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, 1999

                                       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                       (Zip Code)
              executive offices)

                                 (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, 1999:  3,022,532  shares  Common
Stock, $.01 par value.
<PAGE>
                       WVS FINANCIAL CORP. AND SUBSIDIARY
                       ----------------------------------

                                      INDEX
                                      -----

PART I.       FINANCIAL INFORMATION                                    PAGE
-------       ---------------------                                    ----

Item 1.       Financial Statements

              Consolidated Balance Sheets as of September 30, 1999
              and June 30, 1999  (Unaudited)                             3

              Consolidated Statements of Income for the
              Three Months Ended September 30, 1999
              and 1998 (Unaudited)                                       4

              Consolidated Statements of Cash Flows
              for the Three Months Ended September 30,
              1999 and 1998 (Unaudited)                                  5

              Consolidated Statements of Changes in
              Stockholders' Equity for the Three Months
              Ended September 30, 1999 (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, 1999             10

Item 3.       Quantitative and Qualitative Disclosures About
              Market Risk for the Three Months Ended
              September 30, 1999                                        16

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>
<TABLE>
<CAPTION>
                                WVS FINANCIAL CORP. AND SUBSIDIARY
                                   CONSOLIDATED BALANCE SHEETS
                                           (UNAUDITED)
                                          (in thousands)

                                                         September 30, 1999            June 30, 1999
                                                         ------------------            -------------
<S>                                                            <C>                     <C>
                   Assets
Cash and due from banks                                        $     890               $     745
Interest-earning demand deposits                                   1,264                   1,148
Investment securities available-for-sale
    (amortized cost of $1,380 and $1,380)                          1,358                   1,402
Investment securities held-to-maturity
    (market value of $106,650 and $87,850)                       111,290                  90,764
Mortgage-backed securities available-for-sale
    (amortized cost of $8,475 and $9,342)                          8,364                   9,273
Mortgage-backed securities held-to-maturity
    (market value of $67,882 and $62,167)                         68,943                  63,107
Federal Home Loan Bank stock, at cost                              7,625                   6,195
Net loans receivable (allowance for loan losses of $1,842
    and $1,842)                                                  175,590                 170,327
Accrued interest receivable                                        2,854                   3,105
Premises and equipment                                             1,126                   1,154
Deferred taxes and other assets                                    1,353                   1,188
                                                               ---------               ---------
           TOTAL ASSETS                                        $ 380,657               $ 348,408
                                                               =========               =========

                   Liabilities and Stockholders' Equity

Liabilities:
Savings Deposits:
     Non-interest-bearing accounts                             $   2,389               $   9,037
     NOW accounts                                                 23,454                  16,668
     Savings accounts                                             37,075                  38,923
     Money market accounts                                        11,842                  12,610
     Certificates of deposit                                      94,330                  93,876
                                                               ---------               ---------
     Total savings deposits                                      169,090                 171,114
Federal Home Loan Bank advances                                  152,500                 116,900
Other borrowings                                                  26,818                  25,820
Advance payments by borrowers for taxes and insurance              1,223                   3,130
Accrued interest payable                                           2,425                   1,929
Other liabilities                                                  1,970                   1,577
                                                               ---------               ---------
           TOTAL LIABILITIES                                     354,026                 320,470
                                                               ---------               ---------


</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                WVS FINANCIAL CORP. AND SUBSIDIARY
                                   CONSOLIDATED BALANCE SHEETS
                                           (UNAUDITED)
                                          (in thousands)
                                           (continued)

                                                         September 30, 1999            June 30, 1999
                                                         ------------------            -------------
<S>                                                            <C>                     <C>
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;
   3,668,220 and 3,668,060 shares issued                              37                      37
Additional paid-in capital                                        19,143                  19,062
Treasury stock (632,368 shares at cost)                           (9,638)                 (7,596)
Retained earnings, substantially restricted                       17,669                  17,024
Accumulated other comprehensive loss                                 (88)                    (31)
Unallocated shares - Recognition and Retention Plans                (300)                   (326)
Unallocated shares - Employee Stock Ownership Plan                  (192)                   (232)
                                                               ---------               ---------
     TOTAL STOCKHOLDERS' EQUITY                                   26,631                  27,938
                                                               ---------               ---------
          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY           $ 380,657               $ 348,408
                                                               =========               =========


</TABLE>
          See accompanying notes to consolidated financial statements.


                                        3
<PAGE>
<TABLE>
<CAPTION>
                         WVS FINANCIAL CORP. AND SUBSIDIARY
                          CONSOLIDATED STATEMENTS OF INCOME
                                     (UNAUDITED)
                                   (in thousands)

                                                               Three Months Ended
                                                                  September 30,
                                                          -------------------------
                                                              1999           1998
                                                          ----------     ----------
<S>                                                       <C>            <C>
INTEREST AND DIVIDEND INCOME:
    Loans                                                 $    3,417     $    3,189
    Investment securities                                      1,853          1,481
    Mortgage-backed securities                                 1,215            788
    Interest-earning deposits with other institutions              8             15
    Federal Home Loan Bank stock                                 116             81
                                                          ----------     ----------
        Total interest and dividend income                     6,609          5,554
                                                          ----------     ----------

INTEREST EXPENSE:
    Deposits                                                   1,582          1,689
    Borrowings                                                 2,181          1,342
    Advance payments by borrowers for taxes and
    insurance                                                      6              7
                                                          ----------     ----------
        Total interest expense                                 3,769          3,038
                                                          ----------     ----------

NET INTEREST INCOME:                                           2,840          2,516
PROVISION FOR LOAN LOSSES                                        ---            ---
                                                          ----------     ----------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES            2,840          2,516
                                                          ----------     ----------
NON-INTEREST INCOME:
     Service charges on deposits                                  76             61
     Other                                                        59             41
                                                          ----------     ----------
        Total non-interest income                                135            102
                                                          ----------     ----------

NON-INTEREST EXPENSE:
     Salaries and employee benefits                              756            691
     Occupancy and equipment                                      91             94
     Deposit insurance premium                                    25             26
     Data processing                                              44             46
     Correspondent bank service charges                           35             29
     Other                                                       160            175
                                                          ----------     ----------
        Total non-interest expense                             1,111          1,061
                                                          ----------     ----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                         WVS FINANCIAL CORP. AND SUBSIDIARY
                          CONSOLIDATED STATEMENTS OF INCOME
                                     (UNAUDITED)
                                   (in thousands)
                                    (continued)

                                                               Three Months Ended
                                                                  September 30,
                                                          -------------------------
                                                              1999           1998
                                                          ----------     ----------
<S>                                                       <C>            <C>
INCOME BEFORE INCOME TAXES                                     1,864          1,557
INCOME TAXES                                                     727            607
                                                          ----------     ----------

NET INCOME                                                $    1,137     $      950
                                                          ==========     ==========

EARNINGS PER SHARE:
   Basic                                                  $     0.37     $     0.26
   Diluted                                                $     0.37     $     0.26

AVERAGE SHARES OUTSTANDING:
   Basic                                                   3,056,406      3,580,794
   Diluted                                                 3,084,253      3,612,446
</TABLE>

          See accompanying notes to consolidated financial statements.

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

                                                                         Three Months Ended
                                                                             September 30,
                                                                      ----------------------
                                                                        1999           1998
                                                                      --------      --------
<S>                                                                   <C>           <C>
OPERATING ACTIVITIES

Net income                                                            $  1,137      $    950
Adjustments to reconcile net income to cash provided
   by operating activities:
     Depreciation and amortization, net                                     29            29
     Amortization of discounts, premiums and deferred loan fees            ---          (161)
     Amortization of ESOP, RRP and deferred and unearned
        compensation                                                       146            88
     Decrease (increase) in accrued interest receivable                    251          (547)
     Increase in accrued interest payable                                  495           260
     Decrease in accrued and deferred taxes                                 74            36
     Other, net                                                            199           (43)
                                                                      --------      --------
           Net cash provided by operating activities                     2,331           612
                                                                      --------      --------
INVESTING ACTIVITIES

Available-for-sale:
     Purchases of investments and mortgage-backed securities               ---       (14,136)
     Proceeds from repayments of investments and mortgage-backed
        securities                                                         869        25,229
Held-to-maturity:
     Purchases of investments and mortgage-backed securities           (32,913)      (54,094)
     Proceeds from repayments of investments and mortgage-backed
        securities                                                       6,611        25,062
(Increase) decrease in net loans receivable                             (5,325)        3,813
Increase in FHLB stock                                                  (1,430)         (424)
     Other, net                                                            (18)          ---
                                                                      --------      --------
           Net cash used for investing activities                      (32,206)      (14,550)
                                                                      --------      --------
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       5
<PAGE>
<TABLE>
<CAPTION>
                              WVS FINANCIAL CORP. AND SUBSIDIARY
                            CONSOLIDATED STATEMENTS OF CASH FLOWS
                                         (UNAUDITED)
                                        (in thousands)

                                                                        Three Months Ended
                                                                           September 30,
                                                                     -----------------------
                                                                        1999          1998
                                                                     --------       --------
<S>                                                                 <C>             <C>
FINANCING ACTIVITIES

Net decrease in transaction and passbook accounts                      (2,477)        (3,857)
Net increase in certificates of deposit                                   454            896
Net increase in FHLB advances                                          35,600          2,643
Net increase in other borrowings                                          998         16,764
Net decrease in advance payments by borrowers for taxes and
     insurance                                                         (1,907)        (2,356)
Net proceeds from issuance of common stock                                  1            230
Purchase of treasury stock                                             (2,042)          (749)
Cash dividends paid                                                      (491)          (548)
                                                                     --------       --------
           Net cash provided by financing activities                   30,136         13,023
                                                                     --------       --------
           Increase (decrease) in cash and cash equivalents               261           (915)

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD                    1,893          2,506
                                                                     --------       --------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD                       $  2,154       $  1,591
                                                                     ========       ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

     Cash paid during the period for:
       Interest on deposits, escrows and borrowings                  $  3,274       $  2,778
       Income taxes                                                       625            585

</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)
                                                                                                     Accum.
                                                                                      Unallocated    Other      Retained
                                              Additional                Unallocatd       Shares      Compre-    Earnings-
                                     Common    Paid-in      Treasury    Shares Held       Held       hensive  Substantially
                                     Stock     Capital       Stock        by ESOP        by RRP      Income    Restricted     Total
                                     -----     -------       -----        -------        ------      ------    ----------     -----
<S>                                   <C>     <C>           <C>           <C>            <C>          <C>        <C>        <C>
Balance at June 30, 1999              $37     $19,062       $(7,596)      $(232)         $(326)       $(31)      $ 17,024   $27,938

Comprehensive income:

  Net income                                                                                                        1,137     1,137
  Other comprehensive
    income:
     Change in unrealized
       holding gains on
       securities, net of income
       tax of $29                                                                                      (57)                     (57)
                                                                                                                            -------
Comprehensive income                                                                                                          1,080

Purchase of treasury stock                                   (2,042)                                                         (2,042)

Release of earned
  Employee Stock Ownership
  Plan (ESOP) shares                               80                        40                                                 120

Accrued compensation
  expense for Recognition
  and Retention Plans (RRP)                                                                 26                                   26

Exercise of Stock Options                           1                                                                             1

Cash dividends declared
 ($0.16 per share)                      --        --            --            --            --           --        (492)       (492)
                                       ---    -------      -------        -----          -----         ----     -------     -------
Balance at September 30,
 1999                                  $37    $19,143      $(9,638)       $(192)         $(300)        $(88)    $17,669     $26,631
                                       ===    =======      =======        =====          =====         ====     =======     =======
Components of
 comprehensive income:

  Change in net unrealized
   gain on investment
   securities held for sale                                                                            $(88)
                                                                                                       ----
TOTAL                                                                                                  $(88)
                                                                                                       ====
</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,  1999,  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 Statement No. 133.

         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,
                                                                ----------------------------
                                                                    1999             1998
                                                                -----------      -----------
<S>                                                             <C>              <C>
Weighted average common shares outstanding                        3,668,110        3,657,120
Average Treasury Stock shares                                      (566,794)         (15,273)
Average unearned ESOP shares                                        (44,910)         (61,053)
                                                                -----------      -----------
Weighted average common shares and common stock equivalents
  used to calculate basic earnings per share                      3,056,406        3,580,794
Additional common stock equivalents (stock options) used to
  calculate diluted earnings per share                               27,847           31,652
                                                                -----------      -----------
Weighted average common shares and common stock equivalents
  used to calculate diluted earnings per share                    3,084,253        3,612,446
                                                                ===========      ===========
Net income                                                      $ 1,136,861      $   950,122
                                                                ===========      ===========
Earnings per share:
  Basic                                                         $      0.37      $      0.27
  Diluted                                                       $      0.37      $      0.26

</TABLE>
                                       9
<PAGE>
                       WVS FINANCIAL CORP. AND SUBSIDIARY
                       ----------------------------------

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999

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, 1999.

         The  operating  results of the Company  depend  primarily  upon its net
interest  income,  which is  determined  by the  difference  between  income  on
interest-earning  assets,  principally  loans,  mortgage-backed  securities  and
investment  securities,  and interest expense on  interest-bearing  liabilities,
which consist primarily of deposits and borrowings.  The Company's net income is
also  affected by its  provision  for loan  losses,  as well as the level of its
non-interest   income,   including  loan  fees  and  service  charges,  and  its
non-interest expenses, such as compensation and employee benefits, income taxes,
deposit insurance and occupancy costs.

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

FINANCIAL CONDITION

         The Company's  assets  totaled  $380.7 million at September 30, 1999 as
compared to $348.4  million at June 30, 1999. The $32.3 million or 9.3% increase
in total assets was primarily  comprised of a $26.8 million or 15.7% increase in
investment  and  mortgage-backed  securities,  including  Federal Home Loan Bank
("FHLB") stock, and a $5.3 million or 3.1% increase in net loans receivable.

         The Company's  total  liabilities  increased  $33.6 million or 10.5% to
$354.0 million as of September 30, 1999 from $320.5 million as of June 30, 1999.
The $33.6 million  increase in total  liabilities  was primarily  comprised of a
$36.6 million or 25.7% increase in FHLB advances and other  borrowings which was
partially  offset by a $2.0  million or 1.2%  decrease  in  deposits  and a $1.9
million  or 60.9%  decrease  in  advance  payments  by  borrowers  for taxes and
insurance.

         Total  stockholders'  equity  decreased  $1.3  million or 4.7% to $26.6
million as of September  30, 1999 from $27.9  million at June 30, 1999.  Capital
expenditures  for the  Company's  stock  repurchase  program and cash  dividends
totaled  $2.0  million and $492  thousand,  respectively,  which were  partially
funded by Company net income of $1.1 million for the quarter ended September 30,
1999.

                                       10
<PAGE>
ASSET AND LIABILITY MANAGEMENT

          The Company  continued a strategy designed to reduce the interest rate
sensitivity of its financial  assets to its financial  liabilities.  The primary
elements of this strategy include:

1)       expanding the Company's  investment  growth program in order to enhance
         net interest income;
2)       maintaining  the Company's  level of short-term  liquid  investments by
         funding  loan   commitments  and  purchasing   longer-term   investment
         securities;
3)       emphasizing the growth of lower-cost savings and checking accounts; and
4)       pricing the Company's  certificates of deposit and loan products nearer
         to the market  average  rate as  opposed  to the upper  range of market
         offered rates.

          The Company has continued its investment  growth  program,  originally
initiated in the third  quarter of fiscal 1994,  in order to realize  additional
net interest income.  Under this strategy, a longer-term callable or noncallable
investment  security,  or  mortgage-backed  security,  is  purchased  and funded
through the use of non-deposit liabilities, such as FHLB advances and short-term
borrowings.  With this strategy,  the Company increases its net interest income,
but also faces the risk, during periods of rising market interest rates, that it
may experience a decline in net interest  income if the rate paid on its various
borrowings rises above the rate earned on the investment security purchased.  In
order to mitigate this exposure,  the Board has placed certain  restrictions  on
the investment growth program, including:

1)       the average  outstanding  daily balance of total  borrowings,  computed
         quarterly, may not exceed $195.0 million;
2)       suitable  investments  shall be  restricted to those meeting the credit
         quality criteria outlined in the Company's investment policy;
3)       each security  purchased shall initially yield a minimum of one hundred
         and  twenty-five  basis  points  above  the  incremental  rate  paid on
         short-term borrowings, at the time of purchase; and
4)       the  Company's  total  borrowed  funds   position,   allocated  to  the
         investment growth program, may not exceed $200.0 million.

         In most cases,  the initial yield spread earned on investment  security
purchases ranged from approximately 231 to 257 basis points.

          During the quarter ended September 30, 1999, the Company increased its
mortgage-backed  securities portfolio by $4.9 million or 6.81%. The increase for
the quarter was attributable to security purchases partially offset by principal
amortization.  Mortgage-backed  securities  purchases  for the  quarter  totaled
approximately  $8.4 million with an estimated weighted average purchase yield of
7.64%. At September 30, 1999, the Company held $77.3 million of  mortgage-backed
securities with an approximate  yield of 6.77%. The  mortgage-backed  securities
purchases  were made in order to mitigate the  principal  calls on the Company's
callable bond portfolio and to earn a higher yield with an expected average life
profile comparable to longer-term callable agency bonds.

         The Company has  continued to purchase  bonds with  optional  principal
redemption  features  ("callable  bonds")  in order to  capture  additional  net
interest income. Callable bonds generally provide investors with higher rates of
return than  noncallable  bonds  because the issuer has the option to redeem the
bonds before maturity.  While this strategy affords WVS the current  opportunity
to improve its net interest income, during a period of declining interest rates,
<PAGE>
the Company  would be exposed to the risk that the  investment  will be redeemed
prior to its final stated maturity.  In order to mitigate this risk, the Company
has  funded a  significant  portion  of its  purchases  of  callable  bonds with
short-term borrowings.  Approximately $4.0 million of callable agency bonds with
an estimated weighted average rate of 5.83% were called during the quarter ended
September  30, 1999.  During the quarter ended  September 30, 1999,  the Company
purchased  approximately  $20.7  million of callable  bonds with an  approximate
weighted  average  yield to call and maturity of 8.20% and 7.84%,  respectively.
The callable  agency bond purchases,  totaling $20.7 million,  are summarized by
initial term to call as follows: $10.0 million within three months, $3.2 million
with greater than three months and within six months,  $4.0 million with greater
than six months and within one year,  $1.0  million  with  greater  than  twelve
months and  within  twenty-four  months,  and $2.5  million  with  greater  than
twenty-four months and within thirty-six months.


                                       11
<PAGE>
         During the quarter  ended  September  30,  1999,  the Company  borrowed
approximately $162.7 million in various borrowings from the FHLB with a weighted
average rate of 5.15% and incurred  $116.5  million in other  borrowings  with a
weighted average rate of 5.28%. During the quarter ended September 30, 1999, the
Company  repaid  $127.1  million of FHLB  advances  and $115.6  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. Due to
relatively low fifteen and thirty year mortgage loan yields, the Company intends
to emphasize  higher  yielding  commercial  real  estate,  home equity and small
business loans to existing customers and seasoned prospective customers.

         As of  September  30,  1999,  the  implementation  of these  asset  and
liability management initiatives resulted in the following:

1)       an  aggregate  of $50.6  million  or 28.8%  of the  Company's  net loan
         portfolio had  adjustable  interest rates or maturities of less than 12
         months;
2)       $16.3  million or 21.0% of the Company's  portfolio of  mortgage-backed
         securities  (including  collateralized  mortgage  obligations - "CMOs")
         were secured by floating rate securities; and
3)       $106.3  million  or  94.6%  of  the  Company's  investment   securities
         portfolio was comprised of callable bonds.

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

         The Company's one year  cumulative  interest  rate  sensitivity  gap is
estimated at a negative 14.3% of total assets at September 30, 1999, as compared
to a  negative  8.9% at June  30,  1999,  in each  instance,  based  on  certain
assumptions  by management  with respect to the repricing of certain  assets and
liabilities.  At  September  30, 1999,  the  Company's  interest-earning  assets
maturing or repricing within one year totaled $101.2 million while the Company's
interest-bearing  liabilities  maturing  or  repricing  within one year  totaled
$155.7  million,  providing  an  excess  of  interest-earning  liabilities  over
interest-bearing  assets of $54.6 million. At September 30, 1999, the percentage
of the Company's assets to liabilities maturing or repricing within one year was
65%.
<PAGE>
RESULTS OF OPERATIONS

         GENERAL.  WVS reported net income of $1.1  million,  or $0.37 per share
(basic and diluted),  for the three months ended September 30, 1999, as compared
to $950  thousand or $0.26 per share  (basic and diluted) for the same period in
1998. For the three months ended September 30, 1999,  diluted earnings per share
increased  $0.10 or 37.0%.  Net income  increased $187 thousand or 19.7% for the
three months ended September 30, 1999, when compared to the same period in 1998.
The  increase  was  primarily  the  result of a $324  thousand  increase  in net
interest income and a $33 thousand increase in non-interest  income,  which were
partially  offset by a $120  thousand  increase  in income tax expense and a $50
thousand increase in non-interest expense.

                                       12
<PAGE>
         NET INTEREST  INCOME.  The Company's net interest  income  increased by
$324 thousand or 12.9% during the three months ended  September  30, 1999,  when
compared to the same period in 1998. The increase was  principally  attributable
to increases in the Company's  investment,  mortgage-backed  securities and loan
portfolios which were primarily funded with FHLB advances.

         INTEREST  INCOME.  Interest on net loans  receivable  increased by $228
thousand or 7.15% for the three months ended  September 30, 1999,  when compared
with the same period in 1998.  The increase was  attributable  to an increase of
$16.7 million in the average balance of loans receivable  outstanding  which was
partially  offset by an decrease in the weighted  average  yield earned on loans
receivable  of 26 basis points for the three months  ended  September  30, 1999,
when  compared to the same  period in 1998.  The  increase  in the average  loan
balance   outstanding  was  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.

         Interest on  mortgage-backed  securities  increased by $427 thousand or
54.2% for the three months ended September 30, 1999, when compared with the same
period in 1998. The increase was attributable to an increase of $26.6 million in
the  average  balance  of  mortgage-backed   securities  outstanding  which  was
partially  offset by a decrease  of 10 basis  points in weighted  average  yield
earned during the three months ended  September  30, 1999,  when compared to the
same period in 1998. The Company has increased its purchases of  mortgage-backed
securities  in order to mitigate the principal  calls on the Company's  callable
bond portfolio and to earn a higher yield with an expected  average life profile
comparable to longer-term callable agency bonds.

         Interest and dividend  income on  interest-bearing  deposits with other
institutions,   investment   securities   and  FHLB  stock  ("other   investment
securities")  increased  $400  thousand  or 25.4%  for the  three  months  ended
September 30, 1999,  when compared to the same period in 1998.  The increase was
principally  attributable to an increase of $20.7 million in the average balance
of investment  securities and a 20 basis point increase in the weighted  average
yield earned on investment  securities for the three months ended  September 30,
1999,  when  compared  to the same period in 1998.  The  increase in the average
balance of other investment securities 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, 1999.

         INTEREST EXPENSE. Interest expense on deposits and escrows decreased by
$108  thousand or 6.37% for the three months  ended  September  30,  1999,  when
compared with the same period in 1998. The decrease was principally attributable
to a decrease in the  weighted  average  yield paid of 35 basis points which was
partially  offset by an  increase  of $3.7  million  in the  average  balance of
deposits and escrows  outstanding for the three months ended September 30, 1999,
when  compared  to the same period in 1998.  The average  yield paid on deposits
decreased due to the overall decline in market interest rates.

         Interest  expense on FHLB  advances and other  borrowings  increased by
$839  thousand or 62.52% for the three months  ended  September  30, 1999,  when
compared to the same period in 1998. The increase was primarily  attributable to
a $64.6  million or 67.42%  increase in the average  balance of such  borrowings
outstanding,  partially  offset by a 16 basis  point  decrease  in the  weighted
average rate paid. The increased  amount of borrowings  outstanding  was used to
fund the Company's  investment  growth  program and the decrease in the weighted
average rate paid was a result of the declining market rates.
<PAGE>
         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 periodic  evaluation
of the loan 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, 1999, and September 30, 1998. The Company's
total  allowance for loan losses at September 30, 1999, and June 30, 1999,  both
amounted to $1.8 million or 1.0% and 1.1%, respectively,  of the Company's total
loan portfolio.


                                       13
<PAGE>
         NON-INTEREST  INCOME.  Total non-interest income increased $33 thousand
or 32.35% during the three months ended September 30, 1999, when compared to the
same period in 1998,  primarily  due to a $15  thousand  increase in the service
charges on deposits and a $18 thousand  increase in other income  including  ATM
fee and loan late charge income.

         NON-INTEREST EXPENSE. Total non-interest expense increased $50 thousand
or 4.71% during the three months ended  September 30, 1999, when compared to the
same period in 1998.  Compensation and employee benefits  increased $65 thousand
or 9.41% during the quarter ended  September 30, 1999, when compared to the same
period in 1998.  The  increase  was  primarily  attributable  to a $55  thousand
increase in  discretionary  contributions  to the Employee Stock  Ownership Plan
("ESOP").

         Other  non-interest  expense  (e.g.  director's  compensation  expense,
advertising,  provision for loss on real estate owned,  legal expense,  transfer
agent  expense,  etc.)  decreased $15 thousand or 4.71% during the quarter ended
September 30, 1999, when compared to the same period in 1998.

LIQUIDITY AND CAPITAL RESOURCES

         Net cash provided by operating  activities  totaled $2.3 million during
the three  months  ended  September  30,  1999.  Net cash  provided by operating
activities  was  primarily  comprised  of $1.1  million  of net  income,  a $495
thousand  increase in accrued interest  payable and a $251 thousand  decrease in
accrued interest receivable.

         Funds used for investing  activities  totaled $32.2 million  during the
three months ended  September  30, 1999.  Primary uses of funds during the three
months ended  September  30, 1999,  include  $32.9 million used for purchases of
investment and  mortgage-backed  securities  and a $5.3 million  increase in net
loans  receivable  which were partially  offset by $7.5 million of proceeds from
repayments of investment and mortgage-backed securities.

         Funds  provided by financing  activities  totaled $30.1 million for the
three months ended  September 30, 1999.  Primary  sources of funding  included a
$35.6  million  increase in FHLB  advances and a $1.0 million  increase in other
borrowings.  Primary uses of funds  included:  $2.0  million for treasury  stock
purchases,  a $2.0  million  decrease in deposits,  and a seasonal  $1.9 million
decrease in loan customer escrows.  During the quarter ended September 30, 1999,
the Company repurchased 134,065 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,  1999,  the  total  approved  loan
commitments  outstanding  amounted to $1.4 million. At the same date commitments
under  unused  lines of credit  amounted  to $10.3  million  and the  unadvanced
portion of  construction  loans  approximated  $19.0  million.  Certificates  of
deposit  scheduled to mature in one year or less at September 30, 1999,  totaled
$65.7  million.  Management  believes  that a  significant  portion of  maturing
deposits will remain with the Company.
<PAGE>
         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 26, 1999, the Company's Board of Directors  declared a cash
dividend of $0.16 per share payable November 18, 1999, to shareholders of record
at the  close of  business  on  November  8,  1999.  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
future 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.


                                       14
<PAGE>
         As of September 30, 1999, WVS Financial  Corp.  exceeded all regulatory
capital requirements and maintained Tier I and total risk-based capital equal to
$26.7  million  or 14.6% and $28.6  million  or  15.6%,  respectively,  of total
risk-weighted  assets,  and Tier I leverage  capital of $26.7 million or 7.3% 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 September  30,  1999,  totaled
approximately  $693  thousand  or 0.19%  of total  assets  as  compared  to $765
thousand or 0.22% of total assets as of June 30, 1999.  Nonperforming  assets at
September 30, 1999,  consisted of $274 thousand in commercial real estate loans,
$236 thousand in real estate owned, $97 thousand in single-family loans, and $86
thousand in consumer  loans.  Approximately  $1 thousand of additional  interest
income would have been  recorded  during the three months  ended  September  30,
1999, if the Company's  nonaccrual  and  restructured  loans had been current in
accordance with their original loan terms and outstanding throughout the quarter
ended September 30, 1999.

YEAR 2000 COMPLIANCE

         The  Company  outsources  substantially  all  of  its  data  processing
requirements and it is to a large extent  dependent upon vendor  cooperation for
systems used in its day-to-day  business.  The Company,  in conjunction with its
vendors, is testing its computer systems and requiring  representations from its
vendors  that the  products  provided  are or will be year 2000  compliant.  The
Company has developed a plan of action to help ensure that its  operational  and
financial systems will not be adversely affected by year 2000  software/hardware
failures due to processing errors arising from calculations  using the year 2000
date.  All  hardware  and  software  products  were  believed to be compliant at
September  30, 1999.  In the unlikely  event that the systems  tested do not, in
fact,  operate properly when the year 2000 does arrive,  all customer  accounts,
deposits and loans as well as accounting systems will be maintained  manually to
ensure business continuation while systems are being corrected.  The Company has
not and does not expect to incur material  expenditures to address the year 2000
issue. Based upon current  estimates,  the Company does not expect to incur more
than $75 thousand  (pre-tax) in Year 2000  remediation  expenses.  Any year 2000
compliance  failures,  which are currently  unknown,  could result in additional
expenses or business disruption to the Company.

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
<PAGE>
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.


                                       15
<PAGE>
         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.

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
<PAGE>
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 minimize  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 which was  discussed in detail  under "Asset and  Liability
Management" commencing on page 11.


                                       16
<PAGE>
         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.

         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,
1999,  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, 1999.  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.

                                       17
<PAGE>
<TABLE>
<CAPTION>
                                                  EXPECTED MATURITY DATE-QUARTER ENDED SEPTEMBER 30,
                                          -----------------------------------------------------------------
                                                                                                     There-                   Fair
                                            2000        2001      2002        2003        2004       after        Total       Value
                                          -------     -------    -------     -------     ------     -------     --------    --------
<S>                                       <C>         <C>        <C>         <C>         <C>        <C>         <C>         <C>
ON-BALANCE SHEET FINANCIAL INSTRUMENTS
 Interest-earning assets:
  Loans receivable (1)(2)(3)(4)
  Fixed rate                              $30,484     $18,945    $14,281     $12,476     $9,685     $50,162     $136,033    $135,297
    Average interest rate                    7.82%       7.60%      7.54%       7.54%      7.47%       7.40%
  Adjustable rate                          14,406       6,744      5,474       4,455      3,634       7,526       42,239      41,826
    Average interest rate(5)                 6.89%       6.17%      6.14%       6.11%      6.09%       6.17%

  Mortgage-backed securities

  Fixed rate                                    2           0        102       1,438          0      59,612       61,154      59,749
    Average interest rate                    6.45%       0.00%      7.12%       6.02%      0.00%       6.89%
  Adjustable rate                               0           0          0           0          0      16,264       16,264      16,497
    Average interest rate(6)                 0.00%       0.00%      0.00%       0.00%      0.00%       6.54%

  Investments(7)                            5,207           0      2,514           0          0     112,574      120,295     115,633
    Average interest rate                    8.25%       0.00%      8.09%       0.00%      0.00%       7.29%

  Interest-bearing deposits                 1,264           0          0           0          0           0        1,264       1,264
    Average interest rate                    5.50%       0.00%      0.00%       0.00%      0.00%       0.00%
                                          -------     -------    -------     -------     ------     -------     --------    --------
        Total                             $51,363     $25,689    $22,371     $18,369    $13,319    $246,138     $377,249    $370,266

Interest-bearing liabilities:
  Interest-bearing deposits
   and escrows(8)(9)(10)                  $87,425    $18,091     $18,091     $10,107    $10,107     $26,492     $170,313    $170,198
    Average interest rate                    4.19%      3.72%       3.72%       3.44%      3.44%       1.94%

  Borrowings                               68,318     15,000      31,500           0          0      64,500      179,318     178,638
    Average interest rate                    5.30%      5.73%       5.75%       0.00%      0.00%       5.14%
                                          -------     -------    -------     -------     ------     -------     --------    --------
        Total                            $155,743    $33,091     $49,591     $10,107     $10,107     $90,992    $349,631    $348,836


</TABLE>
<PAGE>
(1) Net of undisbursed loan proceeds and does not include net deferred loan fees
or the allowance for loan losses.
(2) For single-family residential loans, assumes annual amortization and
prepayment rate at 15% for adjustable rate loans,  and 11% to 41% for fixed rate
loans. For multi-family  residential loans and other loans, assumes amortization
and prepayment rate of 12%.
(3) For second mortgage loans, assumes annual amortization and prepayment rate
of 18%.
(4) Consumer loans assumes amortization and prepayment rate of 13%.
(5)  Substantially  all of the  Company's  adjustable  rate loans  reprice on an
annual basis based upon changes in the one-year constant maturity treasury index
with various market based annual and lifetime interest rate caps and floors.
(6)  Substantially  all  of  the  Company's   adjustable  rate   mortgage-backed
securities  reprice on a monthly basis based upon changes in the one month LIBOR
index with various lifetime caps and floors.
(7) Totals  include the  Company's  investment  in Federal Home Loan Bank stock.
Amounts adjusted to reflect $6.5 million of investment securities expected to be
called by September 30, 2002.
(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.

                                       18
<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,
1999.

                              Anticipated Transactions
               ---------------------------------------------------
               Undisbursed construction and
                   land development loans
                     Fixed rate                           $ 10,514
                                                              8.95%

                     Adjustable rate                         8,516
                                                              7.78%

               Undisbursed lines of credit
                     Adjustable rate                        10,280
                                                              8.19%

               Loan origination commitments
                     Fixed rate                              1,618
                                                              7.82%

                     Adjustable rate                            60
                                                              9.00%

               Letters of credit
                     Adjustable rate                            20
                                                             10.75%

               Unfunded security commitments
                     Fixed rate (1)                            555
                                                              8.41%
                                                          --------
                                                          $ 31,563



(1) Taxable equivalent yield.



                                       19

<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
              ---------------------------------------------------

              (a)     Not applicable.

              (b)     Not applicable.

              (c)     Not applicable.

              (d)     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

              (b)       Not Applicable.

                                       20
<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 12, 1999                          BY:    /s/David J. Bursic
-----------------                                 ------------------
Date                                              David J. Bursic
                                                  President and
                                                  Chief Executive Officer

NOVEMBER 12, 1999                          BY:    /s/Janell A. Butorac
-----------------                                 --------------------
Date                                              Janell A. Butorac
                                                  Assistant Vice President
                                                  Principal Accounting Officer



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