William Penn Bancorp, Inc. Announces Second Quarter Earnings
LEVITTOWN, Pa., Feb. 23, 2015 /PRNewswire/ -- William Penn Bancorp, Inc. (OTCBB: WMPN) announced net income of $586,000 ($0.16 per basic and diluted share) for the three months ended December 31, 2014 as compared to $626,000 ($0.17 per basic and diluted share) for the same period last year. Net interest income after provision for the three months ended December 31, 2014 was $2,145,000 as compared to net interest income after provision of $2,099,000 for the same period ending December 31, 2013. This increase was mainly attributable to a decrease in interest expense on FHLB borrowings by $79,000 to $648,000 at December 31, 2014 from $727,000 at December 31, 2013. William Penn Bancorp, Inc. had assets of $315.3 million at December 31, 2014 as compared to $314.1 million at June 30, 2014.
Net income for six months ended December 31, 2014 was $1,210,000 ($0.34 per basic and diluted share) as compared to $1,281,000 ($0.36 per basic and diluted share) for the same period ending December 31, 2013. The decrease in earnings is primarily attributed to a realized gain on sale of office building of $63,000 for the six months ended December 31, 2013.
A regular dividend of $0.26 per share and a special dividend of $0.04 per share were declared in July of 2014 and paid to shareholders in August of 2014 compared to a $0.25 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 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 1309 S. Woodbourne Road, Levittown, Pennsylvania 19057. In December of 2014, 108,000 shares of William Penn Bancorp, Inc. stock were repurchased as part of a stock repurchase plan at a cost of $2,224,800. As of December 31, 2014 there were 3,533,018 shares of William Penn Bancorp, Inc. common stock outstanding with a par value $0.10 per share.
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.
CONSOLIDATED FINANCIAL HIGHLIGHTS |
|||||||
(Unaudited) |
|||||||
(Dollars in thousands, except per share data) |
|||||||
Selected Financial Data: |
|||||||
At |
At |
||||||
December 31, 2014 |
June 30, 2014 |
||||||
Assets |
$ 315,284 |
$ 314,076 |
|||||
Cash and cash equivalents |
8,751 |
9,421 |
|||||
Investment securities available for sale |
6,871 |
7,573 |
|||||
Investment securities held to maturity |
8,989 |
12,383 |
|||||
Loans Receivable, net |
249,603 |
245,014 |
|||||
Deposits |
176,164 |
172,132 |
|||||
Advances from Federal Home Loan Bank |
75,500 |
75,500 |
|||||
Stock holders equity |
58,417 |
60,457 |
|||||
Non-Performing Loans |
5,561 |
5,201 |
|||||
Non-Performing Assets |
6,597 |
5,830 |
|||||
Selected Operations Data: |
|||||||
Three months ended |
Six months ended |
||||||
December 31, |
December 31, |
||||||
2014 |
2013 |
2014 |
2013 |
||||
Interest Income |
$ 3,161 |
$ 3,193 |
$ 6,287 |
$ 6,462 |
|||
Interest Expense |
965 |
1,027 |
1,926 |
2,134 |
|||
Net Interest Income |
2,196 |
2,166 |
4,361 |
4,328 |
|||
Provision for loan losses |
51 |
67 |
106 |
332 |
|||
Net Interest Income after Provision for loan losses |
2,145 |
2,099 |
4,255 |
3,996 |
|||
Noninterest Income |
144 |
157 |
248 |
441 |
|||
Noninterest expense |
1,382 |
1,309 |
2,668 |
2,517 |
|||
Income before income taxes |
907 |
947 |
1,835 |
1,920 |
|||
Provisions for income taxes |
321 |
321 |
625 |
639 |
|||
Net Income |
$ 586 |
$ 626 |
$ 1,210 |
$ 1,281 |
|||
Basic and diluted earnings per share |
$ 0.16 |
$ 0.17 |
$ 0.34 |
$ 0.36 |
SOURCE William Penn Bancorp, Inc.
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