2014

William Penn Bancorp, Inc. Announces Second Quarter Earnings

LEVITTOWN, Pa., Feb. 11, 2013 /PRNewswire/ --  William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $636,000 ($0.17 per basic and diluted share) for the three months ended December 31, 2012 as compared to $660,000 ($0.18 per basic and diluted share) for the same period last year. Net interest income for the three months ended December 31, 2012 was $2,198,000, representing a decrease of $175,000 as compared to net interest income of $2,373,000 for the three months ended December 31, 2011. This was partially offset by a $134,000 decrease in provision for loan losses for the quarter ended December 31, 2012 as compared to the same period last year.  William Penn Bancorp, Inc. had assets of $3.12 million at December 31, 2012 as compared to $3.16 million at June 30, 2012.

Net income for six months ended December 31, 2012 was $1,409,000 ($0.39 per basic and diluted share) as compared to $1,306,000 ($0.36 per basic and diluted share) for the same period ending December 31, 2011. Net interest income declined by $235,000 from $4,695,000 for six months ended December 31, 2011 to $4,460,000 for the same period ending December 31, 2012. The increase in earnings is primarily due to a decrease in non-interest expenses to $2,447,000 for the six months ended December 31, 2012 from $2,638,000 for the six months ended December 31, 2011. This reduction is attributable 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.

A dividend of $0.20 per share was declared in July of 2012 and paid to shareholders in August of 2012 compared to a $0.15 per share dividend for the same period last year.

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).  The primary regulator for William Penn Bank is the Federal Deposit Insurance Corporation (FDIC).  Executive offices are located at 8150 Route 13, Levittown, Pennsylvania 19057.  As of December 31, 2012 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, 2012


June 30, 2012


Assets

$                     312,142


$         316,480


Cash and cash equivalents

15,593


27,672


Investment securities available for sale

13,501


11,375


Investment securities held to maturity

14,646


19,184


Loans Receivable, net

236,920


239,270


Deposits

169,942


174,346


Advances from Federal Home Loan Bank

80,500


80,500


Stock holders equity

57,237


56,458


Non-Performing Loans

6,674


6,734


Non-Performing Assets

7,002


7,166


Selected Operations Data:









 Three months ended 


 Six months ended 


December 31,


December 31,


2012


2011


2012


2011

Interest Income

$         3,303


$        3,616


$        6,693


$      7,310

Interest Expense

1,105


1,243


2,233


2,615

Net Interest Income

2,198


2,373


4,460


4,695

Provision for loan losses

57


191


106


270

Net Interest Income after Provision for loan losses

2,141


2,182


4,354


4,425

Non-interest Income

126


109


249


195

Non-interest expense

1,292


1,274


2,447


2,638

Income before income taxes

975


1,017


2,156


1,982

Provisions for income taxes

339


357


747


676

Net Income

$            636


$           660


$        1,409


$      1,306

Basic and diluted earnings per share

$           0.17


$          0.18


$          0.39


$        0.36









 

        

SOURCE William Penn Bancorp, Inc.



RELATED LINKS
http://www.willpenn.com

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