William Penn Bancorp, Inc. Announces Third Quarter Earnings

LEVITTOWN, Pa., May 15, 2012 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $725,000 ($0.20 per basic and diluted share) for the three months ended March 31, 2012 as compared to $806,000 ($0.23 per basic and diluted share) for the same period last year.  The decrease in earnings is primarily due to $249,000 in gains on the sale of investments that occurred during the quarter ended March 31, 2011.  There were no such gains during the quarter ended March 31, 2012.  This was partially offset by a $222,000 reduction in provision for loan losses during the quarter ended March 31, 2012 compared to the prior year.  William Penn Bancorp, Inc. had assets of $318.0 million at March 31, 2012 as compared to $329.4 million at June 30, 2011.

Net income for nine months ended March 31, 2012 was $2,031,000 ($0.57 per basic and diluted share) as compared to $2,418,000 ($0.68 per basic and diluted share) for the same period ending March 31, 2011. The decrease in net income was primarily due to $338,000 in gains on the sale of investments that occurred during the nine months ended March 31, 2011.  There were no such gains during the nine months ended March 31, 2012.  Earnings for the nine months ended March 31, 2012 were also lower than the prior year period due to a $132,000 write down of the value of a property held in Real Estate Owned.  Net interest income declined by $110,000 from $7,150,000 for nine months ended March 31, 2011 to $7,040,000 for the same period ending March 31, 2012. Net interest income after provision for loan loss increased by $292,000 for nine months ended March 31, 2012 due to a $402,000 decrease in provision expense.  Other expenses increased by $428,000 for nine months ending March 31, 2012 offsetting the increase in net interest income after provision.

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 federal 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 March 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







March 31, 2012


June 30, 2011






Assets

$         317,997


$       329,403






Cash and cash equivalents

23,239


24,001






Investment securities available for sale

11,018


12,289






Investment securities held to maturity

25,433


37,322






Loans Receivable, net

241,469


241,868






Deposits

176,560


184,751






Advances from Federal Home Loan Bank

80,500


85,500






Stock holders equity

55,557


54,170






Non-Performing Loans

7,171


5,785






Non-Performing Assets                                                       

7,409


6,234
























Selected Operations Data:










 Three months ended 


 Nine months ended 



March 31,


March 31,



2012


2011


2012


2011


Interest Income

$             3,510


$          3,766


$      10,820


$     11,413


Interest Expense

1,165


1,354


3,780


4,263


Net Interest Income

2,345


2,412


7,040


7,150


Provision for loan losses

88


451


358


760


Net Interest Income after Provision for loan losses

2,257


1,961


6,682


6,390


Non-interest Income

92


314


287


604


Non-interest expense

1,173


1,066


3,811


3,383


Income before income taxes

1,176


1,209


3,158


3,611


Provisions for income taxes

451


403


1,127


1,193


Net Income

$                725


$             806


$        2,031


$       2,418


Basic and diluted earnings per share

$               0.20


$            0.23


$          0.57


$         0.68











 

SOURCE William Penn Bancorp, Inc.



RELATED LINKS
http://www.willpenn.com

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