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 December 31, 2007

                                       or

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

         For the transition period from ______ to ______

                         Commission File Number: 0-22444

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

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

           9001 Perry Highway
        Pittsburgh, Pennsylvania                               15237
----------------------------------------              --------------------------
(Address of principal executive offices)                     (Zip Code)

                                 (412) 364-1911
             ------------------------------------------------------
              (Registrant's telephone number, including area code)

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

         Indicate by check mark whether the  registrant  is a large  accelerated
filer,  an accelerated  filer,  or a  non-accelerated  filer.  See definition of
"accelerated  filer and large accelerated  filer" in Rule 12 b-2 of the Exchange
Act. (Check one):
Large accelerated filer [_]    Accelerated filer [_]   Non-accelerated filer [X]

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

         Shares  outstanding  as of February 05, 2008:  2,233,617  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
                 December 31, 2007 and June 30, 2007
                 (Unaudited)                                                  3

                 Consolidated Statement of Income
                 for the Three and Six Months Ended
                 December 31, 2007 and 2006 (Unaudited)                       4

                 Consolidated Statement of Changes in
                 Stockholders' Equity for the Six Months
                 Ended December 31, 2007 (Unaudited)                          5

                 Consolidated Statement of Cash Flows
                 for the Six Months Ended December 31,
                 2007 and 2006 (Unaudited)                                    6

                 Notes to Unaudited Consolidated
                 Financial Statements                                         8

Item 2.          Management's Discussion and Analysis of
                 Financial Condition and Results of
                 Operations for the Three and Six Months
                 Ended December 31, 2007                                     11

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 1A.         Risk Factors                                                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                                           26
Item 6.          Exhibits                                                    26
                 Signatures                                                  27


                                       2
<PAGE>
<TABLE>
<CAPTION>

                                  WVS FINANCIAL CORP. AND SUBSIDIARY
                                      CONSOLIDATED BALANCE SHEET
                                              (UNAUDITED)
                                            (In thousands)
                                                                  December 31, 2007    June 30, 2007
                                                                  -----------------   ---------------
<S>                                                                          <C>                <C>
          Assets
          ------
Cash and due from banks                                            $           660    $           630
Interest-earning demand deposits                                             1,560              2,045
                                                                   ---------------    ---------------
Total cash and cash equivalents                                              2,220              2,675
Investment securities available-for-sale (amortized cost of
   $20,464 and $8,957)                                                      20,452              8,933
Investment securities held-to-maturity (market value of
   $173,896 and $201,510)                                                  172,074            202,664
Mortgage-backed securities available-for-sale (amortized cost of
   $2,120 and $2,186)                                                        2,225              2,246
Mortgage-backed securities held-to-maturity (market value of
   $167,379 and $119,646)                                                  169,195            119,271
Net loans receivable (allowance for loan losses of $980 and
   $986)                                                                    59,749             60,350
Accrued interest receivable                                                  3,544              3,714
Federal Home Loan Bank stock, at cost                                        9,744              6,340
Premises and equipment                                                         784                813
Other assets                                                                 1,090              1,070
                                                                   ---------------    ---------------
          TOTAL ASSETS                                             $       441,077    $       408,076
                                                                   ===============    ===============

          Liabilities and Stockholders' Equity
          ------------------------------------
Liabilities:
Savings Deposits:
   Non-interest-bearing accounts                                   $        12,735    $        12,363
   NOW accounts                                                             18,588             18,741
   Savings accounts                                                         30,344             32,937
   Money market accounts                                                    21,867             20,146
   Certificates of deposit                                                  68,222             74,177
   Advance payments by borrowers for taxes and insurance                       693              1,013
                                                                   ---------------    ---------------
    Total savings deposits                                                 152,499            159,377
Federal Home Loan Bank advances: long-term                                 135,579            130,579
Federal Home Loan Bank advances: short-term                                 38,600                 --
Other borrowings                                                            72,843             82,950
Accrued interest payable                                                     1,904              1,669
Other liabilities                                                            7,955              2,208
                                                                   ---------------    ---------------
     TOTAL LIABILITIES                                             $       409,330    $       376,783
                                                                   ---------------    ---------------

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;
   3,803,430 and 3,790,336 shares issued                                        38                 38
Additional paid-in capital                                                  21,346             21,137
Treasury stock: 1,540,617 and 1,471,481 shares at cost,
    respectively                                                           (23,422)           (22,286)
Retained earnings, substantially restricted                                 33,725             32,382
Accumulated other comprehensive income                                          61                 23
Unallocated shares - Recognition and Retention Plans                            (1)                (1)
                                                                   ---------------    ---------------
     TOTAL STOCKHOLDERS' EQUITY                                    $        31,747    $        31,293
                                                                   ---------------    ---------------
          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY               $       441,077    $       408,076
                                                                   ===============    ===============

                See accompanying notes to unaudited consolidated financial statements.

                                                  3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

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

                                                   Three Months Ended           Six Months Ended
                                                      December 31,                December 31,
                                               -------------------------   -------------------------
                                                   2007          2006          2007           2006
                                               -----------   -----------   -----------    -----------
<S>                                                  <C>           <C>           <C>            <C>
INTEREST AND DIVIDEND INCOME:
     Loans                                     $     1,107   $     1,046   $     2,231    $     2,098
     Investment securities                           2,969         2,860         6,352          5,426
     Mortgage-backed securities                      2,294         2,257         4,227          4,656
     Interest-earning deposits with other
         institutions                                   --             1             2              5
     Federal Home Loan Bank stock                      127            66           223            163
                                               -----------   -----------   -----------    -----------
          Total interest and dividend income         6,497         6,230        13,035         12,348
                                               -----------   -----------   -----------    -----------

INTEREST EXPENSE:
     Deposits                                        1,056         1,047         2,194          2,015
     Federal Home Loan Bank advances                 2,401         2,195         4,760          4,103
     Other short-term borrowings                       708         1,080         1,445          2,242
                                               -----------   -----------   -----------    -----------
          Total interest expense                     4,165         4,322         8,399          8,360
                                               -----------   -----------   -----------    -----------

NET INTEREST INCOME                                  2,332         1,908         4,636          3,988
PROVISION (RECOVERY) FOR LOAN LOSSES                    11            --            (6)            (9)
                                               -----------   -----------   -----------    -----------
NET INTEREST INCOME AFTER PROVISION
   (RECOVERY) FOR LOAN LOSSES                        2,321         1,908         4,642          3,997
                                               -----------   -----------   -----------    -----------

NON-INTEREST INCOME:
     Service charges on deposits                        83            93           169            181
     Investment securities gains                        --            --             1             --
     Other                                              62            68           131            132
                                               -----------   -----------   -----------    -----------
          Total non-interest income                    145           161           301            313
                                               -----------   -----------   -----------    -----------

NON-INTEREST EXPENSE:
     Salaries and employee benefits                    517           494         1,025            984
     Occupancy and equipment                            87           103           175            194
     Data processing                                    65            64           127            127
     Correspondent bank service charges                 24            27            50             65
     Other                                             262           202           519            422
                                               -----------   -----------   -----------    -----------
          Total non-interest expense                   955           890         1,896          1,792
                                               -----------   -----------   -----------    -----------

INCOME BEFORE INCOME TAXES                           1,511         1,179         3,047          2,518
INCOME TAXES                                           463           342           975            776
                                               -----------   -----------   -----------    -----------
NET INCOME                                     $     1,048   $       837   $     2,072    $     1,742
                                               ===========   ===========   ===========    ===========

EARNINGS PER SHARE:
     Basic                                     $      0.46   $      0.36   $      0.91    $      0.75
     Diluted                                   $      0.46   $      0.36   $      0.91    $      0.75

AVERAGE SHARES OUTSTANDING:
     Basic                                       2,261,544     2,310,596     2,272,527      2,318,890
     Diluted                                     2,261,783     2,312,838     2,273,084      2,320,980


                See accompanying notes to unaudited consolidated financial statements.


                                                  4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                                                 WVS FINANCIAL CORP. AND SUBSIDIARY
                                      CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                                                             (UNAUDITED)
                                                           (In thousands)
                                                                                         Accumulated
                                                                           Retained         Other
                                               Additional                  Earnings        Compre-     Unallocated
                                 Common         Paid-In      Treasury    Substantially     hensive     Shares Held
                                  Stock         Capital        Stock       Restricted       Income        by RRP          Total
                               ------------  ------------  ------------   -------------  ------------  ------------   ------------
<S>                            <C>           <C>           <C>            <C>            <C>           <C>            <C>
Balance at June 30, 2007       $         38  $     21,137  $    (22,286)  $      32,382  $         23  $         (1)  $     31,293

Comprehensive income:

   Net Income                                                                     2,072                                      2,072
   Other comprehensive
     income:
      Change in unrealized
          holding gains on
          securities, net of
          income tax effect
          of $20                                                                                   38                           38
                                                                                                                      ------------

Comprehensive income                                                                                                         2,110

Purchase of 69,136 shares for
   treasury stock                                                (1,136)                                                    (1,136)


Accrued compensation
   expense for Recognition
   and Retention Plans (RRP)                                                                                     --             --

Exercise of 13,094 stock options         --           205                                                                      205

Cash dividends declared
   ($0.32 per share)                                                               (729)                                      (729)
Other                                                   4                                                                        4
                               ------------  ------------  ------------   -------------  ------------  ------------   ------------

Balance at Dec. 31, 2007       $         38  $     21,346  $    (23,422)  $      33,725  $         61  $         (1)  $     31,747
                               ============  ============  ============   =============  ============  ============   ============


                               See accompanying notes to unaudited consolidated financial statements.


                                                                 5
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

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

                                                                              Six Months Ended
                                                                                December 31,
                                                                            --------------------
                                                                              2007        2006
                                                                            --------    --------
<S>                                                                              <C>        <C>
OPERATING ACTIVITIES

Net income                                                                  $  2,072    $  1,742
Adjustments to reconcile net income to cash provided by operating
 activities:
   Recovery for loan losses                                                       (6)         (9)
   Depreciation                                                                   65          70
   Investment securities gains                                                    (1)         --
   Amortization of discounts, premiums and deferred loan fees                   (135)        (86)
   Accretion of discounts - commercial paper                                    (494)         (7)
   Increase (decrease) in accrued and deferred taxes                               8        (138)
  Decrease (increase) in accrued interest receivable                             170        (730)
   Increase in accrued interest payable                                          235         316
   Other, net                                                                     43         138
                                                                            --------    --------
         Net cash provided by operating activities                             1,957       1,296
                                                                            --------    --------

INVESTING ACTIVITIES

Available-for-sale:
   Purchases of investments securities                                       (85,398)         --
   Proceeds from repayments of investments and mortgage-backed securities     74,412       8,019
   Proceeds from sale of mortgage-backed securities                               49          --
Held-to-maturity:
   Purchases of investments                                                  (34,050)    (65,710)
   Purchases of mortgage-backed securities                                   (54,373)     (4,998)
   Proceeds from repayments of investments                                    64,722      47,563
   Proceeds from repayments of mortgage-backed securities                      9,286      22,123
   Proceeds from sale of investments and mortgage-backed securities              216          --
Decrease (increase) in net loans receivable                                      595      (1,788)
Purchase of Federal Home Loan Bank stock                                     (12,245)     (3,936)
Redemption of Federal Home Loan Bank stock                                     8,841       5,218
Acquisition of premises and equipment                                            (36)        (51)
Other, net                                                                        --          --
                                                                            --------    --------
         Net cash provided by (used for) investing activities                (27,981)      6,440
                                                                            --------    --------


                                                6
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

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

                                                                          Six Months Ended
                                                                            December 31,
                                                                        --------------------
                                                                          2007        2006
                                                                        --------    --------
<S>                                                                      <C>          <C>
FINANCING ACTIVITIES

Net increase (decrease) in transaction and savings accounts                   11      (1,169)
Net (decrease) increase in certificates of deposit                        (5,955)      7,513
Net increase (decrease) in FHLB short-term advances                       38,600     (23,150)
Net (decrease) increase in other borrowings                              (10,107)     16,852
Proceeds from Federal Home Loan Bank long-term advances                   10,000          --
Repayments of Federal Home Loan Bank long-term advances                   (5,000)     (5,000)
Net decrease in advance payments by borrowers for taxes and insurance       (320)       (396)
Cash dividends paid                                                         (729)       (742)
Funds used for purchase of treasury stock                                 (1,136)       (419)
Net proceeds from exercise of stock options                                  205          --
                                                                        --------    --------
         Net cash provided by (used for) financing activities             25,569      (6,511)
                                                                        --------    --------

         (Decrease) increase in cash and cash equivalents                   (455)      1,225

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD                       2,675       1,196
                                                                        --------    --------

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD                          $  2,220    $  2,421
                                                                        ========    ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

   Cash paid during the period for:
      Interest on deposits, escrows and borrowings                      $  8,164    $  8,044
      Income taxes                                                      $    980    $    920
   Non cash items:
      Unfunded Security Commitment                                      $  5,004          --
      Due to Federal Reserve Bank                                       $  1,260    $    935
      Educational Improvement Tax Credit                                $    135    $     42



           See accompanying notes to unaudited consolidated financial statements.


                                              7
</TABLE>
<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 six months ended December 31, 2007, are
not  necessarily  indicative of the results which may be expected for the entire
fiscal year.

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

         In  September   2006,   the  FASB  issued  FAS  No.  157,   Fair  Value
Measurements,  which provides  enhanced guidance for using fair value to measure
assets and liabilities. The standard applies whenever other standards require or
permit assets or liabilities to be measured at fair value. The Standard does not
expand the use of fair value in any new circumstances.  FAS No. 157 is effective
for financial  statements  issued for fiscal years  beginning after November 15,
2007 and interim periods within those fiscal years. Early adoption is permitted.
The adoption of this  standard is not expected to have a material  effect on the
Company's results of operations or financial position.

         In December 2007, the FASB issued FAS No. 141 (revised 2007),  Business
Combinations ("FAS 141(R)"),  which establishes  principles and requirements for
how an  acquirer  recognizes  and  measures  in  its  financial  statements  the
identifiable assets acquired,  the liabilities  assumed,  and any noncontrolling
interest in an acquiree,  including the  recognition and measurement of goodwill
acquired in a business combination. FAS No. 141(R) is effective for fiscal years
beginning on or after December 15, 2008.  Earlier  adoption is  prohibited.  The
adoption  of this  standard  is not  expected  to have a material  effect on the
Company's results of operations or financial position.

         In December 2007, the FASB issued FAS No. 160, Noncontrolling Interests
in Consolidated  Financial Statements -- an amendment of ARB No. 51. FAS No. 160
amends  ARB No. 51 to  establish  accounting  and  reporting  standards  for the
noncontrolling  interest  in a  subsidiary  and  for  the  deconsolidation  of a
subsidiary.  It clarifies that a noncontrolling interest in a subsidiary,  which
is sometimes referred to as minority  interest,  is an ownership interest in the
consolidated  entity  that  should be  reported  as  equity in the  consolidated
financial  statements.   Among  other  requirements,   this  statement  requires
consolidated  net income to be  reported  at amounts  that  include  the amounts
attributable  to both  the  parent  and  the  noncontrolling  interest.  It also
requires  disclosure,  on the face of the consolidated income statement,  of the
amounts  of  consolidated  net  income  attributable  to the  parent  and to the
noncontrolling  interest. FAS No. 160 is effective for fiscal years beginning on
or after December 15, 2008. Earlier adoption is prohibited. The adoption of this
standard is not expected to have a material  effect on the Company's  results of
operations or financial position.

                                       8
<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           Six Months Ended
                                              December 31,                December 31,
                                        ------------------------    ------------------------
                                           2007          2006          2007          2006
                                        ----------    ----------    ----------    ----------
<S>                                      <C>           <C>           <C>           <C>
Weighted average common shares
   outstanding                           3,796,861     3,769,838     3,793,599     3,769,838

Average treasury stock shares           (1,535,317)   (1,459,242)   (1,521,072)   (1,450,948)
                                        ----------    ----------    ----------    ----------
Weighted average common shares
   and common stock equivalents
   used to calculate basic earnings
   per share                             2,261,544     2,310,596     2,272,527     2,318,890

Additional common stock
   equivalents (stock options) used
   to calculate diluted earnings per
   share                                       239         2,242           557         2,090
                                        ----------    ----------    ----------    ----------

Weighted average common shares
   and common stock equivalents
   used to calculate diluted earnings
   per share                             2,261,783     2,312,838     2,273,084     2,320,980
                                        ==========    ==========    ==========    ==========
</TABLE>

         All options at December 31, 2007 and December 31, 2006 were included in
the computation of diluted earnings per share.

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

         The Company  accounts for  stock-based  compensation in accordance with
Financial  Accounting  Standard (FAS) No. 123R.  FAS 123R requires  compensation
costs  related to  share-based  payment  transactions  to be  recognized  in the
financial statements (with limited exceptions).  The amount of compensation cost
is  measured  based on the  grant-date  fair  value of the  equity or  liability
instruments  issued.  Compensation  cost is  recognized  over the period that an
employee  provides  service in exchange for the award.  The Company did not have
any non-vested stock options  outstanding  during the periods ended December 31,
2007 and 2006.  There were no options  issued during the periods ended  December
31, 2007 and 2006.

                                       9
<PAGE>

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

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

<TABLE>
<CAPTION>
                                       Three Months Ended                    Six Months Ended
                                          December 31,                         December 31,
                               ---------------------------------    ---------------------------------
                                     2007              2006               2007               2006
                               ---------------   ---------------    ---------------   ---------------
                                                       (Dollars in Thousands)
<S>                            <C>       <C>     <C>       <C>       <C>      <C>      <C>       <C>
Net income                              $1,048            $  837             $2,072            $1,742
Other comprehensive
  income (loss):
     Unrealized gains
     (losses) on
     available for sale        $   14            $  (17)            $   59            $   18
     securities

       Less:
         Reclassification
         adjustment for gain
         included in net
         income                    --                --                 (1)               --
                               ------   ------   ------   ------    ------   ------   ------   ------
Other comprehensive
  gain (loss)  before tax                   14               (17)                58                18
Income tax (benefit)
expense related to other
comprehensive income                         5                (6)                20                 6
(loss)                                  ------            ------             ------            ------
Other comprehensive gain
  (loss), net of tax                         9               (11)                38                12
                                        ------            ------             ------            ------
Comprehensive income                    $1,057            $  826             $2,110            $1,754
                                        ======            ======             ======            ======
</TABLE>



                                       10
<PAGE>

ITEM 2.

MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2007

FORWARD LOOKING STATEMENTS

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

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

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

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

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

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

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

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

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

         o  acquisitions  may result in  one-time  charges  to  income,  may not
            produce  revenue  enhancements  or cost  savings at levels or within
            time  frames  originally  anticipated  and may result in  unforeseen
            integration difficulties; and

                                       11
<PAGE>

         o  acts or threats of terrorism  and actions taken by the United States
            or other governments as a result of such acts or threats,  including
            possible  military action,  could further  adversely affect business
            and economic  conditions in the United  States  generally and in our
            principal  markets,  which  could  have  an  adverse  effect  on our
            financial performance and that of our borrowers and on the financial
            markets and the price of our common stock.

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


GENERAL

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

         West View Savings Bank is a Pennsylvania-chartered,  FDIC-insured stock
savings bank conducting  business from six offices in the North Hills suburbs of
Pittsburgh.  The  Savings  Bank  converted  to the stock  form of  ownership  in
November 1993. The Savings Bank had no subsidiaries at December 31, 2007.

         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  $441.1 million at December 31, 2007, as
compared to $408.1  million at June 30, 2007. The $33.0 million or 8.1% increase
in total assets was primarily  comprised of a $49.9 million or 41.1% increase in
mortgage-backed  securities,  an $11.5 million or 128.9% increase in investments
securities  available  for sale and a $3.4 million or 53.7%  increase in Federal
Home Loan Bank ("FHLB") stock, which were partially offset by a $30.6 million or
15.1% decrease in investment  securities - held to maturity,  a $601 thousand or
1.0% decrease in net loans receivable, a $455 thousand or 17.0% decrease in cash
and cash  equivalents  and a $170 thousand or 4.6% decrease in accrued  interest
receivable.   The  increase  in   mortgage-backed   securities   was   primarily
attributable to purchases of U.S. Government agency floating rate collateralized
mortgage obligations. The increase in investment securities - available for sale
was comprised of purchases of short-term  investment grade commercial paper. The
increase in FHLB stock was  attributable to higher levels of FHLB borrowings and
associated  FHLB  stock  purchase  requirements.   The  decrease  in  investment
securities - held to maturity is attributable to calls of fixed to floating rate
and  step-up  U.S.  Government  agency  bonds  which  were  partially  offset by
purchases  of  investment  grade  corporate  bonds.  See  "Asset  and  Liability
Management".

         The  Company's  total  liabilities  increased  $32.5 million or 8.6% to
$409.3  million as of December 31, 2007 from $376.8 million as of June 30, 2007.
The $32.5 million  increase in total  liabilities  was primarily  comprised of a
$38.6 million or 100.0% increase in short-term FHLB advances,  a $5.7 million or
260.3%  increase  in other  liabilities,  a $5.0  million  or 3.8%  increase  in
long-term  FHLB  advances  and a $235  thousand  or 14.1%  increase  in  accrued
interest  payable,  which  were  partially  offset by a $10.1  million  or 12.2%
decrease in other  short-term  borrowings and a $6.9 million or 4.3% decrease in
total savings  deposits.  The respective  changes in short-term  borrowings were
primarily  due to more  competitive  FHLB pricing in contrast to the  short-term
repurchase  agreement  market.  Certificates of deposit  decreased $6.0 million,

                                       12
<PAGE>

savings  accounts  decreased $2.6 million and advance  payments by borrowers for
taxes and  insurance  decreased  $320  thousand,  while  money  market  accounts
increased $1.7 million and demand deposits increased $219 thousand. The decrease
in  certificates  of deposits was primarily due to the maturity of accounts held
by local governments.  The change in other liabilities is primarily attributable
to $5.0 million of U.S. Government agency  mortgage-backed  securities purchased
pending settlement. Management believes that the changes in savings accounts and
advance   payments  by  borrowers  for  taxes  and  insurance   were   primarily
attributable to seasonal payments of local and school real estate taxes.

         Total  stockholders'  equity  increased  $454 thousand or 1.5% to $31.7
million as of December 31, 2007, from approximately $31.3 million as of June 30,
2007.  Capital  expenditures for the Company's stock repurchase program and cash
dividends totaled $1.1 million and $729 thousand,  respectively, which were more
than  offset  by net  income  of  $2.1  million,  a $209  thousand  increase  in
additional  paid in capital  primarily  from the exercise of stock options and a
$38 thousand  increase in  accumulated  other  comprehensive  income for the six
months ended December 31, 2007.


RESULTS OF OPERATIONS

         General.  WVS  reported  net income of $1.0  million  or $0.46  diluted
earnings per share and $2.1 million or $0.91 diluted  earnings per share for the
three and six months ended December 31, 2007, respectively. Net income increased
by $211  thousand or 25.2% and diluted  earnings  per share  increased  $0.10 or
27.8% for the three months ended  December 31, 2007,  when  compared to the same
period in 2006. The increase in net income was primarily  attributable to a $424
thousand  increase in net interest income,  which was partially offset by a $121
thousand increase in income tax expense, a $65 thousand increase in non-interest
expense,  a $16  thousand  decrease in  non-interest  income and an $11 thousand
increase in the provision for loan losses. For the six months ended December 31,
2007, net income increased $330 thousand or 18.9% and diluted earnings per share
increased  $0.16 or 21.3% when compared to the same period in 2006. The increase
for the six month period was primarily the result of a $648 thousand increase in
net interest income,  which was partially offset by a $199 thousand  increase in
income tax expense,  a $104 thousand  increase in  non-interest  expense,  a $12
thousand  decrease  in  non-interest  income  and  a  $3  thousand  decrease  in
recoveries for loan losses.

         Net Interest  Income.  The Company's net interest  income  increased by
$424  thousand or 22.2% and $648  thousand or 16.2% for the three and six months
ended   December  31,  2007,   when  compared  to  the  same  periods  in  2006.
Approximately $399 thousand or 94.1% and $588 thousand or 90.7% of the increases
in net  interest  income for the three and six months  ended  December 31, 2007,
respectively,  can be attributed to the impact of changing market interest rates
on interest earning assets and interest bearing  liabilities.  The remaining $25
thousand or 5.9% and $60 thousand or 9.3%  increase in net  interest  income for
the  three  and  six  months  ended  December  31,  2007,  respectively,  can be
attributed  to changes in the average  balances of  interest-earning  assets and
interest-bearing liabilities.

         During the six months ended  December 31, 2007, the Federal Open Market
Committee (FOMC) reduced its targeted federal funds level from 5.25% at June 30,
2007 to 4.25% at December 31, 2007.  During the three months ending December 31,
2007 the Company also  observed a marked  upward  deviation  in the  three-month
LIBOR as compared to the U.S. federal funds rate. Market participants attributed
this upward  deviation  to liquidity  imbalances  in LIBOR  markets.  During the
latter part of the three months ended December 31, 2007 the Federal  Reserve and
various European central banks began to co-ordinate open market  operations with
the goal of  reducing  the LIBOR and fed funds  spread.  During  this  anomalous
period the Company  benefited by earning a higher than anticipated  yield on its
LIBOR  floating rate CMO  portfolio,  while  enjoying  lower costs of short-term
funding. See also Asset and Liability Management.

         Interest Income.  Interest on investment  securities  increased by $109
thousand or 3.8% and $926  thousand or 17.1% for the three and six months  ended
December 31, 2007, respectively,  when compared to the same periods in 2006. The
increase for the three months ended December 31, 2007 was  attributable  to a 51
basis point  increase in the  weighted  average  yield  earned on the  Company's
investment securities, which was partially offset by a $10.3 million decrease in
the  average  balance of the  Company's  investment  securities  portfolio.  The

                                       13
<PAGE>

increase for the six months ended  December  31, 2007 was  attributable  to a 46
basis point  increase in the  weighted  average  yield  earned on the  Company's
investment securities and a $15.2 million increase in the average balance of the
Company's investment securities  portfolio.  The decrease in average balances of
investment  securities  for  the  three  months  ended  December  31,  2007  was
associated with issuer calls of U.S.  Government  Agency  securities,  while the
increase in average balances for the six months ended December 31, 2007 reflects
higher  holdings of  investment  securities  when compared to the same period in
2006.

         Interest on net loans  receivable  increased  $61  thousand or 5.8% and
$133  thousand or 6.3% for the three and six months  ended  December  31,  2007,
respectively,  when  compared to the same periods in 2006.  The increase for the
three months ended December 31, 2007 was primarily  attributable  to an increase
of $2.1 million in the average balance of net loans  receivable  outstanding and
an increase of 16 basis points in the weighted average yield earned on net loans
receivable  for the three months ended  December 31, 2007,  when compared to the
same period in 2006. The increase for the six months ended December 31, 2007 was
attributable  to a $2.4  million  increase in the  average  balance of net loans
receivable  outstanding  and an  increase  of 15 basis  points  in the  weighted
average yield earned on net loans  receivable,  when compared to the same period
in 2006. The increase in the average loan balance  outstanding for the three and
six months ended December 31, 2007 was  attributable in part to increases in new
loan originations among  construction and commercial loan products.  The Company
has  limited  its  portfolio  origination  of  longer-term  fixed  rate loans to
mitigate  its  exposure to a rise in market  interest  rates.  The Company  will
continue to originate  longer-term  fixed rate loans for sale on a correspondent
basis to increase non-interest income and to contribute to net income.

         Interest on mortgage-backed  securities  increased $37 thousand or 1.6%
and decreased  $429 thousand or 9.2% for the three and six months ended December
31, 2007, respectively,  when compared to the same periods in 2006. The increase
for the three months ended  December 31, 2007 was  primarily  attributable  to a
$9.8  million  increase in the  average  balance of  mortgage-backed  securities
outstanding  for the  period,  which was  partially  offset by a 30 basis  point
decrease in the average yield earned on mortgage-backed  securities  outstanding
for the three months ended December 31, 2007 when compared to the same period in
2006. The decrease for the six months ended December 31, 2007, was  attributable
to a $11.1 million decrease in the average balance of mortgage-backed securities
outstanding for the period and a 12 basis point decrease in the weighted average
yield earned on mortgage-backed securities for the six months ended December 31,
2007,  when  compared to the same period in 2006.  The  decrease in the weighted
average yield earned on  mortgage-backed  securities was  consistent  with lower
market  interest rates for the three and six months ended December 31, 2007. The
increase in the average balances of mortgage-backed  securities during the three
months  ended  December  31, 2007 was  primarily  attributable  to  purchases of
floating rate  mortgage-backed  securities during the period, while the decrease
in average  balances  of  mortgage-backed  securities  for the six months  ended
December 31, 2007 reflects  lower  balances held during the period when compared
to the same period in 2006. All mortgage-backed securities purchased during both
periods were guaranteed by agencies of the U.S. government.

         Dividends  on FHLB  stock  increased  $61  thousand  or  92.4%  and $60
thousand  or 36.8%  for the  three  and six  months  ended  December  31,  2007,
respectively,  when  compared to the same periods in 2006.  The increase for the
three  months  ended  December  31, 2007 was  attributable  to a 188 basis point
increase in the yield earned on FHLB stock held and a $1.9  million  increase in
the average  balance of FHLB stock when compared to the same period in 2006. The
increase for the six months ended December 31, 2007 was  attributable  to a $1.7
million  increase in the average balance of FHLB stock held and a 45 basis point
increase in the  average  yield  earned on FHLB stock held when  compared to the
same  period in 2006.  The  increase  in  average  balances  of FHLB  stock held
resulted from higher levels of FHLB borrowings which  necessitated  purchases of
the stock.

         Interest  Expense.  Interest  paid  on  FHLB  advances  increased  $206
thousand or 9.4% and $657  thousand or 16.0% for the three and six months  ended
December 31, 2007, respectively,  when compared to the same periods in 2006. The
increase  for the three months ended  December  31, 2007 was  attributable  to a
$20.4 million increase in the average balance of FHLB short-term  advances and a
$2.0 million increase in the average balance of FHLB long-term  advances,  which
were  partially  offset  by a 62 basis  point  decrease  in  rates  paid on FHLB

                                       14
<PAGE>

short-term advances and a 8 basis point decrease in rates paid on FHLB long-term
advances  when  compared to the same period in 2006.  The  increase  for the six
months ended December 31, 2007 was attributable to $29.3 million increase in the
average  balances of FHLB short-term  advances which was partially offset by a 7
basis point  decrease in rates paid on FHLB  long-term  advances  and a 42 basis
point decrease in rates paid on FHLB short-term  advances.  The increases in the
average balances of FHLB short-term  advances were primarily used to repay other
short-term  borrowings,  while the  decreases in rates paid reflect  decrease in
lower short-term market interest rates.

         Interest paid on other borrowings  decreased $372 thousand or 34.4% and
$797  thousand or 35.6% for the three and six months  ended  December  31, 2007,
respectively,  when  compared to the same periods in 2006.  The decrease for the
three  months  ended  December  31,  2007 was  attributable  to a $19.2  million
decrease  in the  average  balances  of other  borrowings  and a 73 basis  point
decrease in rates paid for the period.  The  decrease  for the six months  ended
December 31, 2007 was attributable to a $24.9 decrease in the average balance of
other borrowings and a 41 basis point decrease in rates paid for the period. The
decrease  in rates paid was  consistent  with  decreases  in  short-term  market
interest  rates.  The  decrease  in  average  balances  of other  borrowings  is
attributable to more favorable short-term borrowing rates offered by the FHLB.

         Interest expense on deposits and escrows  increased $9 thousand or 0.9%
and $179 thousand or 8.9% for the three and six months ended  December 31, 2007,
respectively,  when  compared  to the same  periods  in 2006.  The  increase  in
interest  expense on deposits for the three  months ended  December 31, 2007 was
primarily  attributable  to a $5.3  million  increase in the average  balance of
money markets and a 13 basis point increase in the weighted average rate paid on
certificates of deposit which were partially  offset by a $4.4 million  decrease
in the average  balance of time deposits for the three months ended December 31,
2007,  when compared to the same period in 2006. The increase for the six months
ended December 31, 2007 was primarily  attributable to a 31 basis point increase
in the weighted  average rates paid on time deposits and a $4.2 million increase
in the average balance of money markets,  which were partially  offset by a $3.7
million  decrease in the average balance of savings  accounts,  when compared to
the same period in 2006. The average yield paid on time deposits reflects higher
market  interest  rates for the three and six months  ended  December  31, 2007,
while the decrease in average balances of time deposits  reflects  maturities of
time deposits for local governments.

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

         The Company  recorded a provision  for loan losses of $11  thousand for
the three months  ended  December  31, 2007  compared to no  provision  for loan
losses for the same period in 2006. The $11 thousand increase during the quarter
ended  December  31,  2007  was  primarily  due to  slightly  higher  levels  of
non-accrual  loans.  For the six months ended  December  31,  2007,  the Company
recorded a recovery of $6 thousand compared to a recovery of $9 thousand for the
same period in 2006.  At December 31, 2007,  the Company's  total  allowance for
loan  losses  amounted  to $980  thousand  or 1.6% of the  Company's  total loan
portfolio, as compared to $986 thousand or 1.6% at June 30, 2007.

         Non-Interest  Income.  Non-interest income decreased by $16 thousand or
9.9% and $12  thousand or 3.8% for the three and six months  ended  December 31,
2007,  respectively,  when  compared to the same periods in 2006.  The decreases
were  primarily  attributable  to lower  levels of  service  charges  on deposit
accounts.

         Non-Interest  Expense.  Non-interest  expense increased $65 thousand or
7.3% and $104  thousand or 5.8% for the three and six months ended  December 31,
2007, respectively,  when compared to the same periods in 2006. The increase for
the three months ended December 31, 2007 was  principally  attributable to a $65
thousand  increase in charitable  contributions  eligible for  Pennsylvania  Tax
credits and a $23 thousand increase in payroll and benefit related costs,  which
were  partially  offset by a $16 thousand  decrease in occupancy  and  equipment

                                       15
<PAGE>

costs when compared to the same period in 2006.  The increase for the six months
ended December 31, 2007 was primarily  attributable to a $105 thousand  increase
in  contributions  eligible  for  Pennsylvania  Tax credits  and a $41  thousand
increase in payroll and benefit  related costs which were partially  offset by a
$19  thousand  decrease in  occupancy  and  equipment  costs and a $15  thousand
decrease in correspondent  bank service charges when compared to the same period
in 2006.

         Income Tax Expense. Income tax expense increased $121 thousand or 35.4%
and $199 thousand or 25.6% for the three and six months ended December 31, 2007,
respectively,  when  compared to the same periods in 2006.  The  increases  were
primarily attributable to an increased level of taxable income for the three and
six months ended December 31, 2007 when compared to the same period in 2006.

LIQUIDITY AND CAPITAL RESOURCES

         Net cash provided by operating  activities  totaled $2.0 million during
the six  months  ended  December  31,  2007.  Net  cash  provided  by  operating
activities  was  primarily  comprised  of $2.1  million  of net  income,  a $235
thousand  increase in accrued interest  payable,  and a $170 decrease in accrued
interest receivable which were partially offset by $494 thousand in accretion of
discounts on  commercial  paper,  $135  thousand in  amortization  of discounts,
premiums and deferred loan fees, and $65 thousand in fixed asset depreciation.

         Funds used for investing  activities  totaled $28.0 million  during the
six months ended December 31, 2007.  Primary uses of funds during the six months
ended  December 31, 2007,  included  purchases  of  investment,  mortgage-backed
securities  and FHLB stock  totaling  $119.4  million,  $54.4  million and $12.2
million, respectively,  which were partially offset by maturities and repayments
of  investments,  mortgage-backed  securities  and FHLB  stock  totaling  $139.2
million, $9.3 million and $8.8 million,  respectively,  a $595 thousand decrease
in net  loans  receivable  and $265  thousand  from the sale of  mortgage-backed
securities. Short-term investment grade commercial paper purchases totaled $85.4
million; and maturities of short-term commercial paper totaled $80.6 million.

         Funds  provided by financing  activities  totaled $25.6 million for the
six months ended December 31, 2007. The primary sources included a $38.6 million
increase in short-term  FHLB  advances and a $5.0 million  increase in long-term
FHLB advances which were partially  offset by a $10.1 million  decrease in other
short-term  borrowings,  a $6.9 million  decrease in  deposits,  $1.1 million in
treasury  stock  purchases  and  $729  thousand  in cash  dividends  paid on the
Company's  common stock.  The shift in borrowed funds reflects lower  short-term
rates available through the Federal Home Loan Bank. The $6.9 million decrease in
total deposits  consisted of a $6.0 million decrease in time deposits  primarily
due to the  maturity  of cash  management  time  deposits  held by local  county
governments,  a $2.6 million decrease in passbook accounts,  and a $320 decrease
in mortgage  escrow  accounts,  which were  partially  offset by a $1.7  million
increase  in money  market  deposits  and a $219  thousand  increase  in  demand
deposits. The decreases in passbook and escrow accounts are due primarily to the
payments of local property taxes by and for customers.  Management believes that
it currently is  maintaining  adequate  liquidity and continues to match funding
sources with lending and investment opportunities.

         The  Company's  primary  sources of funds are  deposits,  amortization,
repayments  and  maturities of existing  loans,  mortgage-backed  securities and
investment  securities,  funds from operations,  and funds obtained through FHLB
advances  and other  borrowings.  At December  31,  2007,  total  approved  loan
commitments  outstanding  amounted to  approximately  $22 thousand.  At the same
date,  commitments under unused lines of credit amounted to $5.7 million and the
unadvanced   portion  of   construction   loans   approximated   $12.5  million.
Certificates of deposit  scheduled to mature in one year or less at December 31,
2007 totaled $55.0 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

                                       16
<PAGE>

Credit  Program.  Management  believes  that the Company  currently has adequate
liquidity available to respond to liquidity demands.

         On January 28, 2008, the Company's  Board of Directors  declared a cash
dividend of $0.16 per share payable February 21, 2008, to shareholders of record
at the close of  business  on  February  11,  2008.  Dividends  are  subject  to
determination and declaration by the Board of Directors, which take into account
the  Company's  financial  condition,  statutory  and  regulatory  restrictions,
general  economic  conditions and other factors.  There can be no assurance that
dividends will in fact be paid on the Common Stock in future periods or that, if
paid, such dividends will not be reduced or eliminated.

         As of December 31, 2007,  WVS Financial  Corp.  exceeded all regulatory
capital requirements and maintained Tier I and total risk-based capital equal to
$31.7  million  or 20.1% and $32.7  million  or  20.7%,  respectively,  of total
risk-weighted  assets,  and Tier I leverage capital of $31.7 million or 7.42% 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  December  31,  2007  totaled
approximately  $1.5  million or 0.3% of total assets as compared to $1.2 million
or 0.3% of total assets at June 30, 2007.  Nonperforming  assets at December 31,
2007 consisted of: one commercial  real estate loan totaling $972 thousand,  one
speculative  construction loan totaling $354 thousand,  two  single-family  real
estate loans totaling $137 thousand,  one single-family  real estate junior lien
totaling $26 thousand, two home equity lines of credit totaling $17 thousand and
one unsecured  line of credit  totaling $3 thousand.  These loans are in various
stages of collection activity.

         The $304  thousand  increase  in  nonperforming  assets  during the six
months   ended   December   31,   2007  was   primarily   attributable   to  the
reclassification to non-performing of a $354 thousand  speculative  construction
loan, a $26 thousand  single-family  real estate junior lien,  and a $3 thousand
unsecured line of credit which was partially offset by the reclassification of a
$76 thousand  single-family real estate loan from  non-performing to performing,
the sale of the  single-family  real estate owned  property with a book value of
approximately $2 thousand, and paydowns on non-performing loans of approximately
$1 thousand.

         At December 31, 2007, the Company had one previously  restructured  and
non-performing  commercial  real estate loan to a retirement  village located in
the North Hills totaling $972 thousand. The Savings Bank's outstanding principal
balance  totaled  $2.0  million  at June 30,  2003.  During  the  quarter  ended
September 30, 2003,  the Savings Bank  redeemed  $388 thousand of  participating
interests.  During the quarter  ended  December 31, 2003,  the Bank sold a forty
percent participating interest to another financial institution at par resulting
in proceeds  totaling $979 thousand.  The Savings Bank's  outstanding  principal
balance  totaled  $972  thousand at June 30,  2007.  The  Company  had  recorded
interest  received on this credit on a cost recovery  basis until  September 30,
2003 when it began to  recognize  interest  income.  During the six months ended
December 31, 2007 the Company  received and  recognized $16 thousand of interest
income. The Company anticipates work-out  negotiations on this credit during the
next fiscal quarter.  At this time, the Company cannot predict the final form or
outcome of the work-out negotiations.

         At December 31, 2007, the Company had one previously  restructured loan
secured  by   undeveloped   land  totaling  $328  thousand  and  one  previously
restructured  unsecured loan totaling $27 thousand to two borrowers.  During the
fourth  quarter of fiscal 2004,  the  Bankruptcy  Court approved a secured claim
totaling $440 thousand and an unsecured  claim  totaling $76 thousand be paid in
accordance  with a Bankruptcy  Plan of  Reorganization.  All Court  ordered plan
payments have been received in a timely  manner.  In accordance  with  generally
accepted  accounting  principles,  the Company had  recorded  interest  payments
received  on a cost  recovery  basis  until June 30,  2006 and is now  recording
interest income.

                                       17
<PAGE>

         During  the six months  ended  December  31,  2007,  approximately  $34
thousand of interest income would have been recorded on loans accounted for on a
non-accrual  basis if such loans had been current according to the original loan
agreements  for the  entire  period.  These  amounts  were not  included  in the
Company's  interest  income for the six months  ended  December  31,  2007.  The
Company  continues to work with the borrowers in an attempt to cure the defaults
and is also pursuing various legal avenues in order to collect on these loans.


ITEM 3.


QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ASSET AND LIABILITY MANAGEMENT

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

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

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

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

         During the three months  ending  December 31, 2007,  FOMC  participants
generally noted that incoming  information  pointed to a somewhat weaker outlook
for  consumer  spending.  The decline in housing  had  steepened,  and  consumer
outlays appeared to be softening more than anticipated,  perhaps indicating some
spill over from the housing correction to other components of consumer spending.
These  developments,  together with renewed  strains in the  financial  markets,
suggested  that  growth  in late  2007 and  during  2008 was  likely  to be more
sluggish than FOMC participants had previously anticipated.

                                       18
<PAGE>

         FOMC  participants  discussed in detail at their  December 2007 meeting
the  resurgence  of stresses in financial  markets in November.  Performance  of
mortgage-related assets deteriorated further,  potentially increasing the losses
being  borne by a number of major  financial  firms.  Heightened  worries  about
counterparty  credit risk,  balance sheet  constraints  and liquidity  pressures
affected  interbank funding markets and commercial paper markets,  where spreads
over risk-free rates were, in some cases, higher than those seen in August 2007.
Spreads on conforming  mortgage products also widened after reports of losses at
the housing-related government-sponsored enterprises.

         At their meetings held in October and December 2007, FOMC members voted
to reduce the targeted  federal funds rate by  twenty-five  (25) basis points at
each meeting.  Identical  reductions were made to the Federal  Reserve  Discount
Rate.

         At their  December  2007  meeting,  the FOMC also voted to  establish a
temporary  Term Auction  Facility  (TAF).  The TAF is to provide term funding to
eligible  depository  institutions  through an auction mechanism.  Also, the TAF
will accept a broader range of collateral than used for open market operations.

         On January 22, 2008,  the FOMC  decided to lower its  targeted  federal
funds rate by seventy-five  (75) basis points  approximately one week prior to a
scheduled  FOMC  meeting to be held on January  29 -30,  2008.  The FOMC noted a
deepening of the housing  correction as well as some softening in labor markets.
The FOMC also noted that appreciable downside risks to growth remain.

         On January 30, 2008,  the FOMC  decided to lower its  targeted  federal
funds rate by fifty (50) basis  points to 3.00%.  The FOMC noted that  financial
markets remain under  considerable  stress and credit has tightened  further for
some households.  The FOMC also noted that recent economic information indicates
a  deepening  of the  housing  contraction  as well as some  softening  in labor
markets.

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

<TABLE>
<CAPTION>
                                                            Yield on:
                                                 ---------------------------------
                                 Targeted        Two (2) Year      Ten (10) Year         Shape of Yield
                              Federal Funds        Treasury           Treasury                Curve
                              ---------------    --------------    ----------------------------------------
<S>                              <C>                 <C>                <C>               <C>
September 30, 2006                5.25%              4.71%             4.64%                 Inverted
December 31, 2006                 5.25%              4.82%             4.71%                 Inverted
March 31, 2007                    5.25%              4.58%             4.65%            Slightly Positive
June 30, 2007                     5.25%              4.87%             5.03%            Slightly Positive
September 30, 2007                4.75%              3.97%             4.59%           Moderately Positive
December 31, 2007                 4.25%              3.05%             4.04%                 Positive
</TABLE>

         These changes in intermediate  and long-term market interest rates, the
changing  slope of the  Treasury  yield  curve,  and  continued  high  levels of
interest rate  volatility  have  impacted  prepayments  on the  Company's  loan,
investment and  mortgage-backed  securities  portfolios and have caused a marked
compression of industry-wide net interest margins.  Principal  repayments on the
Company's loan, investment and mortgage-backed securities portfolios for the six
months ended December 31, 2007,  totaled $10.3 million,  $139.1 million and $9.6
million,  respectively.  Included in the  Company's  investment  repayments  are
commercial paper maturities totaling $80.6 million.

         The term  premium of market  interest  rates is often used to determine
the relative merits of taking an additional  interest rate risk and to gauge the
market's  expectation  of future  interest  rates.  Due to  changes  in the term
premium  of market  interest  rates  experienced  during  the six  months  ended
December 31, 2007 the Company adjusted its  asset/liability mix in several ways.
Intermediate  term callable U.S.  Government  Agency  securities  were purchased
early on during the quarter  ended  September  30,  2007.  As  financial

                                       19
<PAGE>

market  conditions  deteriorated,  the  Company  purchased  floating  rate  U.S.
Government Agency  collateralized  mortgage  obligations,  short-term investment
grade commercial  paper and investment  grade corporate  bonds.  With respect to
short-term  borrowings,  the Company  substituted  broker repurchase  agreements
("other  short-term  borrowings")  with FHLB short-term  borrowings due to lower
borrowing costs at the FHLB.

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

         The Company purchased  short-term  investment grade commercial paper to
earn a favorable financing spread and to provide liquidity for short-term demand
deposits  by local tax  collectors.  The  Company  also  continued  to  purchase
intermediate term fixed rate callable U. S. Government Agency bonds and began to
purchase  investment grade corporate bonds in order to earn a spread against the
Company's  long-term FHLB advances while limiting  interest rate risk within the
portfolio.  The Company also  purchased  floating  rate U.S.  Government  Agency
collateralized mortgage obligations to provide current income and in response to
lower   intermediate   and  long-term   market  interest  rates.   Each  of  the
aforementioned  strategies  also helped to better  match the  interest-rate  and
liquidity  risks  associated  with  the  Savings  Bank's  customers'   liquidity
preference for shorter term money market and time deposit products.

         During the  quarter  ended  December  31,  2007,  principal  investment
purchases were comprised of: floating rate collateralized  mortgage  obligations
which reprice monthly - $41.4 million with an original weighted average yield of
approximately 5.76% short-term investment grade commercial paper - $20.8 million
with a weighted  average yield of 5.56%;  fixed rate investment  grade corporate
bonds - $6.5 million with a weighted  average yield of 5.08%;  and floating rate
investment  grade  corporate  bonds - $5.7  million  with an  original  weighted
average rate of 5.04%.  Major  investment  proceeds  received during the quarter
ended December 31, 2007 were:  callable  government agency bonds - $58.2 million
with a weighted  average yield of  approximately  5.85%;  short-term  investment
grade  commercial  paper  - $20.0  million  with a  weighted  average  yield  of
approximately 6.23%; and mortgage-backed securities - $3.1 million; and tax-free
municipal bonds - $275 thousand with a weighted average yield of 5.93%.

         As of  December  31,  2007,  the  implementation  of  these  asset  and
liability management initiatives resulted in the following:

     1)   $169.2 million or 98.7% of the Company's  portfolio of mortgage-backed
          securities  (including  collateralized  mortgage obligations - "CMOs")
          were comprised of floating rate  instruments that reprice on a monthly
          basis.
     2)   $15.0  million  or  7.8% of the  Company's  investment  portfolio  was
          comprised of fixed to floating rate U.S. Government Agency bonds which
          are expected to mature or reprice in April 2008.
     3)   $149.9  million or 77.9% of the  Company's  investment  portfolio  was
          comprised of fixed-rate  callable U.S.  Government  Agency bonds which
          are  callable  as  follows:  3 months or less - $61.4  million;  3 - 6
          months - $27.0 million;  6 - 12 months - $48.2 million;  1 - 2 years -
          $10.3 million; and over 2 years - $3.0 million. These bonds may or may
          not actually be redeemed  prior to maturity  (i.e.  called)  depending
          upon the  level of  market  interest  rates at their  respective  call
          dates.
     4)   $19.9  million  or 10.3% of the  Company's  investment  portfolio  was
          comprised of investment grade commercial paper with maturities of less
          than 90 days.
     5)   $6.4 million or 3.3% of the Company's  investment  portfolio consisted
          of investment grade fixed rate corporate bonds with maturities between
          fifteen and sixteen months;
     6)   $5.7 million or 3.0% of the Company's  investment  portfolio consisted
          of investment  grade floating rate corporate  bonds which will reprice
          within three months and will mature within twelve to seventeen months;

                                       20
<PAGE>

     7)   An  aggregate  of $33.5  million  or 55.1% of the  Company's  net loan
          portfolio had adjustable  interest rates or maturities of less than 12
          months; and
     8)   The maturity distribution of the Company's borrowings is as follows: 1
          month or less - $108.4  million or 43.9%;  1 - 3 months - $3.0 million
          or 1.2%;  1 - 3 years - $86.1  million  or 34.9%;  3 - 5 years - $32.0
          million or 12.9%; and over 5 years - $17.5 million or 7.1%.


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

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

         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.

                                            December 31,        June 30,
                                            -----------   --------------------
                                                2007        2007        2006
                                              --------    --------    --------
                                                    (Dollars in Thousands)
Interest-earning assets maturing or
   repricing within one year                  $376,149    $206,136    $273,884
Interest-bearing liabilities maturing or
   repricing within one year                   213,416     187,494     194,509
                                              --------    --------    --------

Interest sensitivity gap                      $162,733    $ 18,642    $ 79,375
                                              ========    ========    ========
Interest sensitivity gap as a percentage of
   total assets                                  36.89%       4.57%       32.5%
Ratio of assets to liabilities
   maturing or repricing within one year        176.25%     109.94%      175.6%

         During the quarter ended December 31, 2007, the Company managed its one
year  interest  sensitivity  gap by: (1) limiting the portfolio  origination  of
long-term fixed rate  mortgages;  (2) emphasizing  loans with  shorter-terms  or
repricing frequencies; (3) purchasing floating rate U.S. Government Agency CMO's
which reprice on a monthly basis; and (4) adjusting its investment  portfolio to
include investment grade fixed and floating rate corporate bonds, and (5) higher
holdings of short-term investment grade commercial paper.

                                       21
<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 December  31,  2007.  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 ($'s)            78,678        59,069       40,192         33,815       (48,483)      (76,087)         36,162
% of Total
  Assets                 17.8%         13.4%         9.1%           7.7%        -11.0%        -17.3%            8.2%
Base Case Up 100 bp
-------------------
Cummulative
  Gap ($'s)            78,916        59,518       43,907         43,405       (29,929)      (53,957)         36,162
% of Total
  Assets                 17.9%         13.5%        10.0%           9.8%         -6.8%        -12.2%            8.2%

Cummulative
  Gap ($'s)           124,420       132,478      162,733        168,056        91,811        59,658          36,162
% of Total
  Assets                 28.2%         30.0%        36.9%          38.1%         20.8%         13.5%            8.2%
Base Case Down 100 bp
---------------------
Cummulative
  Gap ($'s)           127,552       136,992      168,472        174,571        98,748        65,666          36,162
% of Total
  Assets                 28.9%         31.1%        38.2%          39.6%         22.4%         14.9%            8.2%
Base Case Down 200 bp
---------------------
Cummulative
  Gap ($'s)           130,806       142,327      174,294        180,687       103,700        66,791          36,162
% of Total
  Assets                 29.7%         32.3%        39.5%          41.0%         23.5%         15.1%            8.2%
</TABLE>

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

                                       22
<PAGE>

         The  following  table  presents the  simulated  impact of a 100 and 200
basis point upward or downward  (parallel) shift in market interest rates on net
interest  income,  return on average  equity,  return on average  assets and the
market value of portfolio  equity at December 31, 2007.  This  analysis was done
assuming  that the  interest-earning  assets  will  average  approximately  $411
million over a projected  twelve month period for the estimated impact on change
in net interest  income,  return on average equity and return on average assets.
The estimated  changes in market value of equity were  calculated  using balance
sheet levels at December 31, 2007.

<TABLE>
<CAPTION>
                   Analysis of Sensitivity to Changes in Market Interest Rates
                   -----------------------------------------------------------

                                 ------------------------------------------------------------------
                                              Modeled Change in Market Interest Rates
                                 ------------------------------------------------------------------
Estimated impact on:                -200          -100            0           +100         +200
--------------------             ----------    ----------    ----------    ----------    ----------
<S>                                   <C>           <C>           <C>           <C>           <C>
 Change in net interest income       -33.6%        -15.6%                         7.2%         11.1%

 Return on average equity              6.78%         9.85%        12.44%        13.62%        14.23%

 Return on average assets              0.51%         0.75%         0.96%         1.06%         1.11%

 Market value of equity (in
    thousands)                   $   25,229    $   29,958    $   31,435    $   28,248    $   14,962

</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 December 31,
2007.

                            Anticipated Transactions
         ---------------------------------------------------------
                                            (Dollars in Thousands)
         Undisbursed construction and
             land development loans
               Fixed rate                         $    6,055
                                                        8.22%

               Adjustable rate                    $    6,403
                                                        8.03%

         Undisbursed lines of credit
               Adjustable rate                    $    5,687
                                                        8.38%

         Loan origination commitments
               Fixed rate                         $       22
                                                        6.50%

         Letters of credit
               Adjustable rate                    $      277
                                                        8.25%
                                                  ----------

                                                  $   18,444
                                                  ==========

                                       23
<PAGE>

         In the  ordinary  course  of its  construction  lending  business,  the
Savings Bank enters into performance standby letters of credit.  Typically,  the
standby  letters of credit are issued on behalf of a builder to a third party to
ensure the timely  completion of a certain aspect of a  construction  project or
land  development.  At December 31, 2007,  the Savings Bank had six  performance
standby letters of credit outstanding totaling  approximately $277 thousand. All
letters of credit are  secured by  developed  property.  Four of the  letters of
credit will mature within twelve months,  and two will mature within twenty four
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.

ITEM 4.  CONTROLS AND PROCEDURES

         Not applicable.

ITEM 4T. CONTROLS AND PROCEDURES

         (a) Our  management  evaluated,  with the  participation  of our  Chief
Executive  Officer  and  Chief  Accounting  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 December  31, 2007.  Based on
such evaluation,  our Chief Executive Officer and Chief Accounting  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  quarter  ended  December  31,  2007  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 1A. Risk Factors
         ------------

         There are no material  changes to the risk factors  included in Item 1A
of the  Company's  Annual Report on Form 10-K for the fiscal year ended June 30,
2007.


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 December 31, 2007.
<TABLE>
<CAPTION>
         ----------------------------------------------------------------------------------------------------
                                         ISSUER PURCHASES OF EQUITY SECURITIES
         ----------------------------------------------------------------------------------------------------
                                                                      Total Number of       Maximum Number of
                                    Total                            Shares Purchased      Shares that May Yet
                                  Number of                         as Part of Publicly      Be Repurchased
                                   Shares        Average Price      Announced Plans or     Under the Plans or
                   Period         Purchased   Paid per Share ($)       Programs (1)            Programs (2)
         ----------------------------------------------------------------------------------------------------
<S>                                <C>                   <C>                 <C>                   <C>
         10/01/07 - 10/31/07             --                 0.00                   --                113,320
         ----------------------------------------------------------------------------------------------------
         11/01/07 - 11/30/07         10,486                16.15               10,486                102,834
         ----------------------------------------------------------------------------------------------------
         12/01/07 - 12/31/07             --                 0.00                   --                102,834
         ----------------------------------------------------------------------------------------------------
              Total                  10,486                16.15               10,486                102,834
         ----------------------------------------------------------------------------------------------------
</TABLE>

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

         (1) All shares indicated were purchased under the Company's Ninth Stock
             Repurchase Program.
         (2) Ninth Stock Repurchase Program
                  (a) Announced August 14, 2007.
                  (b) 125,000 common shares approved for repurchase.
                  (c) No fixed date of expiration.
                  (d) This   program  has not  expired  and has  102,834  shares
                      remaining to be repurchased at December 31, 2007.
                  (e) Not applicable.

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

         Not applicable.

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

         The  results  of the  stockholder  vote at the 2007  Annual  Meeting of
Stockholders held on October 30, 2007 were previously reported.

                                       25
<PAGE>

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

         (a) Not applicable.
         (b) Not applicable.

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

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

<TABLE>
<CAPTION>
              Number   Description                                                        Page
              ------   ---------------------------------------------------------------    ----
<S>            <C>     <C>                                                                <C>
               31.1    Rule 13a-14(a) / 15d-14(a) Certification of the Chief Executive     E-1
                       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
</TABLE>


                                       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.



         February 07, 2008          BY:    /s/ David J. Bursic
                                           -------------------------------------
         Date                              David J. Bursic
                                           President and Chief Executive Officer
                                           (Principal Executive Officer)


         February 07, 2008          BY:    /s/ Keith A. Simpson
                                           -------------------------------------
         Date                              Keith A. Simpson
                                           Vice-President, Treasurer and Chief
                                           Accounting Officer
                                           (Principal Accounting Officer)



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