  maturities  between six
      and eighteen months;

  5)  $5.7 million or 5.0% of the Company's  investment  portfolio  consisted of
      investment  grade floating rate corporate  bonds which will reprice within
      three months and will mature within three to nine months;

  6)  $10.9  million or 2.7% of the  Company's  total  assets  consisted of FDIC
      insured bank  certificates  of deposit with remaining  maturities  ranging
      from one to eighteen months;

  7)  An aggregate of $30.1 million or 52.3% of the Company's net loan portfolio
      had adjustable interest rates or maturities of less than 12 months; and

  8)  The maturity  distribution  of the Company's  borrowings is as follows:  1
      month or less - $89.5  million or 39.8%;  6 - 12 months - $5.5  million or
      2.4%;  1 - 3 years - $112.6  million  or  50.0%;  and over 5 years - $17.5
      million or 7.8%.

      The effect of interest  rate changes on a financial  institution's  assets
and liabilities may be analyzed by examining the "interest rate  sensitivity" of
the assets and  liabilities  and by  monitoring an  institution's  interest rate
sensitivity  "gap".  An asset or liability is said to be interest rate sensitive
within a specific  time period if it will mature or reprice  within a given time
period.  A gap is  considered  positive  (negative)  when  the  amount  of  rate
sensitive assets (liabilities)  exceeds the amount of rate sensitive liabilities
(assets).  During a period of falling  interest rates, a negative gap would tend
to result  in an  increase  in net  interest  income.  During a period of rising
interest  rates,  a  positive  gap would  tend to result in an  increase  in net
interest income.

      As part of its asset/liability management strategy, the Company maintained
an asset sensitive financial position. An asset sensitive financial position may
benefit  earnings  during a period of rising  interest rates and reduce earnings
during a period of declining interest rates.

                                       21

<PAGE>

      The following table sets forth certain  information at the dates indicated
relating  to  the  Company's   interest-earning   assets  and   interest-bearing
liabilities which are estimated to mature or are scheduled to reprice within one
year.

<TABLE>
<CAPTION>
                                              September 30,          June 30,
                                              -------------   ---------------------
                                                  2008          2008         2007
                                              -------------   ---------   ---------
                                                     (Dollars in Thousands)
<S>                                           <C>             <C>         <C>
Interest-earning assets maturing or
   repricing within one year                  $     369,585   $ 377,916   $ 206,136
Interest-bearing liabilities maturing or
   repricing within one year                        192,240     207,133     187,494
                                              -------------   ---------   ---------

Interest sensitivity gap                      $     177,345   $ 170,783   $  18,642
                                              =============   =========   =========
Interest sensitivity gap as a percentage of
   total assets                                       43.14%      40.36%       4.57%
Ratio of assets to liabilities
   maturing or repricing within one year             192.25%     182.45%     109.94%
</TABLE>

      During the quarter ended  September 30, 2008, the Company  managed its one
year  interest  sensitivity  gap by: (1) limiting the portfolio  origination  of
long-term fixed rate  mortgages;  (2) emphasizing  loans with  shorter-terms  or
repricing  frequencies;  (3)  adjusting  its  investment  portfolio  to  include
investment  grade fixed and floating  rate  corporate  bonds,  (4)  investing in
short-term  investment grade commercial paper, and (5) investing in shorter-term
FDIC insured bank certificates of deposit.

                                       22

<PAGE>

      The  following  table   illustrates  the  Company's   estimated   stressed
cumulative repricing gap - the difference between the amount of interest-earning
assets and interest-bearing  liabilities expected to reprice at a given point in
time - at September  30, 2008.  The table  estimates  the impact of an upward or
downward change in market interest rates of 100 and 200 basis points.

                        Cumulative Stressed Repricing Gap
                        ---------------------------------

<TABLE>
<CAPTION>
                        Month 3   Month 6   Month 12   Month 24   Month 36   Month 60   Long Term
                        -------   -------   --------   --------   --------   --------   ---------
                                                  (Dollars in Thousands)
<S>                     <C>       <C>       <C>        <C>        <C>        <C>        <C>
Base Case Up 200 bp
-------------------
Cummulative Gap ($'s)   114,407   104,039    105,454     47,572    (20,710)     9,882      32,839
% of Total Assets          27.8%     25.3%      25.6%      11.6%      -5.0%       2.4%        8.0%
Base Case Up 100 bp
-------------------
Cummulative Gap ($'s)   114,756   104,675    106,393     48,529    (12,674)    20,993      32,839
% of Total Assets          27.9%     25.5%      25.9%      11.8%      -3.1%       5.1%        8.0%
Base Case No Change
-------------------
Cummulative Gap ($'s)   148,747   146,911    177,345    125,515     60,584     61,352      32,839
% of Total Assets          36.2%     35.7%      43.1%      30.5%      14.7%      14.9%        8.0%
Base Case Down 100 bp
---------------------
Cummulative Gap ($'s)   150,444   149,933    182,165    131,925     67,036     65,360      32,839
% of Total Assets          36.6%     36.5%      44.3%      32.1%      16.3%      15.9%        8.0%
Base Case Down 200 bp
---------------------
Cummulative Gap ($'s)   150,825   150,625    183,168    133,008     68,011     65,498      32,839
% of Total Assets          36.7%     36.6%      44.6%      32.4%      16.5%      15.9%        8.0%
</TABLE>

      The Company  utilizes an income  simulation model to measure interest rate
risk and to manage interest rate  sensitivity.  The Company believes that income
simulation  modeling  may enable the  Company to better  estimate  the  possible
effects on net interest income due to changing market interest rates.  Other key
model  parameters  include:  estimated  prepayment  rates on the Company's loan,
mortgage-backed  securities  and  investment  portfolios;   savings  decay  rate
assumptions;  and the  repayment  terms and  embedded  options of the  Company's
borrowings.

                                       23

<PAGE>

      The following  table presents the simulated  impact of a 100 and 200 basis
point  upward  or  downward  (parallel)  shift in market  interest  rates on net
interest  income,  return on average  equity,  return on average  assets and the
market value of portfolio  equity at September 30, 2008.  This analysis was done
assuming  that the  interest-earning  assets  will  average  approximately  $412
million over a projected  twelve month period for the estimated impact on change
in net interest  income,  return on average equity and return on average assets.
The estimated  changes in market value of equity were  calculated  using balance
sheet levels at September 30, 2008.

           Analysis of Sensitivity to Changes in Market Interest Rates
           -----------------------------------------------------------

<TABLE>
<CAPTION>
                                    ----------------------------------------------------
                                           Modeled Change in Market Interest Rates
                                    ----------------------------------------------------
Estimated impact on:                  -200       -100         0        +100       +200
--------------------                --------   --------   --------   --------   --------
<S>                                 <C>        <C>        <C>        <C>        <C>
   Change in net interest income       -60.5%     -26.3%                 17.0%      34.7%

   Return on average equity             0.63%      6.01%      9.97%     12.42%     14.92%

   Return on average assets             0.05%      0.46%      0.77%      0.98%      1.18%

   Market value of equity (in
      thousands)                    $ 25,438   $ 29,406   $ 32,127   $ 34,823   $ 32,225
</TABLE>

      The table  below  provides  information  about the  Company's  anticipated
transactions comprised of firm loan commitments and other commitments, including
undisbursed  letters  and  lines  of  credit.  The  Company  used no  derivative
financial instruments to hedge such anticipated transactions as of September 30,
2008.

                            Anticipated Transactions
            -------------------------------------------------------
                                             (Dollars in Thousands)
            Undisbursed construction and
               land development loans
                  Fixed rate                                $ 4,072
                                                               7.07%

                  Adjustable rate                           $ 6,088
                                                               5.92%

            Undisbursed lines of credit
                  Adjustable rate                           $ 5,298
                                                               5.72%

            Loan origination commitments
                  Fixed rate                                $   695
                                                               6.87%

            Letters of credit
                  Adjustable rate                           $   549
                                                               6.00%
                                                            -------

                                                            $16,702
                                                            =======

                                       24

<PAGE>

      In the ordinary course of its construction  lending business,  the Savings
Bank enters into performance standby letters of credit.  Typically,  the standby
letters of credit  are issued on behalf of a builder to a third  party to ensure
the timely  completion  of a certain  aspect of a  construction  project or land
development.  At  September  30,  2008,  the Savings  Bank had five  performance
standby letters of credit outstanding  totaling  approximately $262 thousand and
two financial letter of credit totaling $287 thousand.  All performance  letters
of credit are  secured  by  developed  property  while the  financial  letter of
credits are  secured by  certificates  of deposit.  All of the letters of credit
will mature  within  twelve  months.  In the event that the obligor is unable to
perform  its  obligations  as  specified  in the  applicable  letter  of  credit
agreement,  the Savings  Bank would be  obligated  to  disburse  funds up to the
amount specified in the letter of credit  agreement.  The Savings Bank maintains
adequate   collateral  that  could  be  liquidated  to  fund  these   contingent
obligations.

ITEM 4.  CONTROLS AND PROCEDURES

         Not applicable.

ITEM 4T. CONTROLS AND PROCEDURES

         (a)   Management of the Company is responsible for establishing and
               maintaining adequate internal control over financial reporting
               (as defined in Rules 13a - 15(f) and 15d - 15(f) under the
               Securities Exchange Act of 1934).

               Management assessed the effectiveness of the Company's internal
               control over financial reporting as of September 30, 2008. In
               making this assessment, management used the criteria set forth by
               the Committee of Sponsoring Organizations of the Treadway
               Commission (COSO) in Internal Control - Integrated Framework.

               Based on this assessment, management believes that, as of
               September 30, 2008, the Company's internal control over financial
               reporting was effective.

          (b)  No change in our internal  control over  financial  reporting (as
               defined in Rules  13a-15(f)  and 15d-15(f)  under the  Securities
               Exchange Act of 1934) occurred during the first fiscal quarter of
               fiscal 2009 that has materially affected, or is reasonably likely
               to  materially   affect,  our  internal  control  over  financial
               reporting.

                                       25

<PAGE>

PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings
        -----------------

     The Company is involved with various legal actions arising in the ordinary
course of business. Management believes the outcome of these matters will have
no material effect on the consolidated operations or consolidated financial
condition of WVS Financial Corp.

ITEM 1A. Risk Factors
         ------------

      There are no material  changes to the risk factors  included in Item 1A of
the  Company's  Annual  Report on Form 10-K for the  fiscal  year ended June 30,
2008.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
        -----------------------------------------------------------

      (a)   Not applicable.

      (b)   Not applicable.

      (c)  The following table sets forth information with respect to purchases
           of common stock of the Company made by or on behalf of the Company
           during the three months ended September 30, 2008.

<TABLE>
<CAPTION>
      ------------------------------------------------------------------------------------------------
                                 ISSUER PURCHASES OF EQUITY SECURITIES
      ------------------------------------------------------------------------------------------------
                                                               Total Number of      Maximum Number of
                              Total                           Shares Purchased     Shares that May Yet
                            Number of                        as Part of Publicly     Be Repurchased
                             Shares        Average Price     Announced Plans or    Under the Plans or
             Period         Purchased   Paid per Share ($)      Programs (1)          Programs (2)
      ------------------------------------------------------------------------------------------------
<S>                         <C>         <C>                  <C>                   <C>
      07/01/08 - 07/31/08     35,800           15.96               35,800                  28,794
      ------------------------------------------------------------------------------------------------
      08/01/08 - 08/31/08     23,455           15.92               23,455                  45,339
      ------------------------------------------------------------------------------------------------
      09/01/08 - 09/30/08          0              --                    0                  45,339
      ------------------------------------------------------------------------------------------------
           Total              59,255           15.95               59,255                  45,339
      ------------------------------------------------------------------------------------------------
</TABLE>

----------
      (1)   All shares indicated were purchased under the Company's Ninth Stock
            Repurchase Program.

      (2)   Ninth Stock Repurchase Program

                  (a)   Announced August 14, 2007 and amended August 26, 2008.

                  (b)   125,000 common shares approved for repurchase announced
                        on August 14, 2007. Additional 40,000 shares approved
                        for repurchase and announced on August 26, 2008 for an
                        amended total of 165,000 shares approved for repurchase.

                  (c)   No fixed date of expiration.

                  (d)   This program has not expired and has 45,339 shares
                        remaining to be repurchased at September 30, 2008.

                  (e)   Not applicable.

ITEM 3. Defaults Upon Senior Securities
        -------------------------------

      Not applicable.

                                       26

<PAGE>

ITEM 4. Submission of Matters to a Vote of Security Holders
        ---------------------------------------------------

      (a)   The Company's 2008 Annual Meeting of Stockholders was held on
            October 28, 2008.

      (b)   Not applicable.

      (c)   Three matters were voted upon at the annual  meeting held on October
            28, 2008:  Item 1:  Proposal to elect two  directors for a four-year
            term or until their  successors are elected and  qualified;  Item 2:
            Proposal  to approve  the WVS  Financial  Corp 2008 Stock  Incentive
            Plan; and Item 3: Proposal to ratify the appointment by the Board of
            Directors  of S.R.  Snodgrass,  A.C.  as the  Company's  Independent
            Registered  Public  Accounting  Firm for the fiscal year ending June
            30, 2009.

            Each of the three proposals  received  stockholder  approval.  There
            were  2,167,524  shares  outstanding  on the record date eligible to
            vote at the meeting and  1,799,961  shares were present in person or
            by proxy at the meeting. The voting record with respect to each item
            voted upon is enumerated below:

             Item            Nominee
            Number       (if Applicable)          For       Against    Abstain
            ------   ----------------------    ---------    -------    -------

              1      David J. Bursic           1,699,279    100,682
                     Jonathan D. Hoover        1,702,910     97,051

              2      Approval     of    WVS
                     Financial  Corp.  2008
                     Stock  Incentive  Plan    1,167,767    165,965     68,187

              3      Ratification   of  the
                     registered independent
                     public accounting firm    1,791,418      6,263      2,280

            There were no broker  non-votes with respect to items 1 and 3. There
            were 386,242 broker non-votes with respect to Item 2.

      (d)   Not applicable.

ITEM 5. Other Information
        -----------------

      (a)   Not applicable.

      (b)   Not applicable.

ITEM 6. Exhibits
        --------

      The following  exhibits are filed as part of this Form 10-Q, and this list
includes the Exhibit Index.

  Number  Description                                                    Page
  ------  ----------------------------------------------------------     ----
   31.1   Rule  13a-14(a) / 15d-14(a)  Certification  of  the  Chief
          Executive Officer                                               E-1

   31.2   Rule   13a-14(a)   /   15d-14(a)   Certification  of   the
          Chief Accounting Officer                                        E-2

   32.1   Section 1350 Certification of the Chief Executive  Officer      E-3

   32.2   Section 1350 Certification of the Chief Accounting Officer      E-4

     99   Report of Independent Registered Public Accounting Firm         E-5

                                       27

<PAGE>

                                   SIGNATURES

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                     WVS FINANCIAL CORP.

      November 10, 2008          BY:  /s/ David J. Bursic
      Date                           ------------------------------------------
                                      David J. Bursic
                                      President and Chief Executive Officer
                                      (Principal Executive Officer)

      November 10, 2008          BY:  /s/ Keith A. Simpson
      Date                           ------------------------------------------
                                      Keith A. Simpson
                                      Vice-President, Treasurer and Chief
                                      Accounting Officer
                                      (Principal Accounting Officer)

                                       28