William Penn Bancorp, Inc. Announces First Quarter Earnings

LEVITTOWN, Pa., Nov. 21, 2011 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $646,000 ($0.18 per basic and diluted share) for the three months ended September 30, 2011 as compared to $830,000 ($0.23 per basic and diluted share) for the same period last year.  The decrease was primarily attributed to a $132,000 write down of the value of a property held in Real Estate Owned during the quarter ended September 30, 2011.  Net interest income for the three months ended September 30, 2011 was $2,323,000, representing a decrease of $66,000, or 2.76%, as compared to net interest income of $2,389,000 for the three months ended September 30, 2010.  William Penn Bancorp, Inc. had assets of $320.8 million at September 30, 2011 as compared to $329.4 million at June 30, 2011.

William Penn Bancorp, Inc. is the holding company for William Penn Bank, FSB which serves Bucks County through its main office in Levittown, and additional branch offices in Levittown, Morrisville and Richboro, Pennsylvania.  Deposits are insured up to the legal maximum (generally $250,000 per depositor) by the Federal Deposit Insurance Corporation (FDIC).  Executive offices are located at 8150 Route 13, Levittown, Pennsylvania 19057.  As of September 30, 2011 there were issued and outstanding 3,641,018 shares of common stock, par value $0.10 per share of William Penn Bancorp, Inc.

Senior Management: Terry L. Sager, President and Chief Executive Officer, Charles Corcoran, Executive Vice President and Chief Financial Officer, and James Douglas, Vice President and Chief Lending Officer.

Board of Directors: William J. Feeney (Chairman), Craig Burton, Charles Corcoran, Glenn Davis, William B. K. Parry, Jr., Terry L. Sager.

Forward-Looking Statements Disclaimer

This press release contains forward-looking statements.  Any statement that is not a historical fact is a forward-looking statement.  Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ materially from those currently anticipated due to a number of factors.

Terry L. Sager, President and CEO at William Penn Bancorp Inc. (the "Company") stated that the Company filed SEC Form 15 on November 9, 2011 to de-register with the Securities and Exchange Commission.  The Company intends to issue quarterly press releases announcing earnings results.  This information will also be available on the Bank's website www.willpenn.com.

 

WILLIAM PENN BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share data)

 

 

Selected Financial Data:

 

 

 

 

At

At

 

Sept 30, 2011

June 30, 2011

Assets

$ 320,758

$ 329,403

Cash and cash equivalents

10,674

24,001

Investment securities available for sale

11,301

12,289

Investment securities held to maturity 

34,692

37,322

Loans Receivable, net 

247,324

241,868

Deposits 

182,422

184,751

Advances from Federal Home Loan Bank 

80,500

85,500

Stockholders Equity   

54,065

54,170

Non-performing loans 

7,201

5,785

Non-performing assets     

7,557

6,234

 

 

 

 

 

 

Selected Operations Data:

 

 

 

 

 

 

Three Months Ended

 

September 30,

 

2011

2010

Interest income   

$ 3,694

$ 3,871

Interest expense   

1,371

1,482

Net interest income   

2,323

2,389

Provision for loan losses  

79

145

Net interest income after provision for loan losses

2,244

2,244

Noninterest income      

86

93

Noninterest expense   

1,365

1,101

Income before income taxes            

965

1,236

Provision for income taxes     

319

406

Net income     

646

830

Basic and diluted earnings per share          

$  0.18

$ 0.23

 

SOURCE William Penn Bancorp, Inc.



RELATED LINKS
http://www.willpenn.com

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