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

                                    FORM 10-Q

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

         For the quarterly period ended March 31, 1997

                                                         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 May 9, 1997:  1,747,160  shares Common Stock,
$.01 par value.
<PAGE>
                       WVS FINANCIAL CORP. AND SUBSIDIARY


                                      INDEX

PART I                     Financial Information                         

Item 1.                    Financial Statements

                           Consolidated Statements of Financial
                           Condition as of March 31, 1997
                           and June 30, 1996 (Unaudited)                 

                           Consolidated Statements of Income
                           for the Three and Nine Months Ended
                           March 31, 1997 and 1996 (Unaudited)           

                           Consolidated Statements of Cash Flows
                           for the Nine Months Ended March  31,
                           1997 and 1996 (Unaudited)                     

                           Consolidated Statements of Changes in
                           Stockholders' Equity for the Nine Months
                           Ended March 31, 1997 (Unaudited)              

                           Notes to Unaudited Consolidated
                           Financial Statements                          

Item 2.                    Management's Discussion and Analysis of
                           Financial Condition and Results of
                           Operations for the Three and Nine Months
                           Ended March 31, 1997                          

PART II                    Other Information                             

Item 1.                    Legal Proceedings                             
Item 2.                    Changes in Securities                         
Item 3.                    Defaults upon Senior Securities               
Item 4.                    Submission of Matters to a Vote of
                           Security Holders                              
Item 5.                    Other Information                             
Item 6.                    Exhibits and Reports on Form 8-K              
Signatures                                                               
<PAGE>
<TABLE>
<CAPTION>
                            WVS FINANCIAL CORP. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                       (UNAUDITED)
                                      (in thousands)


                                                                    March 31,      June 30,
                                                                     1997           1996
                                                                  ---------      ---------
<S>                                                               <C>            <C>
         Assets
Cash and due from banks .....................................     $     551      $     508
Interest-earning demand deposits ............................         1,148          2,219
Investment securities available-for-sale
     (amortized cost of $3,349 and $2,193) ..................         3,107          1,981
Investment securities held-to-maturity
     (market value of $76,332 and $56,671) ..................        77,368         57,237
Mortgage-backed securities available-for-sale
     (amortized cost of $19,609 and $22,775) ................        19,201         22,428
Mortgage-backed securities held-to-maturity
     (market value of $19,449 and $19,733) ..................        19,348         19,690
Federal Home Loan Bank stock, at cost .......................         3,192          1,900
Net loans receivable ........................................       151,146        149,011
Accrued interest receivable .................................         2,575          2,373
Real estate owned ...........................................          --             --
Premises and equipment ......................................         1,293          1,327
Deferred taxes and other assets .............................           965            948
                                                                  ---------      ---------
         TOTAL ASSETS .......................................     $ 279,894      $ 259,622
                                                                  =========      =========

         Liabilities and Stockholders' Equity
Liabilities:
Deposits:
     Non-interest-bearing accounts ..........................     $   5,720      $   6,259
     NOW accounts ...........................................        14,440         14,252
     Savings accounts .......................................        36,085         37,976
     Money market accounts ..................................        11,984         11,682
     Certificates of deposit ................................        99,829        100,674
                                                                  ---------      ---------
     Total  deposits ........................................       168,058        170,843
Federal Home Loan Bank advances .............................        63,832         38,000
Other borrowings ............................................         6,531         10,652
Advance payments by borrowers for taxes and insurance .......         2,537          3,772
Accrued interest payable ....................................         1,946          1,425
Other liabilities ...........................................         1,378            892
                                                                  ---------      ---------
     TOTAL LIABILITIES ......................................       244,282        225,584
                                                                  ---------      ---------
<PAGE>
<CAPTION>
                            WVS FINANCIAL CORP. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                       (UNAUDITED)
                                      (in thousands)
                                       (continued)


                                                                    March 31,      June 30,
                                                                     1997           1996
                                                                  ---------      ---------
<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;
     1,737,250 and 1,736,760 shares issued and outstanding ..            17             17

Additional paid-in-capital ..................................        17,076         16,947
Retained earnings, substantially restricted .................        20,123         18,861
Unallocated shares - Recognition and Retention Plans ........          (682)          (835)
Unallocated shares - Employee Stock Ownership Plan ..........          (493)          (584)
                                                                  ---------      ---------
                                                                     36,041         34,406
Unrealized loss on available-for-sale securities ............          (429)          (368)
                                                                  ---------      ---------
     TOTAL STOCKHOLDERS' EQUITY .............................        35,612         34,038
                                                                  ---------      ---------

         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .........     $ 279,894      $ 259,622
                                                                  =========      =========


               See accompanying notes to consolidated financial statements. 
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                           WVS FINANCIAL CORP. AND SUBSIDIARY

                                            CONSOLIDATED STATEMENTS OF INCOME
                                                       (UNAUDITED)
                                                     (in thousands)

                                                               Three Months Ended              Nine Months Ended
                                                                     March 31,                       March 31,
                                                               1997            1996            1997            1996
                                                           ----------      ----------      ----------      ------------
<S>                                                        <C>             <C>             <C>             <C>
INTEREST AND DIVIDEND INCOME:
  Loans ...............................................    $    3,077      $    2,955      $    9,240      $    8,770
  Investment securities ...............................         1,412           1,120           4,085           3,674
  Mortgage-backed securities ..........................           670             343           2,060           1,015
  Interest-earning deposits with other institutions ...            13              19              68              71
  Federal Home Loan Bank stock ........................            49              18             131              58
                                                           ----------      ----------      ----------      ------------
      Total interest and dividend income ..............         5,221           4,455          15,584          13,588
                                                           ----------      ----------      ----------      ------------
INTEREST EXPENSE:
  Deposits ..........................................           1,737           1,844           5,277           5,623
  Borrowings ........................................             913             248           2,666             917
  Advance payments by borrowers for taxes and 
      insurance......................................              12              15              28              30
                                                           ----------      ----------      ----------      ------------
      Total interest expense ........................           2,662           2,107           7,971           6,570
                                                           ----------      ----------      ----------      ------------

NET INTEREST INCOME .................................           2,559           2,348           7,613           7,018
PROVISION FOR LOAN LOSSES ...........................            --                38              60             113
                                                           ----------      ----------      ----------      ------------
NET INTEREST INCOME AFTER PROVISION FOR
  LOAN LOSSES .......................................           2,559           2,310           7,553           6,905
                                                           ----------      ----------      ----------      ------------
NON-INTEREST INCOME:
  Service charges on deposits .......................              48              51             151             149
  Investment securities gains .......................             --              --              26              --
  Other .............................................              30              30             107              99
                                                           ----------      ----------      ----------      ------------
      Total non-interest income .....................              78              81             284             248
                                                           ----------      ----------      ----------      ------------
<PAGE>
<CAPTION>
                                           WVS FINANCIAL CORP. AND SUBSIDIARY

                                            CONSOLIDATED STATEMENTS OF INCOME
                                                       (UNAUDITED)
                                                     (in thousands)
                                                      (continued)

                                                               Three Months Ended              Nine Months Ended
                                                                     March 31,                       March 31,
                                                               1997            1996            1997            1996
                                                           ----------      ----------      ----------      ------------
<S>                                                        <C>             <C>             <C>             <C>
NON-INTEREST EXPENSE:
  Unusual item-Shareholder litigation settlement ....              --              --              --            (246)
  Unusual item-Shareholder litigation costs .........              --               3              --            (137)
  Salaries and employee benefits ....................             748             639           2,077           1,884
  Occupancy and equipment ...........................             101             100             310             306
  Deposit insurance premium .........................              28             100           1,266             301
  Data processing ...................................              45              42             130             130
  Correspondent bank service charges ................              27              27              85              82
  Other .............................................             177             183             539             528
                                                           ----------      ----------      ----------      ------------
      Total non-interest expense ....................           1,126           1,094           4,407           2,848
                                                           ----------      ----------      ----------      ------------

INCOME BEFORE INCOME TAXES ..........................           1,511           1,297           3,430           4,305
INCOME TAXES ........................................             597             504           1,354           1,504
                                                           ----------      ----------      ----------      ------------

NET INCOME ..........................................      $      914      $      793      $    2,076      $    2,801
                                                           ==========      ==========      ==========      ============

EARNINGS PER SHARE:
  Primary ...........................................      $     0.52      $     0.46      $     1.19      $       1.62
  Fully Diluted .....................................      $     0.52      $     0.46      $     1.19      $       1.62

AVERAGE SHARES OUTSTANDING:
  Primary ...........................................       1,756,228       1,737,602       1,749,071       1,730,053
  Fully Diluted .....................................       1,757,428       1,739,105       1,751,447       1,732,855


                              See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                          WVS FINANCIAL CORP. AND SUBSIDIARY

                         CONSOLIDATED STATEMENTS OF CASH FLOWS
                                      (UNAUDITED)
                                    (in thousands)

                                                          Nine Months Ended March 31,
                                                          ---------------------------
                                                              1997           1996
                                                           --------       --------
<S>                                                        <C>            <C>
OPERATING ACTIVITIES

Net income ..........................................      $  2,076       $  2,801
Adjustments to reconcile net income to cash provided
         by operating activities:
     Provision for loan and real estate owned losses             60            118

     Gain on sale of Real Estate Owned ..............            (8)          --
     Gain on sale of investment securities ..........           (26)          --
     Depreciation and amortization, net .............           102            101

     Amortization of discounts, premiums and deferred
         loan fees ..................................            66            (92)
     Amortization of ESOP, RRP and deferred and
         unearned compensation ......................           368            269
     Increase in accrued interest receivable ........          (202)           (53)
     Increase in accrued interest payable ...........           521            155
     Decrease in accrued and deferred taxes .........           322            287
     Other, net .....................................           178           (211)
                                                           --------       --------
         Net cash provided by operating activities ..         3,457          3,375
                                                           --------       --------

INVESTING ACTIVITIES

Available-for-sale:
     Purchases of investments and mortgage-
         backed securities ..........................        (1,158)       (10,490)
     Proceeds from repayments of investments
         and mortgage-backed securities .............         1,519          4,793
     Proceeds from sale of investments and
         mortgage-backed securities .................         1,665           --
Held-to-maturity:
     Purchases of investments and mortgage-
         backed securities ..........................       (59,887)       (50,270)
     Proceeds from repayments of investments
         and mortgage-backed securities .............        40,211         49,205
Increase in net loans receivable ....................        (2,430)        (7,355)
Sale of real estate owned ...........................            73           --
Increase in FHLB stock ..............................        (1,292)          (190)
Purchases of premises and equipment .................           (68)            (6)
                                                           --------       --------
         Net cash used for investing activities .....       (21,367)       (14,313)
                                                           --------       --------
             See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                          WVS FINANCIAL CORP. AND SUBSIDIARY
                         CONSOLIDATED STATEMENTS OF CASH FLOWS
                                      (UNAUDITED)
                                    (in thousands)

                                                             Nine Months Ended March 31,
                                                             ---------------------------
                                                                  1997           1996
                                                              --------       --------
<S>                                                           <C>            <C>
FINANCING ACTIVITIES

Net decrease in transaction and passbook accounts ......        (1,940)        (3,151)
Net (decrease) increase in certificates of deposit .....          (845)         5,338
Net increase in Federal Home Loan Bank Advances ........        25,832         11,866
Net decrease in other borrowings .......................        (4,121)        (3,886)
Net (decrease) increase in advance payments by borrowers
     for taxes and insurance ...........................        (1,235)           112
Net proceeds from issuance of common stock .............             5           --
Cash dividends paid ....................................          (814)          (421)
                                                              --------       --------
     Net cash provided by financing activities .........        16,882          9,858
                                                              --------       --------


     Decrease in cash and cash equivalents .............        (1,028)        (1,080)

CASH AND CASH EQUIVALENTS AT BEGINNING
OF THE PERIOD ..........................................         2,727          4,218
                                                              --------       --------

CASH AND CASH EQUIVALENTS AT END
OF THE PERIOD ..........................................      $  1,699       $  3,138
                                                              ========       ========


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

     Cash paid during the period for:
         Interest ......................................      $  7,450       $  6,416
         Income taxes ..................................           986          1,010

     Noncash item:
         Foreclosed mortgage loans transferred
              to real estate owned .....................            64             35







             See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                          WVS FINANCIAL CORP. AND SUBSIDIARY
                                              CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                                                                      (UNAUDITED)
                                                                    (in thousands)


                                                                                                           Retained
                                            Additional    Unallocated    Unallocated   Net Unrealized      Earnings-
                                  Common      Paid-in     Shares Held    Shares Held      Loss on        Substantially
                                   Stock      Capital      by ESOP         by RRP       Securities         Restricted       Total
                                   -----      -------      -------         ------       ----------         ----------       -----
<S>                               <C>       <C>           <C>           <C>             <C>               <C>              <C>  
Balance at June 30, 1996          $  17     $  16,947     $    (584)    $    (835)      $    (368)        $  18,861        $34,038

Release of earned
Employee Stock Ownership                          124            91                                                            215
Plan (ESOP) shares

Accrued compensation
expense for Recognition
and Retention Plans (RRP)                                                     153                                              153
 
Exercise of Stock Options                           5                                                                            5

Change in unrealized
loss, net of income
taxes of $ (32)                                                                               (61)                             (61)

Cash dividends declared
($0.50 per share)                                                                                              (814)          (814)


Net income                                                                                                    2,076          2,076
                                  -----     ---------     ---------     ---------       ---------         ---------        -------

Balance at
March 31, 1997                    $  17     $  17,076     $    (493)    $    (682)      $    (429)        $  20,123        $ 35,612
                                  =====     =========     ==========    ==========      ==========        =========        ========





             See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
                       WVS FINANCIAL CORP. AND SUBSIDIARY

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


1.       BASIS OF PRESENTATION

         The accompanying  unaudited consolidated financial statements have been
         prepared  in  accordance  with  the  instructions  for  Form  10-Q  and
         therefore  do not include  information  or  footnotes  necessary  for a
         complete  presentation of financial  condition,  results of operations,
         and  cash  flows  in  conformity  with  generally  accepted  accounting
         principles.   However,  all  adjustments  (consisting  only  of  normal
         recurring  adjustments)  which,  in  the  opinion  of  management,  are
         necessary for a fair  presentation  have been included.  The results of
         operations  for the three and nine months  ended March 31, 1997 are not
         necessarily  indicative  of the results  which may be expected  for the
         entire fiscal year.

2.       EARNINGS PER SHARE

         Primary earnings per share amounts are calculated based on the weighted
         average number of shares actually  outstanding,  less average  unearned
         ESOP  shares,  plus the shares that would be  outstanding  assuming the
         exercise of dilutive  stock options  which are  considered to be common
         stock  equivalents.  The number of shares that would be issued from the
         exercise of the stock  options has been reduced by the number of shares
         that could have been  purchased from the proceeds at the average market
         price of the Company's  common stock.  The number of shares used in the
         computation  of  primary  earnings  per  share  totaled  1,756,228  and
         1,749,071,  respectively, for the three and nine months ended March 31,
         1997.

         Fully  diluted  earnings per share amounts are  calculated  based on an
         increased  number of shares  that  would be  outstanding  assuming  the
         exercise of dilutive  stock  options.  The number of additional  shares
         that would be issued from the  exercise  of the stock  options has been
         reduced by the number of shares that could have been purchased from the
         proceeds  at the end of period  market  price of the  Company's  common
         stock.  The number of shares used in the  computation  of fully diluted
         earnings per share totaled 1,757,428 and 1,751,447,  respectively,  for
         the three and nine months ended March 31, 1997.
 
3.        LITIGATION

         A settlement  was entered into during the fourth quarter of fiscal 1995
         in connection with the class action lawsuit filed by Jeffrey  Carberry,
         et. al., in the United States  District Court for the Western  District
         of  Pennsylvania  against the Company and the Savings Bank. The lawsuit
         alleged,  among other things,  antitrust and securities laws violations
         in connection  with the Savings Bank's mutual - to - stock  conversion.
         The Company entered into the settlement to, among other reasons,  avoid
         the cost of and  disruption of the  continuing  litigation.  During the
         quarter and fiscal year ended June 30, 1995, the Company  established a
         provision  for the  settlement  of  litigation  totaling  $491,000.  On
<PAGE>
         January 16, 1996,  the Company  received an executed  Release of Claims
         (the "Release") in connection with this lawsuit.  The Release fully and
         finally discharged all Defendants from all claims, causes of action and
         disputes of any kind that the class members  directly or indirectly had
         with respect to the Plaintiff's  claims.  Also on January 16, 1996, the
         Company's  insurance  carrier  entered into a settlement with regard to
         coverage for claims and costs of defense  arising  from the  previously
         settled class action lawsuit.  The insurance  carrier agreed to pay the
         Savings  Bank,  as designee of the officers and  directors,  the sum of
         approximately  $391,000 to  reimburse  the Company and the Savings Bank
         for litigation defense and settlement costs incurred or accrued through
         December 1, 1995. In addition,  the insurance carrier agreed to pay 50%
         of the amount of future  defense  costs and  expenses  relating  to the
         Carberry  lawsuit that may arise after December 1, 1995, for a one year
         period beginning January 15, 1996.

         On March 27, 1995,  the United  States  District  Court for the Western
         District of  Pennsylvania  entered an Opinion and Orders  dismissing in
         its entirety a lawsuit  brought by Plaintiff  William S. Karn, who is a
         depositor of the Savings Bank and a shareholder  of the Company,  which
         alleged,  among other things,  antitrust and securities laws violations
         in connection  with the Savings Bank's mutual - to - stock  conversion.
         The court also  dismissed  this same  Plaintiff's  federal  claims in a
         second and  substantially  similar lawsuit while remanding to the Court
         of Common Pleas of Allegheny  County any  cognizable  state law claims.
         This Plaintiff has filed Motion to Amend Judgment with the Court on the
         Opinion and Orders and a  Memorandum  Response in  Opposition  has been
         filed. On August 28, 1995, the Court denied the  Plaintiff's  motion to
         Amend Judgment.

         The Company is involved with various other 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.

4.       PENDING ACCOUNTING STANDARDS

         On March 3, 1997,  the  Financial  Accounting  Standards  Board  issued
         Statement  of Financial  Accounting  Standard  No. 128,  "Earnings  Per
         Share."  Statement  No.  128  will  become  effective  for the  Company
         beginning in fiscal 1998.  This statement  re-defines the standards for
         computing  earnings  per share  (EPS)  previously  found in  Accounting
         Principles Board Opinion No. 15, Earnings Per Share.  Statement No. 128
         establishes new standards for computing and presenting EPS and requires
         dual  presentation  of  "basic"  and  "diluted"  EPS on the face of the
         income  statement  for all entities  with complex  capital  structures.
         Under  Statement No. 128, basic EPS is to be computed based upon income
         available to common  shareholders  and the weighted  average  number of
         common shares outstanding for the period. Diluted EPS is to reflect the
         potential dilution that could occur if securities or other contracts to
         issue  common stock were  exercised  or converted  into common stock or
         resulted  in the  issuance  of common  stock  that  then  shared in the
         earnings  of  the  Company.   Statement   No.  128  also  requires  the
         restatement of all  prior-period  EPS data presented.  The Company will
         adopt  Statement  No.  128 on  December  31,  1997 and based on current
         estimates,  does  not  believe  the  effect  of  adoption  will  have a
         significant  impact on the Company's  financial  position or results of
         operations.
<PAGE>
                       WVS FINANCIAL CORP. AND SUBSIDIARY 

MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 1997


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.  Originally  organized under  Pennsylvania  law in 1908 as West View
Building Loan  Association,  West View changed its name to West View Savings and
Loan   Association   in  1954.  In  June  1992,   West  View  converted  from  a
Pennsylvania-chartered    mutual    savings   and   loan    association   to   a
Pennsylvania-chartered  mutual  savings bank.  The Savings Bank converted to the
stock form of ownership in November 1993.  The Savings Bank had no  subsidiaries
at March 31, 1997.

         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.  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  traditional   thrift  lending,
maintaining asset quality and increasing core earnings.


FINANCIAL CONDITION

         The  Company's  assets  totaled  $279.9  million  at March 31,  1997 as
compared to $259.6  million at June 30, 1996. The $20.3 million or 7.8% increase
in  total  assets  was  accompanied  by  an  $18.7  million  increase  in  total
liabilities  and a $1.6 million  increase in  stockholders'  equity for the nine
months  ended March 31, 1997.  The growth in total  assets of $20.3  million was
primarily  comprised  of a $19.0  million or 18.4%  increase in  investment  and
mortgage-backed securities (including Federal Home Loan Bank ("FHLB") stock) and
a $2.1  million or 1.4%  increase in net loans  receivable  which was  partially
offset by a $1.1 million or 50.0% decrease in interest-earning  demand deposits.
The  Company's  total  liabilities  increased  $18.7  million  or 8.3% to $244.3
million as of March 31, 1997 from $225.6  million as of June 30, 1996. The $18.7
million increase in total liabilities was primarily comprised of a $21.7 million
or 44.6%  increase in FHLB  advances and other  borrowings  which was  partially
offset by a $2.7  million or 1.6%  decrease  in  deposits.  Total  stockholders'
equity increased $1.6 million or 4.7% to $35.6 million as of March 31, 1997 from
$34.0 million as of June 30, 1996,  primarily due to $2.1 million of Company net
income which was partially  offset by $0.8 million of cash dividends paid during
the nine months ended March 31, 1997.
<PAGE>
         ASSET AND  LIABILITY  MANAGEMENT.  The  Company  continued  a  strategy
designed to manage the interest rate  sensitivity of its financial assets to its
financial  liabilities.  The primary  elements  of this  strategy  include:  (i)
expanding the  Company's  investment  arbitrage  program in order to enhance net
interest  income;  (ii)  reducing  the  Company's  level  of  short-term  liquid
investments by funding loan  commitments and purchasing  longer-term  investment
securities;  (iii) emphasizing the retention of lower-cost  savings accounts and
other core deposits; (iv) 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 expanded its investment  arbitrage program,  originally
initiated in the third quarter of fiscal 1994,  throughout  fiscal 1997 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 or other borrowings.  With this strategy, the Company increases its net
interest  income,  but also  faces the risk,  during  periods  of rising  market
interest rates,  such as have been  experienced  during the quarter ending March
31, 1997,  that it may  experience a decline in net interest  income if the rate
paid on its 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  arbitrage  program,  including:  (i) the average
outstanding  daily balance of  borrowings,  computed  quarterly,  may not exceed
$85.0 million;  (ii) suitable investments shall be confined to those meeting the
credit quality criteria outlined in the Company's  investment  policy; and (iii)
each security  purchased shall  initially yield a minimum of seventy-five  basis
points above the incremental rate paid on short-term borrowings,  at the time of
purchase.

         The Company has continued to aggressively  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, such as has been experienced  during the nine months ended March
31, 1997, 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 its purchases of callable  bonds  primarily  with  short-term
borrowings.  Approximately  $4.0  million  of  callable  agency  bonds  with  an
estimated  weighted  average rate of 7.9% were called  during the quarter  ended
March 31, 1997.  During the quarter ended March 31, 1997, the Company  purchased
approximately  $12.3  million of  callable  bonds with an  approximate  weighted
average yield to call and maturity of 8.4% and 7.9%, respectively.  The callable
agency bond purchases, totaling $12.3 million, are summarized by initial term to
call as follows:  $8.3 million  within three  months,  $3.5 million with greater
than three months and within six months and $0.5 million  within twelve  months.
In  addition,  during the nine months  ended March 31,  1997,  the Company  sold
approximately $1.7 million of adjustable rate mortgage-backed securities with an
approximate weighted average yield of 6.6% at a gain of $26 thousand.

         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 offer  land  acquisition  and  development  and
shorter-term   construction  loans,  primarily  on  residential  properties,  to
partially increase its loan asset sensitivity.
<PAGE>
         During the nine months ended March 31, 1997, the Company lengthened the
maturity  structure  of a  portion  of its  borrowings  in  order  to  lock in a
favorable  cost  of  funds  on  a  longer  term  basis.   The  Company  borrowed
approximately  $59.4  million  from  the  FHLB  as  follows:  $50.5  million  of
convertible  advances,  with terms  ranging  from three years to five years at a
weighted average rate of 5.63%, $6.4 million of various fixed rate advances with
terms ranging from eighteen to twenty-four  months with a weighted  average rate
of 6.08%, and various short-term borrowings totaling approximately $2.5 million.
During the nine months ended March 31, 1997, the Company repaid $33.6 million of
FHLB  advances  and $4.2  million  of  other  borrowings.  Convertible  advances
generally  provide for a fixed rate of interest for a portion of the term of the
advance,  an ability for the FHLB to convert the advance from a fixed rate to an
adjustable rate at some  predetermined time during the remaining term of advance
(the  "conversion"  feature),  and a concurrent  opportunity  for the Company to
prepay the advance with no prepayment  penalty in the event that the FHLB elects
to exercise the conversion feature.

         As of March 31, 1997, the  implementation  of these asset and liability
management  initiatives  resulted in the  following:  (i) an  aggregate of $48.3
million or 32.0% of the Company's net loan  portfolio  had  adjustable  interest
rates or maturities  of less than 12 months;  (ii) $19.1 million or 49.6% of the
Company's portfolio of mortgage-backed  securities (including CMOs) were secured
by  floating  rate  securities;  (iii)  $2.2  million  or 2.7% of the  Company's
investment  securities  portfolio had scheduled  maturities of one year or less;
and (iv) $75.2 million or 93.4% 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 extent to which such assets and
liabilities  are "interest rate  sensitive"  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
amounted to a negative  13.5% of total assets at March 31, 1997 as compared to a
negative 18.0% at June 30, 1996, in each instance,  based on certain assumptions
by management  with respect to the repricing of certain assets and  liabilities.
At March 31, 1997, the Company's  interest-earning  assets maturing or repricing
within one year  totaled  $86.1  million  while the  Company's  interest-bearing
liabilities  maturing  or  repricing  within one year  totaled  $123.8  million,
providing  a  deficiency  of  interest-earning   assets  over   interest-bearing
liabilities of $37.7 million. At March 31, 1997, the percentage of the Company's
assets to liabilities maturing or repricing within one year was 69.5%.
<PAGE>
RESULTS OF OPERATIONS

           General.  WVS reported  net income of $914  thousand and $2.1 million
for the three and nine months  ended March 31,  1997,  respectively.  Net income
increased  by $121  thousand or 15.3% for the three  months ended March 31, 1997
when compared to the same period in 1996.  The increase was primarily the result
of a $211 thousand  increase in net interest income and a $38 thousand  decrease
in the provision for loan losses, which was offset by a $93 thousand increase in
income tax expense,  a $32 thousand  increase in  non-interest  expense and a $3
thousand decrease in non-interest  income. Net income decreased by $725 thousand
or 25.9% for the nine  months  ended  March 31,  1997 when  compared to the same
period in 1996.  The  decrease was  principally  the result of a $1.6 million or
54.7% increase in  non-interest  expense,  which was partially  offset by a $595
thousand or 8.5% increase in net interest income and a $150 thousand decrease in
income tax  expense.  The increase in  non-interest  expense for the nine months
ended March 31, 1997 was primarily  attributable to one-time items,  including a
$1.0  million net  increase in federal  deposit  premiums  to  recapitalize  the
Savings Association  Insurance Fund ("SAIF"),  and insurance  recoveries in 1995
totaling $391 thousand for litigation  settlement  and defense  costs.  The $595
thousand  increase in net  interest  income for the nine months  ended March 31,
1997 was chiefly  attributable to increases in interest earned on investment and
mortgage-backed  securities  and net loans  receivable  of $1.5 million and $470
thousand,  respectively,  and a $346  thousand  decrease in interest  expense on
deposits,  partially  offset by a $1.7 million  increase in interest  expense on
Federal Home Loan Bank Advances and other borrowings.

           Net Interest  Income.  The Company's net interest income increased by
$211 thousand or 9.0% for the three months ended March 31, 1997 when compared to
the same period in 1996.  The increase  resulted  from a $766  thousand or 17.2%
increase  in  interest  income  which  was  offset by a $555  thousand  or 26.3%
increase in interest  expense.  For the nine months  ended March 31,  1997,  net
interest  income  increased by $595 thousand or 8.5%,  when compared to the same
period in 1996.  The increase  resulted from a $2.0 million or 14.7% increase in
interest  income  which  was  offset by an $1.4  million  or 21.2%  increase  in
interest expense.

           Interest Income.  Interest on net loans receivable  increased by $122
thousand or 4.1% for the three months ended March 31, 1997 when  compared to the
same  period in 1996.  The  increase  was  attributable  to an  increase of $9.7
million in the average  balance of net loans  receivable  outstanding  which was
partially offset by a decrease in the weighted average yield earned on net loans
receivable  of 21 basis  points for the three  months  ended March 31, 1997 when
compared to the same period in 1996. Interest on net loans receivable  increased
by $470  thousand or 5.4% for the nine months ended March 31, 1997 when compared
to the same period in 1996.  The increase was  attributable  to a $12.1  million
increase in the average balance of outstanding  loans which was partially offset
by a 26 basis point decrease in the weighted average yield earned on outstanding
loans for the nine months  ended March 31,  1997.  The  increases in the average
loan balance outstanding for the three and nine months ended March 31, 1997 were
primarily  attributable  to  higher  levels of real  estate  and  consumer  loan
originations.
<PAGE>
           Interest on mortgage-backed  securities increased by $327 thousand or
95.3% for the three months ended March 31, 1997 when compared to the same period
in 1996.  The  increase  was  attributable  to a $16.7  million  increase in the
average  balance of  mortgage-backed  securities  outstanding  and to a 73 basis
point  increase  in  the  weighted  average  yield  earned  on   mortgage-backed
securities  for the three months ended March 31, 1997 when  compared to the same
period in 1996. Interest on mortgage-backed  securities increased $1.045 million
or 103.0% for the nine months ended March 31, 1997.  The increase was  primarily
attributable   to  an  $18.9  million   increase  in  the  average   balance  of
mortgage-backed  securities  outstanding and to a 26 basis point increase in the
weighted average yield earned on mortgage-backed  securities for the nine months
ended March 31, 1997 when  compared to the same period in 1996.  The increase in
the  average  balance  of  mortgage-backed  securities  outstanding  was  due to
purchases of both adjustable and fixed rate mortgage pass-through securities and
collateralized  mortgage  obligations under the Company's  investment  arbitrage
program. The increase in the weighted average yield earned, during both periods,
was  principally  attributable  to higher yields earned on the  adjustable  rate
portion of the  mortgage-backed  securities  portfolio  that  repriced to higher
market-based  interest rates,  and, to a lesser extent,  lower levels of premium
amortization  due to slower rates of principal  repayment,  when compared to the
same period in 1996.

           Interest and dividend income on interest-bearing  deposits with other
institutions,   investment   securities   and  FHLB  Stock  ("other   investment
securities")  increased  by $317  thousand or 27.4% for the three  months  ended
March 31,  1997 when  compared  to the same  period in 1996.  The  increase  was
attributable  to a $16.7  million  increase  in the  average  balance  of  other
investment  securities  outstanding  which  more  than  offset  a 7 basis  point
decrease in the weighted average yield earned on other investment securities for
the three months ended March 31, 1997 when  compared to the same period in 1996.
Interest on other investment securities increased $481 thousand or 12.6% for the
nine months ended March 31, 1997 when  compared to the same period in 1996.  The
increase in interest income on other investment securities was attributable to a
$9.8  million  increase in the average  balance of other  investment  securities
outstanding  which more than offset an 11 basis point  decrease in the  weighted
average yield earned on other  investment  securities  for the nine months ended
March 31, 1997 when  compared to the same period in 1996.  The  increases in the
average balance of other investment  securities during both three and nine month
periods  ended March 31,  1997 was  principally  attributable  to  purchases  of
callable government agency securities  associated with the Company's  investment
arbitrage  program.  The  decrease  in  the  weighted  average  yield  on  other
investment securities was primarily  attributable to lower market interest rates
during both periods.

           Interest Expense.  Interest expense on deposits and escrows decreased
by $110  thousand or 5.9% and  decreased by $348  thousand or 6.2% for the three
and nine months ended March 31, 1997,  respectively,  when  compared to the same
periods in 1996.  The  decrease in interest  expense on deposits and escrows was
principally  attributable  to a $123  thousand  decrease in interest paid on the
Savings Bank's NOW deposits,  due to changes in product  pricing,  for the three
months  ended March 31, 1997 when  compared to the same period in 1996.  For the
nine months ended March 31, 1997,  the decrease in interest  expense on deposits
and escrows was primarily attributable to a $4.1 million decrease in the average
balance of  interest-bearing  deposits  and  escrows  when  compared to the same
period in 1996.
<PAGE>
           Interest expense on other  borrowings  increased by $665 thousand and
increased by $1.749  million for the three and nine months ended March 31, 1997,
respectively, when compared to the same periods in 1996. The increase associated
with both periods is primarily  attributable to funding the Company's investment
arbitrage program.

           Provision for Loan Losses.  A provision for loan losses is charged to
earnings  to  bring  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,  past loan loss  experience,  current  economic  conditions,  volume,
growth and composition of the loan portfolio, and other relevant factors.

           The Company's provision for loan losses decreased by $38 thousand and
$53 thousand  for the three and nine months ended March 31, 1997,  respectively,
when  compared  to the same  periods  in  1996.  Primarily  as a  result  of the
provision  during the nine months  ended March 31,  1997,  the  Company's  total
allowance  for loan losses  amounted to $2.0  million or 1.19% of the  Company's
total loan portfolio as compared to $1.964 million, or 1.17% at June 30, 1996.

           Non-Interest  Income.  Total  non-interest  income  decreased  by  $3
thousand  and  increased  $36 thousand for the three and nine months ended March
31, 1997, respectively,  when compared to the same periods in 1996. The decrease
in  non-interest   income  for  the  three  months  ended  March  31,  1997  was
attributable to decreased service charges on transaction accounts.  The increase
in non-interest  income for the nine months ended March 31, 1997 was principally
attributable to a $26 thousand gain from the sale of securities.

           Non-Interest  Expense.   Total  non-interest  expense  increased  $32
thousand  or 2.9% and  increased  $1.6  million  or 57.1% for the three and nine
months ended March 31, 1997, respectively,  when compared to the same periods in
1996.

           Shareholder  litigation  settlement  and defense  costs  decreased $3
thousand  and $383  thousand for the three and nine months ended March 31, 1997,
respectively,  when  compared to the same periods in 1996.  The decrease for the
nine months ended March 31, 1997 was  primarily  attributable  to the receipt of
$391  thousand of  non-taxable  insurance  proceeds  resulting  from  previously
disclosed and settled  shareholder  litigation  and defense costs accrued during
the nine months ended March 31, 1996.

           Federal deposit  insurance  premiums  decreased $72 thousand or 72.0%
and increased  $965 thousand or 320.6% for the three and nine months ended March
31, 1997, respectively,  when compared to the same periods in 1996. The decrease
for the quarter ended March 31, 1997 was primarily  attributable to reduced SAIF
rates.  The increase  for the nine months  ended March 31, 1997 was  principally
attributable  to a $1.1  million  one-time  charge to  recaptialize  the SAIF as
required by federal law.

           Compensation and employee benefits expense increased $109 thousand or
17.1% and  increased  $193 thousand or 10.2% for the three and nine months ended
March 31, 1997,  respectively,  when  compared to the same periods in 1996.  The
increase for the three months ended March 31, 1997 was primarily attributable to
a $90 thousand  increase in Employee Stock Ownership Plan ("ESOP")  amortization
and an $11  thousand  increase in employee  profit  sharing  plan  expense.  The
increase for the nine months ended March 31, 1997 was  principally  attributable
to a $112 thousand  increase in ESOP  amortization,  a $46 thousand  increase in
employee  profit sharing plan expense,  and a $40 thousand  increase in employee
compensation.
<PAGE>
           Income Tax Expense.  Income tax expense  increased by $93 thousand or
18.5% and  decreased  by $150  thousand  or 10.0% for the three and nine  months
ended March 31, 1997,  respectively,  when compared to the same periods in 1996.
The change in income tax expense,  for both periods, was attributable to varying
levels of taxable income during the three and nine months ended March 31, 1997.


LIQUIDITY AND CAPITAL RESOURCES


         Net cash provided by operating  activities  totaled $3.5 million during
the nine months ended March 31, 1997. Net cash provided by operating  activities
was primarily comprised of $2.1 million of net income.

         Funds used for investing  activities  totaled $21.4 million  during the
nine months ended March 31,  1997.  Primary uses of funds during the nine months
ended March 31, 1997 include  $18.9 million used for net purchases of investment
securities and FHLB stock, and a $2.4 million increase in net loans receivable.

         Funds  provided by financing  activities  totaled $16.9 million for the
nine months ended March 31,  1997.  Primary  sources of funding  include a $21.7
million increase in Federal Home Loan Bank advances and other borrowings used to
fund loan  commitments  and investment  security  purchases  which was partially
offset by a $2.8 million  decrease in deposits  and a $1.2  million  decrease in
advance  payments by borrowers for taxes and insurance and $814 thousand in cash
dividends paid. Financial  institutions  generally,  including the Company, have
experienced a certain degree of depositor  disintermediation to other investment
alternatives.   Management   believes  that  the  degree  of   disintermediation
experienced by the Company has not had a material  impact on overall  liquidity.
As of March 31, 1997,  $68.2  million or 40.6% of the Company's  total  deposits
consisted  of core  deposits.  Management  has  determined  that it currently is
maintaining  adequate  liquidity and is seeking 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 Federal
Home Loan Bank  advances  and other  borrowings.  At March 31,  1997,  the total
approved loan  commitments  outstanding  amounted to $3.7  million.  At the same
date,  commitments  under  unused  letters and lines of credit  amounted to $6.5
million,  the  unadvanced  portion  of  construction  loans  approximated  $14.0
million,  and  commitments  to purchase  when-issued  investments  totaled  $1.1
million.  Certificates  of  deposit  scheduled  to mature in one year or less at
March 31, 1997 totaled  $63.8  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  certificates  of deposit 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 established a $15.0 million line of credit with the
FHLB,  which is  scheduled to mature on March 25, 1998 and is subject to various
conditions,  including the pledging and delivery of acceptable  collateral.  The
<PAGE>
primary  purpose  of the  line of  credit  is to serve  as a  back-up  liquidity
facility for the Company, however, the Company may from time to time utilize the
line of credit to purchase investment securities and fund other commitments.  In
addition,  the Company has access to the Federal  Reserve Bank discount  window.
Management  believes that the Company currently has adequate liquidity available
to respond to liquidity demands.

          On April 29, 1997 the  Company's  Board of  Directors  declared a cash
dividend  of $0.20 per share , and a special  cash  dividend of $2.30 per share,
both payable on May 22, 1997 to  shareholders of record at the close of business
on May 12, 1997.  Dividends will be subject to determination  and declaration by
the Board of  Directors,  which will 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 March 31, 1997,  WVS  Financial  Corp.  exceeded  all  regulatory
capital requirements and maintained Tier I and total risk-based capital equal to
$36.0  million  or 28.0% and $37.7  million  or  29.2%,  respectively,  of total
risk-weighted  assets,  and Tier I leverage capital of $36.0 million or 13.1% of
average quarterly assets.

         Effective July 1, 1995, the Company  adopted SFAS No. 114,  "Accounting
by Creditors for Impairment of a Loan" and SFAS No. 118 "Accounting by Creditors
for  Impairment of a Loan - Income  Recognition  and  Disclosure".  SFAS No. 114
provides  guidelines  for  measuring  impairment  losses  on  loans.  A loan  is
considered  impaired  when,  based upon current  information  and events,  it is
possible  that the Company will be unable to collect all  principal and interest
amounts due according to the contractual terms of a loan agreement. SFAS No. 118
amends SFAS No. 114 to permit a creditor to use existing methods for recognizing
interest  income on impaired  loans.  At March 31, 1997,  impaired loans totaled
$874 thousand of which $274 thousand was  considered  nonaccrual.  Approximately
$130 thousand of the related allowance for loan losses has been allocated to the
impaired  loans.  The average  recorded  investment in impaired loans during the
nine months ended March 31, 1997 was approximately  $875 thousand.  For the nine
months  ended  March  31,  1997,  interest  income  totaling  $55  thousand  was
recognized  on  impaired  loans on both the  accrual  and cash  basis of  income
recognition.

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

         The   Company's   nonperforming   assets  at  March  31,  1997  totaled
approximately  $274  thousand  or 0.10%  of total  assets  as  compared  to $377
thousand or 0.15% of total assets as of June 30, 1996.  Nonperforming  assets at
March 31, 1997  consisted  of $274  thousand in  commercial  real estate  loans.
Approximately $1 thousand of additional interest income would have been recorded
during the nine months ended March 31, 1997,  if the  Company's  nonaccrual  and
restructured loans had been current in accordance with their original loan terms
and outstanding throughout the nine months ended March 31, 1997.
<PAGE>
         On September 30, 1996 the President signed the Deposit  Insurance Funds
Act of 1996  (the  "Funds  Act")  into  law.  The  Funds Act calls for a Special
Assessment on  SAIF-assessable  deposits as of March 31, 1995 to capitalize  the
SAIF to its designated  reserve ratio of 1.25%.  The Company  recorded a pre-tax
charge of approximately $1.1 million during the quarter ended September 30, 1996
using an FDIC  estimated  assessment  rate of $.657 for every $100 of assessable
deposits. During the quarter ended December 31, 1996, the Company accrued a $102
thousand refund of prepaid federal deposit insurance premiums as a result of the
capitalization  of the SAIF.  For the three  months  ended  June 30,  1997,  the
Company  anticipates that its Financing  Corporation  ("FICO") quarterly payment
will total $28 thousand.
<PAGE>
PART II - OTHER INFORMATION



ITEM 1.           Legal Proceedings

                  See  discussion  contained  in Note 3 of  Notes  to  Unaudited
                  Consolidated Financial Statements.

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

                            11                Statement re             E-1
                                              computation of
                                              per share earnings


                 (b)       Not applicable.
<PAGE>
                                   SIGNATURES


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



                                                   WVS FINANCIAL CORP.



May 9, 1997                                    BY:/s/Robert C. Sinewe
Date                                               ------------------
                                                   Robert C. Sinewe
                                                   President and
                                                   Chief Executive Officer



May 9, 1997                                    BY:/s/David J. Bursic
Date                                              ------------------          
                                                  David J. Bursic
                                                  Vice President, Treasurer and
                                                  Chief Financial Officer