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 March 31, 2005

                                       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 an accelerated filer (as
defined in Rule 12 b-2 of the Exchange Act).

YES |_|   NO |X|

      Shares outstanding as of May 13, 2005: 2,403,235 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
          March 31, 2005 and June 30, 2004
          (Unaudited)                                                        3

          Consolidated Statement of Income
          for the Three and Nine Months Ended
          March 31, 2005 and 2004 (Unaudited)                                4

          Consolidated Statement of Cash Flows
          for the Nine Months Ended March 31,
          2005 and 2004 (Unaudited)                                          5

          Consolidated Statement of Changes in
          Stockholders' Equity for the Nine Months
          Ended March 31, 2005 (Unaudited)                                   7

          Notes to Unaudited Consolidated
          Financial Statements                                               8

Item 2.   Management's Discussion and Analysis of
          Financial Condition and Results of
          Operations for the Three and Nine Months
          Ended March 31, 2005                                              12

Item 3.   Quantitative and Qualitative Disclosures
          about Market Risk                                                 18

Item 4.   Controls and Procedures                                           24

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

Item 1.   Legal Proceedings                                                  25
Item 2.   Unregistered Sales of Equity Securities and
          Use of Proceeds                                                    25
Item 3.   Defaults Upon Senior Securities                                    25
Item 4.   Submission of Matters to a Vote of Security Holders                25
Item 5.   Other Information                                                  25
Item 6.   Exhibits                                                           26
          Signatures                                                         27


                                       2
<PAGE>
<TABLE>
<CAPTION>

                                 WVS FINANCIAL CORP. AND SUBSIDIARY
                                     CONSOLIDATED BALANCE SHEET
                                           (UNAUDITED)
                                         (In thousands)
                                                                       March 31, 2005       June 30, 2004
                                                                       --------------       -------------
<S>                                                                     <C>                  <C>
          Assets
          ------
Cash and due from banks                                                 $        793         $        769
Interest-earning demand deposits                                               2,994                2,285
                                                                        ------------         ------------
Total cash and cash equivalents                                                3,787                3,054
Trading assets                                                                    --                  993
Investment securities available-for-sale (amortized cost of
   $2,135 and $4,112)                                                          2,124                4,416
Investment securities held-to-maturity (market value of
   $225,154 and $271,104)                                                    225,393              269,173
Mortgage-backed securities available-for-sale (amortized cost of
   $2,929 and $3,234)                                                          3,130                3,357
Mortgage-backed securities held-to-maturity (market value of
   $118,646 and $72,100)                                                     118,276               72,233
Net loans receivable (allowance for loan losses of $1,229 and
   $1,370)                                                                    60,622               67,968
Federal Home Loan Bank stock, at cost                                          8,167                7,532
Accrued interest receivable                                                    2,253                2,456
Premises and equipment                                                           975                1,077
Other assets                                                                   1,211                1,365
                                                                        ------------         ------------
          TOTAL ASSETS                                                  $    425,938         $    433,624
                                                                        ============         ============
          Liabilities and Stockholders' Equity
          ------------------------------------
Liabilities:
Savings Deposits:
   Non-interest-bearing accounts                                        $     11,358         $     10,996
   NOW accounts                                                               25,392               22,897
   Savings accounts                                                           44,592               45,837
   Money market accounts                                                      13,127               14,226
   Certificates of deposit                                                    65,168               65,362
   Advance payments by borrowers for taxes and insurance                         871                1,245
                                                                        ------------         ------------
    Total savings deposits                                                   160,508              160,563
Federal Home Loan Bank advances                                              163,336              149,736
Other borrowings                                                              70,405               91,639
Accrued interest payable                                                       1,270                1,197
Other liabilities                                                              1,595                1,290
                                                                        ------------         ------------
     TOTAL LIABILITIES                                                  $    397,114         $    404,425

Stockholders' equity:
Preferred stock:
   5,000,000 shares, no par value per share, authorized; none
   outstanding                                                          $         --         $         --
Common stock:
   10,000,000 shares, $.01 par value per share, authorized;
   3,762,743 and 3,762,968 shares issued                                          38                   38
Additional paid-in capital                                                    20,726               20,727
Treasury stock: 1,357,508 and 1,296,544 shares at cost,
    Respectively                                                             (20,410)             (19,377)
Retained earnings, substantially restricted                                   28,347               27,535
Accumulated other comprehensive income                                           126                  281
Unreleased shares - Recognition and Retention Plans                               (3)                  (5)
                                                                        ------------         ------------
     TOTAL STOCKHOLDERS' EQUITY                                         $     28,824         $     29,199
                                                                        ------------         ------------
          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                    $    425,938         $    433,624
                                                                        ============         ============
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.


                                       3
<PAGE>
<TABLE>
<CAPTION>
                                   WVS FINANCIAL CORP. AND SUBSIDIARY
                                    CONSOLIDATED STATEMENT OF INCOME
                                             (UNAUDITED)
                                 (In thousands, except per share data)

                                                         Three Months Ended                   Nine Months Ended
                                                              March 31,                             March 31,
                                                  -------------------------------       ------------------------------
                                                      2005               2004                2005              2004
                                                  ------------       ------------       ------------      ------------
<S>                                               <C>                <C>                <C>               <C>
INTEREST AND DIVIDEND INCOME:
     Loans                                        $      1,029       $      1,205       $      3,181      $      4,063
     Investment securities                               2,347              2,287              7,299             5,929
     Mortgage-backed securities                          1,085                540              2,738             1,739
     Interest-earning deposits with other
         institutions                                        2                  1                  6                 7
     Federal Home Loan Bank stock                           46                 34                120                95
                                                  ------------       ------------       ------------      ------------
          Total interest and dividend income             4,509              4,067             13,344            11,833
                                                  ------------       ------------       ------------      ------------

INTEREST EXPENSE:
     Deposits                                              559                548              1,601             1,813
     Federal Home Loan Bank advances                     2,010              2,017              6,109             6,101
     Other borrowings                                      449                151              1,037               331
                                                  ------------       ------------       ------------      ------------
          Total interest expense                         3,018              2,716              8,747             8,245
                                                  ------------       ------------       ------------      ------------

NET INTEREST INCOME                                      1,491              1,351              4,597             3,588
PROVISION (RECOVERY) FOR LOAN LOSSES                        (5)               (14)                66              (771)
                                                  ------------       ------------       ------------      ------------
NET INTEREST INCOME AFTER PROVISION
   (RECOVERY) FOR LOAN LOSSES                            1,496              1,365              4,531             4,359
                                                  ------------       ------------       ------------      ------------

NON-INTEREST INCOME:
     Service charges on deposits                            88                 91                273               289
     Investment securities gains                            --                 --                335                --
     Other                                                  71                 72                224               230
                                                  ------------       ------------       ------------      ------------
          Total non-interest income                        159                163                832               519
                                                  ------------       ------------       ------------      ------------

NON-INTEREST EXPENSE:
     Salaries and employee benefits                        505                494              1,504             1,511
     Occupancy and equipment                               109                112                328               322
     Data processing                                        68                 58                198               171
     Correspondent bank service charges                     32                 32                100               108
     Other                                                 177                203                541               618
                                                  ------------       ------------       ------------      ------------
          Total non-interest expense                       891                899              2,671             2,730
                                                  ------------       ------------       ------------      ------------

INCOME BEFORE INCOME TAXES                                 764                629              2,692             2,148
INCOME TAXES                                               200                165                705               562
                                                  ------------       ------------       ------------      ------------
NET INCOME                                        $        564       $        464       $      1,987      $      1,586
                                                  ============       ============       ============      ============

EARNINGS PER SHARE:
     Basic                                        $       0.23       $       0.18       $       0.81      $       0.62
     Diluted                                      $       0.23       $       0.18       $       0.81      $       0.62

AVERAGE SHARES OUTSTANDING:
     Basic                                           2,430,679          2,525,612          2,443,163         2,553,860
     Diluted                                         2,435,935          2,533,697          2,448,792         2,562,887
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.


                                       4
<PAGE>
<TABLE>
<CAPTION>
                               WVS FINANCIAL CORP. AND SUBSIDIARY
                              CONSOLIDATED STATEMENT OF CASH FLOWS
                                           (UNAUDITED)
                                         (In thousands)

                                                                                    Nine Months Ended
                                                                                         March 31,
                                                                               -----------------------------
                                                                                   2005              2004
                                                                               -----------       -----------
<S>                                                                            <C>               <C>
OPERATING ACTIVITIES

Net income                                                                     $     1,987       $     1,586
Adjustments to reconcile net income to cash provided by operating
 activities:
   Provision for (recovery of)  loan losses                                             66              (771)
   Investment securities gains                                                        (335)               --
   Depreciation and amortization, net                                                  144               141
   Amortization of discounts, premiums and deferred loan fees                         (349)            1,052
   Sale of trading securities                                                        1,000                --
   Decrease in accrued interest receivable                                             203               123
   Increase (decrease) in accrued interest payable                                      73              (177)
   Increase in accrued and deferred taxes                                              289               340
   Other, net                                                                          253               (61)
                                                                               -----------       -----------
         Net cash provided by operating activities                                   3,331             2,233
                                                                               -----------       -----------

INVESTING ACTIVITIES

Available-for-sale:
   Purchases of investments and mortgage-backed securities                         (17,418)          (21,861)
   Proceeds from repayments of investments and mortgage-backed securities           18,622            38,982
   Proceeds from sale of investment securities                                       1,409                --
Held-to-maturity:
   Purchases of investments and mortgage-backed securities                        (297,995)         (302,413)
   Proceeds from repayments of investments and mortgage-backed securities          296,127           230,043
Decrease in net loans receivable                                                     7,232            21,348
Purchase of Federal Home Loan Bank stock                                            (5,997)           (1,390)
Redemption of Federal Home Loan Bank stock                                           5,362             1,635
Acquisition of premises and equipment                                                  (43)              (25)
Other, net                                                                              --               523
                                                                               -----------       -----------
         Net cash provided by (used for) investing activities                        7,299           (33,158)
                                                                               -----------       -----------
</TABLE>


                                       5
<PAGE>
<TABLE>
<CAPTION>

                                 WVS FINANCIAL CORP. AND SUBSIDIARY
                                CONSOLIDATED STATEMENT OF CASH FLOWS
                                            (UNAUDITED)
                                          (In thousands)
                                                                                Nine Months Ended
                                                                                     March 31,
                                                                           ---------------------------
                                                                              2005             2004
                                                                           ----------       ----------
<S>                                                                        <C>              <C>
FINANCING ACTIVITIES

Net (decrease) increase in transaction and passbook accounts                      513           (1,341)
Net decrease in certificates of deposit                                          (194)         (13,658)
Net increase (decrease) in FHLB short-term advances                            20,600           (3,875)
Net (decrease) increase in other borrowings                                   (21,234)          53,265
Proceeds from FHLB long-term advances                                              --              500
Repayments of FHLB long-term advances                                          (7,000)            (279)
Net decrease in advance payments by borrowers for taxes and insurance            (374)            (662)
Net proceeds from issuance of common stock                                         --              490
Funds used for purchase of treasury stock                                      (1,033)          (2,046)
Cash dividends paid                                                            (1,175)          (1,228)
                                                                           ----------       ----------
         Net cash (used for) provided by financing activities                  (9,897)          31,166
                                                                           ----------       ----------

        Increase  in cash and cash equivalents                                    733              241

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD                            3,054            2,815
                                                                           ----------       ----------

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD                             $    3,787       $    3,056
                                                                           ==========       ==========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

   Cash paid during the period for:
      Interest on deposits, escrows and borrowings                         $    8,674       $    8,422
      Income taxes                                                         $      335       $      550

   Non-cash items:
      Mortgage Loan Transferred to Other Assets                            $       --       $      550
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.


                                       6
<PAGE>
<TABLE>
<CAPTION>

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

                                                                                                             Accumulated
                                                                                   Retained                     Other
                                                     Additional                     Earnings    Unallocated    Compre-
                                        Common         Paid-In       Treasury    Substantially  Shares Held    hensive
                                         Stock         Capital         Stock      Restricted       by RRP       Income       Total
                                         -----         -------         -----      ----------       ------       ------       -----
<S>                                     <C>           <C>            <C>            <C>          <C>           <C>          <C>
Balance at June 30, 2004                $    38       $ 20,727       $(19,377)      $27,535      $    (5)      $   281      $29,199

Comprehensive income:

   Net Income                                                                         1,987                                   1,987
   Other comprehensive
     income:
      Change in unrealized
          holding gains on
          securities, net of
          income tax effect of $80                                                                                (155)        (155)
                                                                                                                            -------

Comprehensive income                                                                                                          1,832

Purchase of  treasury stock                                            (1,033)                                               (1,033)

Accrued compensation
   expense for Recognition
   and Retention Plans (RRP)                                (1)                                        2                          1

Exercise of stock options                    --             --                                                                   --

Cash dividends declared
   ($0.48 per share)                                                                 (1,175)                                 (1,175)
                                        -------       --------       --------       -------      -------       -------      -------

Balance at March 31, 2005               $    38       $ 20,726       $(20,410)      $28,347      $    (3)      $   126      $28,824
                                        =======       ========       ========       =======      =======       =======      =======
</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 and nine months ended March 31, 2005,  are
not  necessarily  indicative of the results which may be expected for the entire
fiscal year.

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

      In April 2005, the Securities and Exchange  Commission  adopted a new rule
that amends the  compliance  dates for Financial  Accounting  Standards  Board's
("FASB")  Statement of Financial  Accounting  Standards No. 123 (revised  2004),
Share-Based  Payment (FAS No. 123R).  The Statement  requires that  compensation
cost relating to  share-based  payment  transactions  be recognized in financial
statements  and that this cost be measured based on the fair value of the equity
or liability  instruments issued. FAS No. 123 (Revised 2004) covers a wide range
of share-based  compensation  arrangements  including share options,  restricted
share plans,  performance-based  awards, share appreciation rights, and employee
share purchase plans.  The Company will adopt FAS No. 123 (Revised 2004) on July
1, 2005 and is currently evaluating the impact the adoption of the standard will
have on the Company's results of operations.

      In  December  2004,  FASB issued FAS No. 153,  "Exchanges  of  Nonmonetary
Assets - An  Amendment  of APB Opinion No. 29".  The guidance in APB Opinion No.
29,  "Accounting for Nonmonetary  Transactions",  is based on the principle that
exchanges of  nonmonetary  assets should be measured  based on the fair value of
the assets exchanged.  The guidance in that Opinion,  however,  included certain
exceptions to that principle. FAS No. 153 amends Opinion No. 29 to eliminate the
exception for nonmonetary exchanges of similar productive assets and replaces it
with a general  exception for exchanges of  nonmonetary  assets that do not have
commercial  substance.  A nonmonetary  exchange has commercial  substance if the
future cash flows of the entity are expected to change significantly as a result
of the exchange.  The  provisions  of FAS No. 153 are effective for  nonmonetary
asset exchanges occurring in fiscal periods beginning after June 15, 2005. Early
application  is permitted and companies  must apply the standard  prospectively.
The adoption of this  standard is not expected to have a material  effect on the
Company's results of operations or financial position.

      In March 2004, the Financial  Accounting  Standards Board ("FASB") reached
consensus  on the  guidance  provided by  Emerging  Issues Task Force Issue 03-1
("EITF  03-1"),   The  Meaning  of   Other-Than-Temporary   Impairment  and  its
Application  to Certain  Investments.  The  guidance is  applicable  to debt and
equity  securities  that are within  the scope of FASB  Statement  of  Financial
Accounting Standard ("SFAS") No. 115, Accounting for Certain Investments In Debt
and Equity Securities and certain other investments. EITF 03-1 specifies that an
impairment would be considered  other-than-temporary unless (a) the investor has
the ability and intent to hold an  investment  for a  reasonable  period of time
sufficient  for the recovery of the fair value up to (or beyond) the cost of the
investment and (b) evidence indicating the cost of the investment is recoverable
within a reasonable period of time outweighs evidence to the contrary. EITF 03-1
cost method  investment and disclosure  provisions  were effective for reporting
periods ending after June 15, 2004. The measurement  and recognition  provisions
relating to debt and equity  securities  have been delayed until the FASB issues
additional  guidance.  The Company adopted cost method investment and disclosure
provisions  of EITF 03-1 on June 30, 2004.  The adoption did not have a material
impact on the  consolidated  financial  statements,  results  of  operations  or
liquidity of the Company.


                                       8
<PAGE>

      In October 2003, the American  Institute of Certified  Public  Accountants
issued SOP 03-3,  "Accounting for Loans or Certain Debt Securities Acquired in a
Transfer." SOP 03-3 applies to a loan that is acquired where it is probable,  at
acquisition,  that a  transferee  will be unable to  collect  all  contractually
required payments receivable.  SOP 03-3 requires the recognition,  as accretable
yield,  the excess of all cash flows expected at acquisition over the investor's
Initial  investment in the loan as interest  income on a level-yield  basis over
the life of the loan.  The  amount by which the  loan's  contractually  required
payments  exceed the amount of its expected cash flows at acquisition may not be
recognized as an adjustment  to yield,  a loss accrual or a valuation  allowance
for credit  risk.  SOP 03-3 is  effective  for loans  acquired  in fiscal  years
beginning after December 31, 2004. Early adoption is permitted.  The adoption of
SOP 03-3 is not expected to have a material impact on the consolidated financial
statements.


                                       9
<PAGE>

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                       Nine Months Ended
                                                     March 31,                               March 31,
                                           -------------------------------       -------------------------------

                                               2005                2004              2005               2004
                                           ------------       ------------       ------------       ------------
<S>                                           <C>                <C>                <C>                <C>
Weighted average common shares
   outstanding                                3,762,891          3,757,062          3,762,943          3,742,789

Average treasury stock shares                (1,332,212)        (1,231,450)        (1,319,780)        (1,188,929)
                                           ------------       ------------       ------------       ------------
Weighted average common shares
   and common stock equivalents
   used to calculate basic earnings
   per share                                  2,430,679          2,525,612          2,443,163          2,553,860

Additional common stock
   equivalents (stock options) used
   to calculate diluted earnings per
   share                                          5,256              8,085              5,629              9,027
                                           ------------       ------------       ------------       ------------

Weighted average common shares
   and common stock equivalents
   used to calculate diluted earnings
   per share                                  2,435,935          2,533,697          2,448,792          2,562,887
                                           ============       ============       ============       ============
</TABLE>

      All options at March 31, 2005 and March 31, 2004 were included in the
computation of diluted earnings per share.

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

      As permitted  under  Statement of Financial  Accounting  Standards No. 123
"Accounting for Stock-based  Compensation,"  the Company has elected to continue
following  Accounting  Principles  Board Opinion No. 25,  "Accounting  for Stock
Issued to Employees" ("APB 25"), and related Interpretations,  in accounting for
stock-based awards to employees. Under APB 25, because the exercise price of the
Company's employee stock options equals the market price of the underlying stock
on the date of the grant, no compensation expense is recognized in the Company's
financial statements.  Had compensation expense included stock option plan costs
determined  based on the fair value at the grant dates for options granted under
these plans consistent with Statement No. 123, pro forma net income and earnings
per share would not have been  materially  different  than that presented on the
Consolidated Statement of Income.


                                       10
<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:

<TABLE>
<CAPTION>
                                                Three Months Ended                                 Nine Months Ended
                                                     March 31,                                          March 31,
                                  -------------------------------------------------   ---------------------------------------------
                                           2005                        2004                     2005                   2004
                                  -----------------------     ---------------------   ---------------------   ---------------------
                                                                         (Dollars in Thousands)
<S>                               <C>           <C>           <C>         <C>         <C>         <C>         <C>         <C>
Net income                                      $     564                 $     464               $   1,987               $   1,586
Other comprehensive
income:
     Unrealized gains on
      available for sale
      securities                  $      76                   $      47               $     100               $     112
     Less:
      Reclassification
        adjustment for gain
        included in net
        income                           --                          --                    (335)                     --
                                  ---------     ---------     ---------   ---------   ---------   ---------   ---------   ---------
Other comprehensive
  (loss) income before tax                             76                        47                    (235)                    112
Income tax (benefit)
  expense related to other
  comprehensive income                                 26                        16                     (80)                     38
                                                ---------                 ---------               ---------               ---------
Other comprehensive
  (loss) income, net of tax                            50                        31                    (155)                     74
                                                ---------                 ---------               ---------               ---------
Comprehensive income                            $     614                 $     495               $   1,832               $   1,660
                                                =========                 =========               =========               =========
</TABLE>


                                       11
<PAGE>

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2005

FORWARD LOOKING STATEMENTS

      When used in this Form 10-Q,  in future  filings by the  Company  with the
Securities  and Exchange  Commission,  in the Company's  press releases or other
public  or  shareholder  communications,  or in oral  statements  made  with the
approval of an authorized  executive officer,  the words or phrases "will likely
result",  "are expected to",  "will  continue",  "is  anticipated",  "estimate",
"project"  or similar  expressions  are  intended to identify  "forward  looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995.  Such  statements  are  subject  to  certain  risks  and  uncertainties
including changes in economic  conditions in the Company's market area,  changes
in policies by regulatory  agencies,  fluctuations in interest rates, demand for
loans in the  Company's  market area and  competition  that could  cause  actual
results  to differ  materially  from  historical  earnings  and those  presently
anticipated  or projected.  The Company  wishes to caution  readers not to place
undue reliance on any such forward  looking  statements,  which speak only as of
the date made.  The Company  wishes to advise  readers  that the factors  listed
above  could  affect the  Company's  financial  performance  and could cause the
Company's  actual  results  for  future  periods to differ  materially  from any
opinions or statements  expressed  with respect to future periods in any current
statements.

      The Company does not undertake, and specifically disclaims any obligation,
to  publicly  release the result of any  revisions  which may be made to forward
looking  statements  to  reflect  events  or  circumstances  after  the  date of
statements or to reflect the occurrence of anticipated or unanticipated events.

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,  SAIF-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 March 31, 2005.

      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 $425.9 million at March 31, 2005, as compared
to $433.6  million at June 30, 2004.  The $7.7 million or 1.8% decrease in total
assets  was  primarily  comprised  of a  $46.4  million  or  16.5%  decrease  in
investment  securities  and FHLB stock,  a $7.3 million or 10.8% decrease in net
loans  receivable,  and a $203  thousand or 8.3%  decrease  in accrued  interest
receivable,  which were partially offset by a $45.8 million or 60.6% increase in
mortgage-backed  securities  and a $733  thousand or 24.0%  increase in cash and
cash equivalents.  The decreases in investment  securities and loans outstanding
were  attributable  to higher  rates of  repayments  caused by changes in short,
intermediate and long-term market interest rates, the flattening of the Treasury
yield curve and continued high levels of interest rate volatility.


                                       12
<PAGE>

The  increase in  mortgage-backed  securities  is  attributable  to purchases of
floating rate  collateralized  mortgage  obligations in response to increases in
short-term market interest rates. See "Asset and Liability Management".

      The Company's total  liabilities  decreased $7.3 million or 1.8% to $397.1
million as of March 31, 2005,  from $404.4 million as of June 30, 2004. The $7.3
million decrease in total liabilities was primarily comprised of a $21.2 million
or 23.2%  decrease in other  short-term  borrowings  and a $7.0  million or 4.7%
decrease in long-term  FHLB  advances,  which were  partially  offset by a $20.6
million or 100.0% increase in short-term FHLB advances. Total deposits decreased
$55 thousand to $160.5  million as a result of the following:  savings  accounts
decreased  $1.2  million,   money  market   accounts   decreased  $1.1  million,
certificates  of deposit  decreased  $194  thousand  and  advanced  payments  by
borrowers for taxes and insurance decreased $374 thousand, while demand deposits
increased $2.9 million.

      Total  stockholders'  equity  decreased  $375  thousand  or 1.3% to  $28.8
million as of March 31, 2005,  from  approximately  $29.2 million as of June 30,
2004.  Company  net  income of $2.0  million  was offset by cash  dividends  and
capital  expenditures for the Company's stock repurchase program of $1.2 million
and $1.0 million,  respectively,  and  accumulated  other  comprehensive  income
decreased $155 thousand for the nine months ended March 31, 2005.

RESULTS OF OPERATIONS

      General.  WVS  reported  net  income  of $564  thousand  or $0.23  diluted
earnings per share and $2.0 million or $0.81 diluted  earnings per share for the
three and nine months ended March 31, 2005,  respectively.  Net income increased
by $100  thousand or 21.6% and diluted  earnings  per share  increased  $0.05 or
27.8% for the three  months  ended  March 31,  2005,  when  compared to the same
period in 2004. The increase in net income was primarily  attributable to a $140
thousand  increase  in  net  interest  income  and  a $8  thousand  decrease  in
non-interest expense,  which were partially offset by a $35 thousand increase in
income tax expense,  a $9 thousand  decrease in credit provision for loan losses
and a $4 thousand  decrease in  non-interest  income.  For the nine months ended
March 31,  2005,  net income  increased  by $401  thousand  or 25.3% and diluted
earnings per share  increased $0.19 or 30.6% when compared to the same period in
2004.  The increase for the nine month  period was  principally  the result of a
$1.0  million  increase in net  interest  income,  a $313  thousand  increase in
non-interest income and a $59 thousand decrease in non-interest  expense,  which
were partially offset by a $837 thousand change in the provision for loan losses
and a $143 thousand increase in income tax expense.

      Net Interest  Income.  The Company's net interest income increased by $140
thousand or 10.4% for the three months ended March 31,  2005,  when  compared to
the same period in 2004. The increase in net interest income for the three month
period was  principally  attributable  to higher yields earned on Company assets
due to higher  levels of discount  accretion  on called U.S.  Government  Agency
bonds,  lower  levels  of  premium  amortization  on  matured  corporate  bonds,
increases in  short-term  market  interest  rates,  higher  average  balances of
mortgage-backed  securities and lower average  balances of time deposits,  which
were partially offset by increased average balances of the Company's  borrowings
outstanding,  lower  average  balances of net loans  receivable  and  investment
securities  and higher  rates  paid on Company  borrowings,  time  deposits  and
money-market  accounts.  The  Company  continued  to  experience  high levels of
repayments  on its  mortgage-backed  securities  portfolio  due  to  refinancing
activities for the three months ended March 31, 2005. The Company's net interest
income increased $1.0 million or 28.1% for the nine months ended March 31, 2005.
The  increase  in net  income  for the nine  months  ended  March  31,  2005 was
primarily  attributable  to higher yields earned on Company assets due to higher
levels of discount  accretion  on called U.S.  Government  Agency  bonds,  lower
levels  of  premium  amortization  on  matured  corporate  bonds,  increases  in
short-term  market  interest  rates,  higher average  balances of investment and
mortgage-backed  securities,  lower rates paid on NOW accounts, savings accounts
and Company  borrowings and lower average balances of time deposits,  which were
partially  offset by higher average balances of Company  borrowings  outstanding
and lower average balances of net loans receivable.


                                       13
<PAGE>

      Interest  Income.  Total  interest  and  dividend  income  increased  $442
thousand or 10.9% and $1.5  million or 12.8% for the three and nine months ended
March 31, 2005, respectively, when compared to the same periods in 2004.

      Interest on mortgage-backed  securities  increased $545 thousand or 100.9%
for the three months ended March 31, 2005,  when  compared to the same period in
2004.  The  increase  for the three  months  ended March 31, 2005 was  primarily
attributable   to  a  $35.0   million   increase  in  the  average   balance  of
mortgage-backed  securities  outstanding  for the period  and a 106 basis  point
increase in the average yield earned on mortgage-backed securities for the three
months ended March 31, 2005 when  compared to the same period in 2004.  Interest
on  mortgage-backed  securities  increased  $999  thousand or 57.4% for the nine
months  ended March 31,  2005,  when  compared  to the same period in 2004.  The
increases for the nine months ended March 31, 2005 was primarily attributable to
a 89 basis  point  increase  in the  average  yield  earned  on  mortgage-backed
securities   and  a  $16.3   million   increase  in  the   average   balance  of
mortgage-backed  securities outstanding for the nine months ended March 31, 2005
when compared to the same period in 2004.  The increase in the weighted  average
yield earned on mortgage-backed securities was consistent with market conditions
for the three and nine months ended March 31, 2005.  The increase in the average
balances of  mortgage-backed  securities  during the three and nine months ended
March  31,  2005 was  primarily  attributable  to  purchases  of  floating  rate
mortgage-backed securities.

      Interest  and  dividend  income on  interest-bearing  deposits  with other
institutions,   investment   securities   and  FHLB  stock  ("other   investment
securities")  increased by $73 thousand or 3.1% for the three months ended March
31, 2005 when compared to the same period in 2004. The increase was  principally
attributable  to a 24 basis point increase in the weighted  average yield earned
on other  investment  securities  which was  partially  offset by a $7.9 million
decrease in the average balance  outstanding of other investment  securities for
the three months ended March 31, 2005 when  compared to the same period in 2004.
Interest and  dividend  income on other  investment  securities  increased  $1.4
million or 23.1% for the nine months ended March 31, 2005,  when compared to the
same period in 2004.  The  increase for the nine months ended March 31, 2005 was
primarily  attributable  to a 48 basis point  increase in the  weighted  average
yield earned on other  investment  securities  outstanding  and a $18.4  million
increase in the average balance of other investment  securities  outstanding for
the nine months ended March 31, 2005,  when compared to the same period in 2004.
The increase in the weighted average yields earned for the three and nine months
ended March 31, 2005 were favorably  impacted by decreased net  amortization  of
investment  premiums  of $259  thousand  and  $1.2  million  respectively,  when
compared to the same period in 2004.

      Interest on net loans receivable  decreased $176 thousand or 14.6% for the
three months ended March 31, 2005, when compared to the same period in 2004. The
decrease  for the three  months  ended  March  31,  2005 was  attributable  to a
decrease  of $10.0  million  in the  average  balance  of net  loans  receivable
outstanding  and a decrease  of 6 basis  points in the  weighted  average  yield
earned on net loans  receivable for the three months ended March 31, 2005,  when
compared to the same period in 2004. Interest on net loans receivable  decreased
$882  thousand or 21.7% for the nine months ended March 31, 2005,  when compared
to the same period in 2004.  The  decrease  for the nine months  ended March 31,
2005 was  attributable to a $14.3 million decrease in the average balance of net
loans  receivable  outstanding and a decrease of 30 basis points in the weighted
average yield earned on net loans receivable for the nine months ended March 31,
2005.  The decrease in the average loan  balance  outstanding  for the three and
nine months ended March 31, 2005 was primarily  attributable to increased levels
of mortgage prepayments and refinancings due to lower market rates on mortgages.
As part of its asset/liability  management strategy, 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.

      Interest Expense.  Total interest expense increased $302 thousand or 11.1%
and $502  thousand or 6.1% for the three and nine months  ended March 31,  2005,
respectively, when compared to the same period in 2004.

      Interest on FHLB advances and other borrowings  increased $291 thousand or
13.4% for the three months ended March 31, 2005 when compared to the same period
in 2004. The increase for the three


                                       14
<PAGE>

months ended March 31, 2005 was  attributable to a $20.0 million increase in the
average  balance of FHLB advances and other  borrowings  for the period and a 14
basis point increase in the weighted  average rate paid on such  borrowings when
compared to the same period in 2004.  The increase in the weighted  average rate
paid was consistent with market  conditions for the three months ended March 31,
2005. Interest on FHLB advances and other borrowings  increased $714 thousand or
11.1% for the nine months ended March 31, 2005, when compared to the same period
in 2004. The increase for the nine months ended March 31, 2005 was  attributable
to a $29.3  million  increase in the average  balance of FHLB advances and other
borrowings  for the  period  which  was  partially  offset  by a 17 basis  point
decrease in the weighted  average rate paid on such  borrowings when compared to
the same period in 2004.  The weighted  average  rate paid on FHLB  advances and
other borrowings  declined due to the higher proportion of lower cost short-term
advances and  borrowings to total Company  borrowings  for the nine months ended
March 31, 2005.

      Interest  expense on deposits and escrows  increased  $11 thousand or 2.0%
for the three  months  ended March 31, 2005 when  compared to the same period in
2004.  The  increase in interest  expense on deposits  and escrows for the three
months ended March 31, 2005 was attributable to a 27 basis point increase in the
weighted  average  yield paid on money market and time  deposits for the period,
which was partially  offset by a $5.5 million decrease in the average balance of
time  deposits for the three months ended March 31, 2005,  when  compared to the
same period in 2004.  Interest  expense on deposits and escrows  decreased  $212
thousand or 11.7% for the nine months ended March 31, 2005 when  compared to the
same period in 2004.  The  decrease in interest  expense on deposits and escrows
for the nine months ended March 31, 2005 was  primarily  attributable  to a $7.3
million decrease in the average balance of interest-bearing deposits and escrows
for the period and a 8 basis point  decrease in the weighted  average yield paid
on  interest-bearing  deposit and  escrows  for the nine months  ended March 31,
2005, when compared to the same period in 2004.

      Provision  for Loan  Losses.  A  provision  for loan  losses is charged 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 credit provision for loan losses of $5 thousand for
the three  months  ended  March  31,  2005  compared  to a $14  thousand  credit
provision for the same period in 2004. For the nine months ended March 31, 2005,
the  Company  recorded a $66  thousand  provision  for loan  losses  compared to
recording a credit  provision of $771  thousand for the same period in 2004.  At
March 31, 2005, the Company's  total  allowance for loan losses amounted to $1.2
million or 2.0% of the  Company's  total loan  portfolio,  as  compared  to $1.4
million or 2.0% at June 30, 2004.  The decrease in the total  allowance for loan
losses is primarily the result of the Company  charging off  approximately  $186
thousand of a commercial loan participation  interest  collateralized by a first
mortgage loan on a full-service  hotel located within the Company's  market area
during the quarter ended December 31, 2004. The Company took this charge-off due
to the sale of the loan by the lead lender  over the  Company's  objection.  The
Company is pursuing  further recovery options with the lead lender which include
the filing of a civil complaint in April 2005.

      Non-Interest Income. Non-interest income decreased $4 thousand or 2.5% and
increased  $313  thousand or 60.3% for the three and nine months ended March 31,
2005, respectively,  when compared to the same periods in 2004. The increase for
the nine month period was primarily  attributable to pre-tax securities gains of
$335 thousand.

      Non-Interest  Expense.  Non-interest expense decreased $8 thousand or 0.9%
and $59  thousand  or 2.2% for the three and nine months  ended March 31,  2005,
respectively,  when  compared to the same periods in 2004.  The decrease for the
three months ended March 31, 2005 was primarily  attributable  to a $18 thousand
decrease  in  legal  expenses  and  costs   associated   with  the  work-out  of
non-performing  assets  and a $6  thousand  decrease  other  real  estate  owned
expense,  which were  partially  offset by a $11  thousand  increase  in payroll
related costs and $10 thousand increase in data processing expense. The decrease
for the nine  months  ended  March 31, 2005 was  primarily  attributable  to $60
thousand  decrease  in legal  expenses  and costs,  a $8  thousand  decrease  in
correspondent bank service charges and a $7 thousand


                                       15
<PAGE>

decrease in payroll related costs which were partially  offset by a $27 thousand
increase in data processing expense.

LIQUIDITY AND CAPITAL RESOURCES

      Net cash provided by operating  activities totaled $3.3 million during the
nine months ended March 31, 2005. Net cash provided by operating  activities was
primarily comprised of $2.0 million of net income, $1.0 million from the sale of
trading  assets,  a $289 thousand  increase in accrued and deferred  taxes and a
$203 thousand  decrease in accrued  interest  receivables,  which were partially
offset by $349 thousand in  amortization  / accretion of premiums / discounts on
investments, mortgage-backed securities and deferred loan fees and $335 thousand
of  pre-tax  gains on the sale of  investments  from  the  Company's  investment
portfolio.

      Funds  provided by investing  activities  totaled $7.3 million  during the
nine  months  ended March 31,  2005.  Primary  sources of funds  during the nine
months  ended  March 31,  2005,  included  $320.1  million  from  repayments  of
investment  and  mortgage-backed  securities  including  Federal  Home Loan Bank
stock, a $7.2 million decrease in net loans receivable and $1.4 million from the
sale  of  investments  from  the  Company's  investment  portfolio,  which  were
partially   offset  by  $321.4   million  of   purchases  of   investments   and
mortgage-backed securities including Federal Home Loan Bank stock.

      Funds used for  financing  activities  totaled  $9.9  million for the nine
months ended March 31, 2005. The primary uses included a $21.2 million  decrease
in other  short-term  borrowings,  a $7.0 million  repayment of a long-term FHLB
advance,  $1.2 million in cash dividends paid on the Company's  common stock and
$1.0 million in purchased treasury stock, which were partially offset by a $20.6
million  increase in  short-term  FHLB  advances.  Management  believes  that it
currently is  maintaining  adequate  liquidity  and  continues to match  funding
sources with lending and investment opportunities.

      During the quarter  ended March 31,  2005,  the  Company  incurred  $842.0
million in other short-term borrowings with a weighted average rate of 2.50% and
incurred  approximately $33.3 million in various short-term  borrowings from the
FHLB with a weighted average rate of 2.68%.  During the three months ended March
31, 2005 the Company repaid $820.6 million of other  short-term  borrowings with
weighted average rates of 2.46%, $48.1 million of various short-term  borrowings
from the FHLB  with  weighted  average  rates of  2.30%  and $7.0  million  of a
long-term borrowing from the FHLB with a rate of 2.86%.

      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
advances  and other  borrowings.  At March 31,  2005,  the total  approved  loan
commitments  outstanding amounted to $2.0 million. At the same date, commitments
under unused lines of credit amounted to $6.3 million and the unadvanced portion
of  construction  loans  approximated  $9.5  million.  Certificates  of  deposit
scheduled to mature in one year or less at March 31, 2005 totaled $41.7 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 other  borrowings,  to provide the cash utilized in investing
activities.  The Company  also has access to the Federal  Reserve  Bank  Primary
Credit  Program.  Management  believes  that the Company  currently has adequate
liquidity available to respond to liquidity demands.

      On April 26,  2005,  the  Company's  Board of  Directors  declared  a cash
dividend of $0.16 per share payable May 19, 2005, to  shareholders  of record at
the close of business on May 9, 2005. 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.


                                       16
<PAGE>

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 March 31, 2005, WVS Financial Corp.  exceeded all regulatory capital
requirements and maintained Tier I and total  risk-based  capital equal to $28.7
million  or  21.5%  and  $29.9   million  or  22.4%,   respectively,   of  total
risk-weighted  assets,  and Tier I leverage capital of $28.7 million or 6.95% 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 March 31, 2005 totaled approximately
$1.2 million or 0.31% of total  assets as compared to $828  thousand or 0.19% of
total assets at June 30, 2004.  Nonperforming assets at March 31, 2005 consisted
of: one  speculative  construction  loan totaling $454  thousand,  one land loan
totaling  $397  thousand,  five  single-family  real estate loans  totaling $240
thousand, one unsecured consumer loan totaling $62 thousand, one commercial loan
totaling $45 thousand and one home equity loan totaling $17 thousand.

      The $376 thousand increase in nonperforming  assets during the nine months
ended March 31, 2005 was primarily  attributable  to the addition to non-accrual
status  of  four  mortgages  secured  by  single-family   real  estate  totaling
approximately  $554  thousand and the addition of one home equity loan  totaling
approximately $17 thousand which were partially offset by the payoff in full of:
two mortgages secured by single-family  real estate totaling  approximately $140
thousand,  a $4 thousand  loan secured by  commercial  real estate and principal
paydowns  totaling  approximately  $49  thousand  on  two  loans  related  to  a
bankruptcy discussed below.

      At March 31, 2005,  the Company had one loan secured by  undeveloped  land
totaling  $397  thousand  and one  unsecured  loan  totaling $62 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 to be paid in accordance with a Bankruptcy Plan of  Reorganization.
All Court  ordered plans have been  received in a timely  manner.  In accordance
with  generally  accepted  accounting  principles,  payments  received are being
applied on a cost recovery basis.

      During the nine months ended March 31, 2005, approximately $52 thousand of
interest income would have been recorded on loans accounted for on a non-accrual
basis and troubled debt  restructurings 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 nine months ended March 31,
2005. 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.


                                       17
<PAGE>

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.

      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 nine  months  ended  March 31,  2005,  the level of  short-term
market  interest  rates began to  increase.  The Federal  Open Market  Committee
increased its intended  federal funds rate by twenty-five  basis points at their
August 10, September 21, November 10, December 14, 2004 and February 2 and March
22, 2005  meetings.  This followed a twenty-five  basis point  increase at their
June 30, 2004 meeting. As economic conditions continue to improve, we anticipate
continued  increases in short-term  market  interest rates.  Longer-term  yields
fell,  however,  due to rising oil prices and  weakness  in some  sectors of the
economy.  The benchmark ten year treasury yield  continued to experience  market
volatility and declined twelve basis points from 4.62% at June 30, 2004 to 4.50%
at March 31, 2005.  These changes in short,  intermediate  and long-term  market
interest  rates,  the  flattening of the Treasury yield curve and continued high
levels of interest rate volatility have  precipitated  continued  prepayments in
the Company's loan, investment and mortgage-backed securities portfolios.

      Principal repayments on the Company's loan, investment and mortgage-backed
securities  portfolios  for the nine months ended March 31, 2005,  totaled $22.0
million, $251.4 million and $65.4 million,  respectively.  In response to higher
levels  of  liquidity  the  Company   rebalanced   its  loan,   investment   and
mortgage-backed  securities portfolios.  Due to the low level of market interest
rates, the Company  continued to reduce its portfolio  originations of long-term
fixed  rate  mortgages  while  continuing  to offer  consumer  home


                                       18
<PAGE>

equity and construction  loans. The Company continues to purchase callable U. S.
Government  Agency bonds that reprice  within  twelve to  twenty-four  months in
order to earn a higher  return  while  limiting  interest  rate risk  within the
portfolio.   Within  the  mortgage-backed   securities  portfolio,  the  Company
continued to aggressively  purchase floating rate securities in order to provide
current income and protection  against  eventual rises in market interest rates.
Each of the  aforementioned  strategies also helped to improve the interest-rate
and liquidity  risks  associated  with the Savings Bank's  customers'  liquidity
preference for shorter term deposit products.

      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.
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.

      During the quarter ended March 31, 2005,  principal  investment  purchases
were  comprised of:  floating rate  collateralized  mortgage  obligations  which
reprice  monthly - $32.2  million  with an original  weighted  average  yield of
approximately  3.85%;  callable floating rate government agency bonds which will
reprice  within  twenty-four  months - $15.0  million with an original  weighted
average yield of approximately  4.15%; and government agency step-up bonds which
will reprice  within two years - $10.5 million with a weighted  average yield of
approximately 4.25%. Major investment proceeds received during the quarter ended
March 31, 2005 were:  callable  government  agency bonds - $20.2  million with a
weighted  average yield of approximately  4.29%; and tax-free  municipal bonds -
$525 thousand with a weighted average yield of approximately 2.10%.

      As of March 31,  2005,  the  implementation  of these asset and  liability
management initiatives resulted in the following:

1)    the Company's liquidity profile remains strong with $198.1 million of U.S.
      Government  Agency  securities that were callable  within 3 months.  Based
      upon current market conditions,  management  anticipates that a portion of
      the investments will be called within the above time interval;

2)    $117.2  million or 96.5% 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;

3)    $60.1 million or 25.5% of the Company's  investment  portfolio  (including
      FHLB stock) was comprised of U.S.  Government  Agency  Step-up bonds which
      will reprice  from initial  rates of 3.35% - 4.70% and increase to 6.00% -
      7.50% within thirty-three months;

4)    $137.9 million or 58.5% of the Company's  investment  portfolio (including
      FHLB  stock) was  comprised  of  floating  rate bonds  which will  reprice
      quarterly within twenty-two months;

5)    $1.6 million or 0.7% of the Company's investment portfolio (including FHLB
      stock) was comprised of investment grade corporate demand notes;

6)    the maturity  distribution  of the Company's  borrowings is as follows:  8
      days or less:  $91.0  million or 38.9%;  1 year or less:  $4.0  million or
      1.7%; 1-3 years:  $3.2 million or 1.4%; 3-5 years:  $10.5 million or 4.5%;
      over 5 years: $125.1 million or 53.5%; and

7)    an aggregate of $32.8 million or 54.1% of the Company's net loan portfolio
      had adjustable interest rates or maturities of less than 12 months.

      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.


                                       19
<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.


                                              March 31,         June 30,
                                              --------    --------------------
                                                2005        2004        2003
                                              --------    --------    --------
                                                   (Dollars in Thousands)
Interest-earning assets maturing or
      repricing within one year               $285,583    $288,451    $262,782
Interest-bearing liabilities maturing or
   repricing within one year                   192,662     171,655     133,418
                                              --------    --------    --------

Interest sensitivity gap                      $ 92,921    $116,796    $129,364
                                              ========    ========    ========
Interest sensitivity gap as a percentage of
   total assets                                   21.8%       26.9%       35.2%
Ratio of assets to liabilities
   maturing or repricing within one year         148.2%      168.0%      197.0%

      During the quarter ended March 31, 2005, the Company  managed its one year
interest sensitivity gap by: (1) purchasing floating rate CMO's which reprice on
a monthly basis;  (2) purchasing  investments  with maturities / repricing dates
within twenty-four  months; (3) limiting the portfolio  origination of long-term
fixed rate mortgages;  and (4) emphasizing loans with shorter-terms or repricing
frequencies.


                                       20
<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 March  31,  2005.  The  table  estimates  the  impact  of an upward or
downward change in market interest rates of 100 and 200 basis points.

<TABLE>
<CAPTION>

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

                             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 ($'s)                  14,547        21,549       75,893        155,889       151,608       137,814          26,862
% of Total
  Assets                        3.4%          5.1%        17.8%          36.6%         35.5%         32.3%            6.3%
Base Case Up 100 bp
-------------------
Cummulative
  Gap ($'s)                  26,960        34,999       89,557        159,767       165,869       152,358          26,862
% of Total
  Assets                        6.3%          8.2%        21.0%          37.5%         38.9%         35.7%            6.3%
Base Case No Change
-------------------
Cummulative
  Gap ($'s)                  28,352        37,454       92,921        174,265       172,450       162,530          26,862
% of Total
  Assets                        6.6%          8.8%        21.8%          40.9%         40.4%         38.1%            6.3%
Base Case Down 100 bp
---------------------
Cummulative
  Gap ($'s)                  31,456        42,305       99,493        182,562       180,375       166,183          26,862
% of Total
  Assets                        7.4%          9.9%        23.3%          42.8%         42.3%         39.0%            6.3%
Base Case Down 200 bp
---------------------
Cummulative
  Gap ($'s)                  56,514        68,873      127,411        192,144       182,383       166,329          26,862
% of Total
  Assets                       13.3%         16.1%        29.9%          45.1%         42.8%         39.0%            6.3%
</TABLE>

      Beginning  in the third  quarter  of fiscal  2001,  the  Company  began to
utilize 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.


                                       21
<PAGE>

      The following  table presents the simulated  impact of a 100 and 200 basis
point upward or downward 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 March 31, 2005.

<TABLE>
<CAPTION>

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

                                                       Modeled Change in Market Interest Rates
                                             ----------------------------------------------------------------
<S>                                           <C>             <C>           <C>            <C>            <C>
Estimated impact on:                         -200            -100           0             +100           +200
--------------------
   Change in net interest income             -37.9%          -16.7%         0.00%          9.2%          18.3%

   Return on average equity                   2.05%           5.42%         7.98%          9.35%        10.70%

   Return on average assets                   0.14%           0.36%         0.54%          0.64%         0.75%

   Market value of equity (in
      thousands)                            $14,661         $22,881       $29,446        $23,497       $10,157
</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 March 31,
2005.

                                    Anticipated Transactions
             -----------------------------------------------------------------
                                                        (Dollars in Thousands)
             Undisbursed construction and
                 land development loans
                   Fixed rate                                  $   3,089
                                                                    6.04%

                   Adjustable rate                             $   6,384
                                                                    6.40%

             Undisbursed lines of credit
                   Adjustable rate                             $   6,328
                                                                    6.18%

             Loan origination commitments
                   Fixed rate                                  $   1,645
                                                                    6.18%

                   Adjustable rate                             $     394
                                                                    6.66%

             Letters of credit
                   Adjustable rate                             $   1,383
                                                                    6.76%

                                                               ---------
                                                               $  19,223
                                                               =========

      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


                                       22
<PAGE>

party to ensure  the timely  completion  of a certain  aspect of a  construction
project  or land  development.  At March  31,  2005,  the  Savings  Bank had six
performance  standby letters of credit outstanding  totaling  approximately $1.4
million.  One letter of credit is secured by  deposits  with the  Savings  Bank,
three letters of credit are secured by undisbursed  construction  loan funds and
two  letters of credit are  secured by  developed  property.  All six letters of
credit  will  mature  within  fifteen  months.  In the event that the obligor is
unable to perform its  obligations  as specified in the standby letter of credit
agreement,  the Savings  Bank would be  obligated  to  disburse  funds up to the
amount  specified in the standby  letter of credit  agreement.  The Savings Bank
maintains  adequate  collateral that could be liquidated to fund this contingent
obligation.


                                       23
<PAGE>

ITEM 4.

CONTROLS AND PROCEDURES

      Our management  evaluated,  with the  participation of our Chief Executive
Officer  and  Chief  Financial  Officer,  the  effectiveness  of our  disclosure
controls and procedures (as defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities Exchange Act of 1934) as of March 31, 2005. Based on such evaluation,
our Chief Executive  Officer and Chief Financial Officer have concluded that our
disclosure  controls  and  procedures  are  designed to ensure that  information
required to be  disclosed  by us in the reports that we file or submit under the
Securities Exchange Act of 1934 is recorded, processed,  summarized and reported
within the time  periods  specified in the SEC's rules and  regulations  and are
operating in an effective manner.

      No change in our internal control over financial  reporting (as defined in
Rules  13a-15(f)  and  15(d)-15(f)  under the  Securities  Exchange Act of 1934)
occurred  during the third  fiscal  quarter of fiscal  2005 that has  materially
affected,  or is reasonably  likely to materially  affect,  our internal control
over financial reporting.


                                       24
<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 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 March 31, 2005.

<TABLE>
<CAPTION>
      -------------------------------------------------------------------------------------------------------------------
                                             ISSUER PURCHASES OF EQUITY SECURITIES
      -------------------------------------------------------------------------------------------------------------------
                                                                       Total Number of Shares    Maximum Number of Shares
                                  Total Number                          Purchased as Part of         that May Yet Be
                                    of Shares    Average Price Paid      Publicly Announced       Repurchased Under the
                Period              Purchased       per Share ($)       Plans or Programs (1)     Plans or Programs (2)
      -------------------------------------------------------------------------------------------------------------------
<S>                                    <C>                    <C>                      <C>                        <C>
      01/01/05 - 01/31/05                   0                  0.00                         0                     75,543
      -------------------------------------------------------------------------------------------------------------------
      02/01/05 - 02/28/05              15,200                 16.97                    15,200                     60,343
      -------------------------------------------------------------------------------------------------------------------
      03/01/05 - 03/31/05              24,400                 16.79                    24,400                     35,943
      -------------------------------------------------------------------------------------------------------------------
           Total                       39,600                 16.86                    39,600                     35,943
      -------------------------------------------------------------------------------------------------------------------
</TABLE>

--------------------

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

      (2)   Seventh Stock Repurchase Program

            (a)   Announced February 24, 2004.

            (b)   125,000 common shares approved for repurchase.

            (c)   No fixed date of expiration.

            (d)   This Program has not expired and has 35,943  shares  remaining
                  to be purchased at March 31, 2005.

            (e)   Not applicable.

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

        Not applicable.

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

        Not applicable.

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

        Not applicable.


                                       25
<PAGE>

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        E-1
                Executive Officer

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

       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


                                       26
<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.


      May 16, 2005              BY: /s/ David J. Bursic
      Date                          --------------------------------------------
                                    David J. Bursic
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)


      May 16, 2005              BY: /s/ Keith A. Simpson
      Date                          --------------------------------------------
                                    Keith A. Simpson
                                    Vice-President, Treasurer and
                                    Chief Accounting Officer
                                    (Principal Accounting Officer)


                                       27