William Penn Bancorp, Inc. Announces First Quarter Earnings
LEVITTOWN, Pa., Nov. 15, 2013 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $655,000 ($0.18 per basic and diluted share) for the three months ended September 30, 2013 as compared to $773,000 ($0.20 per basic and diluted share) for the same period last year. Net interest income after provision for the three months ended September 30, 2013 was $1,897,000, representing a decrease of $316,000 as compared to net interest income after provision of $2,213,000 for the same period ending September 30, 2012. This decrease was mainly attributable to an increase in provision expense by $216,000 to $265,000 at September 30, 2013 from $49,000 at September 30, 2012. William Penn Bancorp, Inc. had assets of $314.4 million at September 30, 2013 as compared to $315.9 million at June 30, 2013.
A dividend of $0.25 per share was declared in July of 2013 and paid to shareholders in August of 2013 compared to a $0.20 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 September 30, 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. |
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| CONSOLIDATED FINANCIAL HIGHLIGHTS |
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| (Unaudited) |
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| (Dollars in thousands, except per share data) |
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| Selected Financial Data: |
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| At |
At |
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| September 30, 2013 |
June 30, 2013 |
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| Assets |
$ 314,439 |
$ 315,903 |
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| Cash and cash equivalents |
13,726 |
12,226 |
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| Investment securities available for sale |
8,878 |
10,993 |
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| Investment securities held to maturity |
20,796 |
22,373 |
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| Loans Receivable, net |
239,497 |
233,365 |
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| Deposits |
171,866 |
171,326 |
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| Advances from Federal Home Loan Bank |
80,500 |
80,500 |
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| Stock holders equity |
58,084 |
58,412 |
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| Non-Performing Loans |
4,314 |
4,493 |
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| Non-Performing Assets |
5,421 |
5,607 |
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| Selected Operations Data: |
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| Three months ended |
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| September 30, |
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| 2013 |
2012 |
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| Interest Income |
$ 3,269 |
$ 3,390 |
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| Interest Expense |
1,107 |
1,128 |
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| Net Interest Income |
2,162 |
2,262 |
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| Provision for loan losses |
265 |
49 |
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| Net Interest Income after Provision for loan losses |
1,897 |
2,213 |
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| Noninterest Income |
284 |
123 |
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| Noninterest expense |
1,208 |
1,155 |
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| Income before income taxes |
973 |
1,181 |
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| Provisions for income taxes |
318 |
408 |
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| Net Income |
$ 655 |
$ 773 |
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| Basic and diluted earnings per share |
$ 0.18 |
$ 0.22 |
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SOURCE William Penn Bancorp, Inc.
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