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, 2003

                                       or

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

     For  the transition period from ______ to ______

                         Commission File Number: 0-22444

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

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

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

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


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

YES       NO  X
    ----     ----


     Shares outstanding as of May 12, 2003:  2,582,259 shares common Stock, $.01
par value.


<PAGE>


26




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

                                      INDEX
                                      -----

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

Item 1.        Financial Statements

               Consolidated Balance Sheet as of
               March 31, 2003 and June 30, 2002
               (Unaudited)                                                 3

               Consolidated Statements of Income
               for the Three and Nine Months Ended
               March 31, 2003 and 2002 (Unaudited)                         4

               Consolidated Statements of Cash Flows
               for the Nine Months Ended March 31,
               2003 and 2002 (Unaudited)                                   5

               Consolidated Statements of Changes in
               Stockholders' Equity for the Nine Months
               Ended March 31, 2003 (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, 2003                                       13

Item 3.        Quantitative and Qualitative Disclosures
               about Market Risk                                          20

Item 4.        Controls and Procedures                                    26

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

Item 1.        Legal Proceedings                                          27
Item 2.        Changes in Securities and Use of Proceeds                  27
Item 3.        Defaults upon Senior Securities                            27
Item 4.        Submission of Matters to a Vote of Security Holders        27
Item 5.        Other Information                                          27
Item 6.        Exhibits and Reports on Form 8-K                           27
               Signatures                                                 28
               Certification of Chief Executive Officer                   29
               Certification of Chief Accounting Officer                  30

                                       2


<PAGE>

<TABLE>
<CAPTION>


                       WVS FINANCIAL CORP. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEET
                                   (UNAUDITED)
                                 (In thousands)
                                                                        March 31, 2003       June 30, 2002
                                                                     -------------------    --------------
          Assets
          ------
<S>                                                                     <C>                    <C>
Cash and due from banks                                                 $      988             $       879
Interest-earning demand deposits                                             3,372                   2,298
Investment securities available-for-sale (amortized cost of
   $4,077 and $8,375)                                                        4,274                   8,426
Investment securities held-to-maturity (market value of
   $134,906 and $146,146)                                                  131,335                 142,958
Mortgage-backed securities available-for-sale (amortized cost of
   $4,637 and $6,196)                                                        4,858                   6,450
Mortgage-backed securities held-to-maturity (market value of
   $101,674 and $76,819)                                                   101,146                  76,093
Federal Home Loan Bank stock, at cost                                        8,688                   8,281
Net loans receivable (allowance for loan losses of $2,687 and
   $2,758)                                                                 107,819                 152,905
Accrued interest receivable                                                  3,036                   3,903
Premises and equipment                                                       1,271                     996
Deferred taxes and other assets                                              1,455                   1,722
                                                                     -------------          --------------
          TOTAL ASSETS                                                  $  368,242             $   404,911
                                                                     =============          ==============

          Liabilities and Stockholders' Equity
          ------------------------------------
Liabilities:
Savings Deposits:
   Non-interest-bearing accounts                                        $   11,085             $    12,615
   NOW accounts                                                             20,034                  20,872
   Savings accounts                                                         42,718                  41,620
   Money market accounts                                                    14,225                  14,843
   Certificates of deposit                                                  76,953                  84,709
                                                                     -------------          --------------
    Total savings deposits                                                 165,015                 174,659
Federal Home Loan Bank advances                                            151,487                 159,937
Other borrowings                                                            11,424                  33,731
Advance payments by borrowers for taxes and insurance                        1,343                   3,013
Accrued interest payable                                                     1,479                   1,698
Other liabilities                                                            7,369                   1,620
                                                                     -------------          --------------
     TOTAL LIABILITIES                                                     338,117                 374,658

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;
   3,733,786 and 3,729,858 shares issued                                        37                      37
Additional paid-in capital                                                  20,083                  20,037
Treasury stock: 1,147,316 and 1,051,872 shares at cost,
    Respectively                                                           (16,654)                (15,133)
Retained earnings, substantially restricted                                 26,434                  25,183
Accumulated other comprehensive income                                         276                     201
Unallocated shares - Recognition and Retention Plans                           (51)                    (72)
                                                                     -------------          --------------
     TOTAL STOCKHOLDERS' EQUITY                                             30,125                  30,253
                                                                     -------------          --------------
          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                    $  368,242             $   404,911
                                                                     =============          ==============

</TABLE>


          See accompanying notes to consolidated financial statements.

                                       3


<PAGE>


<TABLE>
<CAPTION>



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

                                                         Three Months Ended                      Nine Months Ended
                                                              March 31,                              March 31,
                                                   -----------------------------         ---------------------------
                                                        2003             2002                2003           2002
INTEREST AND DIVIDEND INCOME:                      --------------    -----------         ----------      -----------
<S>                                                <C>               <C>                 <C>             <C>
     Loans                                         $    2,227        $     3,162         $    7,617      $    10,201
     Investment securities                              1,675              1,613              5,146            5,123
     Mortgage-backed securities                           663                700              2,115            2,516
     Interest-earning deposits with other
         institutions                                       1                  3                  8               11
     Federal Home Loan Bank stock                          70                 96                206              364
                                                   ----------        -----------         ----------      -----------
          Total interest and dividend income            4,636              5,574             15,092           18,215
                                                   ----------        -----------         ----------      -----------

INTEREST EXPENSE:
     Deposits                                             752              1,103              2,578            4,035
     Borrowings                                         2,083              2,208              6,454            6,759
     Advance payments by borrowers for taxes
       and insurance                                        6                 10                 16               23
                                                   ----------        -----------         ----------      -----------
          Total interest expense                        2,841              3,321              9,048           10,817
                                                   ----------        -----------         ----------      -----------

NET INTEREST INCOME                                     1,795              2,253              6,044            7,398
PROVISION FOR LOAN LOSSES                                 (89)               ---                (71)              57
                                                   ----------        -----------         ----------      -----------
NET INTEREST INCOME AFTER PROVISION
   FOR LOAN LOSSES                                      1,884              2,253              6,115            7,341
                                                   ----------        -----------         ----------      -----------

NON-INTEREST INCOME:
     Service charges on deposits                           82                 97                278              308
     Gain on sale of investments                          ---                ---                 64              ---
     Other                                                 70                 69                224              212
                                                   ----------        -----------         ----------      -----------
          Total non-interest income                       152                166                566              520
                                                   ----------        -----------         ----------      -----------

NON-INTEREST EXPENSE:
     Salaries and employee benefits                       613                607              1,824            1,852
     Occupancy and equipment                              107                 98                291              281
     Deposit insurance premium                              8                  8                 23               25
     Data processing                                       56                 49                155              142
     Correspondent bank service charges                    37                 38                113              122
     Other                                                154                178                733              641
                                                   ----------        -----------         ----------      -----------
          Total non-interest expense                      975                978              3,139            3,063
                                                   ----------        -----------         ----------      -----------

INCOME BEFORE INCOME TAXES                              1,061              1,441              3,542            4,798
INCOME TAXES                                              329                476              1,029            1,483
                                                   ----------        -----------         ----------      -----------
NET INCOME                                         $      732        $       965         $    2,513      $     3,315
                                                   ==========        ===========         ==========      ===========
EARNINGS PER SHARE:
     Basic                                         $     0.28        $      0.36         $     0.96      $      1.21
     Diluted                                       $     0.28        $      0.35         $     0.95      $      1.21

AVERAGE SHARES OUTSTANDING:
     Basic                                          2,593,546          2,714,480          2,629,122        2,736,254
     Diluted                                        2,598,775          2,720,976          2,634,468        2,745,783

</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,
                                                                                --------------------------
                                                                                     2003           2002
OPERATING ACTIVITIES                                                            ------------     ---------

<S>                                                                               <C>             <C>
Net income                                                                        $  2,513        $  3,315
Adjustments to reconcile net income to cash provided by operating
 activities:
   Provision for loan and real estate owned losses                                     (71)             57
   Gain on sale of investments                                                         (64)            ---
   Depreciation and amortization, net                                                  109              92
   Amortization of discounts, premiums and deferred loan fees                        2,608              61
   Amortization of ESOP, RRP and deferred and unearned
      compensation                                                                      21              50
   Decrease in accrued interest receivable                                             867             752
   Decrease in accrued interest payable                                               (219)           (667)
   Decrease in accrued and deferred taxes                                              221             343
   Other, net                                                                         (242)           (131)
                                                                                ----------       ---------
         Net cash used for operating activities                                   5,743           3,872
                                                                                ----------       ---------

INVESTING ACTIVITIES

Available-for-sale:
   Purchases of investments and mortgage-backed securities                          (3,481)        (19,960)
   Proceeds from repayments of investments and mortgage-backed securities            8,762          21,375
   Proceeds from sale of investments securities                                        639             ---
Held-to-maturity:
   Purchases of investments and mortgage-backed securities                        (176,725)       (259,520)
   Proceeds from repayments of investments and mortgage-backed securities          166,702         239,699
Decrease in net loans receivable                                                    44,921          23,241
Sale of real estate owned                                                              220              27
Purchase of Federal Home Loan Bank stock                                              (407)           (602)
Purchases of premises and equipment                                                   (383)            (95)
                                                                                 ----------       ---------
         Net cash  provided by investing activities                                 40,248           4,165
                                                                                ----------       ---------
</TABLE>


                                       5



<PAGE>
<TABLE>
<CAPTION>


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

                                                                                    Nine Months Ended
                                                                                          March 31,
                                                                                ---------------------------
                                                                                     2003          2002
       FINANCING ACTIVITIES                                                        ---------     ----------

<S>                                                                                 <C>             <C>
       Net increase (decrease) in transaction and passbook accounts                 (1,888)         8,116
       Net decrease in certificates of deposit                                      (7,756)       (14,247)
       Net increase (decrease) in FHLB short-term advances                           2,550           (986)
       Net increase in other borrowings                                            (22,307)       (11,582)
       Proceeds from FHLB long-term advances                                           ---         23,279
       Repayments of FHLB long-term advances                                       (11,000)       (10,000)
       Net decrease in advance payments by borrowers for taxes and insurance        (1,670)          (755)
       Net proceeds from issuance of common stock                                       46            159
       Funds used for purchase of treasury stock                                    (1,521)        (1,130)
       Cash dividends paid                                                          (1,262)        (1,315)
                                                                                   ---------     ----------
                Net cash used for financing activities                             (44,808)        (8,461)
                                                                                   ---------     ----------
               Increase (decrease) in cash and cash equivalents                      1,183           (424)

       CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD                          3,177          2,993
                                                                                   ---------     ----------
       CASH AND CASH EQUIVALENTS AT END OF THE PERIOD                              $ 4,360       $  2,569
                                                                                   =========     ==========
       SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

          Cash paid during the period for:
             Interest on deposits, escrows and borrowings                          $ 9,267       $ 11,484
             Income taxes                                                          $   846       $  1,160

          Non-cash item:
             Pennsylvania Education Tax Credit                                     $   100       $    100
             Mortgage Loan Transferred to Other Real Estate Owned                      ---       $    388

</TABLE>


          See accompanying notes to consolidated financial statements.

                                       6


<PAGE>
<TABLE>
<CAPTION>


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



                                               Additional                Unallocated
                                    Common      Paid-In      Treasury    Shares Held
                                     Stock      Capital       Stock        by ESOP
                                   ----------  ----------   ----------   ----------
<S>                                <C>         <C>          <C>          <C>
   Balance at June 30, 2002        $       37  $  20,037    $  (15,133)  $      ---

   Comprehensive income:

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


   Comprehensive income

   Purchase of shares for
      treasury stock                                            (1,521)


   Accrued compensation
      expense for Recognition
      and Retention Plans (RRP)

   Exercise of stock options                           46

   Cash dividends declared
      ($0.48 per share)
                                   ----------  ----------   ----------   ------------
   Balance at March 31, 2003       $       37  $   20,083   $  (16,654)  $      ---
                                   ==========  ==========   ==========   ============


<CAPTION>





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


                                                                      Retained
                                      Unallocated   Accumulated       Earnings
                                       Shares Held  Other Compre-    Substantially
                                         by RRP     hensive Income     Restricted     Total
                                   -  ------------  ---------------  -------------   -------
<S>                                <C>              <C>              <C>             <C>
   Balance at June 30, 2002        $  $        (72) $   201          $ 25,183        $30,253

   Comprehensive income:

      Net Income                                                        2,513          2,513
      Other comprehensive
        income:
         Change in unrealized
             holding gains on
             securities, net of
             income tax effect
             of $38                                      75                               75
                                                                                     -------
   Comprehensive income                                                                2,588

   Purchase of shares for
      treasury stock                                                                  (1,521)


   Accrued compensation
      expense for Recognition
      and Retention Plans (RRP)                 21                                        21

   Exercise of stock options                                                              46

   Cash dividends declared                                             (1,262)        (1,262)
      ($0.48 per share)
                                   -  ------------  ---------------  -------------   -------
   Balance at March 31, 2003       $  $     (51)     $   276          $ 26,434       $30,125
                                   =  ============  ===============  =============   =======

</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, 2003,  are not  necessarily  indicative of
the results which may be expected for the entire fiscal year.

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

On October 1, 2002,  the  Financial  Accounting  Standards  Board (FASB)  issued
Statement of  Financial  Accounting  Standards  (FAS) No. 147,  Acquisitions  of
Certain  Financial   Institutions,   effective  for  all  business  combinations
initiated  after  October  1,  2002.  This  Statement  addresses  the  financial
accounting  and  reporting  for the  acquisition  of all or part of a  financial
institution,  except for a transaction  between two or more mutual  enterprises.
This  Statement  removes  acquisitions  of  financial  institutions,  other than
transactions  between two or more mutual enterprises,  from the scope of FAS No.
72, Accounting for Certain Acquisitions of Banking or Thrift  Institutions,  and
FASB  Interpretation  No. 9,  Applying APB Opinions No. 16 and 17 When a Savings
and  Loan  Association  or a  Similar  Institution  Is  Acquired  in a  Business
Combination Accounted for by the Purchase Method. The acquisition of all or part
of a financial  institution that meets the definition of a business  combination
shall be accounted for by the purchase  method in  accordance  with FAS No. 141,
Business  Combinations,  and FAS No. 142, Goodwill and Other Intangible  Assets.
This  Statement  also provides  guidance on the accounting for the impairment or
disposal of acquired long-term customer-relationship  intangible assets (such as
depositor- and  borrower-relationship  intangible  assets and credit  cardholder
intangible assets), including those acquired in transactions between two or more
mutual  enterprises.  The  adoption  of FAS No.  147 is not  expected  to have a
material effect on the Company's financial position or results of operations.

On December 31, 2002, the FASB issued FAS No. 148,  Accounting  for  Stock-Based
Compensation - Transition and Disclosure,  which amends FAS No. 123,  Accounting
for Stock-Based Compensation.  FAS No. 148 amends the disclosure requirements of
FAS No. 123 to require more prominent and more frequent disclosures in financial
statements about the effects of stock-based  compensation.  Under the provisions
of FAS No. 123,  companies that adopted the preferable,  fair value based method
were required to apply that method  prospectively  for new stock option  awards.
This  contributed to a "ramp-up" effect on stock-based  compensation  expense in
the first few years following  adoption,  which caused concern for companies and
investors  because of the lack of  consistency in reported  results.  To address
that concern,  FAS No. 148 provides two  additional  methods of transition  that
reflect  an  entity's  full  complement  of  stock-based   compensation  expense
immediately upon adoption,  thereby  eliminating the ramp-up effect. FAS No. 148
also  improves the clarity and  prominence  of  disclosures  about the pro forma
effects of using the fair  value  based  method of  accounting  for  stock-based
compensation  for all  companies-regardless  of the accounting  method used-by
requiring  that  the  data  be  presented  more   prominently   and  in  a  more
user-friendly format in the footnotes to the financial statements.  In addition,
the statement  improves the  timeliness of those  disclosures  by requiring that
this information be included in interim as well as annual financial  statements.

                                       8

<PAGE>

The  transition  guidance and annual  disclosure  provisions  of FAS No. 148 are
effective  for fiscal  years  ending  after  December  15,  2002,  with  earlier
application   permitted  in  certain   circumstances.   The  interim  disclosure
provisions are effective for financial reports containing  financial  statements
for interim  periods  beginning after December 15, 2002. See Note 4 of this Form
10-Q.

In April 2003,  the FASB  issued FAS No.  149,  Amendment  of  Statement  133 on
Derivative  Instruments  and  Hedging  Activities.  This  statement  amends  and
clarifies  accounting for derivative  instruments,  including certain derivative
instruments  embedded in other contracts,  and for hedging  activities under FAS
No. 133. The amendments set forth in FAS No. 149 improve financial  reporting by
requiring  that  contracts  with  comparable  characteristics  be accounted  for
similarly.  In particular,  this statement  clarifies under what circumstances a
contract with an initial net investment meets the characteristic of a derivative
as  discussed  in FAS No. 133.  In  addition,  it  clarifies  when a  derivative
contains a financing  component that warrants special reporting in the statement
of cash flows. FAS No. 149 amends certain other existing  pronouncements.  Those
changes  will  result  in  more  consistent  reporting  of  contracts  that  are
derivatives in their entirety or that contain embedded  derivatives that warrant
separate  accounting.  This statement is effective for contracts entered into or
modified  after  June  30,  2003,   except  as  stated  below  and  for  hedging
relationships  designated  after June 30, 2003.  The guidance  should be applied
prospectively.  The  provisions  of this  statement  that  relate to FAS No. 133
Implementation  Issues that have been  effective for fiscal  quarters that began
prior to June 15, 2003,  should  continue to be applied in accordance with their
respective effective dates. In addition,  certain provisions relating to forward
purchases or sales of when-issued securities or other securities that do not yet
exist,  should be applied to existing contracts as well as new contracts entered
into after June 30, 2003.

In November 2002, the FASB issued Interpretation No.45,  Guarantor's  Accounting
and Disclosure  requirements for Guarantees,  Including  Indirect  Guarantees of
Indebtedness of Others. This interpretation  elaborates on the disclosures to be
made by a guarantor  in its interim and annual  financial  statements  about its
obligations  under certain  guarantees that it has issued.  This  interpretation
clarifies  that a  guarantor  is  required  to  disclose  (a) the  nature of the
guarantee,  including the approximate  term of the guarantee,  how the guarantee
arose,  and the events or  circumstances  that would  require the  guarantor  to
perform under the guarantee; (b) the maximum potential amount of future payments
under the guarantee;  (c) the carrying amount of the liability,  if any, for the
guarantor's  obligations  under the guarantee;  and (d) the nature and extent of
any recourse provisions or available  collateral that would enable the guarantor
to recover  the  amounts  paid under the  guarantee.  This  interpretation  also
clarifies  that a guarantor  is required to  recognize,  at the  inception  of a
guarantee,  a liability  for the  obligations  it has  undertaken in issuing the
guarantee,  including its ongoing  obligation to stand ready to perform over the
term of the  guarantee  in the event  that the  specified  triggering  events or
conditions occur. The objective of the initial  measurement of that liability is
the fair value of the guarantee at its inception.  The initial  recognition  and
initial  measurement  provisions  of this  interpretation  are  applicable  on a
prospective  basis to  guarantees  issued or modified  after  December 31, 2002,
irrespective of the guarantor's fiscal year-end. The disclosure  requirements in
this interpretation are effective for financial  statements of interim or annual
periods ending after December 15, 2002.

In  January,  2003,  the FASB issued  Interpretation  No. 46,  Consolidation  of
Variable Interest Entities,  in an effort to expand upon and strengthen existing
accounting  guidance  that  addresses  when  a  company  should  include  in its
financial  statements the assets,  liabilities and activities of another entity.
The  objective  of this  interpretation  is not to restrict  the use of variable
interest entities but to improve financial  reporting by companies involved with
variable  interest  entities.  Until now,  one company  generally  has  included
another entity in its  consolidated  financial  statements only if it controlled
the  entity  through  voting  interests.  This  interpretation  changes  that by
requiring a variable  interest  entity to be  consolidated  by a company if that
company is subject to a majority of the risk of loss from the variable  interest
entity's  activities or entitled to receive a majority of the entity's  residual
returns or both. The  consolidation  requirements of this  interpretation  apply
immediately to variable  interest  entities  created after January 31, 2003. The
consolidation  requirements  apply to older entities in the first fiscal year or
interim  period  beginning  after  June  15,  2003.  Certain  of the  disclosure
requirements  apply in all financial  statements  issued after January 31, 2003,
regardless of when the variable interest entity was established. The adoption of
this interpretation has not and is not expected to have a material effect on the
Company's financial position or results of operations.

                                       9



<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,
                                             --------------------------------       ----------------------------------

                                                 2003              2002                  2003              2002
                                             --------------   ---------------       ----------------  ----------------
<S>                                              <C>               <C>                    <C>               <C>
Weighted average common shares
   outstanding                                   3,732,233         3,722,989              3,730,790         3,715,153

Average treasury stock shares                  (1,138,687)       (1,008,509)            (1,101,668)         (978,899)

Average unearned ESOP shares                           ---               ---                    ---               ---
                                             --------------   ---------------       ----------------  ----------------

Weighted average common shares
   and common stock equivalents
   used to calculate basic earnings
   per share                                     2,593,546         2,714,480              2,629,122         2,736,254

Additional common stock
   equivalents (stock options) used
   to calculate diluted earnings per
   share                                             5,229             6,496                  5,346             9,529
                                             --------------   ---------------       ----------------  ----------------

Weighted average common shares
   and common stock equivalents
   used to calculate diluted earnings
   per share                                     2,598,775         2,720,976              2,634,468         2,745,783
                                             ==============   ===============       ================  ================

Net income                                   $     731,747    $      965,123        $     2,513,057   $     3,314,490
                                             ==============   ===============       ================  ================

Earnings per share:
     Basic                                   $        0.28    $         0.36        $          0.96   $          1.21
     Diluted                                 $        0.28    $         0.35        $          0.95   $          1.21
                                             ==============   ===============       ================  ================
</TABLE>


All  options  at  March  31,  2003 and  March  31,  2002  were  included  in the
computation of diluted earnings per share.

                                       10

<PAGE>




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

     Pro forma  information  regarding  net  income  and  earnings  per share as
required by FAS No.123,  has been determined as if the Company had accounted for
its stock  options  using  that  method.  The fair value for these  options  was
estimated  at the date of the  grants  using the  Black-Scholes  option  pricing
model.

     In  management's  opinion,  existing stock option  valuation  models do not
provide a reliable  single  measure of the fair value of employee  stock options
that have vesting  provisions  and are not  transferable.  In  addition,  option
valuation models require input of highly  subjective  assumptions  including the
expected stock price  volatility.  Because the Company's  employee stock options
have characteristics  significantly  different from those of traded options, and
because changes in the subjective  input  assumptions can materially  affect the
fair value estimate,  the existing models may not necessarily provide a reliable
single measure of the fair value of its employee stock options.

     For the purpose of pro forma  disclosures,  the estimated fair value of the
options is amortized to expense over the options vesting  period.  The following
table  represents  the  effect  on net  income  and  earnings  per share had the
stock-based employee compensation expense been recognized:
<TABLE>
<CAPTION>


                                             Three Months Ended March 31,            Nine Months Ended March 31,
                                               2003               2002                2003               2002
                                             ---------        ------------          ---------         ---------

<S>                                          <C>              <C>                   <C>               <C>
Net income, as reported:                     $   732          $       965           $  2,513          $   3,315
Less proforma expense related
  to stock options                               ---                  ---                 10                 31

                                             --------        ------------          ---------         ----------
Proforma net income                          $   732          $       965           $  2,503         $    3,284
                                             =======         ============          =========         ==========


Basic net income per common share:
     As reported                             $   0.28         $       0.36          $   0.96          $     1.21

     Pro forma                                   0.28                 0.36              0.95                1.20

Diluted net income per common share:
     As reported                             $   0.28         $       0.35          $   0.95          $     1.21

     Pro forma                                   0.28                 0.35              0.95                1.20

</TABLE>

                                       11

<PAGE>

<TABLE>
<CAPTION>

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

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

                                        Three Months Ended March 31,                        Nine Months Ended March 31,
                                       2003                     2002                      2003                      2002
                                 ------------------     ---------------------    ---------------------         --------------------

<S>                                           <C>                       <C>                     <C>                         <C>
Net income                                    $732                      $965                    $2,513                      $3,315
Other comprehensive
income (loss) before tax:
     Unrealized gains (losses)
     on available for sale
       securities                  $(37)                   $(68)                      $177                         $56


Less:
     Reclassification
     adjustment for
           gain included in
            net income             ---                     ---                        64                         ---
                                -------     -------     -------     ---------     -------     ---------    ----------    ----------
Other
     comprehensive
     income (loss) before tax                 (37)                      (68)                       113                          56
Income tax expense (benefit)
     related to other
     comprehensive
     income  (loss)                           (13)                      (23)                        38                          19
                                            -------                 ---------                 ---------                  ----------
Other comprehensive
     income (loss), net of tax                 (24)                      (45)                        75                          37
                                            -------                 ---------                 ---------                  ----------
Comprehensive income                          $708                      $920                    $2,588                      $3,352
                                            =======                 =========                 =========                  ==========
</TABLE>


                                       12



<PAGE>


ITEM 2.

MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2003

FORWARD LOOKING STATEMENTS

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

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

GENERAL

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

     West View  Savings  Bank is a  Pennsylvania-chartered,  SAIF-insured  stock
savings bank conducting  business from six offices in the North Hills suburbs of
Pittsburgh.  The  Savings  Bank  converted  to the stock  form of  ownership  in
November 1993. The Savings Bank had no subsidiaries at March 31, 2003.

     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,  growth of core
deposits,  capital management,  maintaining strong non-interest  expense ratios,
and steadily increasing book value per share.

FINANCIAL CONDITION

     The Company's  assets totaled $368.2 million at March 31, 2003, as compared
to $404.9  million at June 30, 2002. The $36.7 million or 9.1% decrease in total
assets was primarily comprised of a $45.1 million or 29.5% decrease in net loans
receivable,  and a $15.4  million or 9.6%  decrease  in  investment  securities,
including FHLB stock,  which were  partially  offset by a $23.5 million or 28.4%
increase in mortgage-backed securities.

                                       13

<PAGE>


     The Company's total  liabilities  decreased $36.6 million or 9.8% to $338.1
million as of March 31, 2003, from $374.7 million as of June 30, 2002. The $36.5
million decrease in total liabilities was primarily comprised of a $22.3 million
or 66.2%  decrease  in  other  short-term  borrowings,  a $9.6  million  or 5.5%
decrease in total  savings  deposits,  a $8.4  million or 5.3%  decrease in FHLB
advances,  and a $1.7 million or 55.4% decrease in advance payments by borrowers
for taxes and insurance due to the seasonal payment of county real estate taxes,
which were partially offset by a $5.7 million increase in other liabilities. The
increase in other  liabilities was primarily  attributable to unfunded  security
purchase  commitments  that were  funded in April  2003.  During the nine months
ended March 31,  2003,  time  deposits  decreased  $7.8  million due to seasonal
withdrawals  of municipal  time  deposits.  Transaction  and  passbook  accounts
decreased $1.9 million. Management believes that the decrease in transaction and
savings  balances were also primarily  attributable to seasonal  withdrawals and
draw downs of tax collector and builder accounts.

     Total stockholders' equity decreased $128 thousand or 0.4% to $30.1 million
as of March 31,  2003,  from  approximately  $30.3  million as of June 30, 2002.
Capital  expenditures  for the  Company's  stock  repurchase  program  and  cash
dividends  totaled  $1.5  million  and $1.3  million,  respectively,  which were
primarily  funded by net income of $2.5  million for the nine months ended March
31, 2003.


RESULTS OF OPERATIONS

     General.  WVS  reported  net  income  of $732  thousand,  or $0.28  diluted
earnings per share,  and $2.5 million or $0.95 diluted  earnings per share,  for
the  three and nine  months  ended  March 31,  2003,  respectively.  Net  income
decreased by $233  thousand or 24.1% and diluted  earnings  per share  decreased
$0.07 or 20.0% for the three months ended March 31, 2003,  when  compared to the
same period in 2002. The decrease in net income was primarily  attributable to a
$458  thousand  decrease in net interest  income and a $14 thousand  decrease in
non-interest  income, which were partially offset by a $147 thousand decrease in
income tax expense, a $89 thousand decrease in provision for loan losses , and a
$3 thousand  decrease in non-interest  expense.  For the nine months ended March
31, 2003,  net income  decreased by $802 thousand or 24.2% and diluted  earnings
per share decreased $0.26 or 21.5% when compared to the same period in 2002. The
decrease was principally  the result of a $1.4 million  decrease in net interest
income and a $76 thousand increase in non-interest expense, which were partially
offset by a $454  thousand  decrease  in income  tax  expense,  a $128  thousand
decrease  in  provision  for  loan  losses,  and  a  $46  thousand  increase  in
non-interest expense.

     Net Interest  Income.  The Company's net interest income  decreased by $458
thousand or 20.3% and $1.4  million or 18.3% for the three and nine months ended
March 31, 2003,  respectively,  when  compared to the same periods in 2002.  The
decrease in net  interest  income for both the three and nine month  periods was
principally  attributable  to lower rates earned on Company  assets due to lower
market interest rates, and lower average balances of net loans receivable, which
were  partially  offset by lower  rates paid on  deposits  and  borrowings.  The
Company  experienced  higher levels of repayments on its loan,  investment,  and
mortgage-backed securities portfolios due to refinancing activities for both the
three and nine months ended March 31, 2003.

     Interest Income.  Interest on net loans receivable  decreased $935 thousand
or 29.6% and $2.6 million or 25.3% for the three and nine months ended March 31,
2003, respectively,  when compared to the same periods in 2002. The decrease for
the three  months ended March 31, 2003 was  attributable  to a decrease of $49.3
million  in the  average  balance  of net  loans  receivable  outstanding  and a
decrease of 2 basis  points in the  weighted  average  yield earned on net loans
receivable for the three months ended March 31, 2003,  when compared to the same
period in 2002.  The  decrease  for the nine months  ended March 31,  2003,  was
attributable  to a decrease of $41.7 million in the average balance of net loans
receivable  outstanding  and a 19 basis point  decrease in the weighted  average
yield earned on net loans  receivable  for the nine months ended March 31, 2003,
when  compared to the same period in 2002.  The  decreases  in the average  loan
balance  outstanding  for both the three and nine months  ended March 31,  2003,
were primarily  attributable  to increased  levels of mortgage  prepayments  and
refinancings   due  to  lower  market  rates  on  mortgages.   As  part  of  its
asset/liability  management strategy, the Company has limited its origination of
longer-term  fixed  rate  loans to  mitigate  its  exposure  to a rise in market
interest rates. The Company will begin to originate longer-term fixed rate loans
for  sale on a  correspondent  basis  to  increase  non-interest  income  and to
contribute to net income.

                                       14

<PAGE>


     Interest on  mortgage-backed  securities  ("MBS") decreased $37 thousand or
5.3% and $401  thousand or 15.9% for the three and nine  months  ended March 31,
2003, respectively,  when compared to the same periods in 2002. The decrease for
the three months ended March 31, 2003 was primarily  attributable to a 155 basis
point  decrease  in  the  weighted  average  yield  earned  on   mortgage-backed
securities  for the  period,  which  was  partially  offset  by a $24.9  million
increase in the average balance of  mortgage-backed  securities  outstanding for
the three months ended March 31, 2003, when compared to the same period in 2002.
The  decrease  for the  nine  months  ended  March  31,  2003,  was  principally
attributable to a 184 basis point decrease in the weighted  average yield earned
on  mortgage-backed  securities for the period,  which was partially offset by a
$16.0  million  increase in the average  balance of  mortgage-backed  securities
outstanding  for the nine months ended March 31, 2003, when compared to the same
period  in  2002.  The  decrease  in  the  weighted   average  yield  earned  on
mortgage-backed  securities was consistent with market  conditions for the three
and nine months ended March 31, 2003,  and  reflects  the higher  proportion  of
floating rate MBS in the  portfolio.  The  increases in the average  balances of
mortgage-backed securities during the three and nine months ended March 31, 2003
were primarily  attributable  to the  reinvestment of a portion of the Company's
loan payment proceeds into floating rate MBS.

     Interest  and  dividend  income on  interest-bearing  deposits  with  other
institutions,   investment   securities,   and  FHLB  stock  ("other  investment
securities")  increased by $34 thousand or 2.0% for the three months ended March
31, 2003, when compared to the same period in 2002. The increase was principally
attributable  to a $13.5  million  increase  in the  average  balance  of  other
investment  securities  outstanding  for the three  months ended March 31, 2003,
when  compared to the same period in 2002,  which was  partially  offset by a 32
basis point  decrease on the weighted  average yield earned on other  investment
securities  when  compared  to the  same  period  in  2002.  Interest  on  other
investment  securities decreased $138 thousand or 2.5% for the nine months ended
March 31, 2003,  when compared to the same period in 2002.  The decrease for the
nine months ended March 31, 2003, was primarily attributable to a 92 basis point
decrease in the weighted average yield earned on other investment securities for
the  period,  which was  partially  offset by a $24.2  million  increase  in the
average balance of other investment  securities  outstanding for the nine months
ended March 31, 2003,  when compared to the same period in 2002. The decrease in
the weighted average yield earned was consistent with market  conditions for the
three and nine months ended March 31, 2003. The increase in the average  balance
of other  investment  securities  outstanding  during the three and nine  months
ended March 31, 2003, was  principally  attributable  to the  reinvestment  of a
portion of the  Company's  loan payment  proceeds  into  shorter-term  corporate
bonds.

     Interest  Expense.  Interest expense on deposits and escrows decreased $355
thousand or 31.9% and $1.5  million or 36.1% for the three and nine months ended
March 31,  2003,  respectively,  when  compared to the same period in 2002.  The
decrease in interest  expense on deposits and escrows for the three months ended
March 31, 2003,  was  attributable  to a 75 basis point decrease in the weighted
average  yield paid on deposits  and escrows for the period,  and a $9.7 million
decrease in the average balance of interest-bearing deposits and escrows for the
three months ended March 31, 2003, when compared to the same period in 2002. The
decrease in interest  expense on deposits  and escrows for the nine months ended
March 31, 2003, was  attributable  to a 112 basis point decrease in the weighted
average  yield paid on deposits  and  escrows for the period and a $5.4  million
decrease in the average balance of interest-bearing deposits and escrows for the
nine months ended March 31, 2003,  when compared to the same period in 2002. The
average  yield paid on  interest-bearing  deposits  was  consistent  with market
conditions  for the three and nine months ended March 31, 2003.  The decrease in
the average balance of  interest-bearing  deposits and escrows for the three and
nine months ended March 31, 2003 was  primarily due to seasonal  withdrawals  of
municipal time deposits and seasonal  withdrawals  and draw downs of transaction
and savings balances by local tax collectors and builders.

     Interest on FHLB advances and other  borrowings  decreased $125 thousand or
5.7% and $305  thousand  or 4.5% for the three and nine  months  ended March 31,
2003, respectively,  when compared to the same periods in 2002. The decrease for
the three  months  ended March 31, 2003,  was  attributable  to a 28 basis point
decrease in the weighted average rate paid on FHLB advances and other borrowings

                                       15

<PAGE>

for the period,  and a $429  thousand  decrease  in the average  balance of such
borrowings for the three months ended March 31, 2003,  when compared to the same
period in 2002.  The  decrease  for the nine months  ended March 31,  2003,  was
principally  attributable  to a 34 basis point decrease in the weighted  average
rate paid on FHLB advances and other  borrowings for the nine months ended March
31, 2003 when compared to the same period in 2002, which was partially offset by
a $3.8 million  increase in the average balance of such  borrowings  outstanding
for the nine months  ended March 31, 2003,  when  compared to the same period in
2002. The increase in the average balance of FHLB advances and other  borrowings
for the nine months ended March 31, 2003,  was primarily  used to fund purchases
of investments and mortgage-backed securities. The weighted average rate paid on
FHLB  advances and other  borrowings  declined  less than deposits due to longer
average maturity of the Company's FHLB advances outstanding.

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

     The Company recorded a credit provision for loan losses of $89 thousand for
the three  months ended March 31,  2003,  compared to no provision  for the same
period in 2002.  For the nine months ended March 31, 2003,  the Company  reduced
provisions  for loan loss by $71 thousand  compared to a $57 thousand  provision
for the same period in 2002.  The decrease in the  provision  for loan losses is
due to reduced levels of net loans receivable and collections on past due loans.
At March 31, 2003,  the Company's  total  allowance for loan losses  amounted to
$2.7 million or 2.4% of the Company's total loan portfolio,  as compared to $2.8
million  or 1.7% at March 31,  2002.  The  Company  believes  that its loan loss
reserves  are prudent and  warranted  at this time due to the  weakening  of the
national economy.

     Non-Interest Income.  Non-interest income decreased by $14 thousand or 8.4%
for the three months ended March 31, 2003,  when  compared to the same period in
2002.  The decrease was primarily  attributable  to decreases in service  charge
income earned on transaction accounts. For the nine months ended March 31, 2003,
non-interest  income  increased  $46 thousand or 8.8% when  compared to the same
period in 2002. The increase was primarily  attributable  to a $64 thousand gain
on sale of  investments  from  the  Company's  investment  portfolio,  and a $13
thousand  increase  in ATM fee  income,  which  was  partially  offset  by a $31
thousand decrease in service charge income earned on transaction accounts.

     Non-Interest  Expense.  Non-interest  expense decreased $3 thousand or 0.3%
for the three months ended March 31, 2003,  when  compared to the same period in
2002. The decrease was principally  attributable  to a $18 thousand  decrease in
expenses  on  transaction  accounts  and a $16  thousand  decrease  in legal and
disposition  costs  associated  with  collecting  past due loans and liquidating
collateral,   which  were  partially  offset  by  a  $9  thousand   increase  in
depreciation  expense relating to the Company's  purchases to upgrade the Bank's
technology  platform in December  2002,  and a $6 thousand  increase in employee
health insurance and training expense, when compared to the same period on 2002.
For the nine months ended March 31, 2003,  non-interest  expense  increased  $76
thousand or 2.5%,  when  compared to the same period in 2002.  The  increase was
principally  attributable  to a $66 thousand  increase in legal and  disposition
costs associated with collections, past due loans, and liquidation collateral, a
$13 thousand increase in data processing expense, and a $10 thousand increase in
depreciation expense,  which were partially offset by a $28 thousand decrease in
employee recognition and retention plan expense.


LIQUIDITY AND CAPITAL RESOURCES

     Net cash provided by operating  activities  totaled $5.7 million during the
nine months ended March 31, 2003. Net cash provided by operating  activities was
primarily  comprised of $2.6 million in amortization of discounts,  premiums and
deferred loan fees, $2.5 million of net income,  and a $867 thousand decrease in
accrued  interest  receivables,  which were partially  offset by a $219 thousand
decrease  in  accrued  interest  payables,  a  $64  thousand  gain  on  sale  of
investments, and a $71 thousand decrease in provision for loan losses.

                                       16

<PAGE>


     Funds  provided by investing  activities  totaled $40.2 million  during the
nine  months  ended March 31,  2003.  Primary  sources of funds  during the nine
months ended March 31, 2003,  included  $176.1 million from repayments and sales
of investment and  mortgage-backed  securities,  and a $44.9 million decrease in
net  loans  receivable,  which  were  partially  offset by  $180.6  million  for
purchases of investment and mortgage-backed  securities,  including Federal Home
Loan Bank stock and $383  thousand  for  purchases  of  equipment to upgrade the
Bank's technology platform, and $220 thousand of proceeds from the sale of other
real estate owned.

     Funds used for  financing  activities  totaled  $44.8  million for the nine
months ended March 31, 2003. The primary uses included a $22.3 million  decrease
in other  short-term  borrowings,  a $11.3  million  decrease  in  deposits  and
escrows, an $11.0 million repayment of long-term FHLB advances,  $1.5 million in
purchased  treasury  stock,  and  $1.3  million  in cash  dividends  paid on the
Company's  common  stock,  which  were  offset  by a $2.6  million  increase  in
short-term FHLB advances.  Management  believes that it currently is maintaining
adequate  liquidity and  continues to better match funding  sources with lending
and investment opportunities.

     During the quarter ended March 31, 2003, the Company  repaid  approximately
$11.8  million in various  short-term  borrowings  from the FHLB with a weighted
average  rate  of  1.66%,  and  incurred  $152.5  million  in  other  short-term
borrowings with a weighted average rate of 1.31%.  During the three months ended
March 31, 2003,  the Company  repaid $6.0 million of long-term FHLB advances and
$179.3 million of other  short-term  borrowings  with weighted  average rates of
2.49% and 1.32%, respectively.

     The  Company's  primary  sources  of  funds  are  deposits,   amortization,
repayments  and  maturities of existing  loans,  mortgage-backed  securities and
investment  securities,  funds from operations,  and funds obtained through FHLB
advances  and other  borrowings.  At March 31,  2003,  the total  approved  loan
commitments outstanding amounted to $806 thousand. At the same date, commitments
under unused lines of credit amounted to $6.7 million, the unadvanced portion of
construction  loans  approximated  $9.4 million and commitments to fund security
purchases  totaled $5.8 million.  Certificates of deposit scheduled to mature in
one year or less at March 31, 2003, totaled $53.6 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 also 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 January 2, 2003 the Company  announced its Sixth Stock  Buyback  Program
totaling  130,000,  or  approximately  5%, of the Company's  common shares.  The
Company intends to fund this buyback  primarily from  internally  generated cash
flow.

     On April  29,  2003,  the  Company's  Board of  Directors  declared  a cash
dividend of $0.16 per share payable May 22, 2003, to  shareholders  of record at
the close of business on May 12, 2003.  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 March 31, 2003, WVS Financial Corp.  exceeded all regulatory  capital
requirements and maintained Tier I and total  risk-based  capital equal to $29.8
million  or  14.5%  and  $32.5   million  or  15.6%,   respectively,   of  total
risk-weighted  assets,  and Tier I leverage capital of $29.8 million or 7.97% of
average quarterly assets.

                                       17

<PAGE>


     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, 2003, totaled approximately
$4.2  million or 1.1% of total  assets as  compared  to $5.3  million or 1.3% of
total assets at June 30, 2002. Nonperforming assets at March 31, 2003, consisted
of: five  commercial real estate loans totaling $3.6 million,  two  construction
and land development loans totaling $578 thousand,  one commercial loan totaling
$22 thousand, and one consumer loan totaling $1 thousand.

     The $1.1 million  decrease in  nonperforming  assets during the nine months
ended March 31, 2003 was comprised of a $582 thousand  decrease in single-family
loans, a $419 thousand  decrease in construction and land  development  loans, a
$176 thousand  decrease in  commercial  loans,  and a $235 thousand  decrease in
other real estate owned, which were partially offset by a $329 thousand increase
in commercial real estate loans and a $1 thousand increase in consumer loans.

     The land acquisition and development loan classified as non-accrual at June
30, 2002 was released by the Bankruptcy Court and sold in July 2002. The Savings
Bank recovered the full  principal  balance plus  approximately  $36 thousand in
previously unaccrued interest.

     As of June 30, 2002, the Company had one non-accruing  commercial loan with
a principal balance of $198 thousand.  The loan is secured by various commercial
business assets  including  photographic  equipment and a truck,  along with the
personal  guarantees of both owners.  In July 2002,  the Company  entered into a
loan work-out  that  provided for reduced  monthly loan payments in exchange for
the pledging of additional  unrelated  business assets. The revised payment plan
went into  effect in August  2002.  As of March 31,  2003,  the  borrowers  were
performing  under the modified terms,  and the loan was no longer  classified as
non-accrual.

     As of March 31,  2003,  the Company had five  commercial  real estate loans
classified as non-accrual loans.

     One of the commercial real estate loans is secured by a restaurant and real
estate located in Wexford,  PA. The outstanding  principal  balance of this loan
totals $172  thousand  and is part of a court  supervised  bankruptcy  plan.  In
brief,  the  original  bankruptcy  plan in November  1995 called for payments in
excess of the original loan terms to cure the  deficiency  within the next three
years.  During the quarter  ended June 30, 2002,  the original  court  appointed
dispersing  agent stopped making payments and is being  investigated by the U.S.
Attorney's Office for bankruptcy fraud and money  laundering.  On July 31, 2002,
the United  States  Bankruptcy  Court for the Western  District of  Pennsylvania
appointed a successor  disbursing  agent for the limited  purpose of  disbursing
funds  currently held in escrow (rent  payments) as well as regularly  scheduled
payments  due under the plan.  The Savings  Bank has not  modified  the original
terms of this loan, and has been collecting payments since August 2002.

     The  Company  has one  non-accrual  commercial  real  estate  loan  and one
construction loan that was returned to accrual status,  to a retirement  village
located in the North Hills area.  Both loans became  delinquent  in fiscal 2000.
The outstanding  principal balances total $3.8 million, of which $2.6 million is
owned by the Company and the  remaining  $1.2 million is serviced by the Company
for four participating  lenders.  During the quarter ended December 31, 2002 the
Savings  Bank entered into Loan  Modification  Agreements  with respect to these
credits.   Among  other  things  the  obligor   agreed  to  (i)  resume  monthly
interest-only  payments  on the  $1.3  million  loan and to  secure  third-party
refinancing  on or before  July 1,  2003;  (ii)  resume  monthly  principal  and
interest  payments  on the $2.5  million  loan;  (iii)  consent to  Judgment  in
Mortgage Foreclosure which will be discontinued upon payment of the $1.3 million
loan;  and (iv) to release the Savings  Bank from any and all claims - including
the  litigation   referenced  in  "Part  II  -  Other  Information  -  Item  #1,
Litigation".  Among other things,  the Savings Bank agreed to (i) modify certain

                                       18

<PAGE>

interest rates, and (ii) forgive accrued and uncollected interest,  late charges
and legal fees if the modified  payments  are  received  and the full  principal
balance on both loans are repaid  according to their modified terms.  During the
quarter  ended March 31, 2003,  the Company  returned the  construction  loan to
accrual status due to timely  repayments  under the modified terms and its first
lien  position.  The Company is recording its share of interest  received on the
non-accrual commercial real estate loan on a cost recovery basis.

     The Company  has one  non-accruing  commercial  real  estate  loan,  with a
principal balance of $980 thousand,  to a personal care home that was originally
part  of the  two  retirement  village  loans  discussed  above.  Due to the low
occupancy  of the  personal  care  home,  and  the  related  cash  drain  on the
retirement  village,  the Savings Bank "carved out"  approximately $1 million of
loan debt from the retirement  village,  assigned that $1 million in debt to the
personal care home, and allowed one of the obligors - a geriatric physician - to
separately  own and operate the personal care home as a separate  facility.  The
borrower was in compliance with a written loan work-out agreement until February
2002.  Sporadic  payments  have been  received  since March 2002.  The  borrower
alleges  insufficient  operating cash,  along with the loss of other income,  to
service the debt.  The Savings Bank also holds three other loans,  totaling $362
thousand,  secured by pledges of various real estate and  chattel,  to this same
borrower  which were  non-accrual  as of September 30, 2002.  During the quarter
ended  December 31, 2002,  the obligor  filed for  bankruptcy  protection  under
Chapter 11 of the  Federal  Bankruptcy  Code.  The Company  has  retained  legal
counsel,  has obtained  possession  of the  personal  care home and related real
property,  and anticipates a foreclosure  sale in July 2003. The Company and its
legal  counsel are also  investigating  other claims and remedies  against other
properties pledged as collateral for these loans.

     As of March 31,  2003,  the Company has one  non-accruing  commercial  real
estate loan with a principal  balance of $103 thousand.  The obligors have filed
for bankruptcy  under Chapter 7 of the Federal  Bankruptcy Code. In January 2003
the Bankruptcy  Court entered an Order  authorizing  the listing for sale of the
real  property  securing the loan,  ordered  interest  only payments to begin in
February  2003  and  granted  Relief  from  the  Automatic  Stay to  Foreclosure
effective  June 2003. As of March 31, 2003,  the Savings Bank had yet to receive
the specified  interest-only  payments  ordered by the  Bankruptcy  Court and is
pursuing those monies due through counsel.

     During the nine months  ended March 31,  2003,  the Company  collected  and
recognized  approximately $56 thousand in past due interest on its nonperforming
loans. Approximately $177 thousand of additional interest income would have been
recorded  during  the  nine  months  ended  March  31,  2003,  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,
2003. 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.

                                       19



<PAGE>


ITEM 3.


QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ASSET AND LIABILITY MANAGEMENT

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

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

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

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

     During the nine months ended March 31, 2003,  the level of market  interest
rates  remained  at  relatively   low  levels  due  to  the  Federal   Reserve's
accommodative  monetary  policy and the  weakness in the national  economy.  The
marked  decline in equity  market  prices and reduced  corporate  earnings  have
caused a  considerable  disintermediation  from the  equity to the fixed  income
markets,  further  compounding  the decline in market  interest rates across the
yield curve.

     Due to the rapid decline in market  interest  rates,  the  Company's  loan,
investment and  mortgage-backed  securities  portfolios  experienced much higher
than anticipated  levels of prepayments.  Principal  repayments on the Company's
loan,  investment and mortgage-backed  securities portfolios for the nine months
ended March 31, 2003,  totaled $56.5  million,  $106.1 million and $69.7 million
respectively.

     In response to higher  levels of liquidity  the Company  began to rebalance
its loan, investment and mortgage-backed  securities portfolios.  Due to the low
level of market interest rates, the Company continued to reduce its originations
of long-term fixed rate mortgages while continuing to offer consumer home equity
and construction loans. The Company's  commercial loan exposure was also reduced
in  recognition  of the  weaknesses  in the  national and local  economies.  The

                                       20

<PAGE>

Company continued to purchase investment grade corporate bonds and floating rate
CMOs in order to earn a higher  return  with a shorter  maturity  profile and to
reduce the  prepayment  risk within the  portfolio.  Each of the  aforementioned
strategies  also  helped  to  improve  the  interest-rate  and  liquidity  risks
associated with the Savings Bank's customers'  liquidity  preference for shorter
term deposit products.

     The Company also makes available for origination residential mortgage loans
with  interest  rates which  adjust  pursuant to a  designated  index,  although
customer acceptance has been somewhat limited in the Savings Bank's market area.
The Company will continue to  selectively  offer  commercial  real estate,  land
acquisition and development,  and shorter-term  construction loans, primarily on
residential  properties,  to partially increase its loan asset sensitivity.  The
Company  intends to emphasize  higher  yielding  home equity and small  business
loans to existing customers and seasoned prospective customers.

     During the quarter  ended March 31, 2003,  principal  investment  purchases
were  comprised  of:  investment  grade  corporate  bonds - $14.5 million with a
weighted average yield of approximately 4.18%;  callable government agency bonds
- $12.0 million with a weighted average yield of approximately 2.98%; investment
grade  commercial  paper  -  $1.1  million  with a  weighted  average  yield  of
approximately  1.80%;  tax-free  municipal bonds - $300 thousand with a weighted
average yield of approximately  2.71%;and  collateralized mortgage obligations -
$40.1 million with an original  weighted average yield of  approximately  2.71%.
Major investment proceeds received during the quarter ended March 31, 2003 were:
investment  grade corporate bonds - $34.1 million with a weighted  average yield
of  approximately  3.49%; and callable  government  agency bonds - $28.9 million
with a weighted average rate of approximately  8.06%. In most cases, the initial
spread earned on government agency and investment grade corporate bond purchases
averaged approximately 220 basis points.

     As of March 31,  2003,  the  implementation  of these  asset and  liability
management initiatives resulted in the following:

     1)   the  Company's  liquidity  profile  remains  high with the  investment
          portfolio's  stated  final  maturities  as follows:  less than 1 year:
          $56.7  million or 23.5%;  1-3  years:  $20.5  million or 8.4%;  over 5
          years: $164.4 million or 68.1%;

     2)   $89.0 million or 83.9% of the Company's  portfolio of  mortgage-backed
          securities  (including  collateralized  mortgage obligations - "CMOs")
          were comprised of floating rate instruments;

     3)   the maturity  distribution of the Company's  borrowings is as follows:
          less than 1 year: $14.3 million or 8.7%; 1-3 years:  $4.0 or 2.5%; 3-5
          years:  $3.2 million or 1.9%;  over 5 years:  $141.5 million or 86.9%;
          and

     4)   an  aggregate  of $37.8  million  or 35.1% of the  Company's  net loan
          portfolio had adjustable  interest rates or maturities of less than 12
          months.

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

                                       21

<PAGE>

<TABLE>
<CAPTION>


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

                                                 March 31,            June 30,
                                                 --------             --------
                                                  2003           2002          2001
                                                  ----           ----          ----
                                                          (Dollars in Thousands)
<S>                                             <C>            <C>         <C>
Interest-earning assets maturing or
   repricing within one year                    $253,187         $252,467    $155,928

Interest-bearing liabilities maturing or
   repricing within one year                     129,168          142,823     137,232
                                                --------         ----------   ---------
Interest sensitivity gap                         $124,019        $109,644    $ 18,696
                                                =========        ==========   =========
Interest sensitivity gap as a percentage of
   total assets                                     33.6%            27.1%       (4.7)%
Ratio of assets to liabilities
   maturing or repricing within one year           196.0%           176.8%      113.6%

</TABLE>


     During the quarter ended March 31, 2003,  the Company  managed its one year
interest sensitivity gap by: (1) generally limiting  incremental  corporate bond
purchases  to those with  repricing  dates  within 2 years;  and (2)  purchasing
floating rate CMO's which reprice on a monthly basis.

                                       22


<PAGE>


     The following table illustrates the Company's estimated stressed cumulative
repricing gap - the difference between the amount of interest-earning assets and
interest-bearing  liabilities  expected to reprice at a given point in time - at
March 31, 2003. 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 ($'s)                 105,100       101,333        93,709       109,694       119,578       129,647       34,004
% of Total
  Assets                      28.5%         27.4%         25.4%         29.7%         32.4%         35.1%         9.2%
Base Case Up 100 bp
-------------------
Cummulative
 Gap ($'s)                 109,720       109,486       106,559       139,167       156,536       163,740       34,004
% of Total
  Assets                      29.7%         29.7%         28.9%         37.7%         42.4%         44.3%         9.2%
Base Case No Change
-------------------
Cummulative
 Gap ($'s)                 121,383       124,139       124,019       161,087       174,649       175,846       34,004
% of Total
  Assets                      32.9%         33.6%         33.6%         43.6%         47.3%         47.6%         9.2%
Base Case Down 100 bp
-------------------
Cummulative
 Gap ($'s)                 123,956       128,107       128,984       167,499       178,802       178,471       34,004
% of Total
  Assets                      33.6%         34.7%         34.9%         45.4%         48.4%         48.3%         9.2%
Base Case Down 200 bp
-------------------
Cummulative
 Gap ($'s)                 124,619       133,082       134,139       169,065       179,663       178,885       34,004
% of Total
  Assets                      33.8%         36.0%         36.3%         45.8%         48.7%         48.4%         9.2%

</TABLE>


          Beginning in the third quarter of fiscal 2001, the Company began to
utilize an income simulation model to measure interest rate risk and to manage
interest rate sensitivity. The Company believes that income simulation modeling
may enable the Company to better estimate the possible effects on net interest
income due to changing market interest rates. Other key model parameters
include: estimated prepayment rates on the Company's loan, mortgage-backed
securities and investment portfolios; savings decay rate assumptions; and the
repayment terms and embedded options of the Company's borrowings.

                                       23


<PAGE>


     The following  table  presents the simulated  impact of a 100 and 200 basis
point upward or downward shift in market interest rates on net interest  income,
return on  average  equity,  return on average  assets  and the market  value of
portfolio equity at March 31, 2003.

<TABLE>
<CAPTION>


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

                                                             Modeled Change in Market Interest Rates
                                             ----------------------------------------------------------------
<S>                                          <C>             <C>           <C>            <C>            <C>
Estimated impact on:                         -200            -100             0           +100           +200
--------------------
   Change in net interest income            -38.5%          -27.2%          0.0%         19.1%           38.6%

   Return on average equity                  1.97%           3.53%         7.21%          9.72%         12.26%

   Return on average assets                  0.16%           0.28%         0.59%          0.80%          1.02%

   Market value of equity (in
      thousands)                          $(1,200)         $7,515        $15,157        $20,391        $22,870

</TABLE>



     The  table  below  provides  information  about the  Company's  anticipated
transactions comprised of firm loan commitments and other commitments, including
undisbursed  letters  and  lines  of  credit.  The  Company  used no  derivative
financial  instruments to hedge such  anticipated  transactions  as of March 31,
2003.



                    Anticipated Transactions
------------------------------------------------------------------
                                            (Dollars in Thousands)
Undisbursed construction and
    land development loans
      Fixed rate                                 $     2,347
                                                        4.35%

      Adjustable rate                            $     7,026
                                                        5.31%

Undisbursed lines of credit
      Adjustable rate                            $     6,683
                                                        4.83%

Loan origination commitments
      Fixed rate                                 $       646
                                                        5.75%

      Adjustable rate                            $       160
                                                        4.02%

Letters of credit
      Adjustable rate                            $        51
                                                        7.25%
                                                 -----------
                                                 $    16,913
                                                 ===========
                                       24


<PAGE>







     In the ordinary course of its construction  lending  business,  the Savings
Bank enters into performance standby letters of credit.  Typically,  the standby
letters of credit  are issued on behalf of a builder to a third  party to ensure
the timely  completion  of a certain  aspect of a  construction  project or land
development.  At March 31, 2003 the Savings Bank had three  performance  standby
letters of credit outstanding  totaling  approximately $51 thousand.  Two of the
performance  standby  letters of credit are secured by deposits with the Savings
Bank,  and the other is secured by real estate.  All three  performance  standby
letters  of credit  will  mature  within  twelve  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.

                                       25


<PAGE>







ITEM 4.


CONTROLS AND PROCEDURES

     Within 90 days  prior to the date of this  Quarterly  Report,  the  Company
carried out an evaluation,  under the supervision and with the  participation of
the Company's  management,  including the Company's Chief Executive  Officer and
Chief Accounting  Officer,  of the  effectiveness of the design and operation of
the Company's  disclosure  controls and procedures.  Based upon that evaluation,
the Chief  Executive  Officer and Chief  Accounting  Officer  concluded that the
Company's  disclosure  controls  and  procedures  are  effective.  There were no
significant  changes in the Company's internal controls or in other factors that
could  significantly  affect  these  controls  subsequent  to the  date of their
evaluation.

     Disclosure controls and procedures are the controls and other procedures of
the Company  that are  designed to ensure  that the  information  required to be
disclosed by the Company in its reports filed or submitted  under the Securities
Exchange  Act of 1934,  as  amended  ("Exchange  Act") is  recorded,  processed,
summarized and reported, within the time periods specified in the Securities and
Exchange  Commission's  rules and  forms.  Disclosure  controls  and  procedures
include,  without  limitation,  controls and procedures  designed to ensure that
information  required to be disclosed by the Company in its reports  filed under
the Exchange Act is accumulated and  communicated  to the Company's  management,
including the principal  executive officer and principal  financial officer,  as
appropriate to allow timely decisions regarding required disclosure.

                                       26



<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  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>
         99-1       Sarbanes-Oxley Act Certification of Chief Executive Officer          E-1
         99-2       Sarbanes-Oxley Act Certification of Chief Accounting Officer         E-2
         99-3       Independent Accountant's Report                                      E-3

<CAPTION>

         <S>  <C>
         (b)  The Company filed a Current  Report on Form 8-K dated January 2, 2003,
              reporting   under  Item  5  that  the  Company's  Board  of  Directors
              authorized the repurchase of up to 130,000  shares,  or  approximately
              5%, of the Company's outstanding common stock. The Company included as
              an exhibit to the Form 8-K the press release issued January 2, 2003.

</TABLE>
                                       27

<PAGE>






                                   SIGNATURES


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



                                    WVS FINANCIAL CORP.




         May 15, 2003               BY: /s/ David J. Bursic
                                        ----------------------------------------
         Date                           David J. Bursic
                                        President and Chief Executive Officer
                                        (Principal Executive Officer)


         May 15, 2003               BY: /s/ Keith A. Simpson
                                       -----------------------------------------
         Date                          Keith A. Simpson
                                       Vice-President, Treasurer and Chief
                                       Accounting Officer
                                       (Principal Accounting Officer)


                                       28

<PAGE>








            SECTION 302 CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

I, David J. Bursic, certify that:

1. I have reviewed  this  quarterly  report on Form 10-Q of WVS Financial  Corp.
(the "registrant");

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have;

     a) designed such disclosure controls and procedures to ensure that material
     information   relating  to  the  registrant,   including  its  consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;

     b) evaluated the effectiveness of the registrant's  disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and

     c)  presented  in  this  quarterly   report  our   conclusions   about  the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent  evaluation,  to the  registrant's  auditors and Audit  committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

     a) all  significant  deficiencies  in the design or  operation  of internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and

     b) any fraud,  whether or not material,  that involves  management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.


Date: May 15, 2003

                                          /s/ David J. Bursic
                                          --------------------------------------
                                          David J. Bursic
                                          President and Chief Executive Officer

                                       29



<PAGE>



            SECTION 302 CERTIFICATION OF THE CHIEF ACCOUNTING OFFICER

I, Keith A. Simpson, certify that:

1. I have reviewed  this  quarterly  report on Form 10-Q of WVS Financial  Corp.
(the "registrant");

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have;

     a) designed such disclosure controls and procedures to ensure that material
     information   relating  to  the  registrant,   including  its  consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;

     b) evaluated the effectiveness of the registrant's  disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and

     c)  presented  in  this  quarterly   report  our   conclusions   about  the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent  evaluation,  to the  registrant's  auditors and Audit  committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

     a) all  significant  deficiencies  in the design or  operation  of internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and

     b) any fraud,  whether or not material,  that involves  management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.


Date:    May 15, 2003

                                   /s/ Keith A. Simpson
                                   ---------------------------------------------
                                   Keith A. Simpson
                                   Vice-President and Chief Accounting Officer

                                       30