2014

William Penn Bancorp, Inc. Announces Third Quarter Earnings

LEVITTOWN, Pa., May 21, 2013 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $687,000 ($0.19 per basic and diluted share) for the three months ended March 31, 2013 as compared to $725,000 ($0.20 per basic and diluted share) for the same period last year. Net interest income for the three months ended March 31, 2013 was $2,184,000, representing a decrease of $161,000 as compared to net interest income of $2,345,000 for the three months ended March 31, 2012.  This decrease was mainly attributable to a decrease in interest income by $248,000 to $3,262,000 at March 31, 2013 from $3,510,000 at March 31, 2012.  This was partially offset by an $87,000 decrease in interest expense. William Penn Bancorp, Inc. had assets of $315.8 million at March 31, 2013 as compared to $316.5 million at June 30, 2012.

Net income for nine months ended March 31, 2013 was $2,096,000 ($0.58 per basic and diluted share) as compared to $2,031,000 ($0.57 per basic and diluted share) for the same period ending March 31, 2012. Net interest income declined by $396,000 from $7,040,000 for nine months ended March 31, 2012 to $6,644,000 for the same period ending March 31, 2013. The increase in net income is primarily due to a decrease in provision for loan loss by $180,000 for the nine month period and a decrease in non-interest expenses to $3,663,000 for the nine months ended March 31, 2013 from $3,811,000 for the nine months ended March 31, 2012. This reduction is attributable to a $132,000 write down of the value of a property held in Real Estate Owned during the nine months ended March 31, 2012.

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 March 31, 2013 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, 2013


June 30, 2012

Assets

$           315,766


$        316,480

Cash and cash equivalents

13,913


27,672

Investment securities available for sale

11,861


11,375

Investment securities held to maturity

18,408


19,184

Loans Receivable, net

232,635


239,270

Deposits

171,969


174,346

Advances from Federal Home Loan Bank

80,500


80,500

Stock holders equity

57,922


56,458

Non-Performing Loans

4,826


6,734

Non-Performing Assets

6,029


7,166













Selected Operations Data:









 Three months ended 


Nine months ended 


March 31,


March 31,


2013


2012


2013


2012

Interest Income

$     3,262


$    3,510


$      9,955


$  10,820

Interest Expense

1,078


1,165


3,311


3,780

Net Interest Income

2,184


2,345


6,644


7,040

Provision for loan losses

72


88


178


358

Net Interest Income after Provision for loan losses

2,112


2,257


6,466


6,682

Non-interest Income

120


92


369


287

Non-interest expense

1,216


1,173


3,663


3,811

Income before income taxes

1,016


1,176


3,172


3,158

Provisions for income taxes

329


451


1,076


1,127

Net Income

$        687


$       725


$      2,096


$    2,031

Basic and diluted earnings per share

$       0.19


$      0.20


$        0.58


$      0.57


















 

SOURCE William Penn Bancorp, Inc.



RELATED LINKS
http://www.willpenn.com

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