Interest on mortgage-backed securities decreased $73 thousand or 11.1% for the three months ended September 30, 2004, when compared to the same period in 2003. The decrease for the three months ended September 30, 2004 was primarily attributable to a $31.1 million decrease in the average balance of mortgage-backed securities outstanding for the period, which was partially offset by a 72 basis point increase in the average yield earned on mortgage-backed securities for the three months ended September 30, 2004 when compared to the same period in 2003. The increase in the weighted average yield earned on mortgage-backed securities was consistent with market conditions for the three months ended September 30, 2004. The decrease in the average balances of mortgage-backed securities during the three months ended September 30, 2004 was primarily attributable to the repayment of a portion of the Company’s floating rate mortgage-backed securities portfolio.

        Interest and dividend income on interest-bearing deposits with other institutions, investment securities and FHLB stock (“other investment securities”) increased by $1.1 million or 69.1% for the three months ended September 30, 2004 when compared to the same period in 2003 and includes a $576 thousand change in recognized discounts/premiums on investment securities. The increase was principally attributable to a $72.7 million increase in the average balance outstanding of other investment securities for the three months ended September 30, 2004 when compared to the same period in 2003 and a 67 basis point increase in the weighted average yield earned on other investment securities outstanding when compared to the same period in 2003. The increase in the weighted average yield earned was consistent with market conditions for the three months ended September 30, 2004. The increase in the average balance of other investment securities outstanding during the three months ended September 30, 2004 was principally attributable to the reinvestment of a portion of the Company’s loan payment proceeds and repayments on the Company’s mortgage-backed securities portfolio into callable floating rate U.S. government sponsored agency bonds.

        Interest Expense. Interest expense on deposits and escrows decreased $152 thousand or 22.8% for the three months ended September 30, 2004 when compared to the same period in 2003. The decrease in interest expense on deposits and escrows for the three months ended September 30, 2004 was attributable to a $9.4 million decrease in the average balance of interest-bearing deposits and escrows for the period, and a 31 basis point decrease in the weighted average yield paid on interest-bearing deposits and escrows for the three months ended September 30, 2004, when compared to the same period in 2003. The average yield paid on interest-bearing deposits reflects decreases in rates paid on deposits for the three months ended September 30, 2004.

        Interest on FHLB advances and other borrowings increased $135 thousand or 6.4% for the three months ended September 30, 2004 when compared to the same period in 2003. The increase for the three months ended September 30, 2004 was attributable to a $32.6 million increase in the average balance of FHLB advances and other borrowings for the period which was partially offset by a 52 basis point decrease in the weighted average rate paid on such borrowings when compared to the same period in 2003. The weighted average rate paid on FHLB advances and other borrowings declined in contrast to increases in market interest rates due to longer average maturity of the Company’s fixed-rate FHLB advances outstanding.

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

        The Company recorded a provision for loan losses of $78 thousand for the three months ended September 30, 2004 compared to a $133 thousand credit provision for the same period in 2003. At September 30, 2004, the Company’s total allowance for loan losses amounted to $1.4 million or 1.8% of the Company’s total loan portfolio, as compared to $2.4 million or 3.0% at September 30, 2003. The increase in the provision for loan losses is primarily the result of the Company recording an additional general valuation allowance of approximately $116 thousand, or 15% of the outstanding balance on an accruing commercial loan participation interest collateralized by a first mortgage loan on a full-service hotel located within the Company’s market area. The Company took this action as a result of a reduction in the appraised value of the property from $20.2 million (at April 1999) to approximately $12.0 million (at March 2003), subsequent declines in room rentals and operating income, and reduced debt coverage ratios since the March 2003 appraisal.

13

        Non-Interest Income. Non-interest income increased by $214 thousand or 110.3% for the three months ended September 30, 2004 when compared to the same period in 2003. The increase was primarily attributable to $237 thousand of pre-tax securities gains, which were partially offset by an $11 thousand decrease in service charge income earned on deposits, a $8 thousand decrease in correspondent mortgage application fee income and a $3 thousand decrease in other real estate owned gross income.

        Non-Interest Expense. Non-interest expense decreased $14 thousand or 1.6% for the three months ended September 30, 2004 when compared to the same period in 2003. The decrease was principally attributable to an $8 thousand decrease in legal expenses associated with the work-out of non-performing assets and a $3 thousand decrease in correspondent bank service charges when compared to the same period on 2003.

LIQUIDITY AND CAPITAL RESOURCES

        Net cash provided by operating activities totaled $1.8 million during the three months ended September 30, 2004. Net cash provided by operating activities was primarily comprised of $1.0 million from the sale of trading assets and $834 thousand of net income.

        Funds provided by investing activities totaled $43.2 million during the three months ended September 30, 2004. Primary sources of funds during the three months ended September 30, 2004, included $147.6 million from repayments of investment and mortgage-backed securities and including Federal Home Loan Bank stock, a $4.8 million decrease in net loans receivable and $1.1 million from the sale of investments from the Company’s investment portfolio, which were partially offset by $110.3 million for purchases of investments and mortgage-backed securities including Federal Home Loan Bank stock.

        Funds used for financing activities totaled $44.2 million for the three months ended September 30, 2004. The primary uses included a $41.4 million decrease in other short-term borrowings, a $4.0 million decrease in deposits and escrows, a $393 thousand in cash dividends paid on the Company’s common stock and $339 thousand in purchased treasury stock, which were partially offset by a $1.9 million increase in short-term FHLB advances. Management believes that it currently is maintaining adequate liquidity and continues to match funding sources with lending and investment opportunities.

        During the quarter ended September 30, 2004, the Company incurred $378.2 million in other short-term borrowings with a weighted average rate of 1.49% and incurred approximately $1.9 million in various short-term borrowings from the FHLB with a weighted average rate of 1.79%. During the three months ended September 30, 2004, the Company repaid $419.6 million of other short-term borrowings with weighted average rates of 1.41%.

        The Company’s primary sources of funds are deposits, amortization, repayments and maturities of existing loans, mortgage-backed securities and investment securities, funds from operations, and funds obtained through FHLB advances and other borrowings. At September 30, 2004, the total approved loan commitments outstanding amounted to $1.9 million. At the same date, commitments under unused lines of credit amounted to $6.0 million, the unadvanced portion of construction loans approximated $10.7 million and commitments to fund security purchases totaled $26.6 million. Certificates of deposit scheduled to mature in one year or less at September 30, 2004 totaled $41.3 million. Management believes that a significant portion of maturing deposits will remain with the Company.

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

14

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        On October 26, 2004, the Company’s Board of Directors declared a cash dividend of $0.16 per share payable November 18, 2004, to shareholders of record at the close of business on November 8, 2004. Dividends are subject to determination and declaration by the Board of Directors, which take into account the Company’s financial condition, statutory and regulatory restrictions, general economic conditions and other factors. There can be no assurance that dividends will in fact be paid on the Common Stock in future periods or that, if paid, such dividends will not be reduced or eliminated.

        As of September 30, 2004, WVS Financial Corp. exceeded all regulatory capital requirements and maintained Tier I and total risk-based capital equal to $29.0 million or 20.9% and $30.5 million or 21.9%, respectively, of total risk-weighted assets, and Tier I leverage capital of $29.0 million or 7.27% 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, 2004 totaled approximately $729 thousand or 0.19% of total assets as compared to $828 thousand or 0.19% of total assets at June 30, 2004. Nonperforming assets at September 30, 2004 consisted of: one land loan totaling $418 thousand, two commercial loans totaling $61 thousand, two single-family real estate loans totaling $141 thousand, two home equity loans totaling $41 thousand, and one unsecured consumer loan totaling $68 thousand.

        The $99 thousand decrease in nonperforming assets during the three months ended September 30, 2004 was primarily attributable to the payoff in full of two mortgages secured by single-family real estate totaling approximately $140 thousand, the payoff in full of a $4 thousand loan secured by commercial real estate and principal paydowns totaling approximately $13 thousand on two loans related to a bankruptcy discussed below, which were partially offset by the addition to non-accrual status of two home equity loans totaling approximately $41 thousand and one commercial loan totaling approximately $16 thousand. These loans are in various stages of collection activity.

        At September 30, 2004, the Company had one loan secured by undeveloped land totaling $417 thousand and one unsecured loan totaling $68 thousand to two borrowers. During the fourth quarter of fiscal 2004, the Bankruptcy Court approved a secured claim totaling $440 thousand and an unsecured claim totaling $76 thousand be paid in accordance with a Bankruptcy Plan of Reorganization. All Court ordered plans have been received in a timely manner. In accordance with generally accepted accounting principles, payments received are being applied on a cost recovery basis.

        During the three months ended September 30, 2004, approximately $11 thousand of interest income would have been recorded on loans accounted for on a non-accrual basis and troubled debt restructurings if such loans had been current according to the original loan agreements for the entire period. These amounts were not included in the Company’s interest income for the quarter ended September 30, 2004. The Company continues to work with the borrowers in an attempt to cure the defaults and is also pursuing various legal avenues in order to collect on these loans.

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ITEM 3. 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ASSET AND LIABILITY MANAGEMENT

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

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

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

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

        During the three months ended September 30, 2004, the level of short-term market interest rates began to increase. The Federal Open Market Committee increased its intended federal funds rate by twenty-five basis points at both their August 10 and September 20, 2004 meetings. This followed a twenty-five basis point increase at their June 30, 2004 meeting. As economic conditions continue to improve, we anticipate continued increases in short-term market interest rates. Intermediate and longer-term yields fell, however, due to rising oil prices and weakness in some sectors of the economy. The benchmark ten year treasury yield declined forty-eight basis points from 4.62% at June 30, 2004 to 4.14% at September 30, 2004. This decline precipitated additional prepayments in the Company’s loan, investment and mortgage-backed securities portfolios.

        Principal repayments on the Company’s loan, investment and mortgage-backed securities portfolios for the three months ended September 30, 2004, totaled $10.3 million, $137.2 million and $10.8 million, respectively. In response to higher levels of liquidity the Company began to rebalance its loan, investment and mortgage-backed securities portfolios. Due to the low level of market interest rates, the Company continued to reduce its portfolio originations of long-term fixed rate mortgages while continuing to offer consumer home equity and construction loans. The Company continues to purchase callable U. S. Government Agency bonds that reprice within twelve to fifteen months in order to earn a higher return while limiting interest rate risk within the portfolio. Within the mortgage-backed securities portfolio, the Company continued to aggressively purchase floating rate securities in order to provide current income and protection against eventual rises in market interest rates. Each of the aforementioned strategies also helped to improve the interest-rate and liquidity risks associated with the Savings Bank’s customers’ liquidity preference for shorter term deposit products.

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        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 interest income while limiting interest rate risk. The Company has also emphasized higher yielding home equity and small business loans to existing customers and seasoned prospective customers.

        During the quarter ended September 30, 2004, principal investment purchases were comprised of: callable floating rate government agency bonds which will reprice within fifteen months — $60.0 million with a weighted average yield of approximately 3.03%; floating rate collateralized mortgage obligations which reprice monthly - $31.8 million with an original weighted average yield of approximately 3.11%; investment grade commercial paper - $6.0 million with a weighted average yield of approximately 1.81%; and government agency step-up bonds which will reprice within one year - $3.9 million with a weighted average yield of approximately 4.66%. Major investment proceeds received during the quarter ended September 30,2004 were: callable government agency bonds - $117.9 million with a weighted average yield of approximately 4.11%; investment grade corporate bonds - $13.7 million with a weighted average yield of approximately 3.27%; investment grade commercial paper - $2.7 million with a weighted average yield of approximately 1.77%; and tax-free municipal bonds - $835 thousand with a weighted average yield of approximately 3.99%.

As of September 30, 2004, the implementation of these asset and liability management initiatives resulted in the following:

1)

the Company’s liquidity profile remains strong with $108.3 million of U.S. Government Agency securities were callable within 3 months, $20.2 million being callable with 3 to 6 months and $56.4 million being callable with 6 to 12 months. Based upon current market conditions, management anticipates that a substantial portion of the investments will be called within the above time intervals;

2)

$91.2 million or 94.5% of the Company’s portfolio of mortgage-backed securities (including collateralized mortgage obligations – “CMOs”) were comprised of floating rate instruments that reprice on a monthly basis;

3)

$83.4 million or 37.6% of the Company’s investment portfolio (including FHLB stock) was comprised of U.S. Government Agency Step-up bonds which will reprice from initial rates of 3.35% - 4.50% and increase to 7.00% - 7.50% within twenty months;

4)

$65.0 million or 29.3% of the Company’s investment portfolio (including FHLB stock) was comprised of floating rate bonds which will reprice quarterly within fifteen months;

5)

$4.3 million or 1.9% of the Company’s investment portfolio (including FHLB stock) was comprised of investment grade corporate bonds with remaining maturities of less than one year;

6)

the maturity distribution of the Company’s borrowings is as follows: less than 1 year: $52.2 million or 25.8%; 1-3 years: $4.2 or 2.1%; 3-5 years: $13.5 million or 6.7%; over 5 years: $132.1 million or 65.4%; and

7)

an aggregate of $32.6 million or 51.7% of the Company’s net loan portfolio had adjustable interest rates or maturities of less than 12 months.

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

17

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

			September 30,			June 30,
			2004			2004			2003
			(Dollars in Thousands)
Interest-earning assets maturing or
repricing within one year			$	274,010		$	288,451		$	262,782
Interest-bearing liabilities maturing or
repricing within one year				132,158			171,655			133,418
Interest sensitivity gap			$	141,852		$	116,796		$	129,364
Interest sensitivity gap as a percentage of
total assets				36.4	%		26.9	%		35.2	%
Ratio of assets to liabilities
maturing or repricing within one year				207.3	%		168.0	%		197.0	%

        During the quarter ended September 30, 2004, the Company managed its one year interest sensitivity gap by: (1) limiting the portfolio origination of long-term fixed rate mortgages; (2) emphasizing loans with shorter-terms or repricing frequencies; (3) purchasing investments with maturities/repricing dates within fifteen months; and (4) purchasing floating rate CMO’s which reprice on a monthly basis.

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        The following table illustrates the Company’s estimated stressed cumulative repricing gap – the difference between the amount of interest-earning assets and interest-bearing liabilities expected to reprice at a given point in time – at September 30, 2004. The table estimates the impact of an upward or downward change in market interest rates of 100 and 200 basis points.

Cumulative Stressed Repricing Gap

				Month 3			Month 6			Month 12			Month 24			Month 36			Month 60			Long Term
			(Dollars in Thousands)
Base Case Up 200 bp
Cummulative
Gap ($’s)				1,305			669			53,359			16,174			3,752			(7,226	)		26,378
% of Total
Assets				0.3	%		0.2	%		13.7	%		4.1	%		1.0	%		-1.8	%		6.7	%
Base Case Up 100 bp
Cummulative
Gap ($’s)				58,292			58,047			117,037			160,119			148,049			136,659			26,378
% of Total
Assets				14.9	%		14.9	%		29.9	%		41.0	%		37.9	%		35.0	%		6.7	%
Base Case No Change
Cummulative
Gap ($’s)				80,113			81,316			141,852			196,226			184,497			166,589			26,378
% of Total
Assets				20.5	%		20.8	%		36.3	%		50.2	%		47.2	%		42.6	%		6.7	%
Base Case Down 100 bp
Cummulative
Gap ($’s)				113,731			117,469			179,917			205,157			192,213			169,488			26,378
% of Total
Assets				29.1	%		30.1	%		46.0	%		52.5	%		49.2	%		43.4	%		6.7	%
Base Case Down 200 bp
Cummulative
Gap ($’s)				117,291			122,390			215,482			208,802			193,586			169,577			26,378
% of Total
Assets				30.0	%		31.3	%		55.1	%		53.4	%		49.5	%		43.4	%		6.7	%

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

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        The following table presents the simulated impact of a 100 and 200 basis point upward or downward shift in market interest rates on net interest income, return on average equity, return on average assets and the market value of portfolio equity at September 30, 2004.

Analysis of Sensitivity to Changes in Market Interest Rates

	Modeled Change in Market Interest Rates
Estimated impact on:	-200	-100	0	+100	+200
Change in net interest income	-68.4%	-33.7%	0.00%	28.9%	79.2%
Return on average equity	-2.82%	3.14%	8.58%	13.0%	20.25%
Return on average assets	-0.16%	0.19%	0.54%	0.83%	1.35%
Market value of equity (in
thousands)	$ 7,852	$16,344	$23,788	$27,428	$26,668

        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, 2004.

Anticipated Transactions

		(Dollars in Thousands)
Undisbursed construction and land development loans
Fixed rate			$	2,964
				5.77	%
Adjustable rate			$	7,754
				5.37	%
Undisbursed lines of credit
Adjustable rate			$	6,017
				5.27	%
Loan origination commitments
Fixed rate			$	1,660
				6.22	%
Adjustable rate			$	275
				5.29	%
Letters of credit
Adjustable rate			$	1,069
				5.76	%
Commitments to purchase mortgage-backed securities
Adjustable rate			$	26,615
				3.18	%
			$	46,354

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        In the ordinary course of its construction lending business, the Savings Bank enters into performance standby letters of credit. Typically, the standby letters of credit are issued on behalf of a builder to a third party to ensure the timely completion of a certain aspect of a construction project or land development. At September 30, 2004, the Savings Bank had three performance standby letters of credit outstanding totaling approximately $1.1 million. One letter of credit is secured by deposits with the Savings Bank, and the two letters of credit are secured by undisbursed construction loan funds. All three letters of credit will mature within twelve months. In the event that the obligor is unable to perform its obligations as specified in the standby letter of credit agreement, the Savings Bank would be obligated to disburse funds up to the amount specified in the standby letter of credit agreement. The Savings Bank maintains adequate collateral that could be liquidated to fund this contingent obligation.

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ITEM 4. 

CONTROLS AND PROCEDURES

        Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of September 30, 2004. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and are operating in an effective manner.

        No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15(d)-15(f) under the Securities Exchange Act of 1934) occurred during the first fiscal quarter of fiscal 2005 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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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.  Unregistered Sales of Equity Securities and Use of Proceeds

(a)

Not applicable.

(b)

Not applicable.

(c)

The following table sets forth information with respect to purchases of common stock of the Company made by or on behalf of the Company during the three months ended September 30, 2004.

ISSUER PURCHASES OF EQUITY SECURITIES
Period			Total Number of Shares Purchased			Average Price Paid per Share ($)			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)			Maximum Number of Shares that May Yet Be Repurchased Under the Plans or Programs(2)
07/01/04 – 07/31/04				9,800			17.25			9,800			87,107
08/01/04 – 08/31/04				10,000			16.95			10,000			77,107
09/01/04 – 09/30/04				0			0.00			0			77,107
Total				19,800			17.10			19,800			77,107

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(1)

All shares indicated were purchased under the Company’s Seventh Stock Repurchase Program.

(2)

Seventh Stock Repurchase Program

(a)

Announced February 24, 2004.

(b)

125,000 common shares approved for repurchase.

(c)

No fixed date of expiration.

(d)

This Program has not expired and has 77,107 shares remaining to be purchased at September 30, 2004.

(e)

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

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(a)	The following exhibits are filed as part of this Form 10-Q, and this list includes the Exhibit Index.

Number			Description			Page
31.1			Rule 13a-14(a) / 15d-14(a) Certification of the Chief Executive Officer			E-1
31.2			Rule 13a-14(a) / 15d-14(a) Certification of the Chief Accounting Officer			E-2
32.1			Section 1350 Certification of the Chief Executive Officer			E-3
32.2			Section 1350 Certification of the Chief Accounting Officer			E-4
99			Report of Independent Registered Public Accounting Firm			E-5

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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.

November 10, 2004 Date		WVS FINANCIAL CORP. BY:      /s/ David J. Bursic             ——————————————             David J. Bursic             President and Chief Executive Officer             (Principal Executive Officer)
November 10, 2004 Date		BY:      /s/ Keith A. Simpson             ——————————————             Keith A. Simpson             Vice-President, Treasurer and Chief Accounting Officer             (Principal Accounting Officer)

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