William Penn Bancorp, Inc. Announces First Quarter Earnings

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Nov 21, 2011, 09:56 ET

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