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

                                    FORM 10-Q

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

                  For the quarterly period ended March 31, 2001

                                       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 __
    ---

               Shares outstanding as of May 9, 2001: 2,764,906 shares Common
Stock, $.01 par value.


<PAGE>




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

                                      INDEX
                                      -----

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

Item 1.   Financial Statements

          Consolidated Statements of Financial
          Condition as of March 31, 2001
          and June 30, 2000 (Unaudited)                        3

          Consolidated Statements of Income
          for the Three and Nine Months Ended
          March 31, 2001 and 2000 (Unaudited)                  4

          Consolidated Statements of Cash Flows
          for the Nine Months Ended March 31,
          2001 and 2000 (Unaudited)                            5

          Consolidated Statements of Changes in
          Stockholders' Equity for the Nine Months
          Ended March 31, 2001 (Unaudited)                     7

          Notes to Unaudited Consolidated
          Financial Statements                                 8

Item 2.   Management's Discussion and Analysis of
          Financial Condition and Results of
          Operations for the Three and Nine Months
          Ended March 31, 2001                                10

Item 3.   Quantitative and Qualitative Disclosures
          about Market Risk                                   16

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

Item 1.   Legal Proceedings                                   21
Item 2.   Changes in Securities and Use of Proceeds           21
Item 3.   Defaults upon Senior Securities                     21
Item 4.   Submission of Matters to a Vote of
          Security Holders                                    21
Item 5.   Other Information                                   21
Item 6.   Exhibits and Reports on Form 8-K                    21
  --      Signatures                                          22


<PAGE>


                       WVS FINANCIAL CORP. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                   (UNAUDITED)
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                     March 31, 2001  June 30, 2000
                                                                     --------------  --------------
<S>                                                                   <C>             <C>
          Assets
          ------
Cash and due from banks                                               $     664       $     788
Interest-earning demand deposits                                          3,340           2,127
Investment securities available-for-sale (amortized cost of
   $1,380 and $1,380)                                                     1,389           1,296
Investment securities held-to-maturity (market value of
   $119,528 and $129,272)                                               117,617         136,206
Mortgage-backed securities available-for-sale (amortized cost of
   $8,982 and $10,150)                                                    9,200           9,936
Mortgage-backed securities held-to-maturity (market value of
   $59,914 and $61,943)                                                  59,172          63,737
Federal Home Loan Bank stock, at cost                                     8,907           5,225
Net loans receivable (allowance for loan losses of $2,125
   and $1,973)                                                          184,934         183,295
Accrued interest receivable                                               2,955           4,375
Premises and equipment                                                      985           1,050
Deferred taxes and other assets                                           1,128           1,583
                                                                      ---------       ---------
          TOTAL ASSETS                                                $ 390,291       $ 409,618
                                                                      =========       =========

          Liabilities and Stockholders' Equity
          ------------------------------------
Liabilities:
Savings Deposits:
   Non-interest-bearing accounts                                      $  10,722       $  10,485
   NOW accounts                                                          18,839          18,158
   Savings accounts                                                      34,848          36,995
   Money market accounts                                                 13,031          12,802
   Certificates of deposit                                               97,024          91,068
                                                                      ---------       ---------
    Total savings deposits                                              174,464         169,508
Federal Home Loan Bank advances                                         174,350         104,500
Other borrowings                                                          6,529         101,025
Advance payments by borrowers for taxes and insurance                     2,397           3,350
Accrued interest payable                                                  2,350           2,704
Other liabilities                                                         2,357           1,620
                                                                      ---------       ---------
     TOTAL LIABILITIES                                                  362,447         382,707

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;
   3,702,930 and 3,685,280 shares issued                                     37              37
Additional paid-in capital                                               19,639          19,548
Treasury stock: 935,904 and 808,444 shares at cost, respectively        (13,333)        (11,770)
Retained earnings, substantially restricted                              21,503          19,513
Accumulated other comprehensive gain (loss)                                 150            (197)
Unallocated shares - Recognition and Retention Plans                       (152)           (220)
Unallocated shares - Employee Stock Ownership Plan                           --              --
                                                                      ---------       ---------
     TOTAL STOCKHOLDERS' EQUITY                                          27,844          26,911
                                                                      ---------       ---------
          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                  $ 390,291       $ 409,618
                                                                      =========       =========
</TABLE>




          See accompanying notes to consolidated financial statements.

                                       3

<PAGE>


                       WVS FINANCIAL CORP. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)
                      (In thousands, except per share data)
<TABLE>
<CAPTION>
                                                       Three Months Ended             Nine Months Ended
                                                           March 31,                       March 31,
                                                           ---------                       ---------
                                                     2001            2000            2001            2000
                                                  ----------      ----------      ----------      ----------
INTEREST AND DIVIDEND INCOME:
<S>                                               <C>             <C>             <C>             <C>
     Loans                                        $    3,666      $    3,421      $   11,029      $   10,318
     Investment securities                             2,212           2,215           7,072           6,060
     Mortgage-backed securities                        1,194           1,333           3,744           3,860
     Interest-earning deposits with other
       institutions                                        9               8              31              29
     Federal Home Loan Bank stock                        146             117             386             367
                                                  ----------      ----------      ----------      ----------
          Total interest and dividend income           7,227           7,094          22,262          20,634
                                                  ----------      ----------      ----------      ----------

INTEREST EXPENSE:
     Deposits                                          1,704           1,573           5,094           4,711
     Borrowings                                        2,748           2,747           9,337           7,432
     Advance payments by borrowers for taxes
       and insurance                                      11              11              25              25
                                                  ----------      ----------      ----------      ----------
          Total interest expense                       4,463           4,331          14,456          12,168
                                                  ----------      ----------      ----------      ----------

NET INTEREST INCOME                                    2,764           2,763           7,806           8,466
PROVISION FOR LOAN LOSSES                                150              --             150              --
                                                  ----------      ----------      ----------      ----------
NET INTEREST INCOME AFTER PROVISION
   FOR LOAN LOSSES                                     2,614           2,763           7,656           8,466
                                                  ----------      ----------      ----------      ----------

NON-INTEREST INCOME:
     Service charges on deposits                          86              69             278             218
     Other                                                76              63             244             194
                                                  ----------      ----------      ----------      ----------
          Total non-interest income                      162             132             522             412
                                                  ----------      ----------      ----------      ----------

NON-INTEREST EXPENSE:
     Salaries and employee benefits                      637             676           1,867           2,236
     Occupancy and equipment                              94              88             277             266
     Deposit insurance premium                             8               9              26              60
     Data processing                                      46              44             140             132
     Correspondent bank service charges                   39              36             113             107
     Other                                               165             188             529             553
                                                  ----------      ----------      ----------      ----------
          Total non-interest expense                     989           1,041           2,952           3,354
                                                  ----------      ----------      ----------      ----------

INCOME BEFORE INCOME TAXES                             1,787           1,854           5,226           5,524
INCOME TAXES                                             643             723           1,881           2,076
                                                  ----------      ----------      ----------      ----------
NET INCOME                                        $    1,144      $    1,131      $    3,345      $    3,448
                                                  ==========      ==========      ==========      ==========

EARNINGS PER SHARE:
     Basic                                        $     0.41      $     0.39      $     1.19      $     1.16
     Diluted                                      $     0.41      $     0.39      $     1.18      $     1.15

AVERAGE SHARES OUTSTANDING:
     Basic                                         2,778,839       2,915,300       2,817,336       2,983,285
     Diluted                                       2,787,946       2,936,508       2,830,674       3,008,733
</TABLE>



          See accompanying notes to consolidated financial statements.

                                       4
<PAGE>


                       WVS FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                 (In thousands)
<TABLE>
<CAPTION>
                                                                                  Nine Months Ended
                                                                                       March 31,
                                                                                ----------------------
                                                                                 2001            2000
                                                                                 ----            ----
OPERATING ACTIVITIES
<S>                                                                            <C>            <C>
Net income                                                                     $  3,345       $  3,448
Adjustments to reconcile net income to cash provided by operating
 activities:
   Provision for loan losses                                                        150             --
   Depreciation and amortization, net                                                83             87
   Amortization of discounts, premiums and deferred loan fees                      (181)           (71)
   Amortization of ESOP, RRP and deferred and unearned
      compensation                                                                   68            355
   Decrease (increase) in accrued interest receivable                             1,420           (183)
   Decrease in accrued interest payable                                            (354)          (138)
   Increase in accrued and deferred taxes                                           953            548
   Other, net                                                                        58            (40)
                                                                               --------       --------
         Net cash provided by operating activities                                5,542          4,006
                                                                               --------       --------

INVESTING ACTIVITIES

Available-for-sale:
   Purchases of investments and mortgage-backed securities                           --         (2,932)
   Proceeds from repayments of investments and mortgage-backed securities         1,170          1,618
Held-to-maturity:
   Purchases of investments and mortgage-backed securities                      (22,856)       (53,880)
   Proceeds from repayments of investments and mortgage-backed securities        46,337         11,345
Increase in net loans receivable                                                 (1,934)        (8,820)
(Increase) decrease in FHLB stock                                                (3,682)         1,576
Purchases of premises and equipment                                                 (18)           (10)
Other, net                                                                           --            (17)
                                                                               --------       --------
         Net cash provided by (used for) investing activities                    19,017        (51,120)
                                                                               --------       --------
</TABLE>

                                       5

<PAGE>


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

                                                                             Nine Months Ended
                                                                                   March 31,
                                                                             -----------------
                                                                              2001           2000
                                                                              ----           ----
<S>                                                                       <C>            <C>
FINANCING ACTIVITIES

Net (decrease) increase in transaction and passbook accounts                (1,000)         2,341
Net increase (decrease) in certificates of deposit                           5,956         (2,158)
Net increase (decrease) in FHLB borrowings                                  69,850        (24,516)
Net (decrease) increase in other borrowings                                (94,496)        77,431
Net decrease in advance payments by borrowers for taxes and insurance         (953)          (706)
Net proceeds from issuance of common stock                                      91             34
Funds used for purchase of treasury stock                                   (1,563)        (3,814)
Cash dividends paid                                                         (1,355)        (1,435)
                                                                          --------       --------
         Net cash (used for) provided by financing activities              (23,470)        47,177
                                                                          --------       --------
         Increase in cash and cash equivalents                               1,089             63

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD                         2,915          1,893
                                                                          --------       --------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD                            $  4,004       $  1,956
                                                                          ========       ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

   Cash paid during the period for:
      Interest on deposits, escrows and borrowings                        $ 14,810       $ 12,306
      Income taxes                                                        $  1,106       $  1,427
</TABLE>




          See accompanying notes to consolidated financial statements.

                                       6

<PAGE>


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

<TABLE>
<CAPTION>
                                                                                               Accum.
                                                                                                Other
                                                                                               Compre-     Retained
                                                Add'l.             Unallocated   Unallocated   hensive     Earnings
                                     Common    Paid-In   Treasury  Shares Held   Shares Held   Income    Substantially
                                     Stock     Capital    Stock      by ESOP       by RRP      (Loss)     Restricted      Total
                                     -----     -------    -----    -----------   ----------    -------   ------------    --------
<S>                                 <C>        <C>      <C>          <C>          <C>          <C>          <C>          <C>
Balance at June 30, 2000            $   37     $19,548  $(11,770)    $    --      $   (220)    $  (197)     $19,513      $26,911

Comprehensive income:

   Net Income                                                                                                 3,345        3,345
   Other comprehensive
     income:
      Change in unrealized
          holding losses on
          securities, net of
          income tax benefit of
           $179                                                                                    347                       347
                                                                                                                          ------

Comprehensive income                                                                                                       3,692

Purchase of shares for
   treasury stock                                         (1,563)                                                         (1,563)

Release of earned
   Employee Stock
   Ownership Plan (ESOP)
   shares                                           --                    --                                                  --

Accrued compensation
   expense for Recognition
   and Retention Plans (RRP)                                                            68                                    68

Exercise of stock options                           91                                                                        91

Cash dividends declared
   ($0.48 per share)                                                                                         (1,355)      (1,355)
                                    ------     -------  --------     -------       -------     --------     -------      -------
Balance at Mar. 31, 2001            $   37     $19,639  $(13,333)    $    --       $  (152)    $    150     $21,503      $27,844
                                    ======     =======  ========     =======       =======     ========     =======      =======
</TABLE>



          See accompanying notes to consolidated financial statements.

                                       7

<PAGE>

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

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


1.        BASIS OF PRESENTATION
          ---------------------
          The accompanying unaudited consolidated financial statements have been
          prepared  in  accordance  with  the  instructions  for  Form  10-Q and
          therefore  do not include  information  or footnotes  necessary  for a
          complete  presentation of financial condition,  results of operations,
          and cash  flows  in  conformity  with  generally  accepted  accounting
          principles.  However,  all  adjustments  (consisting  only  of  normal
          recurring  adjustments)  which,  in the  opinion  of  management,  are
          necessary for a fair presentation  have been included.  The results of
          operations for the three and nine months ended March 31, 2001, are not
          necessarily  indicative  of the results  which may be expected for the
          entire fiscal year.


2.        RECENT ACCOUNTING PRONOUNCEMENTS
          --------------------------------
          Financial  Accounting  Standards Board Statement No. 133,  "Accounting
          for  Derivative  Instruments  and Hedging  Activities"  (Statement No.
          133), as amended by Financial Accounting Standards Board Statement No.
          138,  "Accounting for Derivative  Instruments and Hedging Activities -
          Deferral of the Effective  Date of Statement No. 133"  (Statement  No.
          138), is effective in 2001,  and requires  measuring and recording the
          change in fair value of derivative  instruments.  Statement No. 133 is
          not expected to materially affect the Company's  financial position or
          results of operations.

          In September 2000, the FASB issued Statement No. 140,  "Accounting for
          Transfers and  Servicing of Financial  Assets and  Extinguishments  of
          Liabilities".  The  Statement  replaces  FASB  Statement  No.  125 and
          provides   consistent   standards  for  distinguishing   transfers  of
          financial  assets  that are  sales  from  transfers  that are  secured
          borrowings   based   on  a   control-oriented   "Financial-components"
          approach.  Under this approach,  after a transfer of financial assets,
          an entity  recognizes  the financial and servicing  assets it controls
          and liabilities it has incurred,  derecognizes  financial  assets when
          control  has  been  surrendered  and  derecognizes   liabilities  when
          extinguished.  The  provisions  of Statement No. 140 are effective for
          transactions  occurring  after  March  31,  2001.  This  Statement  is
          effective for recognition and  reclassification  of collateral and for
          disclosures relating to securitization transactions and collateral for
          fiscal  years ending  after  December  15,  2000.  The adoption of the
          provisions  of  Statement  No. 140 is not  expected to have a material
          impact on financial position or results of operations.



                                       8

<PAGE>



3.        EARNINGS PER SHARE
          ------------------
          The following table sets forth the computation of basic and diluted
earnings per share.

<TABLE>
<CAPTION>

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

                                              2001              2000               2001              2000
                                           -----------       -----------       -----------       -----------
<S>                                          <C>               <C>               <C>               <C>
Weighted average common shares
   outstanding                               3,698,581         3,670,583         3,691,998         3,668,965

Average treasury stock shares                 (919,742)         (726,444)         (874,662)         (648,786)

Average unearned ESOP shares                        --           (28,839)               --           (36,894)
                                           -----------       -----------       -----------       -----------

Weighted average common shares
   and common stock equivalents
   used to calculate basic earnings
   per share                                 2,778,839         2,915,300         2,817,336         2,983,285

Additional common stock
   equivalents (stock options) used
   to calculate diluted earnings per
   share                                         9,107            21,208            13,338            25,448
                                           -----------       -----------       -----------       -----------

Weighted average common shares
   and common stock equivalents
   used to calculate diluted earnings
   per share                                 2,787,946         2,936,508         2,830,674         3,008,733
                                           ===========       ===========       ===========       ===========

Net income                                 $ 1,143,570       $ 1,131,119       $ 3,344,595       $ 3,447,987
                                           ===========       ===========       ===========       ===========

Earnings per share:
     Basic                                 $      0.41       $      0.39       $      1.19       $      1.16
     Diluted                               $      0.41       $      0.39       $      1.18       $      1.15
                                           ===========       ===========       ===========       ===========
</TABLE>

                                       9

<PAGE>


ITEM 2.

MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2001



FORWARD LOOKING STATEMENTS

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

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



GENERAL

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

               West View Savings Bank is a Pennsylvania-chartered, SAIF-insured
stock savings bank conducting business from six offices in the North Hills
suburbs of Pittsburgh. The Savings Bank converted to the stock form of ownership
in November 1993. The Savings Bank had no subsidiaries at March 31, 2001.

               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.

               The Company's strategy focuses on community-based lending,
maintaining asset quality and generating consistent earnings growth.

                                       10

FINANCIAL CONDITION

               The Company's assets totaled $390.3 million at March 31, 2001, as
compared to $409.6 million at June 30, 2000. The $19.3 million or 4.7% decrease
in total assets was primarily comprised of a $14.8 million or 10.4% decrease in
investment securities, including Federal Home Loan Bank ("FHLB") stock, a $5.3
million or 7.2% decrease in mortgage-backed securities, and a $1.4 million or
32.5% decrease in accrued interest receivable, which were partially offset by a
$1.6 million or 0.9% increase in net loans receivable. The Company's investment
securities decreased due to calls of callable investment securities. The
Company's mortgage-backed securities decreased due to principal amortization.

               The Company's total liabilities decreased $20.3 million or 5.3%
to $362.4 million as of March 31, 2001, from $382.7 million as of June 30, 2000.
The $20.3 million decrease in total liabilities was primarily comprised of a
$94.5 million or 93.6% decrease in other borrowings (primarily broker repurchase
agreements) which was partially offset by a $69.9 million or 66.8% increase in
FHLB advances and a $5.0 million or 2.9% increase in savings deposits. The
Company utilized both short-term and intermediate-term FHLB advances and
proceeds from called investment securities to reduce short-term borrowings
during the quarter ended March 31, 2001.

               Total stockholders' equity increased $933 thousand or 3.5% to
$27.8 million as of March 31, 2001, from $26.9 million as of June 30, 2000.
Capital expenditures for the Company's stock repurchase program and cash
dividends totaled $1.6 million and $1.4 million, respectively, which were
primarily funded by Company net income of $3.3 million for the nine months ended
March 31, 2001.


                                       11

<PAGE>


RESULTS OF OPERATIONS

                 General. WVS reported net income of $1.1 million, or $0.41
diluted earnings per share, and $3.3 million, or $1.18 diluted earnings per
share, for the three and nine months ended March 31, 2001, respectively. For the
three months ended March 31, 2001, net income increased by $13 thousand or 1.1%
and diluted earnings per share increased $0.02 or 5.1% when compared to the same
period in 2000. The increase in net income was primarily attributable to a $80
thousand decrease in income tax expense, a $52 thousand decrease in non-interest
expense and a $30 thousand increase in non-interest income, which were partially
offset by a $150 thousand provision for loan losses. For the nine months ended
March 31, 2001, net income decreased by $103 thousand or 3.0% and diluted
earnings per share increased $0.03 or 2.6% when compared to the same period in
2000. The decrease was principally the result of a $660 thousand decrease in net
interest income and a $150 thousand increase in the provision for loan losses,
which were partially offset by a $402 thousand decrease in non-interest expense,
a $195 thousand decrease in income tax expense, and a $110 thousand increase in
non-interest income.

                 Net Interest Income. The Company's net interest income
increased by $1 thousand for the three months ended March 31, 2001, when
compared to the same period in 2000. For the nine months ended March 31, 2001,
net interest income decreased by $660 thousand or 7.8%, when compared to the
same period in 2000. The nine month decrease was principally attributable to
increased wholesale borrowing costs due to increases in both the volume and
rates paid on borrowings which was partially offset by increases in interest
income associated with the Company's investment, mortgage-backed securities and
loan portfolios.

                 Interest Income. Interest and dividend income on
interest-bearing deposits with other institutions, investment securities and
FHLB stock ("other investment securities") increased by $27 thousand or 1.2% for
the three months ended March 31, 2001, when compared to the same period in 2000.
The increase was primarily attributable to a $4.5 million increase in the
average balance of investment securities outstanding and a 12 basis point
increase in the weighted average yield earned on investment securities for the
three months ended March 31, 2001, when compared to the same period in 2000.
Interest on other investment securities increased $1.0 million or 15.4% for the
nine months ended March 31, 2001, when compared to the same period in 2000. The
increase in interest income on investment securities was attributable to a $20.6
million increase in the average balance of investment securities outstanding and
a 20 basis point increase in the weighted average yield earned on investment
securities for the nine months ended March 31, 2001, when compared to the same
period in 2000. The increases in the average balance of investment securities
during both the three and nine month periods ended March 31, 2001, were
principally attributable to purchases of investment securities under the
Company's investment growth program. The increase in the weighted average yield
earned was consistent with market conditions for the three and nine months ended
March 31, 2001.

                 Interest on net loans receivable increased by $245 thousand or
7.2% for the three months ended March 31, 2001, when compared to the same period
in 2000. The increase was attributable to an increase of $6.5 million in the
average balance of net loans receivable outstanding and an increase of 27 basis
points in the weighted average yield earned on net loans receivable for the
three months ended March 31, 2001, when compared to the same period in 2000.
Interest on net loans receivable increased by $711 thousand or 6.9% for the nine
months ended March 31, 2001, when compared to the same period in 2000. The
increase was attributable to a $9.7 million increase in the average balance of
outstanding loans, and a 10 basis point increase in the weighted average yield
earned on outstanding loans for the nine months ended March 31, 2001. The
increases in the average loan balance outstanding for the three and nine months
ended March 31, 2001 were primarily attributable to an increased level of
mortgage originations due to a stronger local demand for permanent mortgage
financing and an emphasis on multi-family, commercial and consumer loan products
in order to earn returns greater than those offered in the single-family
residential mortgage market. The Company's weighted average loan yield continued
to be impacted by $3.6 million of previously disclosed nonaccrual real estate
loans to a retirement village.

                                       12

<PAGE>


                 Interest on mortgage-backed securities decreased by $139
thousand or 10.4% for the three months ended March 31, 2001, when compared to
the same period in 2000. The decrease was attributable to a $6.8 million
decrease in the average balance of mortgage-backed securities, and a 12 basis
point decrease in the weighted average yield earned on mortgage-backed
securities for the three months ended March 31, 2001, when compared to the same
period in 2000. Interest on mortgage-backed securities decreased $116 thousand
or 3.0% for the nine months ended March 31, 2001. The decrease was primarily
attributable to a $4.2 million decrease in the average balance of
mortgage-backed securities outstanding which was partially offset by an 18 basis
point increase in the weighted average yield earned on mortgage-backed
securities for the nine months ended March 31, 2001, when compared to the same
period in 2000.

                 Interest Expense. Interest expense on deposits and escrows
increased by $131 thousand or 8.3% and by $383 thousand or 8.1% for the three
and nine months ended March 31, 2001, respectively, when compared to the same
periods in 2000. The increase in interest expense on deposits and escrows was
principally attributable to a 31 basis point increase in the average yield paid
on deposits and escrows, and a $417 thousand increase in the average balance of
interest-bearing deposits and escrows for the three months ended March 31, 2001,
when compared to the same period in 2000. For the nine months ended March 31,
2001, the increase in interest expense on deposits and escrows was primarily
attributable to a 35 basis point increase in the average yield paid on deposits
and escrows which was partially offset by a $1.3 million decrease in the average
balance of interest-bearing deposits and escrows. The average yield paid on
interest-bearing deposits and escrows increased due to higher rates paid on time
deposits.

                 Interest expense on FHLB advances and other borrowings
increased by $1 thousand and $1.9 million for the three and nine months ended
March 31, 2001, respectively, when compared to the same periods in 2000. The
increase in interest expense on FHLB advances and other borrowings was
principally attributable to a 4 basis point increase in the average yield paid
on FHLB advances and other borrowings, which was mostly offset by a $1.2 million
decrease in the average balance of FHLB advances and other borrowings for the
three months ended March 31, 2001, when compared to the same period in 2000. For
the nine months ended March 31, 2001, the increase in interest expense on FHLB
advances and other borrowings was primarily attributable to a $23.3 million
increase in the average balance of FHLB advances and other borrowings, and a 62
basis point increase in the average yield paid on FHLB advances and other
borrowings. The increase in FHLB advances and other borrowings during the nine
months ended March 31, 2001, was primarily used to fund increases in the
Company's investment and loan portfolios.

                 Provision for Loan Losses. A provision for loan losses is
charged to earnings to maintain the total allowance to 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 $150 thousand pre-tax provision for loan
losses during the three months ended March 31, 2001 in connection with a
previously disclosed non-performing commercial loan and based upon comments
received in connection with the Bank's recent regulatory examination. The
Company believed that additional loan loss reserves were prudent at this time
due to the weakening national economy and the current work-out of this
particular credit.

                 Non-Interest Income. Total non-interest income increased by $30
thousand and $110 thousand for the three and nine months ended March 31, 2001,
respectively, when compared to the same periods in 2000. The increase in
non-interest income for the three months ended March 31, 2001, was primarily
attributable to a $17 thousand increase in service charges on deposits and a $13
thousand increase in other income, including ATM fee and loan late charge income
during the three months ended March 31, 2001. The increase in non-interest
income for the nine months ended March 31, 2001, was principally attributable to
a $60 thousand increase in service charges on deposits and a $50 thousand
increase in other income including ATM fee and loan late charge income.

                                       13

<PAGE>


                 Non-Interest Expense. Total non-interest expense decreased $52
thousand or 5.0% and $402 thousand or 12.0% for the three and nine months ended
March 31, 2001, respectively, when compared to the same periods in 2000.

                 Compensation and employee benefits expense decreased $39
thousand or 5.8% and $369 thousand or 16.5% for the three and nine months ended
March 31, 2001, respectively, when compared to the same periods in 2000. The
decreases for the three and nine months ended March 31, 2001 were primarily
attributable to the absence of employee stock ownership plan amortization
expenses recorded in the 2000 periods.


LIQUIDITY AND CAPITAL RESOURCES

               Net cash provided by operating activities totaled $5.5 million
during the nine months ended March 31, 2001. Net cash provided by operating
activities was primarily comprised of the $3.3 million of net income, a $1.4
million decrease in accrued interest receivable and a $953 thousand increase in
accrued and deferred taxes.

               Funds provided by investing activities totaled $19.0 million
during the nine months ended March 31, 2001. Primary sources of funds during the
nine months ended March 31, 2001, included $47.5 million of proceeds from
repayments of investment and mortgage-backed securities, which was partially
offset by $22.9 million for purchases of investment and mortgage-backed
securities, a $3.7 million increase in FHLB stock, and a $1.9 million increase
in net loans receivable.

               Funds used by financing activities totaled $23.5 million for the
nine months ended March 31, 2001. The primary uses of funds included a $94.5
million decrease in other borrowings, $1.6 million in purchases of treasury
stock and $1.4 million of cash dividends paid on the Company's common stock,
which were partially offset by a $69.8 million increase in FHLB advances, a $5.0
million increase in total savings deposits, and a $953 thousand decrease in
advance payments by borrowers for taxes and insurance. During the nine months
ended March 31, 2001, the Company repurchased 127,460 shares of common stock.
Management believes that it currently is maintaining adequate liquidity and
continues to better match funding sources with lending and investment
opportunities.

               The Company's primary sources of funds are deposits,
amortization, prepayments and maturities of existing loans, mortgage-backed
securities and investment securities, funds from operations, and funds obtained
through short-term borrowings. At March 31, 2001, the total approved loan
commitments outstanding amounted to $495 thousand. At the same date, commitments
under unused lines of credit amounted to $7.8 million and the unadvanced portion
of construction loans approximated $15.8 million. Certificates of deposit
scheduled to mature in one year or less at March 31, 2001, totaled $69.6
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 has access to the Federal Reserve Bank discount window.
Management believes that the Company currently has adequate liquidity available
to respond to liquidity demands.

               On April 24, 2001, the Company's Board of Directors declared a
cash dividend of $0.16 per share payable May 17, 2001, to shareholders of record
at the close of business on May 7, 2001. 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

                                       14

<PAGE>

fact be paid on the Common Stock or that, if paid, such dividends will not be
reduced or eliminated in future periods.

               As of March 31, 2001, WVS Financial Corp. exceeded all regulatory
capital requirements and maintained Tier I and total risk-based capital equal to
$27.7 million or 14.6% and $29.8 million or 15.7%, respectively, of total
risk-weighted assets, and Tier I leverage capital of $27.7 million or 6.93% of
average quarterly assets.

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

               The Company's nonperforming assets at March 31, 2001, totaled
approximately $4.1 million or 1.05% of total assets as compared to $4.1 million
or 1.00% of total assets as of June 30, 2000. Nonperforming assets at March 31,
2001, consisted of $3.9 million in commercial real estate loans, $127 thousand
in consumer loans, and $81 thousand in single-family real estate loans. During
the quarter ended March 31, 2000, a commercial real estate loan participation
totaling $3.6 million was classified as nonaccrual. The participation loan is
secured by a first mortgage lien on real property located in Allegheny County
and the Company has commenced foreclosure and confession of judgment actions.
The Company continues to work with the borrower to work-out this credit.
Approximately $114 thousand of additional interest income would have been
recorded during the nine months ended March 31, 2001, if the Company's
nonaccrual and restructured loans had been current in accordance with their
original loan terms and outstanding throughout the nine months ended March 31,
2001.


                                       15


<PAGE>


ITEM 3.


QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

               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 U.S. 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.

               The Federal Reserve Board, together with the Office of the
Comptroller of the Currency and the Federal Deposit Insurance Corporation,
adopted a Joint Agency Policy Statement on Interest Rate Risk, effective June
26, 1996. The policy statement provides guidance to examiners and bankers on
sound practices for managing interest rate risk, which will form the basis for
ongoing evaluation of the adequacy of interest rate risk management at
supervised institutions. The policy statement also outlines fundamental elements
of sound management that have been identified in prior Federal Reserve guidance
and discusses the importance of these elements in the context of managing
interest rate risk. Specifically, the guidance emphasizes the need for active
board of director and senior management oversight and a comprehensive
risk-management process that effectively identifies, measures, and controls
interest rate risk. 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 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.

               An institution may use several techniques to manage interest rate
risk. One approach used by the Company is to periodically analyze its assets and
liabilities and make future financing and investment decisions based on payment
streams, interest rates, contractual maturities, and estimated sensitivity to
actual or potential changes in market interest rates. Such activities fall under
the broad definition of asset/liability management. The Company's primary


                                       16

<PAGE>

asset/liability management technique is the monitoring of the Company's
asset/liability gap.

               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 when the amount of rate
sensitive assets exceeds the amount of rate sensitive liabilities. A gap is
considered negative when the amount of interest sensitive liabilities exceeds
the amount of interest sensitive assets. During a period of falling interest
rates, a positive gap would tend to adversely affect net interest income, while
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, while a negative gap would tend to adversely
affect net interest income.

               The Company's one year cumulative interest rate sensitivity gap
is estimated at a negative 14.9% of total assets at March 31, 2001, as compared
to a negative 46.3% at June 30, 2000, in each instance, based on certain
assumptions by management with respect to the repricing of certain assets and
liabilities. At March 31, 2001, the Company's interest-earning assets maturing
or repricing within one year totaled $110.5 million while the Company's
interest-bearing liabilities maturing or repricing within one year totaled
$168.8 million, providing an excess of interest-earning liabilities over
interest-bearing assets of $58.3 million. At March 31, 2001, the percentage of
the Company's assets to liabilities maturing or repricing within one year was
65.5%. Accordingly, due to the Company's high negative gap, rising interest
rates would most likely adversely affect the Company's net interest income.

               During fiscal 2001, the Company anticipates reducing its one year
interest sensitivity gap by: (1) reducing the amount of incremental wholesale
borrowing; (2) limiting future investment purchases; and (3) extending the term
structure of a portion of the Company's borrowings as market conditions permit.

                During the nine months ended March 31, 2001, the Company
decreased its mortgage-backed securities portfolio by $5.3 million or 7.19%. The
decrease for the nine months was attributable to principal repayments. At March
31, 2001, the Company held $68.4 million of mortgage-backed securities with an
approximate yield of 6.79%.

               During the nine months ended March 31, 2001, the Company borrowed
approximately $472.2 million in various advances from the FHLB with a weighted
average rate of 6.13% and incurred $341.2 million in other borrowings with a
weighted average rate of 6.49%. During the nine months ended March 31, 2001, the
Company repaid $402.4 million of FHLB advances and $435.7 million of other
borrowings.

               In order to reduce the Company's interest rate sensitivity, the
Company began to extend the term structure of its borrowed funds. During the
quarter ended March 31, 2001, the Company repositioned approximately $14.0
million of short-term borrowings to longer-term FHLB advances with repricing
terms from three to five years.

               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 its loan asset
sensitivity. The Company continues to emphasize higher yielding commercial real
estate, home equity and small business loans to existing customers and seasoned
prospective customers.

               An institution could also manage interest rate risk by selling
existing assets, repaying certain liabilities or matching repricing periods for
new assets and liabilities (for example, by shortening terms of new loans or
investments). A large portion of an institution's liabilities may be short-term
or due on demand, while most of its assets may be invested in long-term loans or
investments. Accordingly, the Company seeks to have in place sources of cash to

                                       17

<PAGE>

meet short-term demands. These funds can be obtained by increasing deposits,
borrowing, or selling assets. Also, FHLB advances and wholesale borrowings have
become increasingly important sources of liquidity for the Company. Financial
institutions are also subject to prepayment risk in falling rate environments.
For example, mortgage loans and other financial assets may be prepaid by a
debtor so that the debtor may refund its obligations at new, lower rates.
Prepayments of assets carrying higher rates reduce the Company's interest income
and overall asset yields.

               An institution might also invest in more complex financial
instruments intended to hedge, or otherwise change the interest rate risk of
existing assets, liabilities, or anticipated transactions. Interest rate swaps,
futures contracts, options on futures, and other such derivative financial
instruments often are used for this purpose. Because these instruments are
sensitive to interest rate changes, they require management expertise to be
effective. The Company has not purchased derivative financial instruments in the
past and does not presently intend to purchase such instruments in the near
future.

               The following table provides information about the Company's
financial instruments that are sensitive to changes in interest rates as of
March 31, 2001, based on the information and assumptions in the notes. The
Company's assumptions are based on statistical data provided by a federal
regulatory agency in the Company's market area, and are believed to be
reasonable. The Company had no derivative financial instruments or trading
portfolio as of March 31, 2001. The expected maturity date values for loans
receivable, mortgage-backed securities, and investment securities were
calculated by adjusting the instrument's contractual maturity date for
expectations of prepayments. Similarly, expected maturity date values for
interest-bearing core deposits were calculated based upon estimates of the
period over which the deposits would be outstanding. With respect to the
Company's adjustable rate instruments, expected maturity date values were
measured by adjusting the instrument's contractual maturity date for
expectations of prepayments. Substantially all of the Company's investment
securities portfolio is comprised of callable government agency securities. From
a risk management perspective, the Company believes that repricing dates, as
opposed to expected maturity dates, may be a more relevant metric in analyzing
the value of such instruments. Company borrowings were tabulated by contractual
maturity dates and without regard to any conversion or repricing dates.


                                       18

<PAGE>

<TABLE>
<CAPTION>

                                                      EXPECTED MATURITY DATE-QUARTER ENDED MARCH 31,
                                                      ----------------------------------------------
                                                                                             There-                   Fair
                                       2002        2003       2004      2005       2006      after       Total       Value
                                       ----        ----       ----      ----       ----      ----        -----       -----
ON-BALANCE SHEET FINANCIAL INSTRUMENTS                                     (Dollars in thousands)
 Interest-earning assets:
<S>                                  <C>         <C>         <C>       <C>        <C>       <C>         <C>         <C>

  Loans receivable (1)(2)(3)(4)
  Fixed rate                         $29,483     $17,735     $13,987   $13,499    $9,918    $59,216     $143,838    $153,193
    Average interest rate              8.01%       7.67%       7.63%     7.63%     7.56%      7.49%

  Adjustable rate                     13,020       6,689       5,221     4,412     3,722     10,848       43,912      45,708
    Average interest rate(5)           8.20%       8.44%       8.45%     8.46%     8.47%      8.30%
  Mortgage-backed securities
  Fixed rate                              12         651         408        --        --     51,094       52,165      52,889
    Average interest rate              8.00%       5.97%       6.11%     0.00%     0.00%      6.93%

  Adjustable rate                         --          --          --        --        --     15,989       15,989      16,225
    Average interest rate(6)           0.00%       0.00%       0.00%     0.00%     0.00%      6.39%

Investments(7)
  Fixed rate                          19,622       7,616          --        --        --     97,782      125,020     126,946
    Average interest rate              7.29%       8.23%       0.00%     0.00%     0.00%      7.64%

  Adjustable rate                         --          --          --        --        --      2,884        2,884       2,878
    Average interest rate              0.00%       0.00%       0.00%     0.00%     0.00%      7.13%

  Interest-bearing deposits            4,004          --          --        --        --         --        4,004       4,004
    Average interest rate              5.27%       0.00%       0.00%     0.00%     0.00%      0.00%
                                  ----------   ---------    --------  --------  --------   --------     --------    --------
        Total                         66,141      32,691      19,616    17,911    13,640    237,813      387,812     401,843

Interest-bearing liabilities:
  Interest-bearing deposits
   and escrows(8)(9)(10)              99,906      20,018      20,018     7,218     7,218     22,483      176,861     177,638
    Average interest rate              4.64%       3.49%       3.49%     3.15%     3.15%      2.06%

Borrowings
  Fixed rate                          66,050          --          --     4,000     5,000    103,000      178,050     179,871
    Average interest rate              5.37%       0.00%       0.00%     5.43%     4.98%      5.56%

  Adjustable rate                      2,829          --          --        --        --         --        2,829       2,829
    Average interest rate              5.29%       0.00%       0.00%     0.00%     0.00%      0.00%
                                  ----------   ---------    --------  --------  --------   --------     --------    --------
        Total                       $168,785     $20,018    $20,018    $11,218   $12,218   $125,483     $357,740    $360,338
</TABLE>



<PAGE>


(1) Net of undisbursed loan proceeds and does not include net deferred loan fees
or the allowance for loan losses.
(2) For single-family residential loans, assumes annual amortization and
prepayment rate at 18% for adjustable rate loans, and 9% to 38% for fixed rate
loans. For multi-family residential loans and other loans, assumes amortization
and prepayment rate of 12%.
(3) For second mortgage loans, assumes annual amortization and prepayment rate
of 18%.
(4) Consumer loans assumes amortization and prepayment rate of 13%.
(5) Substantially all of the Company's adjustable rate loans reprice on an
annual basis based upon changes in the one-year constant maturity treasury index
with various market based annual and lifetime interest rate caps and floors.
(6) Substantially all of the Company's adjustable rate mortgage-backed
securities reprice on a monthly basis based upon changes in the one month LIBOR
index with various lifetime caps and floors.
(7) Totals include the Company's investment in Federal Home Loan Bank stock.
Amounts adjusted to reflect investment securities totaling approximately $15,600
expected to be called by December 31, 2003.
(8) For regular savings accounts, assumes an annual decay rate of 17% for three
years or less, 16% for more than three through five years and 14% for more than
five years.
(9) For NOW accounts, assumes an annual decay rate of 37% for one year or less,
32% for more than one through three years and 17% for more than three years.
(10) For money market deposit accounts, assumes an annual decay rate of 79% for
one year or less and 31% for more than one year.

                                       19

<PAGE>




               The table below provides information about the Company's
anticipated transactions comprised of firm loan commitments and other
commitments, including undisbursed letters and lines of credit. The Company used
no derivative financial instruments to hedge such anticipated transactions as of
March 31, 2001.


<PAGE>



                   Anticipated Transactions
 ------------------------------------------------------------------
                                                (Dollars in thousands)
Undisbursed construction and
    land development loans

                  Fixed rate           $ 5,531
                                          8.60%

                 Adjustable rate       $10,261
                                          9.23%

Undisbursed lines of credit

                  Adjustable rate      $ 7,760
                                          8.06%

Loan origination commitments

                  Fixed rate           $   412
                                          8.06%

                  Adjustable rate      $    83
                                          7.25%

Letters of credit

                  Adjustable rate      $   297
                                         11.00%
                                       --------
                                       $24,344



                                       20

<PAGE>


PART II - OTHER INFORMATION

ITEM 1.          Legal Proceedings
                 -----------------
                 The Company is involved with various legal actions arising in
                 the ordinary course of business. Management believes the
                 outcome of these matters will have no material effect on the
                 consolidated operations or consolidated financial condition of
                 WVS Financial Corp.

ITEM 2.          Changes in Securities and Use of Proceeds
                 -----------------------------------------
                 Not applicable.

ITEM 3.          Defaults Upon Senior Securities
                 -------------------------------
                 Not applicable.

ITEM 4.          Submission of Matters to a Vote of Security Holders
                 ---------------------------------------------------
                 Not applicable.

ITEM 5.          Other Information
                 -----------------
                 Not applicable.

ITEM 6.          Exhibits and Reports on Form 8-K
                 --------------------------------
                 (a) The following exhibit is filed as part of this form 10-Q,
                     and this list includes the Exhibit Index.

         Number            Description                             Page
         ------            -----------                             ----
           99              Independent Accountant's Report          E-1


                 (b) The Company filed a Current Report on Form 8-K, dated
                     March 22, 2001, reporting under Item 5 that the Company's
                     Board of Directors authorized the repurchase of up to
                     200,000 shares, or approximately 7.24% of the Company's
                     outstanding common stock. Repurchases are authorized to be
                     made during the next twelve months as market conditions
                     warrant. All repurchase shares will be held as treasury
                     stock and may be reserved for issuance pursuant to the
                     Company's stock benefit plans.

                                       21

<PAGE>






                                   SIGNATURES


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



                                 WVS FINANCIAL CORP.




        May 10, 2001        BY:
                                 -----------------------------------------------
        Date                     David J. Bursic
                                 President and Chief Executive Officer
                                 (Principal Executive and Financial Officer)


        May 10, 2001        BY:
                                 -----------------------------------------------
        Date                     Keith A. Simpson
                                 Controller



                                       22

<PAGE>


                                   SIGNATURES


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



                                   WVS FINANCIAL CORP.



        May 10, 2001        BY:  /s/ David J. Bursic
                                 ----------------------------------------------
        Date                     David J. Bursic
                                 President and Chief Executive Officer
                                 (Principal Executive and Financial Officer)


        May 10, 2001        BY:  /s/ Keith A. Simpson
                                 ----------------------------------------------
        Date                     Keith A. Simpson
                                 Controller