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

                                    FORM 10-Q

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

     For the quarterly period ended September 30, 2000

                                       or

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

                 For the transition period from ______ to ______

                         Commission File Number: 0-22444

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

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

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

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

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirement for the past 90 days.

                        YES  X                  NO __

     Shares  outstanding as of November 9, 2000:  2,826,008 shares Common Stock,
$.01 par value.


<PAGE>

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

                                      INDEX
                                      -----



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

Item 1.    Financial Statements

           Consolidated Statements of Financial
           Condition as of September 30, 2000
           and June 30, 2000 (Unaudited)                                3

           Consolidated Statements of Income
           for the Three Months Ended
           September 30, 2000 and 1999 (Unaudited)                      4

           Consolidated Statements of Cash Flows
           for the Three Months Ended September 30,
           2000 and 1999 (Unaudited)                                    5

           Consolidated Statements of Changes in
           Stockholders' Equity for the Three Months
           Ended September 30, 2000 (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 Months
           Ended September 30, 2000                                    10

Item 3.    Quantitative and Qualitative Disclosures
           about Market Risk                                           15

PART II.   Other Information                                          Page
--------   ------------------                                         ----
Item 1.    Legal Proceedings                                           20
Item 2.    Changes in Securities                                       20
Item 3.    Defaults upon Senior Securities                             20
Item 4.    Submission of Matters to a Vote of
           Security Holders                                            20
Item 5.    Other Information                                           20
Item 6.    Exhibits and Reports on Form 8-K                            20
  --       Signatures                                                  21

                                       2
<PAGE>

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

<TABLE>
<CAPTION>
                                                                        September 30, 2000                   June 30, 2000
                                                                    -----------------------------      ----------------------------
          Assets
          ------

<S>                                                                      <C>                              <C>
Cash and due from banks                                                  $           898                  $             788
Interest-earning demand deposits                                                   2,218                              2,127
Investment securities available-for-sale (amortized cost of
   $1,380 and $1,380)                                                              1,324                              1,296
Investment securities held-to-maturity (market value of
   $130,820 and $129,272)                                                        136,305                            136,206
Mortgage-backed securities available-for-sale (amortized cost of
   $9,764 and $10,150)                                                             9,652                              9,936
Mortgage-backed securities held-to-maturity (market value of
   $61,037 and $61,943)                                                           62,166                             63,737
Federal Home Loan Bank stock, at cost                                              6,772                              5,225
Net loans receivable (allowance for loan losses of $1,985)                       183,949                            183,295
Accrued interest receivable                                                        3,383                              4,375
Premises and equipment                                                             1,026                              1,050
Deferred taxes and other assets                                                    1,217                              1,583
                                                                    -----------------------------      ----------------------------
          TOTAL ASSETS                                                   $       408,910                   $        409,618
                                                                    =============================      ============================

          Liabilities and Stockholders' Equity
          ------------------------------------
Liabilities:
Savings Deposits:
   Non-interest-bearing accounts                                         $        12,053                   $         10,485
   NOW accounts                                                                   17,561                             18,158
   Savings accounts                                                               36,281                             36,995
   Money market accounts                                                          11,416                             12,802
   Certificates of deposit                                                        91,703                             91,068
                                                                    -----------------------------      ----------------------------
    Total savings deposits                                                       169,014                            169,508
Federal Home Loan Bank advances                                                  135,450                            104,500
Other borrowings                                                                  70,652                            101,025
Advance payments by borrowers for taxes and insurance                              1,135                              3,350
Accrued interest payable                                                           3,889                              2,704
Other liabilities                                                                  1,510                              1,620
                                                                    -----------------------------      ----------------------------
     TOTAL LIABILITIES                                                           381,650                            382,707

Stockholders' equity:
Preferred stock:
   5,000,000 shares, no par value per share, authorized; none
   outstanding                                                                       ---                                ---
Common stock:
   10,000,000 shares, $.01 par value per share, authorized;
   3,689,480 and 3,685,280 shares issued                                              37                                 37
Additional paid-in capital                                                        19,569                             19,548
Treasury stock: 843,272 and 808,444 shares at cost, respectively                 (12,194)                           (11,770)
Retained earnings, substantially restricted                                       20,156                             19,513
Accumulated other comprehensive loss                                                (111)                              (197)
Unallocated shares - Recognition and Retention Plans                                (197)                              (220)
Unallocated shares - Employee Stock Ownership Plan                                   ---                                ---
                                                                    -----------------------------      ----------------------------
     TOTAL STOCKHOLDERS' EQUITY                                                   27,260                             26,911
                                                                    -----------------------------      ----------------------------
          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                     $       408,910                   $        409,618
                                                                    =============================      ============================
</TABLE>


     See accompanying notes to consolidated financial statements.

                                       3
<PAGE>


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

<TABLE>
<CAPTION>
                                                                                Three Months Ended
                                                                                  September 30,
                                                                     -------------------------------------------
                                                                         2000                         1999
                                                                         ----                         ----
INTEREST AND DIVIDEND INCOME:
<S>                                                                     <C>                          <C>
     Loans                                                           $  3,701                     $  3,417
     Investment securities                                              2,414                        1,853
     Mortgage-backed securities                                         1,290                        1,215
     Interest-earning deposits with other institutions                      8                            8
     Federal Home Loan Bank stock                                         104                          116
                                                                     --------                     --------
          Total interest and dividend income                            7,517                        6,609
                                                                     --------                     --------

INTEREST EXPENSE:
     Deposits                                                           1,673                        1,582
     Borrowings                                                         3,309                        2,181
     Advance payments by borrowers for taxes and insurance                  6                            6
                                                                     --------                     --------
          Total interest expense                                        4,988                        3,769
                                                                     --------                     --------

NET INTEREST INCOME                                                     2,529                        2,840
PROVISION FOR LOAN LOSSES                                                 ---                          ---
                                                                     --------                     --------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES                     2,529                        2,840
                                                                     --------                     --------

NON-INTEREST INCOME:
     Service charges on deposits                                           91                           76
     Other                                                                 82                           59
                                                                     --------                     --------
          Total non-interest income                                       173                          135
                                                                     --------                     --------

NON-INTEREST EXPENSE:
     Salaries and employee benefits                                       608                          756
     Occupancy and equipment                                               87                           91
     Deposit insurance premium                                              9                           25
     Data processing                                                       58                           44
     Correspondent bank service charges                                    38                           35
     Other                                                                156                          160
                                                                     --------                     --------
          Total non-interest expense                                      956                        1,111
                                                                     --------                     --------

INCOME BEFORE INCOME TAXES                                              1,746                        1,864
INCOME TAXES                                                              646                          727
                                                                     --------                     --------
NET INCOME                                                           $  1,100                     $  1,137
                                                                     ========                     ========

EARNINGS PER SHARE:
     Basic                                                           $   0.39                     $   0.37
     Diluted                                                         $   0.38                     $   0.37

AVERAGE SHARES OUTSTANDING:
     Basic                                                          2,858,302                    3,056,406
     Diluted                                                        2,873,787                    3,084,253
</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>
                                                                                 Three Months Ended September 30,
                                                                                 --------------------------------
                                                                                    2000                 1999
                                                                                    -----                ----
OPERATING ACTIVITIES
<S>                                                                               <C>                  <C>
Net income                                                                        $  1,100             $  1,137
Adjustments to reconcile net income to cash provided by operating
 activities:
   Depreciation and amortization, net                                                   27                   29
   Amortization of discounts, premiums and deferred loan fees                          (48)                 ---
   Amortization of ESOP, RRP and deferred and unearned
      compensation                                                                      23                  146
   Decrease in accrued interest receivable                                             992                  251
   Increase in accrued interest payable                                              1,185                  495
   Increase in accrued and deferred taxes                                              229                   74
   Other, net                                                                          (17)                 199
                                                                                  ---------            --------
         Net cash provided by operating activities                                   3,491                2,331
                                                                                  ---------            --------

INVESTING ACTIVITIES
Available-for-sale:
   Purchases of investments and mortgage-backed securities                             ---                  ---
   Proceeds from repayments of investments and mortgage-backed securities              386                  869
   Proceeds from sale of investments and mortgage-backed securities                    ---                  ---
Held-to-maturity:
   Purchases of investments and mortgage-backed securities                             ---              (32,913)
   Proceeds from repayments of investments and mortgage-backed securities            1,570                6,611
Increase in net loans receivable                                                      (704)              (5,325)
Increase in FHLB stock                                                              (1,547)              (1,430)
Other, net                                                                             ---                  (18)
Purchases of premises and equipment                                                     (3)                 ---
                                                                                  ---------            --------
         Net cash used for investing activities                                       (298)             (32,206)
                                                                                  ---------            --------
</TABLE>

                                       5
<PAGE>

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

<TABLE>
<CAPTION>
                                                                            Three Months Ended September 30,
                                                                            --------------------------------
                                                                               2000                 1999
                                                                               ----                 ----
FINANCING ACTIVITIES
<S>                                                                           <C>                  <C>
Net decrease in transaction and passbook accounts                             (1,129)              (2,477)
Net increase in certificates of deposit                                          635                  454
Net increase in FHLB advances                                                 30,950               35,600
Net (decrease) increase in other borrowings                                  (30,373)                 998
Net decrease in advance payments by borrowers for taxes and insurance         (2,215)              (1,907)
Net proceeds from issuance of common stock                                        21                    1
Funds used for purchase of treasury stock                                       (424)              (2,042)
Cash dividends paid                                                             (457)                (491)
                                                                            ---------            ---------
         Net cash (used for) provided by financing activities                 (2,992)              30,136
                                                                            ---------            ---------
         Increase in cash and cash equivalents                                   201                  261

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD                           2,915                1,893
                                                                            ---------            ---------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD                              $  3,116             $  2,154
                                                                            =========            =========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

   Cash paid during the period for:
      Interest on deposits, escrows and borrowings                          $  3,803             $  3,274
      Income taxes                                                          $    462             $    625
</TABLE>

     See accompanying notes to consolidated financial statements.

                                       6
<PAGE>

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

<TABLE>
<CAPTION>
                                                     Add'l.                          Unallocated          Unallocated
                                  Common Stock      Paid-In        Treasury          Shares  Held         Shares  Held
                                                    Capital         Stock              by ESOP               by RRP
                                  ------------      -------        --------          ------------        -------------
<S>                               <C>               <C>            <C>               <C>                 <C>
Balance at June 30,2000           $       37        $19,548        $(11,770)         $      ---          $     (220)

Comprehensive income:

   Net Income
   Other comprehensive
     income:
      Change in unrealized
          holding losses on
          securities, net of
          income tax benefit
          of $44

Comprehensive income

Purchase of shares for
   treasury stock                                                      (424)

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

Accrued compensation
   expense for Recognition
   and Retention Plans (RRP)                                                                                     23

Exercise of stock options                                21

Cash dividends declared
   ($0.16 per share)
                                  ------------      -------        --------          ------------        -------------
Balance at Sept. 30, 2000         $       37        $19,569        $(12,194)           $    ---            $   (197)
                                  ============      =======        ========          ============        =============
<CAPTION>
                                            Accum.
                                            Other               Retained
                                            Compre-             Earnings
                                            hensive           Substantially
                                             Loss               Restricted            Total
                                          ----------          -------------          -------
<S>                                       <C>                    <C>                 <C>
Balance at June 30,2000                   $   (197)              $19,513             $26,911

Comprehensive income:

   Net Income                                                      1,100               1,100
   Other comprehensive
     income:
      Change in unrealized
          holding losses on
          securities, net of
          income tax benefit
          of $44                                86                                        86
                                                                                    --------
Comprehensive income                                                                   1,186

Purchase of shares for
   treasury stock                                                                       (424)

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

Accrued compensation
   expense for Recognition
   and Retention Plans (RRP)                                                              23

Exercise of stock options                                                                 21

Cash dividends declared
   ($0.16 per share)                                                (457)               (457)
                                          ----------          -------------          -------
Balance at Sept. 30, 2000                 $   (111)              $20,156             $27,260
                                          ==========          =============          =======
</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 months ended  September 30, 2000,  are
     not  necessarily  indicative  of the results  which may be expected for the
     entire fiscal year.

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

     In June 1998, the Financial  Accounting Standards Board issued Statement of
     Financial   Accounting   Standards  No.  133,  "Accounting  for  Derivative
     Instruments and Hedging Activities".  The statement provides accounting and
     reporting   standards  for  derivative   instruments,   including   certain
     derivative  instruments  embedded  in other  contracts,  by  requiring  the
     recognition  of those items as assets or  liabilities  in the  statement of
     financial position,  recorded at fair value.  Statement No. 133 precludes a
     held-to-maturity  security from being designated as a hedged item, however,
     at the  date  of  initial  application  of this  statement,  an  entity  is
     permitted   to   transfer   any   held-to-maturity    security   into   the
     available-for-sale  or trading  categories.  The unrealized holding gain or
     loss on such transferred  securities shall be reported  consistent with the
     requirements of Statement No. 115,  "Accounting for Certain  Investments in
     Debt and Equity Securities". Such transfers do not raise an issue regarding
     an entity's intent to hold other debt securities to maturity in the future.
     In June 1999, the Financial  Accounting Standards Board issued Statement of
     Financial   Accounting   Standards  No.  137,  "Accounting  for  Derivative
     Instruments and Hedging Activities - Deferral of the Effective Date of FASB
     Statement No. 133 - an amendment of FASB Statement No. 133." This statement
     delayed the  effective  date of Statement  No. 133 for one year,  to fiscal
     years beginning after June 15, 2000.  Earlier adoption is permitted for any
     fiscal quarter that begins after the issue date of this statement.

     The Company does not believe the effect of the adoption of this  accounting
     statement will be material.

                                       8
<PAGE>


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

     The  following  table  sets  forth the  computation  of basic  and  diluted
     earnings per share.

<TABLE>
<CAPTION>
                                                                                 Three Months Ended
                                                                                   September 30,
                                                                  --------------------------------------------
                                                                       2000                        1999
                                                                  ----------------            ----------------
<S>                                                                     <C>                         <C>
Weighted average common shares outstanding                              3,688,078                   3,668,110
Average treasury stock shares                                            (829,776)                   (566,794)
Average unearned ESOP shares                                                  ---                     (44,910)
                                                                  ---------------             ---------------

Weighted average common shares and common stock equivalents
  used to calculate basic earnings per share                            2,858,302                   3,056,406
Additional common stock equivalents (stock options) used to
  calculate diluted earnings per share                                     15,485                      27,847
                                                                  ---------------             ---------------

Weighted average common shares and common stock equivalents
  used to calculate diluted earnings per share                          2,873,787                   3,084,253
                                                                  ===============             ===============

Net income                                                             $1,100,472                  $1,136,861
                                                                  ===============             ===============

Earnings per share:
   Basic                                                          $         0.39              $         0.37
   Diluted                                                        $         0.38              $         0.37
</TABLE>


                                       9
<PAGE>

ITEM 2.

MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000


FORWARD LOOKING STATEMENTS

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

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

GENERAL

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

     West View  Savings  Bank is a  Pennsylvania-chartered,  SAIF-insured  stock
savings bank conducting  business from six offices in the North Hills suburbs of
Pittsburgh.  The  Savings  Bank  converted  to the stock  form of  ownership  in
November 1993. The Savings Bank had no subsidiaries at September 30, 2000.

     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,   generating  consistent  earnings  growth,   capital  management  and
maintaining strong non-interest expense ratios.

                                       10
<PAGE>

FINANCIAL CONDITION

     The  Company's  assets  totaled  $408.9  million at September  30, 2000, as
compared to $409.6 million at June 30, 2000. The $708 thousand or 0.17% decrease
in total assets was primarily  comprised of a $992 thousand or 22.7% decrease in
accrued  interest  receivable  and a $366 thousand or 23.1% decrease in deferred
taxes and other assets,  which were partially  offset by a $654 thousand or 0.4%
increase in net loans receivable.

     The Company's  total  liabilities  decreased $1.1 million or 0.3% to $381.6
million as of September 30, 2000,  from $382.7  million as of June 30, 2000. The
$1.1 million  decrease in total  liabilities  was primarily  comprised of a $2.2
million  or 66.1%  decrease  in  advance  payments  by  borrowers  for taxes and
insurance  due to the  seasonal  payment of local real estate  taxes,  which was
partially offset by a $1.2 million increase in accrued interest payable.

     Total stockholders' equity increased $349 thousand or 1.3% to $27.3 million
as of  September  30,  2000,  from $26.9  million as of June 30,  2000.  Capital
expenditures  for the  Company's  stock  repurchase  program and cash  dividends
totaled $424  thousand and $457  thousand,  respectively,  which were  partially
funded  by  Company  net  income of $1.1  million  for the  three  months  ended
September 30, 2000.

RESULTS OF OPERATIONS

     General. WVS reported net income of $1.1 million, or $0.38 diluted earnings
per share for the three months ended September 30, 2000. Net income decreased by
$37 thousand or 3.3% and diluted  earnings per share increased $0.01 or 2.7% for
the three months ended  September 30, 2000,  when compared to the same period in
1999. The decrease in net income was primarily  attributable  to a $311 thousand
decrease in net interest  income which was  partially  offset by a $155 thousand
decrease in  non-interest  expense,  a $38  thousand  increase  in  non-interest
income, and a $81 thousand decrease in income tax expense.

     Net Interest  Income.  The Company's net interest income  decreased by $311
thousand or 11.0% for the three months ended  September 30, 2000,  when compared
to the same  period  in 1999.  The  decrease  was  principally  attributable  to
increases in the Company's  wholesale borrowing costs which was partially offset
by an increase in interest on investment securities.

     Interest Income. Interest and dividend income on interest-bearing  deposits
with other institutions, investment securities and FHLB stock ("other investment
securities")  increased  by $549  thousand or 27.8% for the three  months  ended
September 30, 2000,  when compared to the same period in 1999.  The increase was
primarily  attributable  to a $29.9 million  increase in the average  balance of
investment  securities  outstanding and a 9 basis point increase in the weighted
average  yield  earned  on  investment  securities  for the three  months  ended
September 30, 2000,  when  compared to the same period in 1999.  The increase in
the average balance of investment securities during the three month period ended
September  30, 2000,  was  principally  attributable  to purchases of investment
securities under the Company's  investment  growth program.  The increase in the
weighted  average yield earned was  consistent  with market  conditions  for the
three months ended September 30, 2000.

     Interest on net loans receivable increased by $284 thousand or 8.3% for the
three months ended September 30, 2000, when compared to the same period in 1999.
The increase  was  attributable  to an increase of $11.2  million in the average
balance of net loans  receivable  outstanding and an increase of 14 basis points
in the  weighted  average  yield  earned on net loans  receivable  for the three
months ended  September 30, 2000,  when compared to the same period in 1999. The
increases  in the average loan  balance  outstanding  for the three months ended
September 30, 2000, was primarily attributable to an increased level of mortgage
originations due to a stronger local demand for permanent mortgage financing and
an emphasis on  multi-family,  commercial and consumer loan products in order to
earn  returns  greater  than  those  offered  in the  single-family  residential
mortgage  market.  The Company's  weighted  average loan yield was impacted by a
$3.8  million  increase in  nonaccrual  commercial  real estate loans during the
quarter ended March 31, 2000.

                                       11
<PAGE>
     Interest on  mortgage-backed  securities  increased by $75 thousand or 6.2%
for the three months ended  September 30, 2000, when compared to the same period
in 1999.  The  increase  was  attributable  to a 47 basis point  increase in the
weighted average yield earned on mortgage-backed securities, which was partially
offset by a $597  thousand  decrease in the average  balance of  mortgage-backed
securities for the three months ended  September 30, 2000,  when compared to the
same period in 1999.

     Interest Expense. Interest expense on deposits and escrows increased by $91
thousand or 5.7% for the three months ended September 30, 2000, when compared to
the same  period in 1999.  The  increase in  interest  expense on  deposits  and
escrows was principally attributable to a 34 basis point increase in the average
yield paid on deposits and escrows, which was partially offset by a $4.7 million
decrease in the average balance of interest-bearing deposits and escrows for the
three months ended September 30, 2000, when compared to the same period in 1999.
The average yield paid on interest-bearing deposits and escrows increased due to
higher rates paid on time deposits.

     Interest  expense on FHLB advances and other  borrowings  increased by $1.1
million for the three months ended September 30, 2000, when compared to the same
period in 1999.  The increase was primarily  attributable  to a $42.1 million or
26.3% increase in the average balance of such borrowings outstanding,  and a 110
basis point  increase in the weighted  average rate paid on such  borrowings for
the three months ended  September 30, 2000.  The increased  amount of borrowings
outstanding  was used to fund the Company's loan  originations  and purchases of
investment securities.

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

     The Company did not record a provision for possible losses on loans for the
three months ended  September 30, 2000. At both  September 30, 2000 and June 30,
2000, the Company's  total allowance for loan losses amounted to $2.0 million or
1.1% and 1.0% of the Company's total loan portfolio, respectively.

     Non-Interest  Income.  Total non-interest  income increased by $38 thousand
for the three months ended  September 30, 2000, when compared to the same period
in 1999.  The  increase  in  non-interest  income  for the  three  months  ended
September 30, 2000,  was primarily  attributable  to a $23 thousand  increase in
other income,  including ATM fee and loan late charge income, and a $15 thousand
increase in service  charges on deposits during the three months ended September
30, 2000.

     Non-Interest Expense. Total non-interest expense decreased $155 thousand or
14.0% for the three months ended  September  30, 2000 when  compared to the same
period in 1999.

     Compensation and employee benefits expense decreased $148 thousand or 19.6%
for the three months ended  September 30, 2000, when compared to the same period
in 1999.  The  decrease  for the  three  months  ended  September  30,  2000 was
primarily  attributable  to the  elimination  of employee  stock  ownership plan
amortization.

LIQUIDITY AND CAPITAL RESOURCES

     Net cash provided by operating  activities  totaled $3.5 million during the
three months ended September 30, 2000. Net cash provided by operating activities
was primarily  comprised of a $1.2 million increase in accrued interest payable,
$1.1  million of net  income and a $1.0  million  decrease  in accrued  interest
receivable.


                                       12
<PAGE>
     Funds used by investing  activities  totaled $298 thousand during the three
months ended  September 30, 2000.  Primary uses of funds during the three months
ended  September  30, 2000,  included $1.5 million for purchases of Federal Home
Loan Bank stock and a $704 thousand  increase in net loans receivable which were
partially  offset by $2.0 million of proceeds from  repayments of investment and
mortgage-backed securities.

     Funds used for  financing  activities  totaled  $3.0  million for the three
months ended  September  30, 2000.  The primary  financial  use included a $30.4
million  decrease in other  borrowings,  a $2.7 million decrease in deposits and
escrows,  $457 thousand in cash dividends paid on the Company's common stock and
$424 thousand in purchases of treasury stock,  which were partially  offset by a
$31.0 million increase in FHLB advances. During the three months ended September
30, 2000,  the Company  repurchased  34,828 shares of common  stock.  Management
believes that it currently is  maintaining  adequate  liquidity and continues to
better match funding sources with lending and investment opportunities.

     The  Company's  primary  sources  of  funds  are  deposits,   amortization,
prepayments  and maturities of existing  loans,  mortgage-backed  securities and
investment  securities,  funds  from  operations,  and  funds  obtained  through
short-term   borrowings.   At  September  30,  2000,  the  total  approved  loan
commitments  outstanding amounted to $2.3 million. At the same date, commitments
under  unused  lines of credit  amounted  to $10.7  million  and the  unadvanced
portion of  construction  loans  approximated  $19.1  million.  Certificates  of
deposit  scheduled to mature in one year or less at September 30, 2000,  totaled
$59.9  million.  Management  believes  that a  significant  portion of  maturing
deposits will remain with the Company.

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

     On October 31,  2000,  the  Company's  Board of  Directors  declared a cash
dividend of $0.16 per share payable November 16, 2000, to shareholders of record
at the  close of  business  on  November  6,  2000.  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  or that,  if  paid,  such
dividends will not be reduced or eliminated in future periods.

     As of September  30, 2000,  WVS  Financial  Corp.  exceeded all  regulatory
capital requirements and maintained Tier I and total risk-based capital equal to
$27.3  million  or 14.2% and $29.3  million  or  15.2%,  respectively,  of total
risk-weighted  assets,  and Tier I leverage capital of $27.3 million or 6.68% of
average quarterly assets.

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

     The Company's  nonperforming assets at both September 30, 2000 and June 30,
2000, totaled approximately $4.1 million or 1.0% of total assets.  Nonperforming
assets at September  30, 2000,  consisted  of $3.9  million in  commercial  real
estate loans, $81 thousand in single-family loans, and $124 thousand in consumer
loans.  One  commercial  real  estate  loan  and  two  construction  loans  to a
retirement  village and personal care home located  within the North Hills area,
became  delinquent  during fiscal 2000.  The  outstanding  balances  total $4.78
million of which $3.60 million is owned by the Company and the  remaining  $1.18
million is serviced by the Company for four  participating  lenders.  During the
three months ended  September 30, 2000,  the Company  collected  and  recognized
approximately  $93 thousand in past due interest on these loans.  The Company is
working with the  borrowers in an attempt to cure the  defaults.  The Company is
also  pursuing  various  legal  avenues  in  order  to  collect  on  the  loans.
Approximately  $27  thousand  of  additional  interest  income  would  have been
recorded  during the three months ended  September  30, 2000,  if the  Company's
nonaccrual  and  restructured  loans had been current in  accordance  with their
original loan terms and outstanding  throughout the three months ended September
30, 2000.

                                       13
<PAGE>


ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

     The Federal  Reserve Board,  together with the Office of the Comptroller of
the  Currency and the Federal  Deposit  Insurance  Corporation,  adopted a Joint
Agency Policy  Statement on Interest  Rate Risk,  effective  June 26, 1996.  The
policy statement  provides  guidance to examiners and bankers on sound practices
for  managing  interest  rate  risk,  which  will  form the  basis  for  ongoing
evaluation  of the  adequacy  of interest  rate risk  management  at  supervised
institutions.  The policy statement also outlines  fundamental elements of sound
management  that have been  identified  in prior  Federal  Reserve  guidance and
discusses the importance of these  elements in the context of managing  interest
rate risk.  Specifically,  the guidance  emphasizes the need for active board of
director and senior  management  oversight and a  comprehensive  risk-management
process that effectively identifies,  measures, and controls interest rate risk.
Financial institutions derive their income primarily from the excess of interest
collected over interest paid. The rates of interest an institution  earns on its
assets and owes on its liabilities generally are established contractually for a
period of time.  Since market interest rates change over time, an institution is
exposed to lower profit  margins (or losses) if it cannot adapt to interest rate
changes. For example, assume that an institution's assets carry intermediate- or
long-term  fixed  rates  and that  those  assets  were  funded  with  short-term
liabilities.   If  market  interest  rates  rise  by  the  time  the  short-term
liabilities  must be  refinanced,  the  increase in the  institution's  interest
expense on its liabilities may not be sufficiently  offset if assets continue to
earn at the long-term fixed rates.  Accordingly,  an institution's profits could
decrease on existing assets because the  institution  will either have lower net
interest income or,  possibly,  net interest  expense.  Similar risks exist when
assets are subject to  contractual  interest rate  ceilings,  or rate  sensitive
assets are funded by longer-term,  fixed-rate  liabilities in a  decreasing-rate
environment.

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

                                       14
<PAGE>


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

     The  Company's  one  year  cumulative  interest  rate  sensitivity  gap  is
estimated at a negative 33.3% of total assets at September 30, 2000, as compared
to a  negative  46.3% at June  30,  2000,  in each  instance,  based on  certain
assumptions  by management  with respect to the repricing of certain  assets and
liabilities.  At  September  30, 2000,  the  Company's  interest-earning  assets
maturing or repricing  within one year totaled $87.4 million while the Company's
interest-bearing  liabilities  maturing  or  repricing  within one year  totaled
$223.6  million,  providing  an  excess  of  interest-earning  liabilities  over
interest-bearing assets of $136.2 million. At September 30, 2000, the percentage
of the Company's assets to liabilities maturing or repricing within one year was
39.1%.  Accordingly,  due to the Company's  high negative gap,  rising  interest
rates would most likely adversely affect the Company's net interest income.

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

     During the three months ended September 30, 2000, the Company decreased its
mortgage-backed  securities portfolio by $1.9 million or 2.58%. The decrease for
the three months was  attributable  to principal  repayments.  At September  30,
2000,  the Company  held $71.8  million of  mortgage-backed  securities  with an
approximate yield of 7.11%.

     During the three months ended  September  30,  2000,  the Company  borrowed
approximately  $227.7 million in various  advances from the FHLB with a weighted
average rate of 6.52% and incurred  $221.3  million in other  borrowings  with a
weighted  average rate of 6.58%.  During the three months  ended  September  30,
2000,  the Company  repaid $196.7 million of FHLB advances and $251.7 million of
other borrowings.

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

     An  institution  could also manage  interest rate risk by selling  existing
assets,  repaying  certain  liabilities  or matching  repricing  periods for new
assets  and  liabilities  (for  example,  by  shortening  terms of new  loans or
investments).  A large portion of an institution's liabilities may be short-term
or due on demand, while most of its assets may be invested in long-term loans or
investments.  Accordingly, the Company seeks to have in place sources of cash to
meet  short-term  demands.  These funds can be obtained by increasing  deposits,
borrowing,  or selling assets. Also, FHLB advances and wholesale borrowings have
become  increasingly  important sources of liquidity for the Company.  Financial
institutions  are also subject to prepayment risk in falling rate  environments.
For  example,  mortgage  loans and other  financial  assets  may be prepaid by a
debtor so that the  debtor  may  refund its  obligations  at new,  lower  rates.
Prepayments of assets carrying higher rates reduce the Company's interest income
and overall asset yields.

                                       15
<PAGE>

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

     The following  table  provides  information  about the Company's  financial
instruments  that are sensitive to changes in interest rates as of September 30,
2000,  based on the  information  and  assumptions  in the notes.  The Company's
assumptions  are based on  statistical  data  provided  by a federal  regulatory
agency in the  Company's  market area,  and are believed to be  reasonable.  The
Company had no  derivative  financial  instruments  or trading  portfolio  as of
September  30, 2000.  The expected  maturity  date values for loans  receivable,
mortgage-backed   securities,  and  investment  securities  were  calculated  by
adjusting  the  instrument's  contractual  maturity  date  for  expectations  of
prepayments.  Similarly, expected maturity date values for interest-bearing core
deposits  were  calculated  based upon  estimates  of the period  over which the
deposits would be  outstanding.  With respect to the Company's  adjustable  rate
instruments,  expected  maturity  date values were  measured  by  adjusting  the
instrument's   contractual   maturity  date  for  expectations  of  prepayments.
Substantially all of the Company's investment  securities portfolio is comprised
of callable  government agency securities.  From a risk management  perspective,
the Company  believes  that  repricing  dates,  as opposed to expected  maturity
dates, may be a more relevant metric in analyzing the value of such instruments.
Company  borrowings  were  tabulated by  contractual  maturity dates and without
regard to any conversion or repricing dates.

                                       16
<PAGE>
<TABLE>
<CAPTION>

                                                           EXPECTED MATURITY DATE-QUARTER ENDED SEPTEMBER 30,
                                           ----------------------------------------------------------------------------------
                                                 2001             2002             2003            2004             2005
                                           ----------------  ---------------  --------------  ---------------  --------------

ON-BALANCE SHEET FINANCIAL INSTRUMENTS
Interest-earning assets:
  Loans receivable (1)(2)(3)(4)
<S>                                                 <C>              <C>             <C>              <C>              <C>
  Fixed rate                                        $26,951          $16,511         $13,201          $12,928          $9,427
    Average interest rate                             7.95%            7.66%           7.62%            7.70%           7.55%

  Adjustable rate                                    13,647            6,499           6,018            4,645           3,916
    Average interest rate(5)                          8.63%            8.35%           8.54%            8.37%           8.38%
  Mortgage-backed securities
  Fixed rate                                            ---               49           1,141              ---             ---
    Average interest rate                             0.00%            6.92%           6.02%            0.00%           0.00%

  Adjustable rate                                       ---              ---             ---              ---             ---
    Average interest rate(6)                          0.00%            0.00%           0.00%            0.00%           0.00%

  Investments(7)                                      8,452              ---             ---              ---             ---
    Average interest rate                             7.23%            0.00%           0.00%            0.00%           0.00%

  Cash and interest-bearing deposits                  3,116              ---             ---              ---             ---
    Average interest rate                             6.51%            0.00%           0.00%            0.00%           0.00%
                                           ----------------  ---------------  --------------  ---------------  --------------
        Total                                        52,166           23,059          20,360           17,573          13,343

Interest-bearing liabilities:
  Interest-bearing deposits
   and escrows(8)(9)(10)                             88,495           21,347          21,347            8,293           8,293
    Average interest rate                             4.17%            3.71%           3.71%            3.42%           3.42%

Borrowings

  Fixed rate                                         83,472            8,000             ---              ---             ---
    Average interest rate                             6.59%            6.66%           0.00%            0.00%           0.00%

  Adjustable rate(11)                                51,630              ---             ---              ---             ---
    Average interest rate                             6.58%            0.00%           0.00%            0.00%           0.00%
                                           ----------------  ---------------  --------------  ---------------  --------------
        Total                                      $223,597          $29,347         $21,347           $8,293          $8,293

<CAPTION>

                                                        There-                                Fair
                                                        after              Total              Value
                                                     -------------   ----------------  ----------------

ON-BALANCE SHEET FINANCIAL INSTRUMENTS
Interest-earning assets:
  Loans receivable (1)(2)(3)(4)
<S>                                                         <C>              <C>               <C>
  Fixed rate                                                $61,725          $140,743          $143,678
    Average interest rate                                     7.47%

  Adjustable rate                                            11,247            45,972            46,649
    Average interest rate(5)                                  8.29%
  Mortgage-backed securities
  Fixed rate                                                 54,647            55,837            54,391
    Average interest rate                                     6.94%

  Adjustable rate                                            16,093            16,093            16,298
    Average interest rate(6)                                  7.76%

  Investments(7)                                            136,005           144,457           138,916
    Average interest rate                                     7.76%

  Cash and interest-bearing deposits                            ---             3,116             3,116
    Average interest rate                                     0.00%
                                                   ----------------  ----------------  ----------------
        Total                                               279,717           406,218           403,049

Interest-bearing liabilities:
  Interest-bearing deposits
   and escrows(8)(9)(10)                                     22,374           170,149           170,001
    Average interest rate                                     2.04%

Borrowings

  Fixed rate                                                    ---            91,472            91,445
    Average interest rate                                     0.00%

  Adjustable rate(11)                                        63,000           114,630           113,509
    Average interest rate                                     5.67%
                                                   ----------------  ----------------  ----------------
        Total                                               $85,374          $376,251          $374,955
</TABLE>

(1)  Net of  undisbursed  loan  proceeds and does not include net deferred  loan
     fees or the allowance for loan losses.
(2)  For  single-family  residential  loans,  assumes  annual  amortization  and
     prepayment rate at 18% for adjustable  rate loans,  and 8% to 38% for fixed
     rate loans. For  multi-family  residential  loans and other loans,  assumes
     amortization  and prepayment  rate of 12%.
(3)  For second mortgage loans,  assumes annual amortization and prepayment rate
     of 18%.
(4)  Consumer loans assumes amortization and prepayment rate of 13%.
(5)  Substantially  all of the  Company's  adjustable  rate loans  reprice on an
     annual basis based upon changes in the one-year  constant maturity treasury
     index with various market based annual and lifetime  interest rate caps and
     floors.
(6)  Substantially  all  of  the  Company's   adjustable  rate   mortgage-backed
     securities  reprice on a monthly  basis based upon changes in the one month
     LIBOR index with various lifetime caps and floors.
(7)  Totals include the Company's investment in Federal Home Loan Bank stock.
(8)  For regular savings accounts, assumes an annual decay rate of 17% for three
     years or less,  16% for more than three through five years and 14% for more
     than five years.
(9)  For NOW accounts, assumes an annual decay rate of 37% for one year or less,
     32% for more than one  through  three  years  and 17% for more  than  three
     years.
(10) For money market deposit accounts,  assumes an annual decay rate of 79% for
     one year or less and 31% for more than one year.
(11) Includes a $50  million  FHLB  advance  that  reprices  monthly  based upon
     changes in the one month LIBOR index.

                                       17
<PAGE>

     The  table  below  provides  information  about the  Company's  anticipated
transactions comprised of firm loan commitments and other commitments, including
undisbursed  letters  and  lines  of  credit.  The  Company  used no  derivative
financial instruments to hedge such anticipated transactions as of September 30,
2000.


             Anticipated Transactions
-----------------------------------------------------
Undisbursed construction and
    land development loans

      Fixed rate                        $9,511
                                         8.54%

      Adjustable rate                   $9,585
                                        10.01%

Undisbursed lines of credit

      Adjustable rate                  $10,665
                                         9.36%

Loan origination commitments

      Fixed rate                        $2,243
                                         8.90%

      Adjustable rate                      $50
                                         8.40%

Letters of credit

      Adjustable rate                     $236
                                        11.16%
                                       --------
                                       $32,290

                                       18

<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
          ---------------------
          Not applicable.

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

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

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

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

             Number                Description                    Page
             ------                -----------                    ----
              27           Financial Data Schedule                E-1
              99           Independent Accountant's Report        E-2

                                       19
<PAGE>

                                   SIGNATURES

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

                           WVS FINANCIAL CORP.




 November 9, 2000      BY:    /s/ David J. Bursic
 Date                         ----------------------------------------------
                              David J. Bursic
                              President and Chief Executive Officer
                              (Principal Executive and Financial Officer)


 November 9, 2000      BY:    /s/ Keith A. Simpson
 Date                         ----------------------------------------------
                              Keith A. Simpson
                              Controller


                                       20