William Penn Bancorp, Inc. Announces Second Quarter Earnings

LEVITTOWN, Pa., Feb. 7, 2012 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $660,000 ($0.18 per basic and diluted share) for the three months ended December 31, 2011 as compared to $782,000 ($0.22 per basic and diluted share) for the same period last year.  The decrease in earnings is primarily due to an $89,000 gain on the sale of an investment that occurred during the quarter ended December 31, 2010.  There was no such gain during the quarter ended December 31, 2011.  Net interest income for the three months ended December 31, 2011 was $2,373,000, representing an increase of $24,000, or 1.01%, as compared to net interest income of $2,349,000 for the three months ended December 31, 2010.  Net interest income after provision for loan loss remained virtually the same for three months ended December 31, 2011 and 2010.  William Penn Bancorp, Inc. had assets of $316.7 million at December 31, 2011 as compared to $329.4 million at June 30, 2011.

Net income for six months ended December 31, 2011 was $1,306,000 ($0.36 per basic and diluted share) as compared to $1,612,000 ($0.45 per basic and diluted share) for the same period ending December 31, 2010. The decrease in net income was primarily due to a $132,000 write down of the value of a property held in Real Estate Owned during the six months ended December 31, 2011.  Net interest income declined by $43,000 from $4,738,000 for six months ended December 31, 2010 to $4,695,000 for the same period ending December 31, 2011. Net interest income after provision for loan loss remained virtually the same at $4.4 million for six months ended December 31, 2011 and 2010.

William Penn Bancorp, Inc. is the holding company for William Penn Bank, 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).  Effective January 25, 2012, William Penn Bank was converted from a federal charter to a Pennsylvania state chartered savings bank.  The primary regulator for William Penn Bank will now be the Federal Deposit Insurance Corporation (FDIC).  Executive offices are located at 8150 Route 13, Levittown, Pennsylvania 19057.  As of December 31, 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.

WILLIAM PENN BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share data)









Selected Financial Data:





At


At


December 31, 2011


June 30, 2011

Assets

$                  316,695


$       329,403

Cash and cash equivalents

16,366


24,001

Investment securities available for sale

10,945


12,289

Investment securities held to maturity

29,165


37,322

Loans Receivable, net

242,654


241,868

Deposits

176,918


184,751

Advances from Federal Home Loan Bank

80,500


85,500

Stock holders equity

54,804


54,170

Non-Performing Loans

6,910


5,785

Non-Performing Assets

7,741


6,234



Selected Operations Data:









Three months ended December 31,


Six months ended December 31,


2011


2010


2011


2010

Interest Income

$                      3,616


$           3,776


$ 7,310


$ 7,647

Interest Expense

1,243


1,427


2,615


2,909

Net Interest Income

2,373


2,349


4,695


4,738

Provision for loan losses

191


164


270


309

Net Interest Income after Provision for loan losses

2,182


2,185


4,425


4,429

Noninterest Income

109


197


195


290

Noninterest expense

1,274


1,216


2,638


2,317

Income before income taxes

1,017


1,166


1,982


2,402

Provisions for income taxes

357


384


676


790

Net Income

$                         660


$              782


$ 1,306


$ 1,612

Basic and diluted earnings per share

$                        0.18


$             0.22


$   0.36


$   0.45



SOURCE William Penn Bancorp, Inc.



RELATED LINKS
http://www.willpenn.com

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